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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2012	Nov. 05, 2012
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
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		72,282,493

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Fixed maturities, available-for-sale, at fair value (Amortized cost 2012: $2,472,806; 2011: $1,957,106)	$ 2,610,012	$ 2,020,661
Other investments, at fair value (Cost 2012: $2,530; 2011: $1,955)	2,826	2,192
Total investments	2,612,838	2,022,853
Cash and cash equivalents	66,877	188,082
Restricted cash and cash equivalents	115,324	114,895
Accrued investment income	21,329	13,215
Reinsurance balances receivable, net (includes $210,913 and $178,745 from related parties in 2012 and 2011, respectively)	449,186	423,355
Funds withheld	41,927	42,605
Prepaid reinsurance premiums (includes $1,307 and $7,265 from related parties in 2012 and 2011, respectively)	43,621	35,381
Reinsurance recoverable on unpaid losses (includes $9,369 and $7,207 from related parties in 2012 and 2011, respectively)	29,110	20,289
Loan to related party	167,975	167,975
Deferred commission and other acquisition costs (includes $179,411 and $147,743 from related parties in 2012 and 2011, respectively)	274,587	248,436
Goodwill and intangible assets, net	95,484	98,755
Other assets	30,857	19,270
Total assets	3,949,115	3,395,111
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $521,778 and $396,198 from related parties in 2012 and 2011, respectively)	1,547,103	1,398,438
Unearned premiums (includes $595,746 and $483,935 from related parties in 2012 and 2011, respectively)	976,689	832,047
Accrued expenses and other liabilities	63,318	161,883
Senior notes	207,500	107,500
Junior subordinated debt	126,303	126,263
Total liabilities	2,920,913	2,626,131
Commitments and Contingencies
EQUITY
Preference shares - Series A	150,000	0
Common shares ($0.01 par value; 73,244,825 and 73,183,764 shares issued in 2012 and 2011, respectively; 72,282,489 and 72,221,428 shares outstanding in 2012 and 2011, respectively)	732	732
Additional paid-in capital	575,293	579,004
Accumulated other comprehensive income	137,441	64,059
Retained earnings	168,141	128,648
Treasury shares, at cost (2012 and 2011: 962,336 shares)	(3,801)	(3,801)
Total Maiden shareholders' equity	1,027,806	768,642
Noncontrolling interest in subsidiaries	396	338
Total equity	1,028,202	768,980
Total liabilities and equity	$ 3,949,115	$ 3,395,111

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Available-for-sale securities, Original or amortized cost	$ 2,472,806	$ 1,957,106
Other investments, Cost	2,530	1,955
Reinsurance balances receivable, net	449,186	423,355
Prepaid reinsurance premiums	43,621	35,381
Reinsurance recoverable on unpaid losses	29,110	20,289
Deferred commission and other acquisition expenses	274,587	248,436
Reserve for loss and loss adjustment expenses	1,547,103	1,398,438
Unearned premiums	$ 976,689	$ 832,047
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	73,244,825	73,183,764
Common shares, shares outstanding (in shares)	72,282,489	72,221,428
Treasury shares, shares (in shares)	962,336	962,336
Related Party Transactions
Reinsurance balances receivable, net	$ 210,913	$ 178,745
Prepaid reinsurance premiums	1,307	7,265
Reinsurance recoverable on unpaid losses	9,369	7,207
Deferred commission and other acquisition expenses	179,411	147,743
Reserve for loss and loss adjustment expenses	521,778	396,198
Unearned premiums	$ 595,746	$ 483,935

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues:
Gross premiums written	$ 478,515	$ 451,130	$ 1,536,955	$ 1,384,302
Net premiums written	455,847	428,586	1,458,640	1,315,052
Change in unearned premiums	(6,874)	(8,309)	(134,055)	(180,457)
Net premiums earned	448,973	420,277	1,324,585	1,134,595
Other insurance revenue	2,622	4,530	9,650	11,364
Net investment income	21,550	18,749	60,072	57,708
Net realized and unrealized (losses) gains on investment	2,410	(2,900)	836	(2,262)
Total revenues	475,555	440,656	1,395,143	1,201,405
Expenses:
Net loss and loss adjustment expenses	309,146	274,504	897,498	746,285
Commission and other acquisition expenses	120,923	126,777	367,844	339,673
General and administrative expenses	13,578	12,475	42,617	37,607
Interest and amortization expenses	9,569	8,178	26,815	26,588
Accelerated amortization of junior subordinated debt discount and issuance cost	0	0	0	20,313
Junior subordinated debt repurchase expense	0	0	0	15,050
Amortization of intangible assets	1,090	1,258	3,271	3,775
Foreign exchange losses (gains)	(1,213)	1,103	(1,318)	(898)
Total expenses	453,093	424,295	1,336,727	1,188,393
Income (loss) before income taxes	22,462	16,361	58,416	13,012
Income taxes:
Current tax (benefit) expense	397	203	880	1,299
Deferred tax expense	131	156	618	738
Income tax expense	528	359	1,498	2,037
Net income (loss)	21,934	16,002	56,918	10,975
Less: (income) loss attributable to noncontrolling interest	(15)	2	(81)	5
Net income (loss) attributable to Maiden shareholders	$ 21,919	$ 16,004	$ 56,837	$ 10,980
Basic earnings (loss) per share attributable to Maiden shareholders (in dollars per share)	$ 0.30	$ 0.22	$ 0.79	$ 0.15
Diluted earnings (loss) per share attributable to Maiden shareholders (in dollars per share)	0.30	0.22	0.78	0.15
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08	$ 0.24	$ 0.22

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Comprehensive income (loss):
Net income	$ 21,934	$ 16,002	$ 56,918	$ 10,975
Other comprehensive income
Net unrealized holding gains on available-for-sale securities arising during the period	45,986	33	76,098	21,795
Adjustment for reclassification of net realized (gains) losses recognized in net income	(2,410)	65	(2,429)	(75)
Foreign currency translation adjustment	(1,700)	(3,206)	(292)	(1,291)
Other comprehensive income	41,876	(3,108)	73,377	20,429
Comprehensive income	63,810	12,894	130,295	31,404
Net (income) loss attributable to noncontrolling interest	(15)	2	(81)	5
Other comprehensive loss (income) attributable to noncontrolling interest	7	22	5	(1)
Comprehensive (income) loss attributable to noncontrolling interest	(8)	24	(76)	4
Comprehensive income attributable to Maiden common shareholders	$ 63,802	$ 12,918	$ 130,219	$ 31,408

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preference shares - Series A	Common shares	Additional paid-in capital	Accumulated other comprehensive income	Retained earnings	Treasury shares	Noncontrolling interest in subsidiaries
Beginning balance at Dec. 31, 2010			$ 731	$ 577,135	$ 54,334	$ 121,775	$ (3,801)	$ 275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares			1	347
Issuance of preference shares
Partial disposal of interest in subsidiary				141				69
Dividend paid to noncontrolling interest
Net income (loss)	$ 10,975					10,980		(5)
Dividends on common shares						(15,873)
Change in unrealized gains on investments, net					21,720
Share based compensation expense				1,011
Foreign currency translation adjustment	(1,291)				(1,292)			1
Ending balance at Sep. 30, 2011	767,549		732	578,634	74,762	116,882	(3,801)	340
Beginning balance at Dec. 31, 2011	768,980		732	579,004	64,059	128,648	(3,801)	338
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares				253
Issuance of preference shares		(150,000)		4,959
Partial disposal of interest in subsidiary
Dividend paid to noncontrolling interest								(18)
Net income (loss)	56,918					56,837		81
Dividends on common shares						(17,344)
Change in unrealized gains on investments, net					73,669
Share based compensation expense				995
Foreign currency translation adjustment	(292)				(287)			(5)
Ending balance at Sep. 30, 2012	$ 1,028,202	$ 150,000	$ 732	$ 575,293	$ 137,441	$ 168,141	$ (3,801)	$ 396

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income	$ 56,918	$ 10,975
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	4,755	6,828
Net realized and unrealized (gains) losses on investments	(836)	2,262
Foreign exchange gains	(1,318)	(898)
Amortization of share-based compensation expense, bond premium and discount and subordinated debt discount, net	6,493	20,248
Changes in assets - (increase) decrease:
Reinsurance balances receivable, net	(26,003)	(170,546)
Funds withheld	883	16,402
Prepaid reinsurance premiums	(8,240)	(10,347)
Reinsurance recoverable on unpaid losses	(8,818)	(5,917)
Accrued investment income	(8,094)	2,749
Deferred commission and other acquisition costs	(26,164)	(44,635)
Other assets	(9,551)	(9,650)
Changes in liabilities - increase (decrease):
Reserve for loss and loss adjustment expenses	148,304	100,223
Unearned premiums	145,203	191,135
Accrued expenses and other liabilities	(5,385)	(3,719)
Net cash provided by operating activities	268,147	105,110
Cash flows from investing activities:
Purchases of fixed-maturity securities - available-for-sale	(1,013,988)	(359,140)
Purchases of fixed-maturity securities – trading and short sale	102,073	825,703
Purchases of other investments	(794)	(1,026)
Proceeds from sales of fixed-maturity securities - available-for-sale	120,865	106,041
Proceeds from sales of fixed-maturity securities – trading and short sales	49,883	826,509
Proceeds from maturities and calls of fixed maturity securities	331,162	297,321
Proceeds from redemption of other investments	274	4,382
Increase in restricted cash and cash equivalents	(429)	(7,014)
Purchase of capital assets	(307)	(1,093)
Net cash (used in) provided by investing activities	(615,407)	40,277
Cash flows from financing activities:
Senior notes issuance, net of issuance costs	96,594	104,689
Repurchase agreements, net	0	(76,225)
Repayment of junior subordinated debt	0	(107,500)
Preference shares - Series A issuance, net of issuance costs	145,041	0
Common share issuance	254	348
Dividends paid to common shareholders	(17,339)	(15,144)
Net cash provided by (used in) financing activities	224,550	(93,832)
Effect of exchange rate changes on foreign currency cash	1,505	(1,398)
Net (decrease) increase in cash and cash equivalents	(121,205)	50,157
Cash and cash equivalents, beginning of period	188,082	96,151
Cash and cash equivalents, end of period	$ 66,877	$ 146,308

Basis of Presentation - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation - Summary of Significant Accounting Policies	Basis of Presentation - Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of Maiden Holdings, Ltd. and its subsidiaries (the "Company" or "Maiden") and have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP" or "U.S. GAAP") for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions and accounts have been eliminated in the condensed consolidated financial statements. These interim condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements, including these notes, should be read in conjunction with the Company's audited consolidated financial statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. Certain reclassifications have been made for 2011 to conform to the 2012 presentation and have no impact on net income previously reported.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References + Details

