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Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2011	Mar. 07, 2012	Jun. 30, 2011
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Trading Symbol	MHLD
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		72,221,999
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 471,035,601

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Fixed maturities, available-for-sale, at fair value (Amortized cost 2011:$1,957,106; 2010: $1,819,775)	$ 2,020,661	$ 1,874,433
Other investments, at fair value (Cost 2011: $1,955; 2010: $5,751)	2,192	5,847
Total investments	2,022,853	1,880,280
Cash and cash equivalents	188,082	96,151
Restricted cash and cash equivalents	114,895	89,756
Accrued investment income	13,215	14,091
Reinsurance balances receivable, net (includes $178,745 and $95,227 from related parties in 2011 and 2010, respectively)	382,670	226,333
Funds withheld	42,605	152,713
Prepaid reinsurance premiums (includes $7,265 and $1,211 from related parties in 2011 and 2010, respectively)	35,381	28,992
Reinsurance recoverable on unpaid losses (includes $7,207 and $383 from related parties in 2011 and 2010, respectively)	20,289	6,656
Loan to related party	167,975	167,975
Deferred commission and other acquisition costs (includes $147,743 and $118,015 from related parties in 2011 and 2010, respectively)	248,436	203,631
Goodwill and intangible assets, net	98,755	103,905
Other assets	19,270	12,079
Total assets	3,354,426	2,982,562
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $396,198 and $263,916 from related parties in 2011 and 2010, respectively)	1,398,438	1,226,773
Unearned premiums (includes $483,935 and $366,412 from related parties in 2011 and 2010, respectively)	832,047	657,556
Accrued expenses and other liabilities	121,198	56,368
Securities sold under agreements to repurchase, at contract value	0	76,225
Senior notes	107,500	0
Junior subordinated debt	126,263	215,191
Total liabilities	2,585,446	2,232,113
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; 73,183,764 and 73,069,436 shares issued in 2011 and 2010, respectively; 72,221,428 and 72,107,100 shares outstanding in 2011 and 2010, respectively)	732	731
Additional paid-in capital	579,004	577,135
Accumulated other comprehensive income	64,059	54,334
Retained earnings	128,648	121,775
Treasury shares, at cost (2011 and 2010: 962,336 shares)	(3,801)	(3,801)
Total Maiden shareholders' equity	768,642	750,174
Noncontrolling interest in subsidiaries	338	275
Total equity	768,980	750,449
Total liabilities and equity	$ 3,354,426	$ 2,982,562

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Fixed maturities, available for sale, Amortized cost	$ 1,957,106	$ 1,819,775
Other investments, Cost	$ 1,955	$ 5,751
Common shares, par value	$ 0.01	$ 0.01
Common shares, shares issued	73,183,764	73,069,436
Common shares, shares outstanding	72,221,428	72,107,100
Treasury shares, shares	962,336	962,336
Reinsurance balances receivable, net	$ 382,670	$ 226,333
Prepaid reinsurance premiums	35,381	28,992
Reinsurance recoverable on unpaid losses	20,289	6,656
Deferred commission and other acquisition costs	248,436	203,631
Reserve for loss and loss adjustment expenses	1,398,438	1,226,773
Unearned premiums	832,047	657,556
Related Party Transactions
Reinsurance balances receivable, net	178,745	95,227
Prepaid reinsurance premiums	7,265	1,211
Reinsurance recoverable on unpaid losses	7,207	383
Deferred commission and other acquisition costs	147,743	118,015
Reserve for loss and loss adjustment expenses	396,198	263,916
Unearned premiums	$ 483,935	$ 366,412

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues:
Gross premiums written	$ 1,812,597	$ 1,298,055	$ 1,048,676
Net premiums written	1,723,521	1,227,831	1,030,374
Change in unearned premiums	(171,093)	(58,041)	(110,455)
Net premiums earned	1,552,428	1,169,790	919,919
Other insurance revenue	12,640	0	0
Net investment income	74,891	71,651	62,957
Net realized and unrealized gains on investment	481	6,604	270
Total revenues	1,640,440	1,248,045	983,146
Expenses:
Net loss and loss adjustment expenses	1,043,054	755,122	608,613
Commission and other acquisition expenses	438,812	336,697	241,429
General and administrative expenses	53,892	42,180	32,135
Interest and amortization expenses	34,155	36,466	34,431
Accelerated amortization of junior subordinated debt discount and issuance cost	20,313	0	0
Junior subordinated debt repurchase expense	15,050	0	0
Amortization of intangible assets	5,033	5,808	6,590
Foreign exchange and other (gains) losses	(323)	580	(2,454)
Total expenses	1,609,986	1,176,853	920,744
Income before income taxes	30,454	71,192	62,402
Income taxes:
Current tax expense	632	160	0
Deferred tax expense	1,295	1,170	1,344
Income tax expense	1,927	1,330	1,344
Net income	28,527	69,862	61,058
Add: (Income) loss attributable to noncontrolling interest	(3)	4	0
Net income attributable to Maiden shareholders	$ 28,524	$ 69,866	$ 61,058
Basic earnings per share attributable to Maiden shareholders	$ 0.40	$ 0.99	$ 0.88
Diluted earnings per share attributable to Maiden shareholders	0.39	0.98	0.87
Dividends declared per common share	$ 0.30	$ 0.265	$ 0.25
Weighted average number of basic shares outstanding	72,155,503	70,799,966	69,646,804
Weighted average number of diluted shares outstanding	72,903,688	71,372,688	70,060,197

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Comprehensive income:
Net income	$ 28,527	$ 69,862	$ 61,058
Other comprehensive income
Unrealized holdings net gains arising during the period	12,189	30,154	77,516
Adjustment for reclassification of net realized gains recognized in net income	(3,206)	(8,147)	(270)
Foreign currency translation adjustment	733	(420)	0
Other comprehensive income	9,716	21,587	77,246
Comprehensive income	38,243	91,449	138,304
Net (income) loss attributable to noncontrolling interest	(3)	4	0
Other comprehensive loss attributable to noncontrolling interest	9	0	0
Comprehensive loss attributable to noncontrolling interest	6	4	0
Comprehensive income attributable to Maiden shareholders	$ 38,249	$ 91,453	$ 138,304

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Retained earnings	Treasury shares	Accumulated other comprehensive income	Common shares	Additional paid-in capital	Noncontrolling interest in subsidiaries
Balance at Dec. 31, 2008	$ 509,759	$ 26,944	$ (3,801)	$ (44,499)	$ 596	$ 530,519	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares	45,057				117	44,940	0
Net income (loss)	61,058	61,058					0
Change in unrealized gains on investments, net	77,246			77,246			0
Foreign currency translation adjustment	0
Share-based compensation expense	627					627	0
Dividends on common shares	(17,221)	(17,221)					0
Balance at Dec. 31, 2009	676,526	70,781	(3,801)	32,747	713	576,086	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of subsidiary	279						279
Exercise of options and issuance of shares	52					52	0
Exchange of warrants	0				18	(18)	0
Net income (loss)	69,862	69,866					(4)
Change in unrealized gains on investments, net	22,007			22,007			0
Foreign currency translation adjustment	(420)			(420)			0
Share-based compensation expense	1,015					1,015	0
Dividends on common shares	(18,872)	(18,872)					0
Balance at Dec. 31, 2010	750,449	121,775	(3,801)	54,334	731	577,135	275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares	422				1	421	0
Partial disposal of interest in subsidiary	210					141	69
Net income (loss)	28,527	28,524					3
Change in unrealized gains on investments, net	8,983			8,983			0
Foreign currency translation adjustment	733			742			(9)
Share-based compensation expense	1,307					1,307	0
Dividends on common shares	(21,651)	(21,651)					0
Balance at Dec. 31, 2011	$ 768,980	$ 128,648	$ (3,801)	$ 64,059	$ 732	$ 579,004	$ 338

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net income	$ 28,527	$ 69,862	$ 61,058
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	8,599	7,205	7,359
Net realized and unrealized gains on investments	(481)	(6,604)	(270)
Foreign exchange and other (gains) losses	(323)	580	(2,454)
Amortization of share-based compensation expense, bond premium and discount and subordinated debt discount, net	22,236	(3,586)	(5,474)
Changes in assets - (increase) decrease:
Reinsurance balances receivable, net	(143,699)	(29,036)	(142,363)
Funds withheld	16,074	(152,713)	0
Prepaid reinsurance premiums	(6,389)	(240)	(28,752)
Reinsurance recoverable on unpaid losses	(13,632)	1,684	(8,340)
Accrued investment income	836	(2,686)	(1,022)
Deferred commission and other acquisition costs	(45,037)	(30,648)	(68,467)
Other assets	(14,344)	1,583	3,376
Changes in liabilities - increase (decrease):
Reserve for loss and loss adjustment expenses	176,869	220,932	105,909
Unearned premiums	178,436	68,413	137,625
Accrued expenses and other liabilities	(26,324)	6,833	(12,688)
Net cash provided by operating activities	181,348	151,579	45,497
Cash flows from investing activities:
Purchases of fixed-maturity securities - available-for-sale	(636,141)	(1,010,142)	(891,332)
Purchases of fixed-maturity securities - trading and short sales	(663,339)	(1,293,386)	0
Purchases of other investments	(1,173)	(424)	(139)
Proceeds from sales of fixed-maturity securities - available-for-sale	304,499	331,593	200,493
Proceeds from sales of fixed-maturity securities - trading and short sales	720,100	1,291,843	0
Proceeds from maturities and calls of fixed maturity securities	310,526	507,326	268,429
Proceeds from redemption of other investments	4,818	108	153
(Increase) decrease in restricted cash and cash equivalents	(25,139)	55,657	264,333
Acquisition of subsidiaries (net of cash acquired)	635	(4,893)	(13,613)
Purchase of capital assets	(1,538)	(2,875)	(1,749)
Net cash provided by (used in) investing activities	13,248	(125,193)	(173,425)
Cash flows from financing activities:
Repurchase agreements, net	(76,225)	(19,176)	(137,245)
Senior notes issuance	107,500	0	0
Senior notes issuance cost	(2,811)	0	0
Junior subordinated debt issuance	0	0	260,000
Junior subordinated debt issuance cost	0	0	(4,342)
Repayment of junior subordinated debt	(107,500)	0	0
Contribution of noncontrolling interest	0	279	0
Common share issuance	422	52	129
Dividends paid to shareholders	(20,921)	(18,394)	(16,167)
Net cash (used in) provided by financing activities	(99,535)	(37,239)	102,375
Effect of exchange rate changes on foreign currency cash	(3,130)	(392)	1,052
Net increase (decrease) in cash and cash equivalents	91,931	(11,245)	(24,501)
Cash and cash equivalents, beginning of period	96,151	107,396	131,897
Cash and cash equivalents, end of period	188,082	96,151	107,396
Supplemental information on cash flows:
Interest paid	36,850	36,400	26,794
Taxes paid	429	129	0
Supplemental information about non cash investing and financing activities:
Acquisition of fixed maturities, available for sale	81,930	17,806	0
Funds withheld	(81,930)	0	0
Reinsurance balances receivable	0	(17,806)	0
Discount on junior subordinated debt	0	0	44,928
Additional paid-in capital	0	18	(44,928)
Common shares issued in exchange of warrants	0	(18)	0
Redemption of other investment	0	(4,751)	0
Purchase of other investment	$ 0	$ 4,751	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2011
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as “Maiden Holdings” or “Parent Company”) is a Bermuda-based holding company formed in June 2007, primarily focused on serving the needs of regional and specialty insurers in the United States and Europe by providing innovative reinsurance solutions designed to support their capital needs. Together with its subsidiaries (collectively referred to as the “Company”, "we" or “Maiden”), Maiden specializes in reinsurance solutions that optimize financing by providing coverage within the more predictable and actuarially credible lower layers of coverage and/or reinsure risks that are believed to be lower hazard, more predictable and generally not susceptible to catastrophe claims. Our tailored solutions include a variety of value added services focused on helping our clients grow and prosper. Our principal operating subsidiaries in Bermuda and the United States are rated “A-” (Excellent) with a stable outlook by A.M. Best Company (“A.M. Best”), which rating is the fourth highest of 16 rating levels, and BBB+ (Good) with a stable outlook by Standard & Poor's, which is the sixth highest of 21 rating levels. We provide reinsurance through our wholly-owned subsidiaries, Maiden Reinsurance Company (“Maiden US”) and Maiden Insurance Company Ltd. (“Maiden Bermuda”) and have operations in United States and Bermuda, respectively. On a more limited basis, Maiden Specialty Insurance Company (“Maiden Specialty”), a wholly owned subsidiary of Maiden US, provides primary insurance on a surplus lines basis focusing on non-catastrophe property and inland marine. Maiden Bermuda does not underwrite any primary insurance business. Internationally, we provide reinsurance-related services through Maiden Global Holdings, Ltd. (“Maiden Global”) and its subsidiaries. Maiden Global primarily focuses on providing branded auto and credit life insurance products through its insurer partners to retail customers in the European Union and other global markets, which also produce reinsurance programs which are underwritten by Maiden Bermuda. Certain international credit life business is also written directly by Maiden Life Försäkrings AB (“Maiden LF”), a wholly owned subsidiary of Maiden Holdings, as part of Maiden Global’s service offerings.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Reporting and Consolidation — These consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts of Maiden Holdings and all of its subsidiaries. These consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated in the consolidated financial statements. Certain prior year comparatives have been reclassified to conform to the current year presentation.

Estimates — The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates reflected in the Company’s financial statements include, but are not limited to:


•	reserve for loss and loss adjustment expenses;


•	recoverability of deferred commission and other acquisition expenses;


•	determination of impairment of goodwill and other intangible assets;


•	valuation of financial instruments; and


•	determination of other-than-temporary impairment of investments.

Investments — The Company currently classifies all of its fixed maturity investments and short-term investments as “available for sale” and, accordingly, they are carried at estimated fair value. The fair value of fixed maturity securities is generally determined from quotations received from nationally recognized pricing services, or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments comprise securities due to mature within one year of the date of purchase.

Other Investments — Other investments comprise investments in limited partnerships which are reported at fair value based on the financial information received from the fund managers and other information available to management. Unrealized gains or losses on other investments are reported as a component of accumulated other comprehensive income.

Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on sales of investments are determined based on the first in first out cost method. Net investment income is recognized when earned and includes interest and dividend income together with amortization of market premiums and discounts using the effective yield method and is net of investment management fees and other expenses. For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments.

Impairments of investment securities results in a charge to operations when a market decline below cost is deemed to be other than temporary. To determine the recovery period of a fixed maturity security, we consider the facts and circumstances surrounding the underlying issuer including, but not limited to, the following:


•	Historic and implied volatility of the security;


•	Length of time and extent to which the fair value has been less than amortized cost;


•	Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area;


•	Failure, if any, of the issuer of the security to make scheduled payments; and


•	Recoveries or additional declines in fair value subsequent to the balance sheet date.