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2012
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Standards Updates Presentation of Comprehensive Income In June 2011, the Financial Accounting Standards Board ("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 January 1, 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 was 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. 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 is effective for fiscal periods beginning on or after December 15, 2011 with prospective or retrospective application permitted. The Company applied the new provisions of ASU 2010-26 prospectively. As a result of adopting ASU 2010-26, commission and other acquisition expenses have increased by $478 and $2,455 and net income attributable to Maiden shareholders decreased by the same amounts for the three and nine months ended September 30, 2012, respectively. The impact of the change on basic and diluted earnings per share is a decrease of $0.01 and $0.03 for the three and nine months ended September 30, 2012, respectively. The application of the new provisions means that $2,614 of unamortized deferred acquisition expenses as of January 1, 2012, that had been deferred under prior guidance, have been determined to no longer be deferrable and will be recognized as an expense over the original amortization period. If the Company had followed ASU 2010-26 in 2011, commission and other acquisition expenses would have increased by $340 and $2,190 for the three and nine months ended September 30, 2011. 2. Recent Accounting Pronouncements (continued) 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 was permitted. The annual impairment test is done during the fourth quarter and the adoption of this guidance is not expected to have any effect on the Company's results of operations, financial position or liquidity. Recently Issued Accounting Standards Updates Not Yet Adopted Qualitative Impairment Test For Indefinite-Lived Intangibles On July 27, 2012, the FASB issued final guidance adding an optional qualitative assessment for determining whether an indefinite-lived intangible asset is impaired. This ASU 2012-02 is similar to last year's goodwill guidance which allows companies to perform a qualitative assessment to test goodwill for impairment. This guidance gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not (a likelihood of more than 50%) that an indefinite-lived intangible asset is impaired. If a company determines that it is more likely than not that the fair value of such as asset exceeds its carrying amount, it would not need to calculate the fair value of the asset in that year. However, if a company concludes otherwise, it must calculate the fair value of the asset, compare that value with its carrying amount and record an impairment charge, if any. To perform a qualitative assessment, a company must identify and evaluate changes in economic, industry and company-specific events and circumstances that could affect the significant inputs used to determine the fair value of an indefinite-lived intangible asset. The guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. 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. Balance Sheet Offsetting In December 2011, the FASB issued new guidance requiring additional disclosures about financial instruments and derivative instruments that are either: (1) offset for balance sheet presentation purposes or (2) subject to an enforceable master netting arrangement or similar arrangement, regardless of whether they are offset for balance sheet presentation purposes. This guidance will be effective at January 1, 2013, with retrospective presentation of the new disclosures required. As this new guidance is disclosure-related only and does not amend the existing balance sheet offsetting guidance, the adoption of this guidance is not expected to have an impact on our results of operations, financial condition or liquidity.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=6958853&loc=d3e46468-122699

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22580-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Investments

9 Months Ended

Sep. 30, 2012

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 and other investments as of September 30, 2012 and December 31, 2011 are as follows:



September 30, 2012	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale securities:
U.S. treasury bonds	$	42,698	$	1,444	$	—		$	44,142
U.S. agency bonds – mortgage-backed	1,039,056		41,312		(1,335		)	1,079,033
U.S. agency bonds – other	16,672		1,544		—			18,216
Non-U.S. government bonds	55,556		1,367		(285		)	56,638
Other mortgage-backed bonds	23,167		812		—			23,979
Corporate bonds	1,170,400		99,600		(8,475		)	1,261,525
Municipal bonds	125,257		1,222		—			126,479
Total available-for-sale fixed maturities	2,472,806		147,301		(10,095		)	2,610,012
Other investments	2,530		351		(55		)	2,826
Total investments	$	2,475,336	$	147,652	$	(10,150	)	$	2,612,838



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	52,489		78		(293		)	52,274
Other mortgage-backed bonds	9,919		1		—			9,920
Corporate bonds	742,867		47,726		(30,236		)	760,357
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

The contractual maturities of our fixed maturities, available-for-sale as of September 30, 2012 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations prior to contractual maturity.

3. Investments (continued)



September 30, 2012	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	49,944	$	50,604	1.9	%
Due after one year through five years	376,564		385,644		14.8	%
Due after five years through ten years	817,467		900,455		34.5	%
Due after ten years	166,608		170,297		6.5	%
	1,410,583		1,507,000		57.7	%
U.S. agency bonds – mortgage-backed	1,039,056		1,079,033		41.4	%
Other mortgage-backed bonds	23,167		23,979		0.9	%
Total	$	2,472,806	$	2,610,012	100.0	%

The following tables summarize our available-for-sale securities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the securities have continuously been in an unrealized loss position:



	Less than 12 Months					12 Months or more					Total
September 30, 2012	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale securities:
U.S. agency bonds – mortgage-backed	$	149,095	$	(1,335	)	$	—	$	—		$	149,095	$	(1,335	)
Non–U.S. government bonds	27,610		(285		)	—		—			27,610		(285		)
Corporate bonds	37,480		(1,497		)	134,043		(6,978		)	171,523		(8,475		)
	214,185		(3,117		)	134,043		(6,978		)	348,228		(10,095		)
Other investments	1,710		(55		)	—		—			1,710		(55		)
Total temporarily impaired available-for-sale securities and other investments	$	215,895	$	(3,172	)	$	134,043	$	(6,978	)	$	349,938	$	(10,150	)

As of September 30, 2012, there were approximately 39 securities in an unrealized loss position with a fair value of $349,938 and unrealized losses of $10,150. 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 $134,043 and unrealized losses of $6,978.



	Less than 12 Months					12 Months or more					Total
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	43,629		(293		)	—		—			43,629		(293		)
Corporate bonds	227,367		(7,406		)	125,089		(22,830		)	352,456		(30,236		)
	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 of 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.

3. Investments (continued)

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 of September 30, 2012, 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 three and nine months ended September 30, 2012 and 2011, 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 September 30, 2012 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 September 30, 2012.

The following summarizes the credit ratings of our fixed maturities:



Rating* as of September 30, 2012	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	42,698	$	44,142	1.7	%
U.S. agency bonds	1,055,728		1,097,249		42.0	%
AAA	171,235		179,352		6.9	%
AA+, AA, AA-	205,370		216,353		8.3	%
A+, A, A-	432,641		461,644		17.7	%
BBB+, BBB, BBB-	535,918		582,056		22.3	%
BB+ or lower	29,216		29,216		1.1	%
Total	$	2,472,806	$	2,610,012	100.0	%



Rating* as of 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	%

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

(b) Other Investments

The table below shows our portfolio of other investments:



	September 30, 2012				December 31, 2011
Investments in limited partnerships	$	2,826	100.0	%	$	2,192	100.0	%
Total other investments	$	2,826	100.0	%	$	2,192	100.0	%

The Company has an unfunded commitment on its investments in limited partnerships of approximately $3,174 as of September 30, 2012.

3. Investments (continued)

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method and include adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary. The following provides an analysis of realized and unrealized gains (losses) on investment for the three and nine months ended September 30, 2012 and 2011:



For the Three Months Ended September 30, 2012	Gross gains		Gross losses		Net
Available-for-sale securities	$	2,374	$	—	$	2,374
Other investments	36		—		36
Net realized gains on investment	$	2,410	$	—	$	2,410



For the Three Months Ended September 30, 2011	Gross gains		Gross losses			Net
Available-for-sale securities	$	1,036	$	(1,078	)	$	(42	)
Trading securities and short sales	1,898		(1,590		)	308
Other investments	—		(23		)	(23		)
Net realized gains	2,934		(2,691		)	243
Unrealized loss on short sales	—		(3,143		)	(3,143		)
Net realized and unrealized (losses) on investment	$	2,934	$	(5,834	)	$	(2,900	)



For the Nine Months Ended September 30, 2012	Gross gains		Gross losses			Net
Available-for-sale securities	$	2,374				$	2,374
Short sales	—		(1,593		)	(1,593		)
Other investments	56		(1		)	55
Net realized gains on investment	$	2,430	$	(1,594	)	$	836



For the Nine Months Ended September 30, 2011	Gross gains		Gross losses			Net
Available-for-sale securities	$	1,310	$	(1,118	)	$	192
Trading securities and short sales	2,708		(1,902		)	806
Other investments	—		(117		)	(117		)
Net realized gains	4,018		(3,137		)	881
Unrealized loss on short sales	—		(3,143		)	(3,143		)
Net realized and unrealized (losses) on investment	$	4,018	$	(6,280	)	$	(2,262	)

Proceeds from sales of fixed maturities classified as available-for-sale were $120,865 and $106,041 for the nine months ended September 30, 2012 and 2011, respectively.

3. Investments (continued)

Net unrealized gains on available-for-sale securities and other investments was as follows:



	September 30, 2012			December 31, 2011
Available-for-sale securities	$	137,206		$	63,555
Other investments	296			237
Total net unrealized gains	137,502			63,792
Deferred income tax expense	(96		)	(55		)
Net unrealized gains, net of deferred income tax	$	137,406		$	63,737
Change in net unrealized gains, net of deferred income tax	$	73,669		$	8,983

(d) 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 cash and highly rated fixed maturity securities. The fair value of our restricted assets was as follows:



	September 30, 2012		December 31, 2011
Restricted cash – third party agreements	$	91,418	$	67,627
Restricted cash – related party agreements	23,284		46,729
Restricted cash – U.S. state regulatory authorities	622		539
Total restricted cash	115,324		114,895
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2012 – $1,040,038; 2011 – $950,103)	1,091,390		972,130
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2012 – $796,778; 2011 – $458,105)	863,246		485,468
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2012 – $12,747; 2011 – $12,862)	13,539		13,750
Total restricted investments	1,968,175		1,471,348
Total restricted cash and investments	$	2,083,499	$	1,586,243

(e) 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 of September 30, 2012 was $0 (December 31, 2011 - $55,830). This amount was included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Collateral of an equivalent amount was pledged to the clearing broker.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company's estimates of fair value for financial assets and financial liabilities are based on the framework established in Accounting Standards Council ("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. The three levels of the hierarchy are 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 bonds, 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 bonds ("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.

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.

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 of September 30, 2012.

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 bonds issued by non-U.S. governments and their agencies along with supranational organizations. 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 bonds: Other mortgage-backed bonds 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.

4. Fair Value of Financial Instruments (continued)

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.

Municipal bonds: Municipal bonds comprise bonds and auction rate securities issued by U.S. state and municipality entities or agencies. 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. The underlying investments of the loan are generally priced by pricing services. As the significant inputs used to price the underlying investments are observable market inputs, the fair values of Loan to related party are included in the Level 2 fair value hierarchy.

Senior notes: The amount reported in the accompanying balance sheets for these financial instruments represents the carrying value of the notes. The fair values are based on quoted prices of identical instruments in inactive markets and as such, are included in the Level 2 hierarchy.

Junior subordinated debt: The amount reported in the accompanying balance sheets for these financial instruments represents the carrying value of the debt. The fair value of the debt was derived using the Black-Derman-Toy model. As the fair value of the junior subordinated debt is determined using observable market inputs in the Black-Derman-Toy model, the fair value is included in the Level 2 fair value hierarchy.

4. Fair Value of Financial Instruments (continued)

(a) Fair Value Hierarchy

The following table presents the level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured on a recurring basis as of September 30, 2012 and December 31, 2011:



September 30, 2012	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	$	44,142		$	—		$	—		$	44,142
U.S. agency bonds – mortgage-backed	—			1,079,033			—			1,079,033
U.S. agency bonds – other	—			18,216			—			18,216
Non-U.S.government bonds	—			56,638			—			56,638
Other mortgage-backed bonds	—			23,979			—			23,979
Corporate bonds	—			1,261,525			—			1,261,525
Municipal bonds	—			126,479			—			126,479
Other investments	—			—			2,826			2,826
Total	$	44,142		$	2,565,870		$	2,826		$	2,612,838
As a percentage of total assets	1.1		%	65.0		%	0.1		%	66.2		%



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	—			52,274			—			52,274
Other mortgage-backed bonds	—			9,920			—			9,920
Corporate bonds	—			760,357			—			760,357
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		%	58.1		%	0.1		%	59.6		%
Liabilities
Securities sold but not yet purchased	$	—		$	55,830		$	—		$	55,830
As a percentage of total liabilities	—		%	2.1		%	—		%	2.1		%

4. Fair Value of Financial Instruments (continued)

(b) 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 three and nine months ended September 30, 2012 and 2011:



	For the Three Months Ended September 30,
Other investments:	2012			2011
Balance at beginning of period	$	2,697		$	1,962
Net realized gains – included in net income	36			—
Net realized losses – included in net income	—			(23		)
Change in net unrealized gains – included in other comprehensive income	7			19
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	200			192
Sales and redemptions	(114		)	(140		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	2,826		$	2,010
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—



	For the Nine Months Ended September 30,
Other investments:	2012			2011
Balance at beginning of period	$	2,192		$	5,847
Net realized gains – included in net income	55			—
Net realized losses – included in net income	—			(117		)
Change in net unrealized gains – included in other comprehensive income	59			102
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	794			1,026
Sales and redemptions	(274		)	(4,848		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	2,826		$	2,010
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—

4. Fair Value of Financial Instruments (continued)

The following table presents the carrying values and fair values of the Senior Notes and Junior Subordinated debt as of September 30, 2012 and December 31, 2011:



			September 30, 2012				December 31, 2011
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	114,337	$	107,500	$	104,888
2012 Senior Notes	8.00	%	100,000		106,800		—		—
Junior Subordinated Debt	14.00	%	126,303		165,864		126,263		173,621

- 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 Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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.

+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2012

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 as of September 30, 2012 and December 31, 2011:



September 30, 2012	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(21,955		)	29,445		15 years double declining
Net balance	$	117,439	$	(21,955	)	$	95,484



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

5. Goodwill and Intangible Assets (continued)

The goodwill and intangible assets were recognized as a result of the acquisitions and are subject to annual impairment testing. No impairment was recorded during the three and nine months ended September 30, 2012 and 2011. The estimated amortization expenses for the next five years are:



2012	$	1,091
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	9 Months Ended
Long-Term Debt	Sep. 30, 2012
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 ("2011 Senior Notes") due on June 15, 2041, which are fully and unconditionally guaranteed by the Company. The 2011 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 up to but excluding the redemption date. In order to ensure that issuance of the 2011 Senior Notes resulted in a long term favorable impact to Maiden shareholders, the Company sought to repurchase a portion of the Trust Preferred Securities, described below, with the proceeds of the 2011 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 2011 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 2011 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 2011 Senior Notes offering were used to repurchase the Trust Preferred Securities of the holders who accepted the offer. The 2011 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 2011 Senior Notes, based on the net proceeds received, was 8.47%. The net proceeds from the sale of the 2011 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, as discussed above. The issuance costs related to the 2011 Senior Notes were capitalized and will be amortized over the life of the notes. The interest on the 2011 Senior Notes is payable each quarter beginning on September 15, 2011 and included accrued interest from June 24, 2011. Interest expense for the three and nine months ended September 30, 2012 were $2,217 and $6,651, respectively (September 30, 2011 - $2,217 and $2,390, respectively), out of which $394 was accrued as of September 30, 2012 (December 31, 2011 - $394). In March 2012, the Company, through Maiden NA, issued $100,000 principal amount of 8.00% Senior Notes ("2012 Senior Notes") due on March 27, 2042, which are fully and unconditionally guaranteed by the Company. The 2012 Senior Notes are redeemable for cash, in whole or in part, on or after March 27, 2017, at 100% of the principal amount to be redeemed plus accrued and unpaid interest up to but excluding the redemption date. The 2012 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 2012 Senior Notes, based on the net proceeds received, was 8.28%. The net proceeds from the sale of the 2012 Senior Notes were $96,594, after placement agent fees and other expenses of $3,406, and will be used for general corporate purposes and working capital. The issuance costs related to the 2012 Senior Notes were capitalized and will be amortized over the life of the notes. The interest on the 2012 Senior Notes is payable each quarter beginning on June 27, 2012 and will include accrued interest from March 27, 2012. Interest expense for the three and nine months ended September 30, 2012 were $2,000 and $4,111, respectively, out of which $111 was accrued as of September 30, 2012. 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. 6. Long-Term Debt (continued) 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 of 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, repurchase 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; however, the Company is not deemed 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 2011 Senior Notes offering and existing cash, the Company repurchased $107,500 of the Junior Subordinated Debt on July 15, 2011, including $79,066 of the Units originally purchased by certain trusts established by Michael Karfunkel. Pursuant to the terms of the TRUPS Offering, the Company incurred a repurchase expense in 2011 equivalent to one year's interest expense, or $15,050. The Company also accelerated the amortization of the issuance cost and discount related to those repurchased Junior Subordinated Debt in 2011 which amounted to $20,313. As of September 30, 2012, the stated value of the Junior Subordinated Debt was $126,303 which comprises the principal amount of $152,500 and unamortized discount of $26,197. Amortization expense for the three and nine months ended September 30, 2012 were $14 and $40, respectively (September 30, 2011 - $4 and $33, respectively). Interest expense for the three and nine months ended September 30, 2012 were $5,338 and $16,013, respectively (September 30, 2011 - $5,965 and $24,165, respectively), out of which $4,448 was accrued as of September 30, 2012 (December 31, 2011 - $4,448).

Earnings per Common Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings per Common Share

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



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011
Net income attributable to Maiden common shareholders	$	21,919	$	16,004	$	56,837	$	10,980
Weighted average number of common shares outstanding – basic	72,270,052		72,182,759		72,251,711		72,136,366
Potentially dilutive securities:
Share options and restricted share units	868,909		739,209		836,822		746,968
Weighted average number of common shares outstanding – diluted	73,138,961		72,921,968		73,088,533		72,883,334
Basic earnings per share attributable to Maiden common shareholders:	$	0.30	$	0.22	$	0.79	$	0.15
Diluted earnings per share attributable to Maiden common shareholders:	$	0.30	$	0.22	$	0.78	$	0.15

As of September 30, 2012, 2,082,608 share options (September 30, 2011 - 2,147,674) were excluded from the calculation of diluted earnings per common share as they were anti-dilutive.

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2012
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Preference Shares - Series A On August 22, 2012, the Company issued six million 8.25% Preference Shares - Series A (the “Preference Shares”), par value $0.01 per share, at a price of $25 per share. The Company received net proceeds of $145,041 from its offering, after deducting expenses and underwriting discounts of $4,959. The Preference Shares have no stated maturity date and are redeemable in whole or in part at the option of the Company any time after August 29, 2017 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Dividends on the Preference Shares are non-cumulative. Consequently, in the event dividends are not declared on the Preference Shares for any dividend period, holders of Preference Shares will not be entitled to receive a dividend for such period, and such undeclared dividend will not accrue and will not be payable. The holders of Preference Shares will be entitled to receive dividend payments only when, as and if declared by the Company's Board of Directors or a duly authorized committee of the Board of Directors. Any such dividends will be payable from, and including, the date of original issue on a non-cumulative basis, quarterly in arrears. To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 8.25% of the $25 liquidation preference per annum. During any dividend period, so long as any Preference Shares remain outstanding, unless the full dividends for the latest completed dividend period on all outstanding Preference Shares have been declared and paid, no dividend shall be paid or declared on the common shares. The holders of the Preference Shares have no voting rights other than the right to elect up to two of directors if preference share dividends are not declared and paid for six or more dividend periods. During the three and nine months ended September 30, 2012, the Company declared and paid $0 in preference share dividends.

- 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 FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: 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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: 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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 1
-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 15: 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 16: 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 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: 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 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: 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 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Share Based Compensation

9 Months Ended

Sep. 30, 2012

Share-based Compensation [Abstract]

Share Based Compensation

The Company’s 2007 Share Incentive Plan, as amended (the "Plan") provides for grants of share 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.

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 of 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 judgments 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 $343 and $995 for the three and nine months ended September 30, 2012, respectively (September 30, 2011 - $333 and $1,011, respectively).

Share Options

The key assumptions used in determining the fair value of options granted in the three and nine months ended September 30, 2012 and a summary of the methodology applied to develop each assumption are as follows:



	September 30, 2012
Assumptions:
Volatility	45.55 – 47.60	%
Risk-free interest rate	1.29 – 1.62	%
Weighted average expected lives in years	6.1 years
Forfeiture rate	—	%
Dividend yield rate	3.04 – 3.27	%

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

9. Share Based Compensation (continued)

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 forfeited under the Plan for the three and nine months ended September 30, 2012 and 2011.



For the Three Months Ended September 30, 2012	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2012	2,870,581		$	6.62	7.13 years
Exercised	(20,907	)	$	4.36	—
Expired	(52,251	)	$	9.90	—
Forfeited	(7,465	)	$	7.76	—
Outstanding, September 30, 2012	2,789,958		$	6.58	6.90 years



For the Three Months Ended September 30, 2011	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2011	2,892,533		$	6.47	7.96 years
Granted	—		$	—	—
Exercised	(55,642	)	$	3.28	—
Expired	(1,750	)	$	7.66	—
Outstanding, September 30, 2011	2,835,141		$	6.54	7.72 years



For the Nine Months Ended September 30, 2012	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2011	2,916,143		$	6.61	7.55 years
Granted	49,500		$	8.77	9.53 years
Exercised	(61,061	)	$	4.16	—
Expired	(103,284	)	$	9.88	—
Forfeited	(11,340	)	$	7.54	—
Outstanding, September 30, 2012	2,789,958		$	6.58	6.90 years

9. Share Based Compensation (continued)



For the Nine Months Ended September 30, 2011	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2010	2,940,876		$	6.41	8.40 years
Granted	36,500		$	8.81	9.61 years
Exercised	(99,172	)	$	3.50	—
Expired	(43,063	)	$	7.23	—
Outstanding, September 30, 2011	2,835,141		$	6.54	7.72 years

The weighted average grant date fair value was $2.00 and $1.97 for all options outstanding at September 30, 2012 and 2011, respectively. There was approximately $1,630 and $2,411 of total unrecognized compensation cost related to non-vested share-based compensation arrangements as of September 30, 2012 and 2011, respectively.

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. The first performance cycle is for two years, 2011-2012, and subsequent performance cycles will be for three years. For the three and nine months ended September 30, 2012, no accrual was recognized as the calculated weighted percentage of the performance results of the Company did not meet the target level.

CEO Non-Performance-Based Restricted Share Units

On March 1, 2012, the Compensation Committee of the Board of Directors approved an award of non-performance-based restricted share units to the Company's CEO. The award consists of 86,705 restricted share units which will automatically vest by the end 2014. Each share unit has a fair value of $8.56 which is amortized over 34 months. The unamortized compensation cost related to this grant is $589 as of September 30, 2012.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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