When assessing our intent to sell a fixed maturity security or if it is more likely that we will be required to sell a fixed maturity security before recovery of its cost basis, we evaluate facts and circumstances such as, but not limited to, decisions to reposition our security portfolio, sale of securities to meet cash flow needs and sales of securities to capitalize on favorable pricing. In order to determine the amount of the credit loss for a fixed maturity security, we calculate the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. The discount rate is the effective interest rate implicit in the underlying fixed maturity security. The effective interest rate is the original yield or the coupon if the fixed maturity security was previously impaired. If an other-than-temporary impairment (“OTTI”) exists and we have the intent to sell the security, we conclude that the entire OTTI is credit-related and the amortized cost for the security is written down to current fair value with a corresponding charge to realized loss on our Consolidated Statements of Income. If we do not intend to sell a fixed maturity security or it is not more likely than not we will be required to sell a fixed maturity security before recovery of its amortized cost basis but the present value of the cash flows expected to be collected is less than the amortized cost of the fixed maturity security (referred to as the credit loss), we conclude that an OTTI has occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge to realized loss on our Consolidated Statements of Income, as this is also deemed the credit portion of the OTTI. The remainder of the decline to fair value is recorded to other comprehensive income (“OCI”), as an unrealized OTTI loss on our Consolidated Balance Sheets, as this is considered a noncredit (i.e., recoverable) impairment.

Fair Value Measurements — Financial Accounting Standards Board (“FASB”) ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price to sell an asset or transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. 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 as follows:

•

Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since 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: exchange-traded equity securities, U.S. Treasury securities, and listed derivatives that are actively traded.


•	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 severities, etc.) or can be corroborated by observable market data.

Examples of assets and liabilities utilizing Level 2 inputs include: listed derivatives that are not actively traded; U.S. government-sponsored agency securities; non-U.S. government obligations; corporate and municipal bonds; mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”); short-duration high yield fund, and over-the-counter (“OTC”) derivatives (e.g. foreign currency options and forward contracts).


•	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.

Examples of assets and liabilities utilizing Level 3 inputs include: insurance and reinsurance derivative contracts; hedge and credit funds with partial transparency; and collateralized loan obligation (“CLO”) — equity tranche securities that are traded in less liquid markets.

The availability of observable inputs can vary from financial instrument to financial instrument 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 Level 3. We use prices and inputs that are current as of 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 levels.

For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these prices in the amounts disclosed in the Level 1 hierarchy. The Company receives the quoted market prices from third party, nationally, recognized pricing services (“pricing service”). When quoted market prices are unavailable, the Company utilizes a pricing service to determine an estimate. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered to not represent fair value. If quoted market prices and an estimate from a 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 or through consensus pricing of a pricing service. Depending on the level of observable inputs, the Company will then determine if the estimate is Level 2 or Level 3 hierarchy. 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 arm’s length transaction.

Cash and Cash Equivalents — The Company maintains its cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. Accordingly, changes in restricted cash and cash equivalents are reported as an investing activity in our Consolidated Statements of Cash Flows. The Company maintains certain cash and investments in Trust accounts to be used primarily as collateral for unearned premiums and loss and loss adjustment expenses reserves owed to insureds. The Company is required to maintain minimum balances in these accounts based on pre-determined formulas. See Note 5(e) for additional details.

Premiums and Related Costs — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, written premium is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of written premium are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a “losses occurring” basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a “risks attaching” basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined.

The unearned portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is reported as prepaid reinsurance premiums and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded, and amortized over the applicable contract period to which they apply. Reserves are established for the earned portion of premiums ceded and recorded as an asset called reinsurance recoverable on unpaid losses. Premiums earned are reported net of reinsurance in the consolidated statements of income.

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits.

Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of insurance and reinsurance business. Policy and contract acquisition expenses, including assumed commissions and other direct operating expenses are deferred and recognized as expense as related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized at a segment level if the sum of anticipated losses and loss adjustment expenses, unamortized acquisition expenses and anticipated investment income exceed unearned premium.

Loss and Loss Adjustment Expenses Incurred — Loss and loss adjustment expenses (“LAE”) represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31. The reserve for loss and LAE is estimated using individual case-basis valuations and statistical analysis and is not discounted. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate. In estimating reserves, the Company utilizes a variety of standard actuarial methods. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known. Such adjustments are included in current operations.

Capital Assets — Capital assets are recorded at cost. Maintenance and repairs are charged to operations as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, as follows:



Furniture and fixtures	3 – 7 years
Computer equipment and software	3 years
Vehicles	3 years
Leasehold improvements	Lease term

Business Combinations, Goodwill and Intangible Assets — A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized.

Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Definite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill.

The Company has established October 1 as the date for performing its annual impairment tests. If goodwill or other intangible assets are impaired, they are written down to their estimated fair values with a corresponding loss reflected in the Company’s consolidated statements of income.

Income Taxes — The Company accounts for income taxes using FASB ASC Topic 740 “Income Taxes” for its subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties are included as income tax expense.

Share Compensation Expense — The Company recognizes the compensation expense for share option grants, based on the fair value of the award on the date of grant, over the vesting period, which is the requisite service period. The fair value of the grant will be amortized ratably over its vesting period as a charge to compensation expense and an increase to additional paid in capital in Shareholders’ Equity.

Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options using the treasury stock method.

Treasury Shares — Treasury shares are common shares repurchased by the Company and not subsequently cancelled. These shares are recorded at cost and result in a reduction of our shareholders’ equity in the Consolidated Balance Sheets.

Foreign Currency Transactions — The functional currency of the Company and the substantial majority of its subsidiaries is the U.S. dollar. For these companies, we translate monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, with the resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include investments, cash and cash equivalents, reinsurance balances receivable, reserve for loss and loss adjustment expenses and accrued expenses and other liabilities. Accounts that are classified as non-monetary, such as deferred acquisition and other acquisition costs and unearned premiums, are not revalued.

Assets and liabilities of subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at prevailing year-end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effects of the translation adjustments for foreign entities are included in accumulated other comprehensive income. The amount of cumulative translation adjustment as at December 31, 2011 was $322 (2010 - $(420)).

Recently Issued Accounting Pronouncements

Presentation of Comprehensive Income

In June 2011, the FASB issued updated guidance, Accounting Standards Update ("ASU") 2011-05, to increase the prominence of items reported in other comprehensive income by eliminating the option of presenting components of comprehensive income as part of the statement of changes in shareholders' equity. The updated guidance requires that all non-owner changes in shareholders' equity be presented either as a single continuous statement of comprehensive income or in two separate but consecutive statements. Under this guidance, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The updated guidance is to be applied retrospectively and is effective for the quarter ending March 31, 2012, except for the provision requiring entities to present components of reclassifications of other comprehensive income on the face of the income statement, which the FASB voted to defer indefinitely during the fourth quarter of 2011. Early adoption is permitted. The adoption of this guidance resulted in a change in the presentation of the Company's financial statements but did not have any impact on the Company's results of operations, financial position or liquidity.

Intangibles - Goodwill and Other: When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts

In December 2010, the FASB issued updated guidance that modifies the goodwill impairment test. Under the updated guidance, goodwill is tested for impairment using a two-step process. The first step is to identify potential impairments by comparing the estimated fair value of a reporting unit to its carrying value, including goodwill. If the carrying value of a reporting unit exceeds the estimated fair value, a second step is performed to measure the amount of impairment, if any. The second step is to determine the implied fair value of the reporting unit's goodwill, measured in the same manner as goodwill is recognized in a business combination, and compare the implied fair value with the carrying amount of the goodwill. If the carrying amount exceeds the implied fair value of the reporting unit's goodwill, an impairment loss is recognized in an amount equal to that excess.

The updated guidance requires that, if the carrying amount of a reporting unit becomes zero or negative, the second step of the impairment test must be performed when it is more likely than not that a goodwill impairment loss exists. In considering whether it is more likely than not that an impairment loss exists, a company is required to evaluate qualitative factors, including the factors presented in existing guidance that trigger an interim impairment test of goodwill (e.g., a significant adverse change in business climate or an anticipated sale of a reporting unit). The provisions of the guidance were effective for annual and interim periods beginning after December 15, 2010. The adoption of this guidance in January 2011 did not have any effect on the Company's results of operations, financial position or liquidity.

Accounting Standards Not Yet Adopted

Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts

In October 2010, the FASB issued ASU 2010-26, which modifies the definition of the types of costs incurred by insurance entities that can be capitalized in the acquisition of new or renewal insurance contracts. The amended guidance specifies that certain costs incurred in the successful acquisition of new and renewal insurance contracts should be capitalized. Those costs include incremental direct costs of contract acquisition that result directly from and are essential to the contract transaction and would not have been incurred had the contract transaction not occurred. All other acquisition-related costs, such as costs incurred for soliciting business, administration, and unsuccessful acquisition or renewal efforts should be charged to expense as incurred. Administrative costs, including rent, depreciation, occupancy, equipment, and all other general overhead costs are considered indirect costs and should also be charged to expense as incurred. ASU 2010-26 will be effective for fiscal periods beginning on or after December 15, 2011 with prospective or retrospective application permitted. The Company does not expect this standard to have a material impact on the Company’s consolidated financial statements.

Transfers and Servicing: Reconsideration of Effective Control for Repurchase Agreement

In April 2011, the FASB amended its guidance on accounting for repurchase agreements. The amendments simplify the accounting by eliminating the requirement that the transferor demonstrate it has adequate collateral to fund substantially all the cost of purchasing replacement assets. Under the amended guidance, a transferor maintains effective control over transferred financial assets (and thus accounts for the transfer as a secured borrowing) if there is an agreement that both entitles and obligates the transferor to repurchase the financial assets before maturity and if all of the following conditions previously required are met; (i) financial assets to be repurchased or redeemed are the same or substantially the same as those transferred, (ii) repurchase or redemption date before maturity at a fixed or determinable price, and (iii) the agreement is entered into contemporaneously with, or in contemplation of, the transfer. As a result, more arrangements could be accounted for as secured borrowings rather than sales. The updated guidance is effective on a prospective basis for interim and annual reporting periods beginning on or after December 15, 2011, early adoption is prohibited. We are currently evaluating the impact of the adoption of this new guidance on our consolidated results of operations and financial condition.

Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS

In May 2011, the FASB issued updated guidance that addresses the objective of the FASB and the International Accounting Standards Board (“IASB”) to develop common requirements for measuring and for disclosing information about fair value measurements with U.S. GAAP and International Financial Reporting Standards (“IFRS”). The FASB and the IASB worked together to ensure that fair value has the same meaning in U.S. GAAP and IFRS and that their respective fair value measurement and disclosure requirements are the same (except for minor differences in wording and style). The FASB and the IASB concluded that this guidance will improve comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The guidance explains how to measure fair value. This updated guidance does not require additional fair value measurements and are not intended to establish valuation standards or affect valuation practices outside of financial reporting. The updated guidance is effective during interim and annual periods after December 15, 2011. Early application is not permitted. The adoption of this guidance is not expected to have any effect on the Company's results of operations, financial position or liquidity.

Intangibles - Goodwill and Other: Testing Goodwill for Impairment

In September 2011, the FASB issued updated guidance on goodwill impairment that gives companies the option to perform a qualitative assessment that may allow them to skip the annual two-step test and reduce costs. Under the new guidance, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The FASB provided a sample list of events and circumstances that an entity can consider in performing its qualitative assessment. Under the amended guidance, an entity has the option to bypass the qualitative assessment and proceed directly to performing the first step of the two-step goodwill impairment test and may resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. The adoption of this guidance is not expected to have any effect on the Company's results of operations, financial position or liquidity.

Segment Information

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Information

The Company currently operates three business segments, Diversified Reinsurance, AmTrust Quota Share Reinsurance and the ACAC Quota Share. The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. Other operating expenses allocated to the segments are called General and Administrative expenses which are allocated on an actual basis except salaries and benefits where management’s judgment is applied; the Company does not allocate general corporate expenses to the segments. In determining total assets by segment the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, funds withheld, prepaid reinsurance premiums, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, loans, goodwill and intangible assets, and restricted cash and investments. All remaining assets are allocated to Corporate.

The fee-generating business associated with the IIS Acquisition (“IIS Fee Business”) which is included in the Diversified Reinsurance segment, is considered part of the underwriting operations of the Company. Certain portions of the IIS Fee Business are directly associated with the underlying reinsurance contracts recorded in the Diversified Reinsurance segment. To the extent that the fees are generated on underlying insurance contracts sold to third parties that are then ceded under quota share reinsurance contracts to Maiden Bermuda, a proportionate share of the fee is offset against the related acquisition expense. To the extent that IIS Fee Business is not directly associated with premium revenue generated under the applicable reinsurance contracts, that fee revenue is separately reported on the line captioned “Other insurance revenue” in the Company's Consolidated Statements of Income.

The following tables summarize the underwriting results of our operating segments:



For the Year Ended December 31, 2011	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	798,037		$	669,283		$	256,201		$	1,723,521
Net premiums earned	$	748,387		$	558,197		$	245,844		$	1,552,428
Other insurance revenue	12,640			—			—			12,640
Net loss and loss adjustment expenses	(502,375		)	(380,263		)	(160,416		)	(1,043,054		)
Commission and other acquisition expenses	(200,239		)	(160,522		)	(78,051		)	(438,812		)
General and administrative expenses	(36,374		)	(2,283		)	(1,635		)	(40,292		)
Underwriting income	$	22,039		$	15,129		$	5,742		$	42,910
Reconciliation to net income attributable to Maiden shareholders
Net investment income and realized and unrealized gains on investment										75,372
Amortization of intangible assets										(5,033		)
Foreign exchange gains										323
Interest and amortization expenses										(34,155		)
Accelerated amortization of junior subordinated debt discount and issuance cost										(20,313		)
Junior subordinated debt repurchase expense										(15,050		)
Other general and administrative expenses										(13,600		)
Income tax expense										(1,927		)
Income attributable to noncontrolling interest										(3		)
Net income attributable to Maiden shareholders										$	28,524

Net loss and loss expense ratio*	66.0		%	68.1		%	65.3		%	66.6		%
Acquisition cost ratio**	26.3		%	28.8		%	31.7		%	28.0		%
General and administrative expense ratio***	4.8		%	0.4		%	0.7		%	3.5		%
Combined ratio****	97.1		%	97.3		%	97.7		%	98.1		%



For the Year Ended December 31, 2010	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	554,049		$	468,043		$	205,739		$	1,227,831
Net premiums earned	$	601,254		$	445,081		$	123,455		$	1,169,790
Net loss and loss adjustment expenses	(394,604		)	(280,890		)	(79,628		)	(755,122		)
Commission and other acquisition expenses	(152,698		)	(144,655		)	(39,344		)	(336,697		)
General and administrative expenses	(26,123		)	(1,500		)	(243		)	(27,866		)
Underwriting income	$	27,829		$	18,036		$	4,240		$	50,105
Reconciliation to net income attributable to Maiden
Net investment income and realized and unrealized gains on investment										78,255
Amortization of intangible assets										(5,808		)
Foreign exchange losses										(580		)
Interest and amortization expenses										(36,466		)
Other general and administrative expenses										(14,314		)
Income tax expense										(1,330		)
Loss attributable to noncontrolling interest										4
Net income attributable to Maiden shareholders										$	69,866

Net loss and loss expense ratio*	65.6		%	63.1		%	64.5		%	64.6		%
Acquisition cost ratio**	25.4		%	32.5		%	31.9		%	28.8		%
General and administrative expense ratio***	4.4		%	0.3		%	0.2		%	3.5		%
Combined ratio****	95.4		%	95.9		%	96.6		%	96.9		%



For the Year Ended December 31, 2009	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	658,016		$	372,358		$	—		$	1,030,374
Net premiums earned	$	567,998		$	351,921		$	—		$	919,919
Net loss and loss adjustment expenses	(393,760		)	(214,853		)	—			(608,613		)
Commission and other acquisition expenses	(126,193		)	(115,236		)	—			(241,429		)
General and administrative expenses	(19,211		)	(2,515		)	—			(21,726		)
Underwriting income	$	28,834		$	19,317		$	—		$	48,151
Reconciliation to net income attributable to Maiden
Net investment income and realized and unrealized gains on investment										63,227
Amortization of intangible assets										(6,590		)
Foreign exchange and other gains										2,454
Interest and amortization expenses										(34,431		)
Other general and administrative expenses										(10,409		)
Income tax expense										(1,344		)
Net income attributable to Maiden shareholders										$	61,058

Net loss and loss expense ratio*	69.3		%	61.1		%	—		%	66.2		%
Acquisition cost ratio**	22.2		%	32.7		%	—		%	26.2		%
General and administrative expense ratio***	3.4		%	0.7		%	—		%	3.5		%
Combined ratio****	94.9		%	94.5		%	—		%	95.9		%


*	Calculated by dividing net loss and loss adjustment expenses by net premiums earned and other insurance revenue.