Dividends Declared	9 Months Ended
Dividends Declared	Sep. 30, 2012
Dividends [Abstract]
Dividends Declared	Dividends Declared On August 7, 2012, the Company's Board of Directors approved a quarterly dividend of $0.08 per common share, payable on October 15, 2012 to shareholders of record on October 1, 2012.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2012
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Founding Shareholders of the Company are Michael Karfunkel, George Karfunkel and Barry Zyskind. Michael Karfunkel is the non-executive chairman of the board of AmTrust Financial Services, Inc. ("AmTrust"), George Karfunkel is a director of AmTrust, and Barry Zyskind is the president, chief executive officer and director of AmTrust. The Founding Shareholders own or control approximately 60% of the outstanding shares of AmTrust. In addition, the Michael Karfunkel 2005 Grantor Retained Annuity Trust (which is controlled by Michael Karfunkel) (the "Annuity Trust"), currently owns 72.4% of the issued and outstanding common stock of American Capital Acquisition Corp. ("ACAC"), Michael Karfunkel currently owns 27.6% of ACAC's issued and outstanding common stock, and AmTrust owns preferred shares convertible into 21.25% of the issued and outstanding common stock of ACAC (see below for a description of our common business arrangements with AmTrust and ACAC). Michael Karfunkel is the non-executive chairman of the board of directors of ACAC. 11. Related Party Transactions (continued) AmTrust The following describes transactions between the Company and AmTrust and its subsidiaries. AmTrust Quota Share Reinsurance Agreement In July 2007, the Company and AmTrust entered into a master agreement, as amended (the "Master Agreement"), by which they caused Maiden Insurance Company Ltd. ("Maiden Bermuda"), a wholly owned subsidiary of the Company, and AmTrust's Bermuda subsidiary, AmTrust International Insurance, Ltd. ("AII"), to enter into a quota share reinsurance agreement (the "Reinsurance Agreement") by which AII retrocedes to Maiden Bermuda an amount equal to 40% of the premium written by AmTrust's U.S., Irish and U.K. insurance subsidiaries, 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 with respect to the current lines of business (excluding personal lines reinsurance business and certain specialty property and casualty lines written in AmTrust's Specialty Risk and Extended Warranty segment which Maiden Bermuda declined to reinsure), excluding risks for which the AmTrust subsidiaries' net retention exceeds $5,000 ("Covered Business"). Effective January 1, 2010, the Company agreed to assume its proportionate share of AmTrust's workers' compensation exposure and shared the benefit of the 2010 excess reinsurance protection. 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 Reinsurance Agreement further provided that AII receives a ceding commission of 31% of ceded written premiums. Effective April 1, 2011, Maiden Bermuda and AII amended the Reinsurance 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 to July 14, 2014, and shall automatically renew for successive three-year periods thereafter, unless AII or Maiden Bermuda elects to terminate this Reinsurance Agreement effective July 1, 2014 or the expiration date of any successive three-year period. If the AII or Maiden Bermuda elects to so terminate the Reinsurance 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. 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 shareholder's equity of Maiden Bermuda or the combined shareholders' equity of AII and the AmTrust subsidiaries. The Company recorded approximately $46,969 and $132,098 of ceding commission expense for the three and nine months ended September 30, 2012, respectively (September 30, 2011 - $41,722 and $112,965, 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 will assume 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. The agreement has an initial term of one year, has been automatically renewed for one year, and can be terminated at any April 1 by either party on four months' notice. Effective January 1, 2012, the quota share reinsurance contract with AmTrust Europe Limited and AmTrust International Underwriters Limited was amended, thereby increasing the maximum liability attaching to €10,000 or currency equivalent (on a 100% basis) per original claim for any one original policy. Furthermore, amendments were also made to the contract to expand the territorial scope to include new territories, specifically France. For the three and nine months ended September 30, 2012, the Company recorded approximately $1,340 and $3,774, respectively, (September 30, 2011 - $1,127 and $2,102, respectively) of commission expense as a result of this transaction. 11. Related Party Transactions (continued) 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. Effective September 1, 2010, the Company, through its indirect wholly owned subsidiary, Maiden Specialty Insurance Company ("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 with the provisions set forth in the contract. The OPL program was terminated on December 1, 2011 on a run-off basis and the NAXS program will terminate on October 31, 2012. Maiden Specialty recorded approximately $1,404 and $6,438 of premiums earned ceded and $404 and $1,921 of ceding commission for the three and nine months ended September 30, 2012, respectively (September 30, 2011 - $1,862 and $4,119 of premiums earned ceded and $564 and $1,253 of ceding commission, respectively). Effective September 1, 2010, the Company, through its indirect wholly owned subsidiary, Maiden Reinsurance Company ("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 and automatically renews annually unless terminated pursuant to the terms of the agreement. Under this agreement, Maiden US recorded approximately $619 and $1,270 of premiums earned and $117 and $289 of commission expense for the three and nine months ended September 30, 2012, respectively (September 30, 2011 - $0 and $7 of premiums earned and $0 and $0.1 of commission expense, 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. 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. Maiden Bermuda satisfied its collateral requirements under the Reinsurance Agreement with AII as follows: •by lending funds in the amount of $167,975 as of September 30, 2012 and December 31, 2011 to AII pursuant to a loan agreement entered into between those parties. This loan is carried at cost. 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. 11. Related Party Transactions (continued) 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 AII Insurance Management Limited ("AIIM") and its share of fees owed to the trustee of the Trust Account; 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 of September 30, 2012 was approximately $793,945 (December 31, 2011 - $461,216) and the accrued interest was $6,633 (December 31, 2011 - $4,131). (See Note 3(d)). 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 Reinsurance Agreement and, beginning on April 1, 2011, the European Hospital Liability Quota Share agreement for a fee equal to 1.25% of premium assumed under the contracts. 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. Following the initial one-year term, the agreement may be terminated upon 30 days written notice by either party. The Company recorded approximately $2,216 and $6,412 of reinsurance brokerage expense for the three and nine months ended September 30, 2012, respectively (September 30, 2011 - $1,996 and $5,131, respectively) and deferred reinsurance brokerage of $6,067 as of September 30, 2012 (December 31, 2011 - $4,891) as a result of these agreements. The Company paid brokerage fees to AmTrust's subsidiary AmTrust North America of $20 and $20 for the three and nine months ended September 30, 2012, respectively (September 30, 2011 - $33 and $70, 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 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. Following the initial one-year term, the agreement may be terminated upon 30 days written notice by either party. The Company recorded approximately $952 and $2,667 of investment management fees for the three and nine months ended September 30, 2012, respectively (September 30, 2011 - $795 and $2,364, 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 three and nine months ended September 30, 2012, the Company recorded an expense of $6 and $38, respectively (September 30, 2011 - $23 and $65, respectively) for the use of the aircraft. 11. Related Party Transactions (continued) ACAC The following describes transactions between the Company and ACAC and its subsidiaries: 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 Technology, as reinsurers. The Company has a 50% participation in the ACAC Quota Share, by which it receives 25% of net premiums of the personal lines 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. The Company believes 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 $21,856 and $63,435 of ceding commission expense for the three and nine months ended September 30, 2012, respectively (September 30, 2011 - $19,156 and $55,458, respectively) as a result of this transaction. Other Effective September 12, 2012, the Company through its indirect wholly owned subsidiary, Maiden Re Insurance Services, LLC ("Maiden Re"), entered into a consulting agreement with Integon Association Management LLC ("Integon"), a wholly owned subsidiary of ACAC, pursuant to which Maiden Re has agreed to provide to Integon underwriting, and pricing support for a fee of $25 per month, and also a fee of $0.1 for each policy quote evaluation and an additional $0.1 for each policy re-quote evaluation. The initial term of this agreement is for a period of one year, unless terminated earlier by either party. This agreement shall be renewed automatically upon expiration of the initial term for successive one year periods, unless a party delivers written notice of non-renewal to the other party at least 120 days before the end of the initial term or any renewal term. The Company recorded $0 consulting fee income for the three and nine months ended September 30, 2012. 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. For the three and nine months ended September 30, 2012, Maiden Specialty recorded approximately $0 and $0 of ceded premium and $0 and $0 of ceding commissions, respectively (September 30, 2011 - $0 and $(0.6) and $0 and $0.2, respectively). In June 2011, the Company, through Maiden NA, issued $107,500 principal amount of 8.25% Senior Notes, which are fully and unconditionally guaranteed by the Company. The proceeds from the 8.25% 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 8.25% Senior Notes. The Company's Audit Committee reviewed and approved ACAC's, AII's, and George Karfunkel's participation in the 8.25% Senior Notes offering.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(k))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
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-Article 3A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
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Reference 9: 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.

+ Details

Segments

9 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Segments

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 acquisition of the majority of the reinsurance-related infrastructure, assets and liabilities of U.K.-based GMAC International Insurance Services, Ltd. ("IIS") in 2010 (the “IIS Acquisition”), 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 Condensed Consolidated Statements of Income.

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



For the Three Months Ended September 30, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	193,943		$	186,258		$	75,646		$	455,847
Net premiums earned	$	200,020		$	177,293		$	71,660		$	448,973
Other insurance revenue	2,622			—			—			2,622
Net loss and loss adjustment expenses	(141,625		)	(120,942		)	(46,579		)	(309,146		)
Commission and other acquisition expenses	(47,801		)	(50,525		)	(22,597		)	(120,923		)
General and administrative expenses	(9,256		)	(535		)	(199		)	(9,990		)
Underwriting income	$	3,960		$	5,291		$	2,285		$	11,536
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										23,960
Amortization of intangible assets										(1,090		)
Foreign exchange gains										1,213
Interest and amortization expenses										(9,569		)
Other general and administrative expenses										(3,588		)
Income tax expense										(528		)
Income attributable to noncontrolling interest										(15		)
Net income attributable to Maiden common shareholders										$	21,919

Net loss and loss adjustment expense ratio*	69.9		%	68.2		%	65.0		%	68.5		%
Commission and other acquisition expense ratio**	23.6		%	28.5		%	31.5		%	26.8		%
General and administrative expense ratio***	4.5		%	0.3		%	0.3		%	2.9		%
Combined ratio****	98.0		%	97.0		%	96.8		%	98.2		%

12. Segments (continued)



For the Three Months Ended September 30, 2011	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	188,652		$	173,502		$	66,432		$	428,586
Net premiums earned	$	197,803		$	159,668		$	62,806		$	420,277
Other insurance revenue	4,530			—			—			4,530
Net loss and loss adjustment expenses	(123,267		)	(110,727		)	(40,510		)	(274,504		)
Commission and other acquisition expenses	(62,032		)	(44,845		)	(19,900		)	(126,777		)
General and administrative expenses	(8,468		)	(538		)	(408		)	(9,414		)
Underwriting income	$	8,566		$	3,558		$	1,988		$	14,112
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains (losses) on investment										15,849
Amortization of intangible assets										(1,258		)
Foreign exchange losses										(1,103		)
Interest and amortization expenses										(8,178		)
Other general and administrative expenses										(3,061		)
Income tax expense										(359		)
Loss attributable to noncontrolling interest										2
Net income attributable to Maiden common shareholders										$	16,004

Net loss and loss adjustment expense ratio*	60.9		%	69.3		%	64.5		%	64.6		%
Commission and other acquisition expense ratio**	30.7		%	28.1		%	31.7		%	29.8		%
General and administrative expense ratio***	4.2		%	0.4		%	0.6		%	3.0		%
Combined ratio****	95.8		%	97.8		%	96.8		%	97.4		%

12. Segments (continued)



For the Nine Months Ended September 30, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	626,220		$	607,902		$	224,518		$	1,458,640
Net premiums earned	$	603,613		$	512,988		$	207,984		$	1,324,585
Other insurance revenue	9,650			—			—			9,650
Net loss and loss adjustment expenses	(412,437		)	(350,553		)	(134,508		)	(897,498		)
Commission and other acquisition expenses	(159,895		)	(142,284		)	(65,665		)	(367,844		)
General and administrative expenses	(31,849		)	(1,444		)	(566		)	(33,859		)
Underwriting income	$	9,082		$	18,707		$	7,245		$	35,034
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										60,908
Amortization of intangible assets										(3,271		)
Foreign exchange gains										1,318
Interest and amortization expenses										(26,815		)
Other general and administrative expenses										(8,758		)
Income tax expense										(1,498		)
Income attributable to noncontrolling interest										(81		)
Net income attributable to Maiden common shareholders										$	56,837

Net loss and loss adjustment expense ratio*	67.3		%	68.3		%	64.7		%	67.3		%
Commission and other acquisition expense ratio**	26.1		%	27.7		%	31.6		%	27.6		%
General and administrative expense ratio***	5.1		%	0.4		%	0.2		%	3.1		%
Combined ratio****	98.5		%	96.4		%	96.5		%	98.0		%

12. Segments (continued)



For the Nine Months Ended September 30, 2011	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	605,490		$	516,665		$	192,897		$	1,315,052
Net premiums earned	$	542,325		$	410,441		$	181,829		$	1,134,595
Other insurance revenue	11,364			—			—			11,364
Net loss and loss adjustment expenses	(349,999		)	(279,006		)	(117,280		)	(746,285		)
Commission and other acquisition expenses	(161,709		)	(120,198		)	(57,766		)	(339,673		)
General and administrative expenses	(24,805		)	(1,802		)	(1,423		)	(28,030		)
Underwriting income	$	17,176		$	9,435		$	5,360		$	31,971
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains (losses) on investment										55,446
Amortization of intangible assets										(3,775		)
Foreign exchange gains										898
Interest and amortization expenses										(26,588		)
Accelerated amortization of junior subordinated debt discount and issuance cost										(20,313		)
Junior subordinated debt repurchase expense										(15,050		)
Other general and administrative expenses										(9,577		)
Income tax expense										(2,037		)
Loss attributable to noncontrolling interest										5
Net income attributable to Maiden common shareholders										$	10,980

Net loss and loss adjustment expense ratio*	63.2		%	68.0		%	64.5		%	65.1		%
Commission and other acquisition expense ratio**	29.2		%	29.3		%	31.8		%	29.6		%
General and administrative expense ratio***	4.5		%	0.4		%	0.8		%	3.3		%
Combined ratio****	96.9		%	97.7		%	97.1		%	98.0		%


*	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 adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

12. Segments (continued)



September 30, 2012	Diversified Reinsurance		AmTrust Quota Share Reinsurance		ACAC Quota Share		Total
Reinsurance balances receivable, net	$	239,667	$	119,859	$	89,660	$	449,186
Funds withheld	41,927		—		—		41,927
Prepaid reinsurance premiums	43,621		—		—		43,621
Reinsurance recoverable on unpaid losses	29,110		—		—		29,110
Deferred commission and other acquisition expenses	95,213		144,960		34,414		274,587
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	95,484		—		—		95,484
Restricted investments and cash	1,203,909		793,945		85,645		2,083,499
Corporate and other assets	1,911		—		—		763,726
Total Assets	$	1,750,842	$	1,226,739	$	209,719	$	3,949,115



December 31, 2011	Diversified Reinsurance		AmTrust Quota Share Reinsurance		ACAC Quota Share		Total
Reinsurance balances receivable, net	$	244,610	$	102,003	$	76,742	$	423,355
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	$	1,605,791	$	851,563	$	168,114	$	3,395,111

12. Segments (continued)

The following tables set forth financial information relating to net premiums written and earned by major line of business for the three and nine months ended September 30, 2012 and 2011:



	For the Three Months Ended September 30,
	2012				2011
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	41,667	9.1	%	$	46,908	10.9	%
Casualty	114,655		25.2	%	106,413		24.8	%
Accident and Health	9,174		2.0	%	13,238		3.1	%
International	28,447		6.2	%	22,093		5.2	%
Total Diversified Reinsurance	193,943		42.5	%	188,652		44.0	%
AmTrust Quota Share Reinsurance
Small Commercial Business	84,024		18.4	%	57,836		13.5	%
Specialty Program	14,931		3.3	%	38,242		8.9	%
Specialty Risk and Extended Warranty	87,303		19.2	%	77,424		18.1	%
Total AmTrust Quota Share Reinsurance	186,258		40.9	%	173,502		40.5	%
ACAC Quota Share
Automobile Liability	39,019		8.6	%	38,453		9.0	%
Automobile Physical Damage	36,627		8.0	%	27,979		6.5	%
Total ACAC Quota Share	75,646		16.6	%	66,432		15.5	%
	$	455,847	100.0	%	$	428,586	100.0	%



	For the Nine Months Ended September 30,
	2012				2011
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	157,628	10.8	%	$	168,612	12.8	%
Casualty	349,356		24.0	%	314,216		23.9	%
Accident and Health	34,484		2.3	%	36,779		2.8	%
International	84,752		5.8	%	85,883		6.5	%
Total Diversified Reinsurance	626,220		42.9	%	605,490		46.0	%
AmTrust Quota Share Reinsurance
Small Commercial Business	256,198		17.6	%	174,448		13.3	%
Specialty Program	63,877		4.4	%	73,674		5.6	%
Specialty Risk and Extended Warranty	287,827		19.7	%	268,543		20.4	%
Total AmTrust Quota Share Reinsurance	607,902		41.7	%	516,665		39.3	%
ACAC Quota Share
Automobile Liability	118,288		8.1	%	110,661		8.4	%
Automobile Physical Damage	106,230		7.3	%	82,236		6.3	%
Total ACAC Quota Share	224,518		15.4	%	192,897		14.7	%
	$	1,458,640	100.0	%	$	1,315,052	100.0	%

12. Segments (continued)



	For the Three Months Ended September 30,
	2012				2011
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	50,688	11.3	%	$	45,345	10.8	%
Casualty	119,572		26.6	%	107,757		25.6	%
Accident and Health	11,176		2.5	%	10,425		2.5	%
International	18,584		4.1	%	34,276		8.2	%
Total Diversified Reinsurance	200,020		44.5	%	197,803		47.1	%
AmTrust Quota Share Reinsurance
Small Commercial Business	81,287		18.1	%	55,542		13.2	%
Specialty Program	9,828		2.2	%	26,642		6.3	%
Specialty Risk and Extended Warranty	86,178		19.2	%	77,484		18.5	%
Total AmTrust Quota Share Reinsurance	177,293		39.5	%	159,668		38.0	%
ACAC Quota Share
Automobile Liability	38,374		8.6	%	36,126		8.6	%
Automobile Physical Damage	33,286		7.4	%	26,680		6.3	%
Total ACAC Quota Share	71,660		16.0	%	62,806		14.9	%
	$	448,973	100.0	%	$	420,277	100.0	%



	For the Nine Months Ended September 30,
	2012				2011
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	164,739	12.4	%	$	134,741	11.9	%
Casualty	334,559		25.3	%	285,716		25.2	%
Accident and Health	32,547		2.5	%	33,524		3.0	%
International	71,768		5.4	%	88,344		7.7	%
Total Diversified Reinsurance	603,613		45.6	%	542,325		47.8	%
AmTrust Quota Share Reinsurance
Small Commercial Business	218,086		16.4	%	156,041		13.7	%
Specialty Program	60,414		4.6	%	63,155		5.6	%
Specialty Risk and Extended Warranty	234,488		17.7	%	191,245		16.9	%
Total AmTrust Quota Share Reinsurance	512,988		38.7	%	410,441		36.2	%
ACAC Quota Share
Automobile Liability	113,168		8.5	%	104,146		9.2	%
Automobile Physical Damage	94,816		7.2	%	77,683		6.8	%
Total ACAC Quota Share	207,984		15.7	%	181,829		16.0	%
	$	1,324,585	100.0	%	$	1,134,595	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 Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: 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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: 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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: 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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: 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.

+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

(a) On November 7, 2012, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.09	January 15, 2013	January 2, 2013
Preference shares - Series A	$	0.6073	December 17, 2012	December 1, 2012

(b) In October 2012, Hurricane Sandy impacted the Eastern United States, causing widespread property damage and flooding. The Company's business model generally avoids reinsuring catastrophic property exposures; however our clients insure property risks which we subsequently reinsure, normally with occurrence limitations and often with loss sensitive features. As such there is also uncertainty with respect to the Company's potential losses from this event.

Basis of Presentation - Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Standards Updates Presentation of Comprehensive Income In June 2011, the Financial Accounting Standards Board ("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 January 1, 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 was 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. 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 is effective for fiscal periods beginning on or after December 15, 2011 with prospective or retrospective application permitted. The Company applied the new provisions of ASU 2010-26 prospectively. As a result of adopting ASU 2010-26, commission and other acquisition expenses have increased by $478 and $2,455 and net income attributable to Maiden shareholders decreased by the same amounts for the three and nine months ended September 30, 2012, respectively. The impact of the change on basic and diluted earnings per share is a decrease of $0.01 and $0.03 for the three and nine months ended September 30, 2012, respectively. The application of the new provisions means that $2,614 of unamortized deferred acquisition expenses as of January 1, 2012, that had been deferred under prior guidance, have been determined to no longer be deferrable and will be recognized as an expense over the original amortization period. If the Company had followed ASU 2010-26 in 2011, commission and other acquisition expenses would have increased by $340 and $2,190 for the three and nine months ended September 30, 2011. 2. Recent Accounting Pronouncements (continued) 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 was permitted. The annual impairment test is done during the fourth quarter and the adoption of this guidance is not expected to have any effect on the Company's results of operations, financial position or liquidity. Recently Issued Accounting Standards Updates Not Yet Adopted Qualitative Impairment Test For Indefinite-Lived Intangibles On July 27, 2012, the FASB issued final guidance adding an optional qualitative assessment for determining whether an indefinite-lived intangible asset is impaired. This ASU 2012-02 is similar to last year's goodwill guidance which allows companies to perform a qualitative assessment to test goodwill for impairment. This guidance gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not (a likelihood of more than 50%) that an indefinite-lived intangible asset is impaired. If a company determines that it is more likely than not that the fair value of such as asset exceeds its carrying amount, it would not need to calculate the fair value of the asset in that year. However, if a company concludes otherwise, it must calculate the fair value of the asset, compare that value with its carrying amount and record an impairment charge, if any. To perform a qualitative assessment, a company must identify and evaluate changes in economic, industry and company-specific events and circumstances that could affect the significant inputs used to determine the fair value of an indefinite-lived intangible asset. The guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. 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. Balance Sheet Offsetting In December 2011, the FASB issued new guidance requiring additional disclosures about financial instruments and derivative instruments that are either: (1) offset for balance sheet presentation purposes or (2) subject to an enforceable master netting arrangement or similar arrangement, regardless of whether they are offset for balance sheet presentation purposes. This guidance will be effective at January 1, 2013, with retrospective presentation of the new disclosures required. As this new guidance is disclosure-related only and does not amend the existing balance sheet offsetting guidance, the adoption of this guidance is not expected to have an impact on our results of operations, financial condition or liquidity.

Investments (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Investments [Abstract]

Original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale and other investments

The original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale and other investments as of September 30, 2012 and December 31, 2011 are as follows:



September 30, 2012	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale securities:
U.S. treasury bonds	$	42,698	$	1,444	$	—		$	44,142
U.S. agency bonds – mortgage-backed	1,039,056		41,312		(1,335		)	1,079,033
U.S. agency bonds – other	16,672		1,544		—			18,216
Non-U.S. government bonds	55,556		1,367		(285		)	56,638
Other mortgage-backed bonds	23,167		812		—			23,979
Corporate bonds	1,170,400		99,600		(8,475		)	1,261,525
Municipal bonds	125,257		1,222		—			126,479
Total available-for-sale fixed maturities	2,472,806		147,301		(10,095		)	2,610,012
Other investments	2,530		351		(55		)	2,826
Total investments	$	2,475,336	$	147,652	$	(10,150	)	$	2,612,838



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	52,489		78		(293		)	52,274
Other mortgage-backed bonds	9,919		1		—			9,920
Corporate bonds	742,867		47,726		(30,236		)	760,357
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

Contractual maturities of fixed maturities, available-for-sale

3. Investments (continued)



September 30, 2012	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	49,944	$	50,604	1.9	%
Due after one year through five years	376,564		385,644		14.8	%
Due after five years through ten years	817,467		900,455		34.5	%
Due after ten years	166,608		170,297		6.5	%
	1,410,583		1,507,000		57.7	%
U.S. agency bonds – mortgage-backed	1,039,056		1,079,033		41.4	%
Other mortgage-backed bonds	23,167		23,979		0.9	%
Total	$	2,472,806	$	2,610,012	100.0	%

Summary of available-for-sale securities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the securities have continuously been in an unrealized loss position



	Less than 12 Months					12 Months or more					Total
September 30, 2012	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale securities:
U.S. agency bonds – mortgage-backed	$	149,095	$	(1,335	)	$	—	$	—		$	149,095	$	(1,335	)
Non–U.S. government bonds	27,610		(285		)	—		—			27,610		(285		)
Corporate bonds	37,480		(1,497		)	134,043		(6,978		)	171,523		(8,475		)
	214,185		(3,117		)	134,043		(6,978		)	348,228		(10,095		)
Other investments	1,710		(55		)	—		—			1,710		(55		)
Total temporarily impaired available-for-sale securities and other investments	$	215,895	$	(3,172	)	$	134,043	$	(6,978	)	$	349,938	$	(10,150	)



	Less than 12 Months					12 Months or more					Total
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	43,629		(293		)	—		—			43,629		(293		)
Corporate bonds	227,367		(7,406		)	125,089		(22,830		)	352,456		(30,236		)
	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	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Rating* as of September 30, 2012	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	42,698	$	44,142	1.7	%
U.S. agency bonds	1,055,728		1,097,249		42.0	%
AAA	171,235		179,352		6.9	%
AA+, AA, AA-	205,370		216,353		8.3	%
A+, A, A-	432,641		461,644		17.7	%
BBB+, BBB, BBB-	535,918		582,056		22.3	%
BB+ or lower	29,216		29,216		1.1	%
Total	$	2,472,806	$	2,610,012	100.0	%



Rating* as of 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	%

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

Portfolio of other investments

The table below shows our portfolio of other investments:



	September 30, 2012				December 31, 2011
Investments in limited partnerships	$	2,826	100.0	%	$	2,192	100.0	%
Total other investments	$	2,826	100.0	%	$	2,192	100.0	%

Analysis of realized and unrealized gains on investment

The following provides an analysis of realized and unrealized gains (losses) on investment for the three and nine months ended September 30, 2012 and 2011:



For the Three Months Ended September 30, 2012	Gross gains		Gross losses		Net
Available-for-sale securities	$	2,374	$	—	$	2,374
Other investments	36		—		36
Net realized gains on investment	$	2,410	$	—	$	2,410



For the Three Months Ended September 30, 2011	Gross gains		Gross losses			Net
Available-for-sale securities	$	1,036	$	(1,078	)	$	(42	)
Trading securities and short sales	1,898		(1,590		)	308
Other investments	—		(23		)	(23		)
Net realized gains	2,934		(2,691		)	243
Unrealized loss on short sales	—		(3,143		)	(3,143		)
Net realized and unrealized (losses) on investment	$	2,934	$	(5,834	)	$	(2,900	)



For the Nine Months Ended September 30, 2012	Gross gains		Gross losses			Net
Available-for-sale securities	$	2,374				$	2,374
Short sales	—		(1,593		)	(1,593		)
Other investments	56		(1		)	55
Net realized gains on investment	$	2,430	$	(1,594	)	$	836



For the Nine Months Ended September 30, 2011	Gross gains		Gross losses			Net
Available-for-sale securities	$	1,310	$	(1,118	)	$	192
Trading securities and short sales	2,708		(1,902		)	806
Other investments	—		(117		)	(117		)
Net realized gains	4,018		(3,137		)	881
Unrealized loss on short sales	—		(3,143		)	(3,143		)
Net realized and unrealized (losses) on investment	$	4,018	$	(6,280	)	$	(2,262	)

Net unrealized gains on available-for-sale securities and other investments

Net unrealized gains on available-for-sale securities and other investments was as follows:



	September 30, 2012			December 31, 2011
Available-for-sale securities	$	137,206		$	63,555
Other investments	296			237
Total net unrealized gains	137,502			63,792
Deferred income tax expense	(96		)	(55		)
Net unrealized gains, net of deferred income tax	$	137,406		$	63,737
Change in net unrealized gains, net of deferred income tax	$	73,669		$	8,983

Fair value of restricted assets

The fair value of our restricted assets was as follows:



	September 30, 2012		December 31, 2011
Restricted cash – third party agreements	$	91,418	$	67,627
Restricted cash – related party agreements	23,284		46,729
Restricted cash – U.S. state regulatory authorities	622		539
Total restricted cash	115,324		114,895
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2012 – $1,040,038; 2011 – $950,103)	1,091,390		972,130
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2012 – $796,778; 2011 – $458,105)	863,246		485,468
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2012 – $12,747; 2011 – $12,862)	13,539		13,750
Total restricted investments	1,968,175		1,471,348
Total restricted cash and investments	$	2,083,499	$	1,586,243

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (c)-(e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7534914&loc=d3e22054-111558

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.M)
-URI http://asc.fasb.org/extlink&oid=6784337&loc=d3e87990-122713

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 7, 13, 16, 22
-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 115
-Paragraph 12
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section M

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5
-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

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

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



September 30, 2012	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	$	44,142		$	—		$	—		$	44,142
U.S. agency bonds – mortgage-backed	—			1,079,033			—			1,079,033
U.S. agency bonds – other	—			18,216			—			18,216
Non-U.S.government bonds	—			56,638			—			56,638
Other mortgage-backed bonds	—			23,979			—			23,979
Corporate bonds	—			1,261,525			—			1,261,525
Municipal bonds	—			126,479			—			126,479
Other investments	—			—			2,826			2,826
Total	$	44,142		$	2,565,870		$	2,826		$	2,612,838
As a percentage of total assets	1.1		%	65.0		%	0.1		%	66.2		%



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	—			52,274			—			52,274
Other mortgage-backed bonds	—			9,920			—			9,920
Corporate bonds	—			760,357			—			760,357
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		%	58.1		%	0.1		%	59.6		%
Liabilities
Securities sold but not yet purchased	$	—		$	55,830		$	—		$	55,830
As a percentage of total liabilities	—		%	2.1		%	—		%	2.1		%

Changes in Level 3 for financial instruments measured at fair value on a recurring basis

The following table presents changes in Level 3 for our financial instruments measured at fair value on a recurring basis for the three and nine months ended September 30, 2012 and 2011:



	For the Three Months Ended September 30,
Other investments:	2012			2011
Balance at beginning of period	$	2,697		$	1,962
Net realized gains – included in net income	36			—
Net realized losses – included in net income	—			(23		)
Change in net unrealized gains – included in other comprehensive income	7			19
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	200			192
Sales and redemptions	(114		)	(140		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	2,826		$	2,010
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—



	For the Nine Months Ended September 30,
Other investments:	2012			2011
Balance at beginning of period	$	2,192		$	5,847
Net realized gains – included in net income	55			—
Net realized losses – included in net income	—			(117		)
Change in net unrealized gains – included in other comprehensive income	59			102
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	794			1,026
Sales and redemptions	(274		)	(4,848		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	2,826		$	2,010
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—

Carrying values and fair values of the Senior Notes and Junior Subordinated debt

The following table presents the carrying values and fair values of the Senior Notes and Junior Subordinated debt as of September 30, 2012 and December 31, 2011:



			September 30, 2012				December 31, 2011
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	114,337	$	107,500	$	104,888
2012 Senior Notes	8.00	%	100,000		106,800		—		—
Junior Subordinated Debt	14.00	%	126,303		165,864		126,263		173,621

- Definition

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

+ References + Details

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References + Details

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Analysis of goodwill and intangible assets

The following table shows an analysis of goodwill and intangible assets as of September 30, 2012 and December 31, 2011:



September 30, 2012	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(21,955		)	29,445		15 years double declining
Net balance	$	117,439	$	(21,955	)	$	95,484



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

Estimated amortization expenses for the next five years

The estimated amortization expenses for the next five years are:



2012	$	1,091
2013	3,781
2014	3,276
2015	2,840
2016	2,461

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Summary of elements used in calculating basic and diluted earnings per common share

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



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011
Net income attributable to Maiden common shareholders	$	21,919	$	16,004	$	56,837	$	10,980
Weighted average number of common shares outstanding – basic	72,270,052		72,182,759		72,251,711		72,136,366
Potentially dilutive securities:
Share options and restricted share units	868,909		739,209		836,822		746,968
Weighted average number of common shares outstanding – diluted	73,138,961		72,921,968		73,088,533		72,883,334
Basic earnings per share attributable to Maiden common shareholders:	$	0.30	$	0.22	$	0.79	$	0.15
Diluted earnings per share attributable to Maiden common shareholders:	$	0.30	$	0.22	$	0.78	$	0.15

Share Based Compensation (Tables)

9 Months Ended

Sep. 30, 2012

Share-based Compensation [Abstract]

Key assumptions used in determining the fair value of options granted



	September 30, 2012
Assumptions:
Volatility	45.55 – 47.60	%
Risk-free interest rate	1.29 – 1.62	%
Weighted average expected lives in years	6.1 years
Forfeiture rate	—	%
Dividend yield rate	3.04 – 3.27	%

Schedule of all options granted, exercised, expired and forfeited under the Plan

The following schedule shows all options granted, exercised, expired and forfeited under the Plan for the three and nine months ended September 30, 2012 and 2011.



For the Three Months Ended September 30, 2012	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2012	2,870,581		$	6.62	7.13 years
Exercised	(20,907	)	$	4.36	—
Expired	(52,251	)	$	9.90	—
Forfeited	(7,465	)	$	7.76	—
Outstanding, September 30, 2012	2,789,958		$	6.58	6.90 years



For the Three Months Ended September 30, 2011	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2011	2,892,533		$	6.47	7.96 years
Granted	—		$	—	—
Exercised	(55,642	)	$	3.28	—
Expired	(1,750	)	$	7.66	—
Outstanding, September 30, 2011	2,835,141		$	6.54	7.72 years



For the Nine Months Ended September 30, 2012	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2011	2,916,143		$	6.61	7.55 years
Granted	49,500		$	8.77	9.53 years
Exercised	(61,061	)	$	4.16	—
Expired	(103,284	)	$	9.88	—
Forfeited	(11,340	)	$	7.54	—
Outstanding, September 30, 2012	2,789,958		$	6.58	6.90 years

9. Share Based Compensation (continued)



For the Nine Months Ended September 30, 2011	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2010	2,940,876		$	6.41	8.40 years
Granted	36,500		$	8.81	9.61 years
Exercised	(99,172	)	$	3.50	—
Expired	(43,063	)	$	7.23	—
Outstanding, September 30, 2011	2,835,141		$	6.54	7.72 years

Segments (Tables)

9 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Underwriting results of operating segments

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



For the Three Months Ended September 30, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	193,943		$	186,258		$	75,646		$	455,847
Net premiums earned	$	200,020		$	177,293		$	71,660		$	448,973
Other insurance revenue	2,622			—			—			2,622
Net loss and loss adjustment expenses	(141,625		)	(120,942		)	(46,579		)	(309,146		)
Commission and other acquisition expenses	(47,801		)	(50,525		)	(22,597		)	(120,923		)
General and administrative expenses	(9,256		)	(535		)	(199		)	(9,990		)
Underwriting income	$	3,960		$	5,291		$	2,285		$	11,536
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										23,960
Amortization of intangible assets										(1,090		)
Foreign exchange gains										1,213
Interest and amortization expenses										(9,569		)
Other general and administrative expenses										(3,588		)
Income tax expense										(528		)
Income attributable to noncontrolling interest										(15		)
Net income attributable to Maiden common shareholders										$	21,919

Net loss and loss adjustment expense ratio*	69.9		%	68.2		%	65.0		%	68.5		%
Commission and other acquisition expense ratio**	23.6		%	28.5		%	31.5		%	26.8		%
General and administrative expense ratio***	4.5		%	0.3		%	0.3		%	2.9		%
Combined ratio****	98.0		%	97.0		%	96.8		%	98.2		%

12. Segments (continued)



For the Three Months Ended September 30, 2011	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	188,652		$	173,502		$	66,432		$	428,586
Net premiums earned	$	197,803		$	159,668		$	62,806		$	420,277
Other insurance revenue	4,530			—			—			4,530
Net loss and loss adjustment expenses	(123,267		)	(110,727		)	(40,510		)	(274,504		)
Commission and other acquisition expenses	(62,032		)	(44,845		)	(19,900		)	(126,777		)
General and administrative expenses	(8,468		)	(538		)	(408		)	(9,414		)
Underwriting income	$	8,566		$	3,558		$	1,988		$	14,112
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains (losses) on investment										15,849
Amortization of intangible assets										(1,258		)
Foreign exchange losses										(1,103		)
Interest and amortization expenses										(8,178		)
Other general and administrative expenses										(3,061		)
Income tax expense										(359		)
Loss attributable to noncontrolling interest										2
Net income attributable to Maiden common shareholders										$	16,004

Net loss and loss adjustment expense ratio*	60.9		%	69.3		%	64.5		%	64.6		%
Commission and other acquisition expense ratio**	30.7		%	28.1		%	31.7		%	29.8		%
General and administrative expense ratio***	4.2		%	0.4		%	0.6		%	3.0		%
Combined ratio****	95.8		%	97.8		%	96.8		%	97.4		%

12. Segments (continued)



For the Nine Months Ended September 30, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	626,220		$	607,902		$	224,518		$	1,458,640
Net premiums earned	$	603,613		$	512,988		$	207,984		$	1,324,585
Other insurance revenue	9,650			—			—			9,650
Net loss and loss adjustment expenses	(412,437		)	(350,553		)	(134,508		)	(897,498		)
Commission and other acquisition expenses	(159,895		)	(142,284		)	(65,665		)	(367,844		)
General and administrative expenses	(31,849		)	(1,444		)	(566		)	(33,859		)
Underwriting income	$	9,082		$	18,707		$	7,245		$	35,034
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										60,908
Amortization of intangible assets										(3,271		)
Foreign exchange gains										1,318
Interest and amortization expenses										(26,815		)
Other general and administrative expenses										(8,758		)
Income tax expense										(1,498		)
Income attributable to noncontrolling interest										(81		)
Net income attributable to Maiden common shareholders										$	56,837