**	Calculated by dividing commission and other acquisition expenses by net premiums earned and other insurance revenue.


***	Calculated by dividing general and administrative expenses by net premiums earned and other insurance revenue


****	Calculated by adding together net loss and loss expense ratio, acquisition cost ratio and general and administrative expense ratio.



	Diversified Reinsurance		AmTrust Quota Share Reinsurance		ACAC Quota Share		Total
As at December 31, 2011
Reinsurance balances receivable, net	$	203,925	$	102,003	$	76,742	$	382,670
Funds withheld	42,605		—		—		42,605
Prepaid reinsurance premiums	35,381		—		—		35,381
Reinsurance recoverable on unpaid losses	20,289		—		—		20,289
Deferred commission and other acquisition expenses	98,712		120,369		29,355		248,436
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	98,755		—		—		98,755
Restricted investments and cash	1,063,010		461,216		62,017		1,586,243
Corporate and other assets	2,429		—		—		772,072
Total Assets	$	1,565,106	$	851,563	$	168,114	$	3,354,426
As at December 31, 2010
Reinsurance balances receivable, net	$	131,109	$	25,566	$	69,658	$	226,333
Funds withheld	152,713		—		—		152,713
Prepaid reinsurance premiums	28,992		—		—		28,992
Reinsurance recoverable on unpaid losses	6,656		—		—		6,656
Deferred commission and other acquisition expenses	85,252		92,155		26,224		203,631
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	103,905		—		—		103,905
Restricted investments and cash	1,136,252		358,621		23,979		1,518,852
Corporate and other assets	88		—		—		573,505
Total Assets	$	1,644,967	$	644,317	$	119,861	$	2,982,562

The following table shows an analysis of the Company’s gross and net premiums written and earned by geographic location. In case of business assumed from AmTrust Financial Services, Inc. ("AmTrust"), it is the location of the relevant AmTrust subsidiaries.



	For the Year Ended December 31,
	2011		2010		2009
Gross premiums written – North America	$	1,400,114	$	1,098,672	$	947,371
Gross premiums written – Other (predominantly Europe)	412,483		199,383		101,305
Net premiums written – North America	1,317,265		1,028,518		929,069
Net premiums written – Other (predominantly Europe)	406,256		199,313		101,305
Net premiums earned – North America	1,194,628		1,038,859		838,152
Net premiums earned – Other (predominantly Europe)	357,800		130,931		81,767

The following tables set forth financial information relating to net premiums written by major line of business for the years ended December 31, 2011, 2010 and 2009:



	For the Year Ended December 31,
	2011				2010				2009
	Total		% of Total		Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	207,993	12.1	%	$	168,919	13.8	%	$	165,705	16.1	%
Casualty	441,666		25.6	%	311,852		25.4	%	387,218		37.6	%
Accident and Health	42,604		2.5	%	43,658		3.5	%	105,093		10.2	%
International	105,774		6.1	%	29,620		2.4	%	—		—	%
Total Diversified Reinsurance	798,037		46.3	%	554,049		45.1	%	658,016		63.9	%
AmTrust Quota Share Reinsurance
Small Commercial Business	237,560		13.8	%	197,097		16.0	%	186,473		18.1	%
Specialty Program	93,701		5.4	%	73,881		6.0	%	58,048		5.6	%
Specialty Risk and Extended Warranty	338,022		19.6	%	197,065		16.1	%	127,837		12.4	%
Total AmTrust Quota Share Reinsurance	669,283		38.8	%	468,043		38.1	%	372,358		36.1	%
ACAC Quota Share
Automobile Liability	147,362		8.6	%	117,962		9.6	%	—		—	%
Automobile Physical Damage	108,839		6.3	%	87,777		7.2	%	—		—	%
Total ACAC Quota Share	256,201		14.9	%	205,739		16.8	%	—		—	%
	$	1,723,521	100.0	%	$	1,227,831	100.0	%	$	1,030,374	100.0	%

The following tables set forth financial information relating to net premiums earned by major line of business for the years ended December 31, 2011, 2010 and 2009:



	For the Year Ended December 31,
	2011				2010				2009
	Total		% of Total		Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	196,947	12.7	%	$	176,538	15.1	%	$	146,783	15.9	%
Casualty	395,533		25.5	%	356,389		30.5	%	316,676		34.4	%
Accident and Health	43,210		2.8	%	62,954		5.4	%	104,539		11.4	%
International	112,697		7.3	%	5,373		0.5	%	—		—	%
Total Diversified Reinsurance	748,387		48.3	%	601,254		51.5	%	567,998		61.7	%
AmTrust Quota Share Reinsurance
Small Commercial Business	215,941		13.9	%	202,716		17.3	%	199,020		21.6	%
Specialty Program	81,281		5.2	%	71,596		6.1	%	52,842		5.8	%
Specialty Risk and Extended Warranty	260,975		16.8	%	170,769		14.6	%	100,059		10.9	%
Total AmTrust Quota Share Reinsurance	558,197		35.9	%	445,081		38.0	%	351,921		38.3	%
ACAC Quota Share
Automobile Liability	141,173		9.1	%	69,444		5.9	%	—		—	%
Automobile Physical Damage	104,671		6.7	%	54,011		4.6	%	—		—	%
Total ACAC Quota Share	245,844		15.8	%	123,455		10.5	%	—		—	%
	$	1,552,428	100.0	%	$	1,169,790	100.0	%	$	919,919	100.0	%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

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-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2011

Business Combinations [Abstract]

Acquisitions

a) IIS Acquisition

On November 30, 2010, the Company completed its acquisition of certain companies, businesses and assets comprising the international insurance services business of GMAC Insurance Holdings Ltd. (the “IIS Acquisition”), including renewal rights on nearly $100 million of predominantly personal auto quota share reinsurance as well as the supporting business development subsidiaries in Europe. The transaction includes the assumption of more than $100 million of loss reserves and net unearned premiums as well as the corresponding assets, and was funded through existing cash. The businesses primarily focus on providing branded auto and auto-related insurance products through its insurer partners to retail customers in the European Union and other global markets.

The IIS Acquisition also includes the acquisition of GMAC Life Försäkrings AB (“GMAC LF”), a life insurance company organized under the laws of Sweden which writes credit life insurance on a primary basis. GMAC LF was renamed Maiden Life Försäkrings AB (“Maiden LF”).

Under the terms of the acquisition, the Company acquired 100% of the share capital and net assets of GMAC LF, GMAC Australia (Finance) Limited, GMAC VerisicherungService GmBH (subsequently renamed Opel Händler VerisicherungsService GmbH ("OVS") following a cooperation agreement being entered into with VDOH Wirtschaftsdienst GmbH (“Opel Dealer Association”) in Germany and the German auto manufacturer Opel in exchange for a 10% interest in OVS) and 60% of the share capital and net assets of GMAC VerisicherungService GmBH Austria. The agreement provided for a base purchase cost of $4,000 adjustable based on the renewal premium written net of commissions over the next three years plus an amount equal to the net assets of the acquired entities.

The Company finalized the purchase price allocation in 2011 which resulted in a total consideration of $21,632 (2010 estimate - $22,274). The Company recorded goodwill of $5,695 (2010 estimate - $5,812) and incurred non-recurring acquisition expenses of $1,841 as a result of the acquisition. The results of the operations have been included in the Company’s consolidated financial statements since the acquisition date. The cost of acquisition was allocated to the assets acquired and liabilities assumed based on estimated fair values as at the acquisition date, with the amount exceeding the fair value recorded as goodwill.

The fair value of the net assets acquired is summarized as follows:



	2011 Actual		2010 Estimate
Cash	$	14,971	$	15,595
Restricted cash	450		469
Fixed maturity investments	13,480		13,999
Other assets	303		191
Goodwill	5,695		5,812
Assets acquired	34,899		36,066
Reserve for loss and loss adjustment expenses	4,739		3,192
Unearned premiums	5,454		5,665
Accrued expenses and other liabilities	3,074		4,935
Liabilities acquired	13,267		13,792
Total purchase price	$	21,632	$	22,274

In conjunction with the IIS Acquisition on November 30, 2010, Maiden Bermuda and GMAC International Insurance Company Ltd. (“GMAC International Insurance”) entered into a loss portfolio transfer and quota share reinsurance agreement under which Maiden Bermuda reinsured 100% of the existing contracts written by GMAC International Insurance in respect of the businesses acquired in the IIS Acquisition. As a result of the agreement, Maiden Bermuda assumed estimated liabilities of $122,574. The loss portfolio transfer and quota share reinsurance agreement required Maiden Bermuda to fund the existing funds withheld collateral arrangements of GMAC International Insurance and its cedants. The initial funds withheld collateral requirements were $140,520 and Maiden Bermuda transferred cash on closing in the amount of $26,204 in order to meet such collateral requirements.

The effect of the IIS Acquisition on premiums and losses for the year ended December 31, 2010 was as follows:



Results of operations:	For the Year Ended December 31, 2010
Net premium written – assumed	$	29,620
Change in unearned premium – assumed	(24,247		)
Net earned premium – assumed	5,373
Loss and loss adjustment expense	(4,217		)

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 805
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Topic 805
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-Name Accounting Standards Codification
-Topic 805
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1383-128463

+ Details

Investments

12 Months Ended

Dec. 31, 2011

Schedule of Investments [Abstract]

Investments

a) Fixed Maturities and Other Investments

The original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale fixed maturities and other investments as at December 31, 2011 and 2010, are as follows:



As at December 31, 2011	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale securities:
U.S. treasury bonds	$	44,175	$	1,774	$	—		$	45,949
U.S. agency bonds – mortgage-backed	928,944		43,230		(75		)	972,099
U.S. agency bonds – other	10,374		622		—			10,996
Non-U.S. government bonds	51,405		78		(285		)	51,198
Other mortgage-backed securities	9,919		1		—			9,920
Corporate bonds	743,951		47,726		(30,244		)	761,433
Municipal bonds	168,338		728		—			169,066
Total available-for-sale fixed maturities	1,957,106		94,159		(30,604		)	2,020,661
Other investments	1,955		318		(81		)	2,192
Total investments	$	1,959,061	$	94,477	$	(30,685	)	$	2,022,853



As at December 31, 2010	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale securities:
U.S. treasury bonds	$	92,043	$	1,108	$	(1,422	)	$	91,729
U.S. agency bonds – mortgage-backed	951,465		22,351		(4,348		)	969,468
U.S. agency bonds – other	41,770		1,638		—			43,408
Non-U.S. government bonds	15,494		444		—			15,938
Corporate bonds	673,756		46,647		(11,410		)	708,993
Municipal bonds	45,247		441		(791		)	44,897
Total available-for-sale fixed maturities	1,819,775		72,629		(17,971		)	1,874,433
Other investments	5,751		96		—			5,847
Total investments	$	1,825,526	$	72,725	$	(17,971	)	$	1,880,280

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.



As at December 31, 2011	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	54,544	$	54,281	2.7	%
Due after one year through five years	315,015		299,922		14.8	%
Due after five years through ten years	469,574		502,833		24.9	%
Due after ten years	179,110		181,606		9.0	%
	1,018,243		1,038,642		51.4	%
Mortgage-backed securities	938,863		982,019		48.6	%
Total	$	1,957,106	$	2,020,661	100.0	%

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
As at December 31, 2011	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale securities:
U.S. agency bonds – mortgage-backed	$	30,447	$	(75	)	$	—	$	—		$	30,447	$	(75	)
Non – U.S. government bonds	42,552		(285		)	—		—			42,552		(285		)
Corporate bonds	228,444		(7,414		)	125,089		(22,830		)	353,533		(30,244		)
	301,443		(7,774		)	125,089		(22,830		)	426,532		(30,604		)
Other investments	1,214		(81		)	—		—			1,214		(81		)
Total temporarily impaired available-for-sale securities and other investments	$	302,657	$	(7,855	)	$	125,089	$	(22,830	)	$	427,746	$	(30,685	)

As at December 31, 2011, there were approximately 62 securities in an unrealized loss position with a fair value of $427,746 and unrealized losses of $30,685. Of these securities, there are 8 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $125,089 and unrealized losses of $22,830.



	Less than 12 Months					12 Months or More					Total
As at December 31, 2010	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale securities:
U.S. treasury bonds	$	47,165	$	(1,422	)	$	—	$	—		$	47,165	$	(1,422	)
U.S. agency bonds – mortgage-backed	315,370		(4,348		)	—		—			315,370		(4,348		)
U.S. agency bonds – other	86,976		(1,555		)	166,062		(9,855		)	253,038		(11,410		)
Corporate bonds	27,315		(791		)	—		—			27,315		(791		)
Total temporarily impaired available-for-sale securities and other investments	$	476,826	$	(8,116	)	$	166,062	$	(9,855	)	$	642,888	$	(17,971	)

As at December 31, 2010, there were approximately 32 securities in an unrealized loss position with a fair value of $642,888 and unrealized losses of $17,971. Of these securities, there are 9 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $166,062 and unrealized losses of $9,855.

Other-than-temporary impairments (“OTTI”)

We review our investment portfolio for impairment on a quarterly basis. Impairment of investments results in a charge to operations when a fair value decline below cost is deemed to be other-than-temporary. As at December 31, 2011, we reviewed our portfolio to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of investments.

During the years ended December 31, 2011, 2010 and 2009, the Company recognized no OTTI. Based on our qualitative and quantitative OTTI review of each asset class within our fixed maturity portfolio, the remaining unrealized losses on fixed maturities at December 31, 2011, were primarily due to widening of credit spreads relating to the market illiquidity, rather than credit events. Because we do not intend to sell these securities and it is not more likely than not that we will be required to sell these securities until a recovery of fair value to amortized cost, we currently believe it is probable that we will collect all amounts due according to their respective contractual terms. Therefore, we do not consider these fixed maturities to be other-than-temporarily impaired at December 31, 2011.