Net loss and loss adjustment expense ratio*	67.3		%	68.3		%	64.7		%	67.3		%
Commission and other acquisition expense ratio**	26.1		%	27.7		%	31.6		%	27.6		%
General and administrative expense ratio***	5.1		%	0.4		%	0.2		%	3.1		%
Combined ratio****	98.5		%	96.4		%	96.5		%	98.0		%

12. Segments (continued)



For the Nine Months Ended September 30, 2011	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	605,490		$	516,665		$	192,897		$	1,315,052
Net premiums earned	$	542,325		$	410,441		$	181,829		$	1,134,595
Other insurance revenue	11,364			—			—			11,364
Net loss and loss adjustment expenses	(349,999		)	(279,006		)	(117,280		)	(746,285		)
Commission and other acquisition expenses	(161,709		)	(120,198		)	(57,766		)	(339,673		)
General and administrative expenses	(24,805		)	(1,802		)	(1,423		)	(28,030		)
Underwriting income	$	17,176		$	9,435		$	5,360		$	31,971
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains (losses) on investment										55,446
Amortization of intangible assets										(3,775		)
Foreign exchange gains										898
Interest and amortization expenses										(26,588		)
Accelerated amortization of junior subordinated debt discount and issuance cost										(20,313		)
Junior subordinated debt repurchase expense										(15,050		)
Other general and administrative expenses										(9,577		)
Income tax expense										(2,037		)
Loss attributable to noncontrolling interest										5
Net income attributable to Maiden common shareholders										$	10,980

Net loss and loss adjustment expense ratio*	63.2		%	68.0		%	64.5		%	65.1		%
Commission and other acquisition expense ratio**	29.2		%	29.3		%	31.8		%	29.6		%
General and administrative expense ratio***	4.5		%	0.4		%	0.8		%	3.3		%
Combined ratio****	96.9		%	97.7		%	97.1		%	98.0		%


*	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 adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

12. Segments (continued)



September 30, 2012	Diversified Reinsurance		AmTrust Quota Share Reinsurance		ACAC Quota Share		Total
Reinsurance balances receivable, net	$	239,667	$	119,859	$	89,660	$	449,186
Funds withheld	41,927		—		—		41,927
Prepaid reinsurance premiums	43,621		—		—		43,621
Reinsurance recoverable on unpaid losses	29,110		—		—		29,110
Deferred commission and other acquisition expenses	95,213		144,960		34,414		274,587
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	95,484		—		—		95,484
Restricted investments and cash	1,203,909		793,945		85,645		2,083,499
Corporate and other assets	1,911		—		—		763,726
Total Assets	$	1,750,842	$	1,226,739	$	209,719	$	3,949,115



December 31, 2011	Diversified Reinsurance		AmTrust Quota Share Reinsurance		ACAC Quota Share		Total
Reinsurance balances receivable, net	$	244,610	$	102,003	$	76,742	$	423,355
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	$	1,605,791	$	851,563	$	168,114	$	3,395,111

Net premiums by major line of business

The following tables set forth financial information relating to net premiums written and earned by major line of business for the three and nine months ended September 30, 2012 and 2011:



	For the Three Months Ended September 30,
	2012				2011
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	41,667	9.1	%	$	46,908	10.9	%
Casualty	114,655		25.2	%	106,413		24.8	%
Accident and Health	9,174		2.0	%	13,238		3.1	%
International	28,447		6.2	%	22,093		5.2	%
Total Diversified Reinsurance	193,943		42.5	%	188,652		44.0	%
AmTrust Quota Share Reinsurance
Small Commercial Business	84,024		18.4	%	57,836		13.5	%
Specialty Program	14,931		3.3	%	38,242		8.9	%
Specialty Risk and Extended Warranty	87,303		19.2	%	77,424		18.1	%
Total AmTrust Quota Share Reinsurance	186,258		40.9	%	173,502		40.5	%
ACAC Quota Share
Automobile Liability	39,019		8.6	%	38,453		9.0	%
Automobile Physical Damage	36,627		8.0	%	27,979		6.5	%
Total ACAC Quota Share	75,646		16.6	%	66,432		15.5	%
	$	455,847	100.0	%	$	428,586	100.0	%



	For the Nine Months Ended September 30,
	2012				2011
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	157,628	10.8	%	$	168,612	12.8	%
Casualty	349,356		24.0	%	314,216		23.9	%
Accident and Health	34,484		2.3	%	36,779		2.8	%
International	84,752		5.8	%	85,883		6.5	%
Total Diversified Reinsurance	626,220		42.9	%	605,490		46.0	%
AmTrust Quota Share Reinsurance
Small Commercial Business	256,198		17.6	%	174,448		13.3	%
Specialty Program	63,877		4.4	%	73,674		5.6	%
Specialty Risk and Extended Warranty	287,827		19.7	%	268,543		20.4	%
Total AmTrust Quota Share Reinsurance	607,902		41.7	%	516,665		39.3	%
ACAC Quota Share
Automobile Liability	118,288		8.1	%	110,661		8.4	%
Automobile Physical Damage	106,230		7.3	%	82,236		6.3	%
Total ACAC Quota Share	224,518		15.4	%	192,897		14.7	%
	$	1,458,640	100.0	%	$	1,315,052	100.0	%

12. Segments (continued)



	For the Three Months Ended September 30,
	2012				2011
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	50,688	11.3	%	$	45,345	10.8	%
Casualty	119,572		26.6	%	107,757		25.6	%
Accident and Health	11,176		2.5	%	10,425		2.5	%
International	18,584		4.1	%	34,276		8.2	%
Total Diversified Reinsurance	200,020		44.5	%	197,803		47.1	%
AmTrust Quota Share Reinsurance
Small Commercial Business	81,287		18.1	%	55,542		13.2	%
Specialty Program	9,828		2.2	%	26,642		6.3	%
Specialty Risk and Extended Warranty	86,178		19.2	%	77,484		18.5	%
Total AmTrust Quota Share Reinsurance	177,293		39.5	%	159,668		38.0	%
ACAC Quota Share
Automobile Liability	38,374		8.6	%	36,126		8.6	%
Automobile Physical Damage	33,286		7.4	%	26,680		6.3	%
Total ACAC Quota Share	71,660		16.0	%	62,806		14.9	%
	$	448,973	100.0	%	$	420,277	100.0	%



	For the Nine Months Ended September 30,
	2012				2011
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	164,739	12.4	%	$	134,741	11.9	%
Casualty	334,559		25.3	%	285,716		25.2	%
Accident and Health	32,547		2.5	%	33,524		3.0	%
International	71,768		5.4	%	88,344		7.7	%
Total Diversified Reinsurance	603,613		45.6	%	542,325		47.8	%
AmTrust Quota Share Reinsurance
Small Commercial Business	218,086		16.4	%	156,041		13.7	%
Specialty Program	60,414		4.6	%	63,155		5.6	%
Specialty Risk and Extended Warranty	234,488		17.7	%	191,245		16.9	%
Total AmTrust Quota Share Reinsurance	512,988		38.7	%	410,441		36.2	%
ACAC Quota Share
Automobile Liability	113,168		8.5	%	104,146		9.2	%
Automobile Physical Damage	94,816		7.2	%	77,683		6.8	%
Total ACAC Quota Share	207,984		15.7	%	181,829		16.0	%
	$	1,324,585	100.0	%	$	1,134,595	100.0	%

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Subsequent Events Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Schedule of subsequent events

On November 7, 2012, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.09	January 15, 2013	January 2, 2013
Preference shares - Series A	$	0.6073	December 17, 2012	December 1, 2012

Recent Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2011	Jun. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in net income attributable to Maiden shareholders	$ (21,919)	$ (16,004)			$ (56,837)	$ (10,980)
Accounting Standards Update 2010-26 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in commission and other aquisition costs	478				2,455
Decrease in net income attributable to Maiden shareholders	$ 478				$ 2,455
Decrease in basic and diluted earnings per share	$ 0.01				$ 0.03
Unamortized deferred acquisition costs determined to no longer be deferrable and will be recognized over the amortization period							$ 2,614
Increase in commission and other acquisition costs had ASU 2010-26 been adopted in 2011			$ 340	$ 2,190

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph 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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Investments - Schedule of Investments Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	$ 2,472,806	$ 1,957,106
Other Investments, Original or amortized cost	2,530	1,955
Total investments, Original or amortized cost	2,475,336	1,959,061
Available-for-sale securities, Gross unrealized gains	147,301	94,159
Other investments, Gross unrealized gains	351	318
Investments, Gross unrealized gains	147,652	94,477
Available-for-sale securities, Gross unrealized losses	(10,095)	(30,604)
Other investments, Gross unrealized losses	(55)	(81)
Investments, Gross unrealized losses	10,150	30,685
Total Investments, Fair Value	2,610,012	2,020,661
Other investments	2,826	2,192
Total investments	2,612,838	2,022,853
U.S. treasury bonds [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	42,698	44,175
Available-for-sale securities, Gross unrealized gains	1,444	1,774
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments, Fair Value	44,142	45,949
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	1,039,056	928,944
Available-for-sale securities, Gross unrealized gains	41,312	43,230
Available-for-sale securities, Gross unrealized losses	(1,335)	(75)
Total Investments, Fair Value	1,079,033	972,099
U.S. agency bonds – other [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	16,672	10,374
Available-for-sale securities, Gross unrealized gains	1,544	622
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments, Fair Value	18,216	10,996
Non-U.S. government bonds [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	55,556	52,489
Available-for-sale securities, Gross unrealized gains	1,367	78
Available-for-sale securities, Gross unrealized losses	(285)	(293)
Total Investments, Fair Value	56,638	52,274
Other mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	23,167	9,919
Available-for-sale securities, Gross unrealized gains	812	1
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments, Fair Value	23,979	9,920
Corporate bonds [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	1,170,400	742,867
Available-for-sale securities, Gross unrealized gains	99,600	47,726
Available-for-sale securities, Gross unrealized losses	(8,475)	(30,236)
Total Investments, Fair Value	1,261,525	760,357
Municipal bonds [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	125,257	168,338
Available-for-sale securities, Gross unrealized gains	1,222	728
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments, Fair Value	$ 126,479	$ 169,066

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Due in one year or less, Amortized cost	$ 49,944
Due after one year through five years, Amortized cost	376,564
Due after five years through ten years, Amortized cost	817,467
Due after ten years, Amortized cost	166,608
Total before securities without single maturities, Amortized cost	1,410,583
Total Amortized cost	2,472,806
Due in one year or less, Fair value	50,604
Due after one year through five years, Fair value	385,644
Due after five years through ten years, Fair value	900,455
Due after ten years, Fair value	170,297
Total before securities without single maturities, Fair value	1,507,000
Total Investments, Fair Value	$ 2,610,012	$ 2,020,661
Due in one year or less, % of Total fair value	1.90%
Due after one year through five years, % of Total fair value	14.80%
Due after five years through ten years, % of Total fair value	34.50%
Due after ten years, % of Total fair value	6.50%
Total before securities without single maturities, % of Total fair value	57.70%
% of Total fair value	100.00%	100.00%
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Amortized cost of securities without single maturities	$ 1,039,056
Fair value of securities without single maturities	1,079,033
Total Investments, Fair Value	$ 1,079,033	$ 972,099
% of Total fair value for securities without single maturities	41.40%
Other mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Amortized cost of securities without single maturities	$ 23,167
Fair value of securities without single maturities	23,979
Total Investments, Fair Value	$ 23,979	$ 9,920
% of Total fair value for securities without single maturities	0.90%