The following summarizes the credit ratings of our fixed maturities:



Rating* as at December 31, 2011	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	44,175	$	45,949	2.3	%
U.S. agency bonds	939,318		983,095		48.6	%
AAA	160,319		161,945		8.0	%
AA+, AA, AA-	150,961		153,303		7.6	%
A+, A, A-	327,794		328,448		16.3	%
BBB+, BBB, BBB-	316,150		330,156		16.3	%
BB+ or lower	18,389		17,765		0.9	%
Total	$	1,957,106	$	2,020,661	100.0	%



Rating* as at December 31, 2010	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	92,043	$	91,729	4.9	%
U.S. agency bonds	993,235		1,012,876		54.0	%
AAA	74,683		78,427		4.2	%
AA+, AA, AA-	74,479		79,445		4.2	%
A+, A, A-	325,252		329,100		17.6	%
BBB+, BBB, BBB-	222,496		244,126		13.0	%
BB+ or lower	37,587		38,730		2.1	%
Total	$	1,819,775	$	1,874,433	100.0	%

*Ratings as assigned by Standard & Poor’s (“S&P”)

b) Other Investments

The table below shows our portfolio of other investments:



As at December 31,	2011				2010
Hedge funds	$	—	—	%	$	4,846	82.9	%
Investment in limited partnerships	2,192		100.0	%	1,001		17.1	%
Total other investments	$	2,192	100.0	%	$	5,847	100.0	%

The Company has an unfunded commitment on its investment in limited partnerships of approximately $3,808 as at December 31, 2011.

c) Net Investment Income

Net investment income was derived from the following sources:



For the Year Ended December 31,	2011			2010			2009
Fixed maturities	$	72,050		$	71,607		$	51,025
Cash and cash equivalents	925			1,680			13,236
Funds withheld	4,235			407			—
Loan to related party	1,925			1,996			2,361
	79,135			75,690			66,622
Less:
Investment expenses	(3,488		)	(2,992		)	(2,685		)
Interest expense on securities sold under agreements to repurchase	(756		)	(1,047		)	(980		)
Total	$	74,891		$	71,651		$	62,957

d) 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 and include any adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary. The Company maintained one open position in a U.S. Treasury Bond sold but not yet purchased valued at $55,830 which resulted in an unrealized loss of $3,532, which is recorded in net realized and unrealized gains on investment on the Company's Consolidated Statement of Income for the year ended December 31, 2011. This short position is recorded as a liability in Accrued expenses and other liabilities on the Company's Consolidated Balance Sheet as at December 31, 2011. The following provides an analysis of net realized and unrealized gains on investment:



For the Year Ended December 31, 2011	Gross gains		Gross losses			Net
Available-for-sale securities	$	5,091	$	(1,812	)	$	3,279
Trading securities and short sales	2,709		(1,902		)	807
Other investments	43		(116		)	(73		)
Net realized gains	7,843		(3,830		)	4,013
Unrealized losses on short sales	—		(3,532		)	(3,532		)
Net realized and unrealized gains on investment	$	7,843	$	(7,362	)	$	481



For the Year Ended December 31, 2010	Gross gains		Gross losses			Net
Available-for-sale securities	$	10,372	$	(1,976	)	$	8,396
Trading securities and short sales	6,372		(7,915		)	(1,543		)
Other investments	—		(249		)	(249		)
Net realized gains on investment	$	16,744	$	(10,140	)	$	6,604



For the Year Ended December 31, 2009	Gross gains		Gross losses			Net
Available-for-sale securities	$	4,896	$	(4,505	)	$	391
Other investments	—		(121		)	(121		)
Net realized gains on investment	$	4,896	$	(4,626	)	$	270

Proceeds from sales of fixed maturities classified as available-for-sale were $304,499, $331,593 and $200,493 for the years ended December 31, 2011, 2010 and 2009, respectively.

Net unrealized gains (losses) were as follows:



As at December 31,	2011			2010		2009
Available-for-sale securities	$	63,555		$	54,658	$	38,310
Other investments	237			96		(135		)
Total net unrealized gains	63,792			54,754		38,175
Deferred income tax expense	(55		)	—		(5,428		)
Net unrealized gains, net of deferred income tax	$	63,737		$	54,754	$	32,747
Change in net unrealized gains, net of deferred income tax	$	8,983		$	22,007	$	77,246

e) Restricted Cash and Investments

We are required to maintain assets on deposit to support our reinsurance operations and to serve as collateral for our reinsurance liabilities under various reinsurance agreements. The assets on deposit are available to settle reinsurance liabilities. We also utilize trust accounts to collateralize business with our reinsurance counterparties. These trust accounts generally take the place of letter of credit requirements. The assets in trust as collateral are primarily highly rated fixed maturity securities. The fair value of our restricted assets was as follows:



As at December 31,	2011		2010
Restricted cash – third party agreements	$	67,627	$	59,615
Restricted cash – related party agreements	46,729		29,743
Restricted cash – U.S. state regulatory authorities	539		398
Total restricted cash	114,895		89,756
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2011 – $950,103; 2010 – $1,024,895)	972,130		1,053,982
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2011 – $458,105; 2010 – $339,810)	485,468		361,424
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2011 – $12,862; 2010 – $13,198)	13,750		13,690
Total restricted investments	1,471,348		1,429,096
Total restricted cash and investments	$	1,586,243	$	1,518,852

f) Other

Securities sold but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price and, thereby, create a liability to purchase the security in the market at prevailing prices. The Company's liability for securities to be delivered is measured at their fair value and as at December 31, 2011 were $55,830 for a U.S. Treasury bond. This amount is included in accrued expenses and other liabilities in the Consolidated Balance Sheets. Collateral of an equivalent amount has been pledged to the clearing broker.

The Company also enters into repurchase agreements. The agreements are accounted for as collateralized borrowing transactions and are recorded at contract amounts. The Company receives cash or securities, that it invests or holds in short term or fixed income securities. During the year, the Company repaid the entire balance outstanding of $76,225. Interest expense associated with these repurchase agreements was $756 for the year ended December 31, 2011 (2010 - $1,047, 2009 - $980); out of which $0 was accrued as at December 31, 2011 (2010 - $702).

Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Measurements

a) Fair Values of Financial Instruments

ASC 825, “Disclosure about Fair Value of Financial Instruments,” requires all entities to disclose the fair value of their financial instruments, both 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 held as at December 31, 2011.

U.S. Government and U.S. Government agencies: Comprised primarily of bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association and the Federal National Mortgage Association. The fair values of U.S. government securities 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 securities is an actively traded market given the high level of daily trading volume. The fair values of U.S. government agency securities are priced 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. government agency securities are included in the Level 2 fair value hierarchy.

Non-U.S. government bonds: Comprised of Non-U.S. government bonds issued by non-U.S. governments primarily Germany, Sweden and Netherlands. These securities are generally priced by pricing services. The pricing services 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.

Other mortgage-backed securities: Other mortgage-backed securities consist of a commercial mortgage-backed security (“CMBS”). This security is 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 value of the CMBS is included in the Level 2 fair value hierarchy.

Corporate bonds: Comprised of bonds issued by corporations that on acquisition are rated BBB-/Baa3 or higher . These securities are generally priced by pricing services. The fair values of corporate bonds that are short-term are priced, by the pricing services, using the spread above the London Interbank Offering Rate ("LIBOR') yield curve and the fair value of corporate bonds that are long-term are priced using the spread above the risk-free yield curve. The spreads are sourced from broker/dealers, trade prices and the new issue market. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers. As the significant inputs used to price corporate bonds are observable market inputs, the fair values of corporate bonds are included in the Level 2 fair value hierarchy.

Municipals: Municipal securities comprise bonds and auction rate securities issued by U.S. domiciled state and municipality entities. The fair values of municipal bonds are generally priced by pricing services. The pricing services typically use spreads obtained from broker-dealers, trade prices and the new issue market. As the significant inputs used to price the municipal bonds are observable market inputs, municipals are classified within Level 2. Municipal auction rate securities are reported in the consolidated balance sheet at cost which approximates their fair value.

Other investments: The fair values of the investment in limited partnerships are determined by the fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals, and as such, the fair values are included in the Level 3 fair value hierarchy.

Reinsurance balance receivable: The carrying values reported in the accompanying balance sheets for these financial instruments approximate their fair value due to short term nature of the assets.

Loan to related party: The carrying values reported in the accompanying balance sheets for these financial instruments approximate their fair value.

Senior notes: The amount reported in the accompanying balance sheets for these financial instruments represents the carrying value of the notes. At December 31, 2011, the fair value of the 8.25% senior notes was $104,888 based on its traded price and yield information obtained from a third party service provider.

Junior subordinated debt: The amount reported in the accompanying balance sheets for these financial instruments represents the carrying value of the debt. At December 31, 2011, the fair value of the debt was $173,621 based on the binomial lattice model, Black-Derman-Toy model.

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 valuations when available. The disclosure of fair value estimates in the ASC 820 hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions.

In accordance with ASC 820, the Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

At December 31, 2011 and 2010, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



As at December 31, 2011	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets
Fixed maturities
U.S. treasury bonds	$	45,949		$	—		$	—		$	45,949
U.S. agency bonds – mortgage-backed	—			972,099			—			972,099
U.S. agency bonds – other	—			10,996			—			10,996
Non U.S. government bonds	—			51,198			—			51,198
Other mortgage-backed securities	—			9,920			—			9,920
Corporate bonds	—			761,433			—			761,433
Municipal bonds	—			169,066			—			169,066
Other investments	—			—			2,192			2,192
Total	$	45,949		$	1,974,712		$	2,192		$	2,022,853
As a percentage of total assets	1.4		%	58.8		%	0.1		%	60.3		%
Liabilities
Securities sold but not yet purchased	$	—		$	55,830		—			$	55,830
As a percentage of total liabilities	—		%	2.2		%	—		%	2.2		%



As at December 31, 2010	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets
Fixed maturities
U.S. treasury bonds	$	91,729		$	—		$	—		$	91,729
U.S. agency bonds – mortgage-backed	—			969,468			—			969,468
U.S. agency bonds – other	—			43,408			—			43,408
Non U.S. government bonds	—			15,938			—			15,938
Corporate bonds	—			708,993			—			708,993
Municipal bonds	—			44,897			—			44,897
Other investments	—			—			5,847			5,847
Total	$	91,729		$	1,782,704		$	5,847		$	1,880,280
As a percentage of total assets	3.1		%	59.7		%	0.2		%	63.0		%
Liabilities
Securities sold under agreements to repurchase	$	—		$	76,225		$	—		$	76,225
As a percentage of total liabilities	—		%	3.4		%	—		%	3.4		%

The Company utilized a pricing service to estimate fair value measurements for approximately 99.4% of its fixed maturities. 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 securities generally do not trade 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.

Other investments. The Company has $2,192 or approximately 0.1% of its investment portfolio in limited partnerships where the fair value estimate is determined by the fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the Company includes the estimate in the amount disclosed in Level 3. The Company has determined that its investments in Level 3 securities are not material to its financial position or results of operations.

c) Level 3 Financial Instruments

The following table presents changes in Level 3 for our financial instruments measured at fair value on a recurring basis for the years ended December 31, 2011 and 2010:



	For the Year Ended December 31,
Other investments:	2011			2010
Balance at beginning of period	$	5,847		$	5,549
Net realized and unrealized gains – included in net income	—			—
Net realized and unrealized (losses) – included in net income	(73		)	(249		)
Change in net unrealized (gains) – included in other comprehensive income	—			—
Change in net unrealized losses – included in other comprehensive income	141			231
Purchases	1,173			5,175
Sales and redemptions	(4,896		)	(4,859		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	2,192		$	5,847
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—

- 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/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
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-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Goodwill is calculated as the excess of purchase price over the net fair value of assets acquired. The Company performs an annual impairment analysis to identify potential goodwill impairment and measures the amount of a goodwill impairment loss to be recognized. This annual test is performed during the fourth quarter of each year or more frequently if events or circumstances change in a way that requires the Company to perform the impairment analysis on an interim basis. Goodwill impairment testing requires an evaluation of the estimated fair value of each reporting unit to its carrying value, including the goodwill. An impairment charge is recorded if the estimated fair value is less than the carrying amount of the reporting unit. No impairments have been identified to date.

Intangible Assets

Intangible assets consist of finite and indefinite life assets. Finite life intangible assets include customer and producer relationships and trademarks. Insurance company licenses are considered indefinite life intangible assets subject to annual impairment testing.

The following table shows an analysis of goodwill and intangible assets:



	Goodwill			Intangible Assets			Total
Balance as at December 31, 2009	$	52,617		$	51,284		$	103,901
Acquired during the year	5,812			—			5,812
Amortization	—			(5,808		)	(5,808		)
Impairment losses	—			—			—
Balance as at December 31, 2010	58,429			45,476			103,905
Adjustment during the year	(117		)	—			(117		)
Amortization	—			(5,033		)	(5,033		)
Impairment losses	—			—			—
Balance as at December 31, 2011	$	58,312		$	40,443		$	98,755



As at December 31, 2011	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(18,684		)	32,716		15 years double declining
Net balance	$	117,439	$	(18,684	)	$	98,755



As at December 31, 2010	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,429	$	—		$	58,429	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(13,651		)	37,749		15 years double declining
Net balance	$	117,556	$	(13,651	)	$	103,905

The goodwill and intangible assets were recognized as a result of the IIS Acquisition (see note 4) and the acquisition of the reinsurance operations of GMAC Insurance (“GMACI”), including its book of assumed reinsurance business, GMAC RE Insurance Services LLC (renamed Maiden Re), GMAC Direct Insurance Company (renamed Maiden US) and Integon Specialty Insurance Company (renamed Maiden Specialty) (referred to as the “GMAC Acquisition”) on October 31, 2008. The goodwill and intangible assets are assigned to Diversified Reinsurance segment and are subject to annual impairment testing. No impairment was recorded during the years ended December 31, 2011, 2010 and 2009. However, during 2011 as a result of the adjusted price allocation relating to the IIS Acquisition, the amount of goodwill was reduced to $5,695 (2010 - $5,812). The estimated amortization of intangible assets for the next five years is:



2012	$	4,362
2013	3,781
2014	3,276
2015	2,840
2016	2,461

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-Term Debt	12 Months Ended
Long-Term Debt	Dec. 31, 2011
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Senior Notes In June 2011, the Company, through its wholly owned subsidiary Maiden Holdings North America, Ltd. ("Maiden NA"), issued $107,500 principal amount of 8.25% Senior Notes (“Senior Notes”) due on June 15, 2041, which are fully and unconditionally guaranteed by the Company. The Senior Notes are redeemable for cash, in whole or in part, on or after June 15, 2016, at 100% of the principal amount plus accrued and unpaid interest to but excluding the redemption date. In order to ensure that issuance of the Senior Notes resulted in a long term favorable impact to Maiden's shareholders, the Company sought to repurchase a portion of the Trust Preferred Securities, described below, with the proceeds of the Senior Notes offering. Under the redemption notice provisions of the Trust Preferred Securities, the Company was required to give at least 30 days' notice in advance of the next interest payment (July 15, 2011) prior to redemption, or incur an additional quarter's interest payments. Since the Senior Notes offering was initiated after the 30 day notice period on June 16, 2011, the Company offered to all holders an option to have a portion of their Trust Preferred Securities repurchased on a pro rata basis from the proceeds of the Senior Notes offering in exchange for a waiver of such notice provisions and an agreement to accept interest through July 15, 2011. Certain of the Trust Preferred Securities holders accepted the offer by June 16, 2011. All proceeds of the Senior Notes offering were used to repurchase the Trust Preferred Securities of the holders who accepted the offer. The Senior Notes are an unsecured and unsubordinated obligation of the Company and rank ahead of the Junior Subordinated Debt, described below. The effective interest rate of the Senior Notes, based on the net proceeds received, was 8.47%. The net proceeds from the sale of the Senior Notes were $104,689, after placement agent fees and expense or debt issuance cost of $2,811, and were used to repurchase $107,500 principal amount portion of the outstanding Junior Subordinated Debt. The issuance costs related to the Senior Notes were capitalized and will be amortized over the life of the notes. Amortization expense for the period from June 15, 2011 to December 31, 2011 was $49. The interest on the Senior Notes is payable each quarter beginning on September 15, 2011. Interest expense for the year ended December 31, 2011 was $4,607, of which $394 was accrued as of December 31, 2011. Junior Subordinated Debt On January 20, 2009, the Company completed a private placement of 260,000 units (the “Units”), each Unit consisting of $1,000 principal amount of capital securities (the “Trust Preferred Securities”) of Maiden Capital Financing Trust (the “Trust”), a special purpose trust established by Maiden NA, and 45 common shares, $0.01 par value, of the Company for a purchase price of $1,000.45 per Unit (the “TRUPS Offering”). In the aggregate, 11,700,000 common shares were issued to the purchasers in the TRUPS Offering. This resulted in gross proceeds to the Company of $260,117, before $4,342 of placement agent fees and expenses. Certain trusts established by Michael Karfunkel and George Karfunkel, two of the Company's Founding Shareholders, purchased an aggregate of 159,000 of the Units, or 61.12%. The remaining 101,000 Units were purchased by existing institutional shareholders of the Company. The Trust used the proceeds from the sale of the Trust Preferred Securities to purchase a subordinated debenture (the “Junior Subordinated Debt”) in the principal amount of $260,000 issued by Maiden NA. Under the terms of the Trust Preferred Securities, the Company can repay the principal balance in full or in part at any time. However, if the Company repays such principal within five years of the date of issuance, it is required to pay an additional amount equal to one full year of interest on the amount of Trust Preferred Securities repaid. If the remaining amount of the Trust Preferred Securities were repaid within five years of the date of issuance (adjusted for the $107,500 repurchase of Junior Subordinated Debt, which occurred on July 15, 2011), the additional amount due would be $21,350, which would be a reduction in earnings. Pursuant to separate Guarantee Agreements dated as at January 20, 2009 with Wilmington Trust Company, as guarantee trustee, each of the Company and Maiden NA has agreed to guarantee the payment of distributions and payments on liquidation or redemption of the Trust Preferred Securities. As a consequence of the issuance of a majority of the Units to a related party under ASC Topic 810 “Consolidation”, the Trust is a variable interest entity and the Company is deemed not to be the primary beneficiary of the Trust, therefore it is not consolidated. The issuance of common shares associated with the Trust Preferred Securities resulted in an original issuance discount of $44,928 based on market price of $3.85 on January 20, 2009. The discount is amortized over 30 years based on the effective interest method. The Junior Subordinated Debt and Trust Preferred Securities mature in 2039 and carry a stated or coupon rate of 14% with an effective interest rate of 16.95%. Using the proceeds from the Senior Notes offering and existing cash, the Company repurchased principal amount of $107,500 of the Junior Subordinated Debt on July 15, 2011. Pursuant to the terms of the TRUPS Offering, the Company incurred and paid a repurchase expense equivalent to one year's interest expense of $15,050. The Company also accelerated the amortization of the issuance cost and discount related to the repurchased Junior Subordinated Debt which amounted to $20,313. As at December 31, 2011, the stated value of the Junior Subordinated Debt was $126,263 which comprises the principal amount of $152,500 and unamortized discount of $26,237. Amortization expense for the year ended December 31, 2011 was $46, (2010 - $66, 2009 - $53). Interest expense for the year ended December 31, 2011 was $29,502 (2010 - $36,400, 2009 - $34,378), of which $4,448 was accrued as at December 31, 2011 (2010 - $7,583).

Reinsurance

12 Months Ended

Dec. 31, 2011

Reinsurance Disclosures [Abstract]

Reinsurance

The Company utilizes reinsurance and retrocessional reinsurance (“ceded reinsurance”) agreements to reduce its exposure to large claims and catastrophic loss occurrences with various reinsurance companies. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any reinsurance company fails to meet its obligations. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers are unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances.

The effect of retrocessional activity on premiums written and earned and on net loss and loss adjustment expenses for the years ended December 31, 2011, 2010 and 2009 was as follows:



	For the Year Ended December 31,
	2011			2010			2009
Premiums written
Direct	$	114,036		$	71,625		$	21,655
Assumed	1,698,561			1,226,430			1,027,021
Ceded	(89,076		)	(70,224		)	(18,302		)
Net	$	1,723,521		$	1,227,831		$	1,030,374
Premiums earned
Direct	$	112,308		$	68,967		$	4,118
Assumed	1,523,685			1,168,116			940,012
Ceded	(83,565		)	(67,293		)	(24,211		)
Net	$	1,552,428		$	1,169,790		$	919,919
Loss and loss adjustment expenses
Gross loss and loss adjustment expenses	$	1,103,821		$	788,815		$	616,905
Loss and loss adjustment expenses recovered	(60,767		)	(33,693		)	(8,292		)
Net	$	1,043,054		$	755,122		$	608,613

The reinsurers with the three largest balances accounted for 31.1%, 26.2% and 12.6%, respectively, of the Company's reinsurance recoverable on unpaid losses balance at December 31, 2011 (2010 – 29.0%, 17.3% and 9.5%, respectively). At December 31, 2011, $2,067 (2010 - $1,933) of the reinsurance recoverable on unpaid losses was due from Motors Insurance Corporation (“Motors”) and the remaining amount was due from reinsurers with an A- or better rating from A.M. Best or state pools. At December 31, 2011 and 2010, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

- Definition

The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 113
-Paragraph 27
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 7
-Section 03
-Paragraph 13

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 92-5
-Paragraph 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
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-URI http://asc.fasb.org/extlink&oid=6588590&loc=d3e27703-158548

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 310
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6485557&loc=d3e21549-158491

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 605
-Section 55
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6588590&loc=d3e27795-158548

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.6,13)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 113
-Paragraph 120
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Reserve for Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2011

Reserve for Loss and Loss Adjustment Expenses [Abstract]

Reserve for Loss and Loss Adjustment Expenses

Our reserve for loss and loss adjustment expenses comprise the following:



As at December 31,	2011		2010
Reserve for reported loss and loss adjustment expenses	$	820,795	$	654,946
Reserve for losses incurred but not reported	577,643		571,827
Reserve for loss and loss adjustment expenses	$	1,398,438	$	1,226,773

The following table represents a reconciliation of our beginning and ending net losses and loss expense reserves:



	For the Year Ended December 31,
	2011			2010			2009
Gross unpaid loss and loss adjustment expenses reserves at beginning of period	$	1,226,773		$	1,002,676		$	897,656
Less: Reinsurance recoverable on unpaid losses at beginning of period	6,656			8,340			—
Net loss and loss adjustment expense reserves at beginning of period	1,220,117			994,336			897,656
Net incurred losses related to:
Current year	1,028,855			787,967			620,046
Prior years	14,199			(32,845		)	(11,433		)
	1,043,054			755,122			608,613
Net paid losses related to:
Current year	456,149			365,343			209,123
Prior years	423,855			265,991			303,158
	880,004			631,334			512,281
Acquired loss and loss expense reserve	450			102,020			184
Effect of foreign exchange movement	(5,468		)	(27)			164
Net loss and loss adjustment expense reserves at end of period	1,378,149			1,220,117			994,336
Reinsurance recoverable on unpaid losses at end of period	20,289			6,656			8,340
Gross unpaid loss and loss adjustment expenses reserves at end of period	$	1,398,438		$	1,226,773		$	1,002,676

Management believes that its use of both historical experience and industry-wide loss development factors provide a reasonable basis for estimating future losses. As the Company writes more business and develops more credible data, the Company expects to assign more weight to its own historical experience than to AmTrust’s historical experience and industry-wide results. In either case, future events beyond the control of management, such as changes in law, judicial interpretations of law, and inflation 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 losses and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in average severity of claims are caused by a number of factors that vary with the individual type of policy written. Future average severities are projected based on historical trends adjusted for implemented changes in underwriting standards, policy provisions, and general economic trends. Those anticipated trends are monitored based on actual development and are modified if necessary.

During 2011, the Company recorded estimated net adverse development on prior year loss reserves of $14,199 compared to net favorable development of $32,845 in the prior year. Included in the total is $28,898 (2010 – $25,332, 2009 - $10,676) of gains relating to the loss portfolio transfers acquired as part of the GMAC Acquisition and the IIS Acquisition. The total gain to date from the loss portfolio transfer reserves is $68,882 (2010 - $43,811) of which $2,570 remains as at December 31, 2011 (2010 - $6,172). The gain is being amortized into income in proportion to the actual paydown of the reserves acquired.

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years. The development reflects changes in the actuarial assessments of the ultimate losses under the relevant reinsurance policies.

- Definition

Disclosure of accounting policy for the various components of the reserve for future policy benefits and guaranteed minimum benefits, and for claims and claims adjustment expenses; the significant assumptions for estimating claims losses; causes of significant variances from prior periods (such as catastrophes, asbestos and environmental claims reserve losses); and reconciliations of beginning to ending reserve balances.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 7
-Section 03
-Paragraph 13

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 60
-Paragraph 60
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-5
-Paragraph 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14931-158439

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14754-158437

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.13(a)(1),(b))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2011
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions AmTrust The Founding Shareholders of the Company, Michael Karfunkel, George Karfunkel and Barry Zyskind, are also the principal shareholders, and, respectively, the Chairman of the Board of Directors, a Director, and the President, Chief Executive Officer and Director of AmTrust. The following describes transactions between the Company and AmTrust. AmTrust Quota Share Reinsurance Agreement Effective July 1, 2007, the Company and AmTrust entered into a master agreement, as amended (the “Master Agreement”), by which they caused Maiden Bermuda, a wholly owned subsidiary of the Company, and AmTrust's Bermuda reinsurance subsidiary, AmTrust International Insurance, Ltd. (“AII”), to enter into a quota share reinsurance agreement (the “Master Agreement”) by which (a) AII retrocedes to Maiden Bermuda an amount equal to 40% of the premium written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance (and in the case of AmTrust's U.K. insurance subsidiary, AmTrust Europe, Limited, net of commissions) and 40% of losses and (b) AII transferred to Maiden Bermuda 40% of the AmTrust subsidiaries' unearned premiums, effective as at July 1, 2007, with respect to the current lines of business, excluding risks for which the AmTrust subsidiaries' net retention exceeds $5,000 (“Covered Business”). AmTrust also has agreed to cause AII, subject to regulatory requirements, to reinsure any insurance company which writes Covered Business in which AmTrust acquires a majority interest to the extent required to enable AII to cede to Maiden Bermuda 40% of the premiums and losses related to such Covered Business. The Master Agreement further provided that AII receives a ceding commission of 31% of ceded written premiums. The Master Agreement had an initial term of three years, which was extended for three years through June 30, 2013 (and extended again through 2014 - see below), and will automatically renew for successive three year terms thereafter, unless either AII or Maiden Bermuda notifies the other of its election not to renew not less than nine months prior to the end of any such three year term. In addition, either party is entitled to terminate on thirty days' notice or less upon the occurrence of certain early termination events, which include a default in payment, insolvency, change in control of AII or Maiden Bermuda, run-off, or a reduction of 50% or more of the shareholders' equity of Maiden Bermuda or the combined shareholders' equity of AII and the AmTrust subsidiaries. On June 11, 2008, Maiden Bermuda and AII amended the Reinsurance Agreement to add Retail Commercial Package Business to the Covered Business as a consequence of AmTrust's acquisition of Unitrin Business Insurance (“UBI”). Under the amendment, AmTrust's subsidiaries ceded, upon collection, to Maiden Bermuda 100% of $82.2 million of unearned premium (net of inuring reinsurance) from the acquisition of UBI's in-force book of business. Additionally, AmTrust cedes to Maiden Bermuda 40% of net premium written, effective as of June 1, 2008. Maiden Bermuda will pay to AmTrust a ceding commission of 34.375% on the unearned premium cession and the Retail Commercial Package Business. The $2,000 maximum liability for a single loss provided in the Master Agreement shall not be applicable to Retail Commercial Package Business. On February 9, 2009, Maiden Bermuda and AII amended the Master Agreement to clarify that (i) AII would offer Maiden Bermuda the opportunity to reinsure Excess Retention Business, which is defined as a policy issued by an AmTrust insurance subsidiary with respect to which the insurance subsidiary's retention is greater than $5,000 and (ii) the deduction for the cost of inuring reinsurance from Affiliate Subject Premium (as defined in the Reinsurance Agreement) retroceded to Maiden Bermuda is net of ceding commission. Effective April 1, 2011, Maiden Bermuda and AII amended the Master Agreement to reduce the commission on all business ceded except Retail Commercial Package Business to 30% until December 31, 2011. Thereafter the rate shall be 31% subject to an adjustment of 1% to 30% if the proportion of Specialty Risk and Extended Warranty premium ceded is greater than or equal to 42% of the Covered Business (excluding Retail Commercial Package Business). If the proportion of Specialty Risk and Extended Warranty premium ceded is greater than or equal to 38% but less than 42% of the Covered Business (excluding Retail Commercial Package Business), the commission rate shall be reduced by 0.5% to 30.5%. In addition, the collateral requirements were restated to clarify that balances relating to all AmTrust subsidiaries are subject to collateral requirements and the Reinsurance Agreement was extended by one year through June 30, 2014, and shall automatically renew for successive three-year periods thereafter. If AII or Maiden Bermuda elects to so terminate this Master Agreement, it shall give written notice to the other party hereto not less than nine months prior to either July 1, 2014 or the expiration of any successive three-year period. Maiden Bermuda recorded approximately $150,140, $139,092 and $110,838 of ceding commission expense for the years ended December 31, 2011, 2010 and 2009, respectively, as a result of this transaction. AmTrust European Hospital Liability Quota Share Agreement (“European Hospital Liability Quota Share”) Effective April 1, 2011, the Company, through Maiden Bermuda, entered into a quota share reinsurance contract with AmTrust Europe Limited and AmTrust International Underwriters Limited, both wholly owned subsidiaries of AmTrust. Pursuant to the terms of the contract, Maiden Bermuda 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 contract 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 or currency equivalent (on a 100% basis) per original claim for any one original policy. Maiden Bermuda will pay a ceding commission of 5% and shall allow the reinsured a profit share on original net premiums ceded under the contract. The profit sharing is based upon the reinsured exceeding defined underwriting performance of each contract year, commencing two years after the beginning of each contract year. To the extent that the underwriting performance is exceeded, the Company will share 50% of the excess amounts computed. For the year ended December 31, 2011, the Company recorded approximately $3,405 of commission expense as a result of this transaction. Other Reinsurance Agreements Effective January 1, 2008, Maiden Bermuda and AmTrust entered into an agreement to reinsure a 45% participation in the $9,000 in excess of $1,000 layer of AmTrust's workers' compensation excess of loss program. This layer provides reinsurance to AmTrust for losses per occurrence in excess of $1,000 up to $10,000, subject to an annual aggregate deductible of $1,250. This participation was sourced through a reinsurance intermediary via open market placement in which competitive bids were solicited by an independent broker. The remaining 55% participation was placed with a single carrier. This coverage expired on January 1, 2010; as a result, under the Master Agreement, Maiden Bermuda therefore now reinsures 40% of the subject workers' compensation business up to $10,000, subject to certain additional inuring reinsurance protection that AmTrust has purchased. As at January 1, 2008, Maiden Bermuda had a 50% participation in a $4,000 in excess of $1,000 specialty transportation program written by AmTrust. Starting January 1, 2009, Maiden Bermuda had a 30% participation in a $4,000 in excess of $1,000 specialty transportation program written by AmTrust. This program provides primarily commercial auto coverage and, to a lesser extent, general liability coverage to private non-emergency para-transit and school bus service operators. This participation was sourced through a reinsurance intermediary via open market placement in which competitive bids were solicited by an independent broker. Several other broker market reinsurers hold the other 50% and 70% participation for 2008 and 2009 policies, respectively. The agreement was not renewed as at January 1, 2010. Effective September 1, 2010, the Company through its indirect wholly owned subsidiary, Maiden Specialty, entered into a quota share reinsurance agreement with Technology Insurance Company, Inc. (“Technology”), a subsidiary of AmTrust. Under the agreement, Maiden Specialty will cede (a) 90% of its credit insurance business written under the Open Lending Program (“OPL”) and (b) 100% of its general liability business under the Naxos Avondale Specialty Casualty Program (“NAXS”). Maiden Specialty's involvement is limited to certain states where Technology is not fully licensed. The agreement also provides that Maiden Specialty receives a ceding commission of 5% of ceded written premiums. The reinsurance agreement has a term of three years and will remain continuously in force until terminated in accordance to the provisions set forth in the contract. Maiden Specialty recorded approximately $10,276 of premiums earned ceded and $3,155 ceding commission for the year ended December 31, 2011 (2010 - $88 and $26, respectively). Effective September 1, 2010, the Company, through its indirect wholly owned subsidiary, Maiden US, entered into a reinsurance agreement with Security National Insurance Company (“SNIC”), a subsidiary of AmTrust. Under the agreement, SNIC will cede 80% of the gross liabilities produced under the Southern General Agency program to Maiden US. The agreement provides SNIC with a 5% commission of ceded written premiums. The agreement has a term of one year. Under this agreement, Maiden US recorded approximately $7 of premiums earned and $0.1 commission expense for the year ended December 31, 2011 (2010 - $1 and $0.2, respectively). Collateral provided to AmTrust In order to provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of the AmTrust's insurance subsidiaries, has established trust accounts (“Trust Accounts”) for their benefit. Maiden Bermuda has agreed to provide appropriate collateral to secure its proportional share under the Master Agreement of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral. This collateral may be in the form of (a) assets loaned by Maiden Bermuda to AII, for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Bermuda, for deposit into the Trust Accounts, (c) a letter of credit obtained by Maiden Bermuda and delivered to an AmTrust subsidiary on AII's behalf (a “Letter of Credit”), or (d) premiums withheld by an AmTrust subsidiary at Maiden Bermuda's request in lieu of remitting such premiums to AII (“Withheld Funds”). Maiden Bermuda may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Bermuda's proportionate share of its obligations under the Master Agreement with AII. If collateral is required to be provided to any AmTrust subsidiary under applicable law or regulatory requirements, Maiden Bermuda will provide collateral to the extent required, although Maiden Bermuda does not expect that such collateral will be required unless the AmTrust subsidiary is domiciled in the United States. Maiden Bermuda satisfied its collateral requirements under the Master Agreement with AII as follows: •by lending funds in the amount of $167,975 as at December 31, 2011 and 2010 to AII pursuant to a loan agreement entered into between those parties. This loan is carried at cost. The amount of collateral Maiden Bermuda is required to maintain, which is determined quarterly, equals its proportionate share of (a) the amount of ceded paid losses for which AII is responsible to such AmTrust subsidiaries but has not yet paid, (b) the amount of ceded loss reserves (including ceded reserves for claims reported but not resolved and losses incurred but not reported) for which AII is responsible to AmTrust subsidiaries, and (c) the amount of ceded reserves for unearned premiums ceded by AmTrust subsidiaries to AII. Pursuant to the Master Agreement, AmTrust has agreed to cause AII not to commingle Maiden Bermuda's assets with AII's other assets and to cause the AmTrust subsidiaries not to commingle Maiden Bermuda's assets with the AmTrust subsidiaries' other assets if an AmTrust subsidiary withdraws those assets. AII has agreed that, if an AmTrust subsidiary returns to AII excess assets withdrawn from a Trust Account, drawn on a Letter of Credit or maintained by such AmTrust subsidiary as Withheld Funds, AII will immediately return to Maiden Bermuda its proportionate share of such excess assets. AII has further agreed that if the aggregate fair market value of the amount of Maiden Bermuda's assets held in the Trust Account exceeds Maiden Bermuda's proportionate share of AII's obligations, or if an AmTrust subsidiary misapplies any such collateral, AII will immediately return to Maiden Bermuda an amount equal to such excess or misapplied collateral, less any amounts AII has paid to Maiden Bermuda. In addition, if an AmTrust subsidiary withdraws Maiden Bermuda's assets from a Trust Account and maintains those assets on its books as withheld funds, AII has agreed to pay to Maiden Bermuda interest at the rate equivalent to the one-month London Interbank Offered Rate (“LIBOR”) plus 90 basis points per annum computed on the basis of a 360-day year on the loan (except to the extent Maiden Bermuda's proportionate share of AII's obligations to that AmTrust subsidiary exceeds the value of the collateral Maiden Bermuda has provided), and net of unpaid fees Maiden Bermuda owes to AIIM and its share of fees owed to the trustee of the Trust Accounts. The amount of accrued interest relating to the loan was $0 and $496 as at December 31, 2011 and 2010, respectively; and •effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral, as at December 31, 2011 was approximately $461,216 (2010 - $358,621) and the accrued interest was $4,131 (2010 - $3,684). (See Note 5(e)). Reinsurance Brokerage Agreements Effective July 1, 2007, the Company entered into a reinsurance brokerage agreement with AII Reinsurance Broker Ltd. (“AIIB”), a subsidiary of AmTrust. Pursuant to the brokerage agreement, AIIB provides brokerage services relating to the Master Agreement and, beginning on April 1, 2011, the European Hospital Liability Quota Share agreement for a fee equal to 1.25% of the premium assumed from AII. The brokerage fee is payable in consideration of AIIB's brokerage services. AIIB is not the Company's exclusive broker. AIIB may, if mutually agreed, also produce reinsurance business for the Company from other ceding companies, and in such cases the Company will negotiate a mutually acceptable commission rate. Maiden Bermuda recorded approximately $6,977, $5,564 and $4,399 of reinsurance brokerage expense for the years ended December 31, 2011, 2010 and 2009, respectively, and deferred reinsurance brokerage of $4,891 and $3,552 as at December 31, 2011 and 2010, respectively, as a result of this agreement. Effective April 1, 2008, the Company entered into brokerage services agreements with IGI Intermediaries Limited and IGI Inc. (collectively “IGI”), both subsidiaries of AmTrust. Pursuant to the brokerage services agreements, IGI provides marketing services to us which includes providing marketing material to potential policyholders, providing us with market information on new trends and business opportunities and referring new brokers and potential policyholders to us. A fee equal to IGI's costs in providing such services plus 8% is payable in consideration of IGI's marketing services. Maiden Bermuda recorded approximately $0, $88 and $199 as expense, which is included in commission and other acquisition expenses, for the years ended December 31, 2011, 2010 and 2009, respectively. The Company paid brokerage fees to AmTrust's subsidiary, AmTrust North America, of $111, $83 and $66 for the years ended December 31, 2011, 2010 and 2009, respectively, for acting as insurance intermediary in relation to certain insurance placements. Asset Management Agreement Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited (“AIIM”), an AmTrust subsidiary, pursuant to which AIIM has agreed to provide investment management services to the Company. Pursuant to the asset management agreement, AIIM provides investment management services for a quarterly fee of 0.05% if the average value of the account for the previous calendar quarter is less than or equal to $1 billion and 0.0375% if the average value of the account for the previous calendar quarter is greater than $1 billion. The Company recorded approximately $3,158, $2,643 and $2,480 of investment management fees for the years ended December 31, 2011, 2010 and 2009, respectively, as a result of this agreement. Other On March 1, 2011, the Company entered into a time sharing agreement for the lease of aircraft owned by AmTrust Underwriters, Inc. (“AUI”), a wholly owned subsidiary of AmTrust. The lease is for 10 months ending on December 31, 2011 and automatically renews for successive one-year terms unless terminated in accordance with the provisions of the agreement. Pursuant to the agreement, the Company will reimburse AUI for actual expenses incurred as allowed by Federal Aviation Regulations. For the year ended December 31, 2011, the Company recorded an expense of $96 for the use of the aircraft. ACAC The following describes transactions between the Company and American Capital Acquisition Corporation (“ACAC”): On March 1, 2010, Maiden Bermuda entered into a three year 25% quota share reinsurance agreement with ACAC. ACAC is an insurance holding company owned by the 2005 Michael Karfunkel Grantor Retained Annuity Trust (the “Annuity Trust”), which is controlled by Michael Karfunkel (“Karfunkel”), Karfunkel individually, and AmTrust. ACAC, on March 1, 2010, acquired from GMAC Insurance Holdings, Inc. and Motors (collectively, “GMAC”), GMAC's personal lines automobile business. Karfunkel is a Founding Shareholder of the Company. In addition, Karfunkel is the Chairman of the Board of Directors of ACAC. ACAC Quota Share Reinsurance Agreement Maiden Bermuda, effective March 1, 2010, reinsures 25% of the net premiums of the GMAC personal lines business, pursuant to a quota share reinsurance agreement (“ACAC Quota Share”) with the GMAC personal lines insurance companies, as cedents, and Maiden Bermuda, American Capital Partners Re, Ltd., a Bermuda reinsurer which is a wholly owned indirect subsidiary of the Annuity Trust, and AmTrust, as reinsurers. Maiden Bermuda has a 50% participation in the ACAC Quota Share, by which it receives 25% of net premiums of the personal lines automobile business. The ACAC Quota Share provides that the reinsurers, severally, in accordance with their participation percentages, shall receive 50% of the net premium of the GMAC personal lines insurance companies and assume 50% of the related net losses. The ACAC Quota Share has an initial term of three years and shall renew automatically for successive three year terms unless terminated by written notice not less than nine months prior to the expiration of the current term. Notwithstanding the foregoing, Maiden Bermuda's participation in the ACAC Quota Share may be terminated by ACAC on 60 days written notice in the event Maiden Bermuda becomes insolvent, is placed into receivership, its financial condition is impaired by 50% of the amount of its surplus at the inception of the ACAC Quota Share or latest anniversary, whichever is greater, is subject to a change of control, or ceases writing new and renewal business. ACAC also may terminate the agreement on nine months written notice following the effective date of initial public offering or private placement of stock by ACAC or a subsidiary. Maiden Bermuda may terminate its participation in the ACAC Quota Share on 60 days written notice in the event ACAC is subject to a change of control, cease writing new and renewal business, effects a reduction in their net retention without Maiden Bermuda's consent or fails to remit premium as required by the terms of the ACAC Quota Share. The ACAC Quota Share provides that the reinsurers pay a provisional ceding commission equal to 32.5% of ceded earned premium, net of premiums ceded by the personal lines companies for inuring reinsurance, subject to adjustment. The ceding commission is subject to adjustment to a maximum of 34.5% if the loss ratio for the reinsured business is 60.5% or less and a minimum of 30.5% if the loss ratio is 64.5% or higher. We believe that the terms, conditions and pricing of the ACAC Quota Share have been determined by arm's length negotiations and reflect current market terms and conditions. Maiden Bermuda recorded approximately $74,983 of ceding commission expense for the year ended December 31, 2011 (2010- $37,654) as a result of this transaction. Other Maiden Specialty entered into a reinsurance arrangement with New South Insurance Company (“New South”), a subsidiary of ACAC. Pursuant to the agreement, Maiden Specialty cedes 100% of certain personal lines business to New South. On March 1, 2010, Maiden Specialty entered into a novation agreement with Motors and New South whereby New South replaced Motors as the reinsurer for all of this business. Maiden Specialty recorded approximately $(0.6) and $0.2 of ceded premium and ceding commissions, respectively, for the year ended December 31, 2011 (December 31, 2010, - $398 and $61, respectively). In June 2011, the Company, through Maiden NA, issued $107,500 principal amount of 8.25% Senior Notes due on June 15, 2041, which are fully and unconditionally guaranteed by the Company. The Senior Notes were used to repurchase on a pro rata basis $107,500 of the $260,000 outstanding Trust Preferred Securities. The Company offered all Trust Preferred Securities holders the option to have their securities repurchased on the same terms. American Capital Partners Re, Ltd., an entity owned by the Annuity Trust controlled by Michael Karfunkel accepted the offer to repurchase its $79,066 in principal amount of Trust Preferred Securities on July 15, 2011. George Karfunkel purchased $25,000, and ACAC and AII each purchased $12,500, of the principal amount of the Senior Notes. The Company's Audit Committee reviewed and approved ACAC's, AII's, and George Karfunkel's participation in the Senior Notes offering. Warrant Exchange Please see Note 14 to the Consolidated Financial Statements.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. 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/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

a) Concentrations of Credit Risk

As at December 31, 2011 and 2010, the Company’s assets primarily consisted of investments, cash, loan to related party and reinsurance balances receivable.

The Company manages concentration of credit risk in the investment portfolio through issuer and sector exposure limitations. The Company believes it bears minimal credit risk in its cash on deposit.

The Company also monitors the credit risk related to the loan to related party and its reinsurance balances receivable, within which the largest balances are due from AmTrust, ACAC and Motors. To mitigate credit risk we generally have a contractual right of offset thereby allowing us to settle claims net of any premiums or loan receivable, the Company believes these balances will be fully collectible.

b) Concentrations of Revenue

During 2011, our gross premium written for AmTrust and ACAC accounted for 51.0% ( 2010 – 51.9%, AmTrust and Motors – 2009 – 96.1%) of our total gross premium written. AmTrust accounted for $669,283 or 36.9% (2010 – $468,043 or 36.1%, 2009 – $372,358 or 35.5%) and ACAC accounted for $256,201 or 14.1% ( 2010 – $205,739 or 15.8%, Motors – 2009 – $635,143 or 60.6%).

c) Brokers

We produce our reinsurance business for our Diversified Reinsurance segment primarily through brokers. During 2011, three brokers accounted for 59.7% (2010 – 56.3%, 2009 – 81.4%) of our total gross premiums written through brokers for the Diversified Reinsurance segment. Marsh & McLennan Inc.(including Guy Carpenter) accounted for 27.4% (2010 – 31.0%, 2009 – 42.2%), Aon Benfield Group, Ltd. for 18.1% (2010 – 16.9%, 2009 – 30.8%) and Beach & Associates, Ltd. for 14.2% (2010 – 8.4%, Risk Insurance Consulting Services LLC – 2009 – 8.4%).

d) Letters of Credit

As at December 31, 2011 and 2010, we had letters of credit outstanding of $97,486 and $23,978, respectively. The letters of credit are secured by cash and marketable investments of $109,337 (2010 - $23,996).

e) Employment agreements

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

f) Operating Lease Commitments

The Company leases office space and apartments under operating leases expiring in various years through 2015. Total rent expense for the years ended December 31, 2011, 2010 and 2009 was $2,283, $1,969 and $1,723, respectively. Future minimum lease payments as at December 31, 2011 under non-cancellable operating leases for the next five years are approximately as follows:



	As at December 31, 2011
2012	$	1,727
2013	1,390
2014	1,328
2015	868
2016	466
	$	5,779

g) Unfunded Commitments

The Company has an unfunded commitment on its investment in limited partnerships of approximately $3,808 as at December 31, 2011.

h) Loans and Other Collateral

Please see Note 11 for the discussion related to loan provided to AmTrust.

i) Deposit Insurance

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

j) Legal Proceedings

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

In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, 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 concerns regarding corporate governance with respect to negotiation of the terms of the TRUPS Offering and seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, back pay and legal fees incurred.The Company believes that it had ample reason for terminating such employment for good and sufficient legal cause, and the Company believes that the claim is without merit and is vigorously defending this claim. 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. The Company filed its brief in opposition to the petition for review on October 19, 2011.

k) Dividends for Common Shares

On November 2, 2011, the Company’s Board of Directors approved a quarterly cash dividend of $0.08 per common share. This dividend was paid on January 17, 2012 to shareholders of record on January 2, 2012.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 8
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Earnings per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings per Common Share

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



	For the Year Ended December 31,
	2011		2010		2009
Net income attributable to Maiden shareholders	$	28,524	$	69,866	$	61,058
Weighted average number of common shares outstanding – basic	72,155,503		70,799,966		69,646,804
Potentially dilutive securities:
Warrants	—		—		—
Share options	748,185		572,722		413,393
Weighted average number of common shares outstanding – diluted	72,903,688		71,372,688		70,060,197
Basic earnings per share attributable to Maiden shareholders:	$	0.40	$	0.99	$	0.88
Diluted earnings per share attributable to Maiden shareholders:	$	0.39	$	0.98	$	0.87

As at December 31, 2011, 0 warrants (2010 – 0; 2009 – 4,050,000) and 2,137,836 share options (2010 – 1,820,626; 2009 – 707,735) were excluded from diluted earnings per share as they were anti-dilutive.

Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following table shows the summary of changes in common shares issued and outstanding:



	For the Year Ended December 31,
	2011	2010	2009
Issued and outstanding shares – January 1	72,107,100	70,291,289	58,587,664
Issuance of shares	—	—	11,700,000
Shares repurchased	—	—	—
Exercise of options	114,328	15,811	3,625
Exchange of warrants	—	1,800,000	—
Issued and outstanding shares – December 31	72,221,428	72,107,100	70,291,289

(a) Authorized and Issued — The Company’s authorized share capital is 150,000,000 common shares with a par value of $0.01 per share, of which there are 72,221,428 common shares issued and outstanding. A total of 7,800,000 shares were issued to the Founding Shareholders in consideration of their investment of $50,000 in the Company and a further 51,750,000 common shares were sold by the Company in a private placement which raised approximately $479,929 in net proceeds in July 2007. On January 20, 2009, the Company issued an additional 11,700,000 common shares as a result of another private placement which was discussed in more detail under Note 8. A further 114,328, 15,811 and 3,625 shares were issued in 2011, 2010 and 2009, respectively, relating to the exercise of share options. The holders of our common shares are entitled to receive dividends and are allocated one vote per share, subject to downward adjustment under certain circumstances. See below for the discussion relating to the exchange of warrants in 2010.

(b) Warrants — In connection with the formation by our Founding Shareholders, the Company issued to the Founding Shareholders 10-year warrants to purchase up to 4,050,000 common shares of the Company at $10 per share. The warrants were effective as at June 14, 2007 and were to expire on June 14, 2017. The warrants were initially measured at an aggregate fair value of $19,521 which was recorded as an addition to additional paid-in-capital with an offsetting charge to additional paid-in-capital as well. The fair value of the warrants issued was estimated on the date of grant using the Black-Scholes option-pricing model. The volatility assumption used, 34.53%, was derived from the historical volatility of the share price of a range of publicly-traded companies with similar types of business to that of the Company. No allowance was made for any potential illiquidity associated with the private trading of the Company’s shares. The other assumptions in the option pricing model were as follows: risk free interest rate of 5.16%, expected life of 10 years and a dividend yield of 1%.

On September 20, 2010, the Company entered into Warrant Exchange Agreements, under which each of the Founding Shareholders agreed to surrender the warrants in exchange for a total of 1,800,000 of the Company’s common shares. These common shares are restricted under Lockup Agreements under which the Founding Shareholders may not sell or transfer the shares awarded without the prior written consent of the Company for a period of 36 months following the exchange. The fair value of the warrants at the time of exchange was $2.06 per warrant or $8,343 while the fair value of the 1,800,000 restricted common shares issued was $4.56 per share or $8,208. The terms of the exchange of the warrants and issuance of the common shares were negotiated and unanimously approved by the Audit and Compensation Committees of the Company’s Board of Directors. In connection with their review, the Committees were advised by independent legal counsel and obtained an independent appraisal of the fair value of the warrants and the restricted common shares. The issuance of the restricted common shares was recorded as an offset to additional paid-in-capital where the warrants were originally recorded.

(c) Treasury Shares — On October 14, 2008, a hedge fund that the Company had invested in decided to close and liquidate its investments and return cash to shareholders in stages over an 18 month period. This hedge fund was also a shareholder in the Company. Maiden agreed to receive its shares from the hedge fund, in lieu of the cash that the Company would have received upon the redemption of 90% of its investment in the fund. As a result of this transaction the Company received 962,336 shares at the valuation price of $3.95 per share. The Company holds these shares as Treasury Shares.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 20: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Share Compensation and Pension Plans

12 Months Ended

Dec. 31, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Compensation and Pension Plans

The Company’s 2007 Share Incentive Plan (the “Plan”), as amended, provides for grants of options, restricted shares and restricted share units. The total number of shares currently reserved for issuance under the Plan is 10,000,000 common shares. The Plan is administered by the Compensation Committee of the Board of Directors. Exercise prices of options will be established at or above the fair market value of the Company’s common shares at the date of grant. Under the Plan, unless otherwise determined by the Compensation Committee and provided in an award agreement, 25% of the options will become exercisable on the first anniversary of the grant date, with an additional 6.25% of the options vesting each quarter thereafter based on the grantee’s continued employment over a four-year period, and will expire ten years after grant date.

Share Options

The fair value of each option grant is separately estimated for each vesting date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company has estimated the fair value of all share option awards as at the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. The adoption of ASC Topic 718 "Compensation - Stock Compensation" fair value method has resulted in share-based expenses (a component of salaries and benefits) in the amount of approximately $1,307, $1,015 and $627 for the years ended December 31, 2011, 2010 and 2009, respectively.

The key assumptions used in determining the fair value of options granted in 2011, 2010 and 2009 and a summary of the methodology applied to develop each assumption were as follows:



	2011		2010		2009
Assumptions:
Volatility	45.55 – 47.60	%	29.50 – 46.00	%	29.80 – 46.00	%
Risk-free interest rate	1.29 – 1.62	%	1.62 – 3.21	%	2.36 – 3.30	%
Weighted average expected lives in years	6.1 years		5.5 – 6.1 years		5.0 – 6.1 years
Forfeiture rate	0	%	0	%	0	%
Dividend yield rate	3.04 – 3.27	%	1.00 – 3.57	%	1.00 – 5.39	%

Expected Price Volatility — This is a measure of the amount by which a price has fluctuated or is expected to fluctuate. It was not possible to use actual experience to estimate the expected volatility of the price of the common shares in estimating the value of the options granted because the Company's common shares only began trading in May 2008, thus, it does not have enough history over which to calculate an expected volatility representative of the volatility over the expected lives of the options. As a substitute for such estimate, the Company blended its historical volatility with the historical volatilities of a set of comparable companies in the industry in which the Company operates.

Risk-Free Interest Rate — This is the U.S. Treasury rate for the week of the grant having a term equal to the expected life of the option. An increase in the risk-free interest rate will increase compensation expense.

Expected Lives — This is the period of time over which the options granted are expected to remain outstanding giving consideration to vesting schedules, historical exercise and forfeiture patterns. The Company uses the simplified method outlined in SEC Staff Accounting Bulletin No. 107 to estimate expected lives for options granted during the period as historical exercise data is not available and the options meet the requirements set out in the Bulletin. Options granted have a maximum term of ten years. An increase in the expected life will increase compensation expense.

Forfeiture Rate — This is the estimated percentage of options granted that are expected to be forfeited or cancelled before becoming fully vested. An increase in the forfeiture rate will decrease compensation expense.

Dividend Yield — This is calculated by dividing the expected annual dividend by the stock price of the Company at the valuation date. An increase in the dividend yield will decrease compensation expense.

The following schedule shows all options granted, exercised, expired and exchanged under the Plan for the years ended December 31, 2011, 2010 and 2009:



	Number of Share Options		Weighted Average Exercise Price		Fair Value of Options		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2008	1,519,834		$	10.00			9.44 years	—		$3.28 – 10.00
Granted	735,333		$	5.83	$	1.60	9.51 years			$4.45 – 7.27
Exercised	(3,625	)	$	3.28				$	16
Forfeited	(215,000	)	$	7.97
Outstanding, December 31, 2009	2,036,542		$	5.79			8.86 years	$	1,548	$3.28 – 10.00
Granted	931,333		$	7.57	$	2.45	9.60 years			$6.94 – 7.99
Exercised	(15,811	)	$	3.28				$	68
Expired	(688	)	$	3.28
Forfeited	(10,500	)	$	3.28
Outstanding, December 31, 2010	2,940,876		$	6.41			8.40 years	$	5,286	$3.28 – 10.00
Granted	133,500		$	8.57	$	2.89	9.77 years			$7.63 – 9.40
Exercised	(114,328	)	$	3.69				$	587
Expired	(375	)	$	7.65
Forfeited	(43,530	)	$	7.19
Outstanding, December 31, 2011	2,916,143		$	6.61			7.55 years	$	6,866	$3.28 – 10.00

Total options exercisable at December 31, 2011	1,716,463		$	6.48			7.04 years	$	4,480	$3.28 – 10.00

The weighted average grant date fair value was $2.01, $1.91 and $1.66 for all options outstanding at December 31, 2011, 2010 and 2009, respectively. There was approximately $2,397 of total unrecognized compensation cost related to non-vested share-based compensation arrangements as at December 31, 2011 which will be recognized during the next 2.2 years. Cash in the amount of $422 was received from employees as a result of employee stock option exercises during the year ended December 31, 2011 (2010 – $52; 2009 – $12). The Company issues new shares upon the exercise of an option. In connection with these exercises, there was no tax benefit realized by the Company.

Performance-Based Restricted Share Units (PB-RSUs)

The Compensation Committee of the Board of Directors approved the formation of a long-term incentive program under the Plan on March 1, 2011. On that date, the Committee determined to award PB-RSUs to executive officers and senior Company employees. The formula for determining the amount of PB-RSUs awarded uses a combination of a percentage of the employee's base salary (based on a benchmarking analysis from our compensation consultant) divided by the closing price on NASDAQ Global Select Market of our common shares on that date. The grants are performance based which require that certain criteria such as return on equity, underwriting performance, revenue growth and operating expense be met during the performance period to attain a payout. Each metric has a corresponding weighted percentage with a target, threshold and maximum level of performance goal set to achieve a payout. Settlement of the grants can be made in either common shares or cash upon the decision of the Compensation Committee of the Company. The first performance cycle is for two years, 2011-2012, and subsequent performance cycles will be for three years. For the year ended December 31, 2011, no accrual was recognized as the calculated weighted percentage of the performance results of the Company did not meet the target level.

Pension Plans

The Company provides pension benefits to eligible employees principally through various defined contribution plans sponsored by the Company which vary for each subsidiary.

The Company’s expenses for its defined contribution plans were $2,813, $2,326 and $1,795 for the years ended December 31, 2011, 2010 and 2009, respectively.

Taxation

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Taxation

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

Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should the U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Our U.S. subsidiaries are currently under examination for tax year 2009. Tax years 2008 and 2010-2011 are not under examination but remain subject to examination in the U.S.

The Company has subsidiary operations in various other jurisdictions around the world, including but not limited to the U.K., Sweden, Germany, Russia, Austria, and Australia that are subject to relevant taxes in those jurisdictions.

Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding taxation in the state of the paying entity. Currently however, no withholding taxes are accrued with respect to the earnings, as it is the intention that such earnings will remain reinvested indefinitely.

There were no unrecognized tax benefits at December 31, 2011, 2010 and 2009.

Income tax expense for the years ended December 31, 2011, 2010 and 2009 and net deferred tax liabilities for the years ended December 31, 2011 and 2010 were as follows:



	For the Year Ended December 31,
	2011		2010		2009
Current tax expense – U.S.	$	79	$	130	$	—
Current tax expense – Other jurisdictions	553		30		—
Total current tax expense	632		160		—
Deferred tax expense – U.S.	1,161		1,170		1,344
Deferred tax expense – Other jurisdictions	134		—		—
Total deferred tax expense	1,295		1,170		1,344
Total income tax expense	$	1,927	$	1,330	$	1,344

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2011, 2010 and 2009 to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before taxes:



	For the Year Ended December 31,
	2011			2010			2009
Income before income taxes	$	30,454		$	71,192		$	62,402
Income tax expense	1,927			1,330			1,344
Net income	$	28,527		$	69,862		$	61,058
Reconciliation of effective tax rate (% of income before taxes)
Bermuda tax rate	—		%	—		%	—		%
U.S. taxes at statutory rates	(67.2		)%	(18.8		)%	(12.4		)%
Valuation allowance in respect of U.S. taxes	71.3		%	20.6		%	14.6		%
Other jurisdictions	2.2		%	0.1		%	—		%
Actual tax rate	6.3		%	1.9		%	2.2		%

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of our deferred tax assets and liabilities as at December 31, 2011 and 2010 were as follows:



As at December 31,	2011		2010
Deferred tax assets:
Net operating losses	$	38,279	$	15,690
Unearned premiums	5,595		4,705
Discounting of net loss and loss adjustment expense reserves	5,212		4,634
Accruals not currently deductible	1,647		1,605
Amortization of intangibles	2,680		2,137
Others	343		1,037
Deferred tax assets before valuation allowance	53,756		29,808
Valuation allowance	36,208		12,949
Deferred tax assets, net	17,548		16,859
Deferred tax liabilities:
Deferred commission and other acquisition costs	7,829		5,420
Indefinite lived intangible	2,870		2,870
Amortization of goodwill	3,676		2,515
Net unrealized gains on investments	9,111		9,664
Market discount on bonds	497		874
Others	24		728
Deferred tax liabilities	24,007		22,071
Net deferred tax liability	$	6,459	$	5,212

The net deferred liability at December 31, 2011 is $6,459. A valuation allowance has been established against the net U.S. deferred tax assets which is primarily attributable to net operating losses, unearned premium and loss reserve discounting. At this time, we believe it is necessary to establish a valuation allowance against the net deferred tax assets due to insufficient positive evidence regarding the utilization of these losses. During 2011, the Company recorded an increase in the valuation allowance of $23,259 (2010 - $5,213) which was recorded in the consolidated statements of income and none was recorded as a component of other comprehensive income in shareholders’ equity.

At December 31, 2011, the Company has available U.S. net operating loss carry-forward of approximately $109,369 for income tax purposes which will expire beginning in 2029.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Statutory Financial Information

12 Months Ended

Dec. 31, 2011

Statutory Financial Information [Abstract]

Statutory Financial Information

Under The Insurance Act 1978 (Bermuda), amendments thereto and related regulations (the “Insurance Act”), Maiden Bermuda is required to prepare Statutory Financial Statements and to file a Statutory Financial Return in Bermuda. The Insurance Act also requires Maiden Bermuda to maintain a minimum share capital of $120. To satisfy these requirements, the statutory capital and surplus of Maiden Bermuda at December 31, 2011 was approximately $693,435 (2010 – $670,060) and the amount required to be maintained under Bermuda law, the Minimum Solvency Margin, was $226,468 (2010 – $164,593) at December 31, 2011. Maiden Bermuda was also required to maintain a minimum liquidity ratio. All requirements were met by Maiden Bermuda throughout the period. In addition, Maiden Bermuda is subject to statutory and regulatory restrictions under the Insurance Act that limit the maximum amount of annual dividends or distributions to be paid by Maiden Bermuda to Maiden Holdings without notification to the Bermuda Monetary Authority of such payment (and in certain cases prior approval of the Bermuda Monetary Authority). Maiden Bermuda is also restricted to pay dividends that would result in Maiden Bermuda failing to comply with the enhanced capital requirement ("ECR") as calculated based on the Bermuda Solvency Requirement ("BSCR"). Maiden Bermuda is currently completing its BSCR as at December 31, 2011 and it is anticipated Maiden Bermuda will be allowed to pay dividends or distributions not exceeding $3,843.

Maiden Bermuda is registered as a Class 3B reinsurer under the Insurance Act and therefore must maintain capital at a level equal to its ECR which is established by reference to the BSCR model. The BSCR employs a standard mathematical model that correlates the risk underwritten to the capital that is dedicated to the business. The regulatory requirements are designed to have insurers operate at or above a threshold capital level, which exceeds the BSCR. While not specifically referred to in the Insurance Act, the BMA has established a target capital level (“TCL”) for each Class 3B insurer equal to 120% of its ECR. While a Class 3B insurer is not currently required to maintain its statutory capital and surplus at this level, the TCL serves as an early warning tool for the BMA and failure to maintain statutory capital at least equal to the TCL will likely result in increased BMA regulatory oversight. Maiden Bermuda is currently completing its BSCR as at December 31, 2011 and believes that it exceeds the ECR level of required capital.

For Bermuda registered insurance companies, there are some differences between financial statements prepared in accordance with U.S. GAAP and those prepared on a statutory basis. Certain assets are non-admitted under Bermuda regulations and so deferred commission and other acquisition expenses have been fully expensed and prepaid expenses and fixed assets removed from the statutory balance sheet.

The Company’s insurance subsidiaries in United States, Maiden US and Maiden Specialty, file financial statements in accordance with statutory accounting practices (“SAP”) prescribed or permitted by domestic or foreign insurance regulatory authorities. The differences between statutory financial statements and financial statements prepared in accordance with GAAP vary between domestic and foreign jurisdictions. The principal differences relate to (1) acquisition expenses incurred in connection with acquiring new business which are charged to expense under SAP but under GAAP are deferred and amortized as the related premiums are earned; (2) limitation on net deferred tax assets created by the tax effects of temporary differences; (3) unpaid losses and loss expense, and unearned premium reserves are presented gross of reinsurance with a corresponding asset recorded; and (4) fixed maturity portfolios that qualify as available-for-sale are carried at fair value and changes in fair value are reflected directly in unassigned surplus, net of related deferred taxes.

Without prior approval of its domiciliary commissioner, dividends to shareholders are limited by the laws of the US companies’ state of domicile, Missouri and North Carolina, to the greater of 10% of statutory policyholders’ surplus as at the preceding December 31, or net income, less net realized capital gain on investments, for the 12-month period ending December 31 of the preceding year. Accordingly, the maximum dividend payments that can be made in the next year without prior approval by the Missouri Department of Insurance and North Carolina Department of Insurance is $0 and $3,628, respectively.

The Company’s insurance subsidiary in Sweden, Maiden LF, is regulated by the Swedish Finansinspektionen (“Swedish FSA”). Maiden LF was required to maintain a minimum level of statutory capital and surplus of $4,536 at December 31, 2011 (2010 - $4,953). This requirement was met by Maiden LF throughout the period. The statutory assets were approximately $31,761 (2010 - $47,334). Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to the Company. As of December 31, 2011, Maiden LF is allowed to pay dividends or distributions not exceeding the capital surplus of $1,385.

The Statutory and GAAP equity and net income of the Company's insurance and reinsurance subsidiaries were as follows:



	Maiden Bermuda		Maiden US			Maiden Specialty		Maiden LF
Statutory Capital and Surplus
As at December 31, 2011	$	693,435	$	268,055		$	36,280	$	7,866
As at December 31, 2010	670,060		262,724			30,693		7,755

Statutory Net Income (Loss)
For the Year Ended December 31, 2011	$	30,070	$	(1,684	)	$	119	$	753
For the Year Ended December 31, 2010	89,562		1,268			1,675		486
For the Year Ended December 31, 2009	43,937		(7,826		)	1,680		—

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2011
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 22, 2012, the Company’s Board of Directors approved a quarterly cash dividend of $0.08 per common share. This dividend is payable on April 16, 2012 to shareholders of record on April 2, 2012.

Condensed Quarterly Financial Data - Unaudited

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information Disclosure [Abstract]

Condensed Quarterly Financial Data — Unaudited

The following tables summarize our quarterly financial data:



	2011 Quarters Ended
	Mar 31		Jun 30			Sep 30		Dec 31
Total revenues	$	370,378	$	390,371		$	440,656	$	439,035
Net income (loss)	19,345		(24,372		)	16,002		17,552
Net income (loss) attributable to Maiden shareholders	19,342		(24,366		)	16,004		17,544
Comprehensive income (loss) - attributable to Maiden shareholders	24,212		(5,722		)	12,918		6,841
Basic earnings (loss) per common share attributable to Maiden shareholders	0.27		(0.34		)	0.22		0.25
Diluted earnings (loss) per common share attributable to Maiden shareholders	0.27		(0.34		)	0.22		0.24



	2010 Quarters Ended
	Mar 31		Jun 30		Sep 30		Dec 31
Total revenues	$	281,822	$	303,194	$	328,720	$	334,309
Net income	13,569		18,637		18,526		19,130
Net income attributable to Maiden shareholders	13,569		18,637		18,526		19,134
Comprehensive income (loss) - attributable to Maiden shareholders	37,781		19,167		37,975		(3,470		)
Basic earnings per common share attributable to Maiden shareholders	0.19		0.27		0.26		0.27
Diluted earnings per common share attributable to Maiden shareholders	0.19		0.26		0.26		0.27

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Schedule I Summary of Investments, Other than Investments in Related Parties

12 Months Ended

Dec. 31, 2011

Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I Summary of Investments, Other than Investments in Related Parties

Schedule I

MAIDEN HOLDINGS, LTD.
SUMMARY OF INVESTMENTS
OTHER THAN INVESTMENTS IN RELATED PARTIES
(in thousands of U.S. dollars)



As at December 31, 2011	Amortized Cost*		Fair Value		Amount at Which Shown in the Balance Sheet
Fixed Maturities:
Bonds:
U.S. government and government agencies	$	983,493	$	1,029,044	$	1,029,044
Non-U.S. government bonds	51,405		51,198		51,198
Other mortgage-backed securities	9,919		9,920		9,920
All other corporate	743,951		761,433		761,433
Municipal bonds	168,338		169,066		169,066
Total fixed maturities	1,957,106		2,020,661		2,020,661
Other investments	1,955		2,192		2,192
Total investments	$	1,959,061	$	2,022,853	$	2,022,853

* Original cost of other investments and, for fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or discounts

Schedule II Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule II Condensed Financial Information of Parent Company

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED BALANCE SHEETS — PARENT COMPANY
As at December 31, 2011 and 2010
(In thousands of U.S. dollars, except share and per share data)



	2011			2010
Assets:
Cash and cash equivalents	$	550		$	797
Investment in subsidiaries	983,816			935,145
Balances due from subsidiaries	137,733			101,350
Other assets	233			463
Total assets	$	1,122,332		$	1,037,755
Liabilities:
Accrued expenses and other liabilities	$	8,495		$	6,019
Balances due to subsidiaries	345,195			281,562
Total liabilities	353,690			287,581
Shareholders’ equity
Common shares ($0.01 par value;73,183,764 and 73,069,436 shares issued in 2011 and 2010, respectively;72,221,428 and 72,107,100 shares outstanding in 2011 and 2010, respectively)	732			731
Additional paid-in capital	579,004			577,135
Accumulated other comprehensive income	64,059			54,334
Retained earnings	128,648			121,775
Treasury shares, at cost (2011 and 2010: 962,336 shares)	(3,801		)	(3,801		)
Total shareholders’ equity	768,642			750,174
Total liabilities and shareholders’ equity	$	1,122,332		$	1,037,755

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF INCOME — PARENT COMPANY
For the Years Ended December 31, 2011, 2010 and 2009
(In thousands of U.S. dollars)



	For the Year Ended December 31,
	2011			2010			2009
Revenues:
Net investment (loss) income	$	408		$	(118	)	$	265
	408			(118		)	265
Expenses:
General and administrative expenses	10,806			7,076			4,809
Foreign exchange losses	31			—			—
	10,837			7,076			4,809
Loss before equity in earnings of consolidated subsidiaries	(10,429		)	(7,194		)	(4,544		)
Equity in earnings of consolidated subsidiaries	38,953			77,060			65,602
Net income	$	28,524		$	69,866		$	61,058

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY
For the Years Ended December 31, 2011, 2010 and 2009
(In thousands of U.S. dollars)



	2011			2010			2009
Cash flows provided by operating activities:
Net income	$	28,524		$	69,866		$	61,058
Adjustments to reconcile net income to cash provided by operating activities:
Equity in earnings of consolidated subsidiaries	(38,953		)	(77,060		)	(65,602		)
Foreign exchange loss	31			—			—
Non-cash share compensation expense	1,307			1,015			627
Balance due from subsidiaries	(36,414		)	(4,209		)	(97,039)
Other assets	230			(57		)	(189)
Accounts payable and accrued liabilities	1,746			387			(881)
Balances due to subsidiaries	63,633			36,485			134,084
Net cash provided by operating activities	20,104			26,427			32,058
Cash flows used in investing activities:
Investment in subsidiaries	148			(7,476		)	(20,073		)
Net cash provided by (used in) investing activities	148			(7,476		)	(20,073		)
Cash flows used in financing activities:
Dividends paid	(20,921		)	(18,394		)	(16,167		)
Issuance of common shares	422			52			129
Net cash used in financing activities	(20,499		)	(18,342		)	(16,038		)
Net (decrease) increase in cash and cash equivalents	(247		)	609			(4,053		)
Cash and cash equivalents, beginning of year	797			188			4,241
Cash and cash equivalents, end of year	$	550		$	797		$	188

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Schedule III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2011

Supplementary Insurance Information [Abstract]

Schedule III Supplementary Insurance Information

Schedule III

MAIDEN HOLDINGS, LTD.
SUPPLEMENTARY INSURANCE INFORMATION
(In thousands of U.S. dollars)



	As at December 31, 2011						For the Year Ended December 31, 2011
	Deferred commission and other acquisition costs		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and administrative expenses		Net premiums written
Diversified Reinsurance	$	98,712	$	1,011,431	$	348,131	$	748,387	$	—	$	502,375	$	200,239	$	36,374	$	798,037
AmTrust Quota Share Reinsurance	120,369		327,101		391,275		558,197		—		380,263		160,522		2,283		669,283
ACAC Quota Share	29,355		59,906		92,641		245,844		—		160,416		78,051		1,635		256,201
Corporate	—		—		—		—		74,891		—		—		13,600		—
Total	$	248,436	$	1,398,438	$	832,047	$	1,552,428	$	74,891	$	1,043,054	$	438,812	$	53,892	$	1,723,521



	As at December 31, 2010						For the Year Ended December 31, 2010
	Deferred commission and other acquisition costs		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and administrative expenses		Net premiums written
Diversified Reinsurance	$	85,252	$	971,317	$	291,148	$	601,254	$	—	$	394,604	$	152,698	$	26,123	$	554,049
AmTrust Quota Share Reinsurance	92,155		222,812		284,124		445,081		—		280,890		144,655		1,500		468,043
ACAC Quota Share	26,224		32,644		82,284		123,455		—		79,628		39,344		243		205,739
Corporate	—		—		—		—		71,651		—		—		14,314		—
Total	$	203,631	$	1,226,773	$	657,556	$	1,169,790	$	71,651	$	755,122	$	336,697	$	42,180	$	1,227,831



	As at December 31, 2009						For the Year Ended December 31, 2009
	Deferred commission and other acquisition costs		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and administrative expenses		Net premiums written
Diversified Reinsurance	$	88,224	$	837,291	$	322,316	$	567,998	$	—	$	393,760	$	126,193	$	19,211	$	658,016
AmTrust Quota Share Reinsurance	84,759		165,385		261,162		351,921		—		214,853		115,236		2,515		372,358
Corporate	—		—		—		—		62,957		—		—		10,409		—
Total	$	172,983	$	1,002,676	$	583,478	$	919,919	$	62,957	$	608,613	$	241,429	$	32,135	$	1,030,374

Schedule IV Supplementary Reinsurance Information

12 Months Ended

Dec. 31, 2011

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]

Schedule IV Supplementary Reinsurance Information

Schedule IV

MAIDEN HOLDINGS, LTD.
SUPPLEMENTARY REINSURANCE INFORMATION
(In thousands of U.S. dollars)



For the Year Ended December 31,	(a) Gross		(b) Ceded to other companies		(c) Assumed from other companies		(d) Net amount (a) - (b) + (c)		Percentage of amount to net (c)/(d)
2011 Premiums – General Insurance	$	114,036	$	89,076	$	1,698,561	$	1,723,521	98.6	%
2010 Premiums – General Insurance	71,625		70,224		1,226,430		1,227,831		99.9	%
2009 Premiums – General Insurance	21,655		18,302		1,027,021		1,030,374		99.7	%

Schedule VI Supplementary Insurance Information Concerning Property/Casualty Insurance Operations

12 Months Ended

Dec. 31, 2011

Supplemental Information for Property, Casualty Insurance Underwriters [Abstract]

Schedule VI Supplementary Insurance Information Concerning Property/Casualty Insurance Operations

Schedule VI

MAIDEN HOLDINGS, LTD.
SUPPLEMENTARY INSURANCE INFORMATION
CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS
(In thousands of U.S. dollars)



	Net loss and loss adjustment expenses					Paid loss and loss adjustment expenses
For the Year Ended December 31,	Current Year		Prior Year			Paid loss and loss adjustment expenses
2011	$	1,028,855	$	14,199		$	880,004
2010	787,967		(32,845		)	631,334
2009	620,046		(11,433		)	512,281