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Sep. 30, 2012 USD ($) securities	Dec. 31, 2011 USD ($) securities
Fair value
Less than 12 months, Fair Value	$ 215,895	$ 302,657
12 Months or More, Fair value	134,043	125,089
Total, Fair value	349,938	427,746
Unrealized losses
Less than 12 months, Unrealized losses	(3,172)	(7,855)
12 Months or More, Unrealized losses	(6,978)	(22,830)
Total, Unrealized losses	$ (10,150)	$ (30,685)
Number of securities in loss position (in securities) \| securities	39	62
12 Months or More, number of securities (in securities) \| securities	8	8
U.S. agency bonds – mortgage-backed [Member]
Fair value
Less than 12 Months, Fair value	$ 149,095	$ 30,447
12 Months or More, Fair value	0	0
Total, Fair value	149,095	30,447
Unrealized losses
Less than 12 Months, Unrealized losses	(1,335)	(75)
12 Months or More, Unrealized losses	0	0
Total, Unrealized losses	(1,335)	(75)
Non-U.S. government bonds [Member]
Fair value
Less than 12 Months, Fair value	27,610	43,629
12 Months or More, Fair value	0	0
Total, Fair value	27,610	43,629
Unrealized losses
Less than 12 Months, Unrealized losses	(285)	(293)
12 Months or More, Unrealized losses	0	0
Total, Unrealized losses	(285)	(293)
Corporate bonds [Member]
Fair value
Less than 12 Months, Fair value	37,480	227,367
12 Months or More, Fair value	134,043	125,089
Total, Fair value	171,523	352,456
Unrealized losses
Less than 12 Months, Unrealized losses	(1,497)	(7,406)
12 Months or More, Unrealized losses	(6,978)	(22,830)
Total, Unrealized losses	(8,475)	(30,236)
Available-for-sale securities [Member]
Fair value
Less than 12 Months, Fair value	214,185	301,443
12 Months or More, Fair value	134,043	125,089
Total, Fair value	348,228	426,532
Unrealized losses
Less than 12 Months, Unrealized losses	(3,117)	(7,774)
12 Months or More, Unrealized losses	(6,978)	(22,830)
Total, Unrealized losses	(10,095)	(30,604)
Other investments [Member]
Fair value
Less than 12 months, Fair Value	1,710	1,214
12 Months or More, Fair value	0	0
Total, Fair value	1,710	1,214
Unrealized losses
Less than 12 months, Unrealized losses	(55)	(81)
12 Months or More, Unrealized losses	0	0
Total, Unrealized losses	$ (55)	$ (81)

Investments - Credit Ratings (Details) - USD ($)
$ in Thousands

Sep. 30, 2012

Dec. 31, 2011

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

$ 2,472,806

$ 1,957,106

Fair value

$ 2,610,012

$ 2,020,661

% of Total fair value

100.00%

U.S. treasury bonds [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

^[1]

$ 42,698

$ 44,175

Fair value

^[1]

$ 44,142

$ 45,949

% of Total fair value

^[1]

1.70%

2.30%

U.S. agency bonds [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

^[1]

$ 1,055,728

$ 939,318

Fair value

^[1]

$ 1,097,249

$ 983,095

% of Total fair value

^[1]

42.00%

48.60%

AAA [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

^[1]

$ 171,235

$ 160,319

Fair value

^[1]

$ 179,352

$ 161,945

% of Total fair value

^[1]

6.90%

8.00%

AA Plus, AA, AA Minus [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

^[1]

$ 205,370

$ 150,961

Fair value

^[1]

$ 216,353

$ 153,303

% of Total fair value

^[1]

8.30%

7.60%

A Plus, A, A Minus [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

^[1]

$ 432,641

$ 327,794

Fair value

^[1]

$ 461,644

$ 328,448

% of Total fair value

^[1]

17.70%

16.30%

BBB Plus, BBB, BBB Minus [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

^[1]

$ 535,918

$ 316,150

Fair value

^[1]

$ 582,056

$ 330,156

% of Total fair value

^[1]

22.30%

16.30%

BB Plus or Lower [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

^[1]

$ 29,216

$ 18,389

Fair value

^[1]

$ 29,216

$ 17,765

% of Total fair value

^[1]

1.10%

0.90%

[1]	Ratings as assigned by Standard & Poor’s ("S&P")

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Other investments	$ 2,826	$ 2,192
% of Total fair value	100.00%	100.00%
Investments in limited partnerships [Member]
Schedule of Investments [Line Items]
Other investments	$ 2,826	$ 2,192
% of Total fair value	100.00%	100.00%
Unfunded commitment on investments in limited partnerships	$ 3,174

Investments - Realized and Unrealized Gains on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Gain (Loss) on Investments [Line Items]
Gross gains		$ 2,934		$ 4,018
Gross losses		(2,691)		(3,137)
Realized gains (losses), Net		243		881
Unrealized gain, Gross gains		0		0
Unrealized gain, Gross losses		(3,143)		(3,143)
Unrealized gain, Net		(3,143)		(3,143)
Gross realized and unrealized gains	$ 2,410	2,934	$ 2,430	4,018
Gross realized and unrealized losses	0	(5,834)	(1,594)	(6,280)
Net realized and unrealized gains on investment	2,410	(2,900)	836	(2,262)
Proceeds from sales of fixed maturities classified as available-for-sale			120,865	106,041
Net unrealized gains	137,502		137,502		$ 63,792
Deferred income tax expense	(96)		(96)		(55)
Net unrealized gains, net of deferred income tax	137,406		137,406		63,737
Change in net unrealized gains, net of deferred income tax			73,669		8,983
Available-for-sale securities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	2,374	1,036	2,374	1,310
Gross losses	0	(1,078)		(1,118)
Realized gains (losses), Net	2,374	(42)	2,374	192
Net unrealized gains	137,206		137,206		63,555
Trading securities and short sales [Member]
Gain (Loss) on Investments [Line Items]
Gross gains		1,898	0	2,708
Gross losses		(1,590)	(1,593)	(1,902)
Realized gains (losses), Net		308	(1,593)	806
Other investments [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	36	0	56	0
Gross losses	0	(23)	(1)	(117)
Realized gains (losses), Net	36	$ (23)	55	$ (117)
Net unrealized gains	$ 296		$ 296		$ 237

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 115,324	$ 114,895
Restricted investments	1,968,175	1,471,348
Restricted cash and investments	2,083,499	1,586,243
Amortized cost	2,475,336	1,959,061
Third party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	91,418	67,627
Restricted investments	1,091,390	972,130
Amortized cost	1,040,038	950,103
Related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	23,284	46,729
Restricted investments	863,246	485,468
Amortized cost	796,778	458,105
US state regulatory authorities [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	622	539
Restricted investments	13,539	13,750
Amortized cost	$ 12,747	$ 12,862

Investments - Other (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Sold, Not yet Purchased, Fair Value Disclosure	$ 0	$ 55,830

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	$ 0	$ 0
Total assets fair value	$ 44,142	$ 45,949
Percentage of total assets	1.10%	1.40%
Securities sold but not yet purchased, fair value		$ 0
Percentage of total liabilities		0.00%
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	$ 44,142	$ 45,949
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Non-U.S. government bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Other mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total assets fair value	$ 2,565,870	$ 1,974,712
Percentage of total assets	65.00%	58.10%
Securities sold but not yet purchased, fair value	$ 0	$ 55,830
Percentage of total liabilities		2.10%
Significant Other Observable Inputs (Level 2) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	$ 0
Significant Other Observable Inputs (Level 2) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	1,079,033	972,099
Significant Other Observable Inputs (Level 2) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	18,216	10,996
Significant Other Observable Inputs (Level 2) [Member] \| Non-U.S. government bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	56,638	52,274
Significant Other Observable Inputs (Level 2) [Member] \| Other mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	23,979	9,920
Significant Other Observable Inputs (Level 2) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	1,261,525	760,357
Significant Other Observable Inputs (Level 2) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	126,479	169,066
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	2,826	2,192
Total assets fair value	$ 2,826	$ 2,192
Percentage of total assets	0.10%	0.10%
Securities sold but not yet purchased, fair value		$ 0
Percentage of total liabilities		0.00%
Significant Unobservable Inputs (Level 3) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	$ 0	$ 0
Significant Unobservable Inputs (Level 3) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Non-U.S. government bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Other mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	2,826	2,192
Total assets fair value	$ 2,612,838	$ 2,022,853
Percentage of total assets	66.20%	59.60%
Securities sold but not yet purchased, fair value		$ 55,830
Percentage of total liabilities		2.10%
Total Fair Value [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	$ 44,142	$ 45,949
Total Fair Value [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	1,079,033	972,099
Total Fair Value [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	18,216	10,996
Total Fair Value [Member] \| Non-U.S. government bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	56,638	52,274
Total Fair Value [Member] \| Other mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	23,979	9,920
Total Fair Value [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	1,261,525	760,357
Total Fair Value [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	$ 126,479	$ 169,066

Fair Value of Financial Instruments - Changes in Level 3 Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 2,697	$ 1,962	$ 2,192	$ 5,847
Net realized and unrealized gains – included in net income	36	0	55	0
Net realized and unrealized losses – included in net income	0	(23)	0	(117)
Change in net unrealized gains – included in other comprehensive income	7	19	59	102
Change in net unrealized losses – included in other comprehensive income	0	0	0	0
Purchases	200	192	794	1,026
Sales and redemptions	114	140	274	4,848
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	2,826	2,010	2,826	2,010
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$ 0	$ 0	$ 0	$ 0

Fair Value of Financial Instruments - Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Jun. 30, 2011
Senior notes [Member] \| 8.25% Senior note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate				8.25%
Senior notes [Member] \| 8.00% Senior note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate		8.00%
Senior notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 8.25% Senior note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	8.25%
Senior notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 8.00% Senior note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	8.00%
Junior subordinated debt [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	14.00%
Carrying Value [Member] \| Senior notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 8.25% Senior note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 107,500		$ 107,500
Carrying Value [Member] \| Senior notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 8.00% Senior note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	100,000		0
Carrying Value [Member] \| Junior subordinated debt [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	126,303		126,263
Fair Value [Member] \| Senior notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 8.25% Senior note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	114,337		104,888
Fair Value [Member] \| Senior notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 8.00% Senior note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	106,800		0
Fair Value [Member] \| Junior subordinated debt [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 165,864		$ 173,621

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Goodwill and Intangible Assets [Line Items]
Goodwill	$ 58,312	$ 58,312
Accumulated Amortization	(21,955)	(18,684)
Balance, Gross	117,439	117,439
Balance, net	95,484	98,755
Estimated amortization expenses for the next five years [Abstract]
2012	1,091
2013	3,781
2014	3,276
2015	2,840
2016	2,461
Customer relationships [Member]
Goodwill and Intangible Assets [Line Items]
Customer relationships, Gross	51,400	51,400
Accumulated Amortization	(21,955)	(18,684)
Customer relationships, Net	$ 29,445	$ 32,716
Useful Life	15 years	15 years
State licenses [Member]
Goodwill and Intangible Assets [Line Items]
State licenses	$ 7,727	$ 7,727

Long-Term Debt (Details) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 15, 2011 USD ($)	Jan. 20, 2009 USD ($) Unit shares / Unit $ / shares $ / Unit shares	Mar. 31, 2012 USD ($)	Jun. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) $ / shares	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) $ / shares	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($) $ / shares
Debt Instrument [Line Items]
Principal amount repurchased							$ 0	$ 107,500
Interest expense					$ 9,569	$ 8,178	26,815	26,588
Accelerated amortization of debt issuance costs and discount					$ 0	0	$ 0	20,313
Common shares, par value (in dollars per share) \| $ / shares					$ 0.01		$ 0.01		$ 0.01
Junior subordinated debt					$ 126,303		$ 126,303		$ 126,263
Maiden Capital Financing Trust [Member]
Debt Instrument [Line Items]
Common shares, par value (in dollars per share) \| $ / shares		$ 0.01
Senior notes [Member] \| 8.25% Senior note [Member]
Debt Instrument [Line Items]
Face amount					$ 107,500		$ 107,500		107,500
Stated interest rate				8.25%
Portion redeemable for cash at maturity					100.00%		100.00%
Minimum redemption notice period					30 days		30 days
Effective interest rate					8.47%		8.47%
Proceeds from issuance				$ 104,689
Debt issuance costs				2,811
Interest expense					$ 2,217	2,217	$ 6,651	2,390
Accrued interest					394		394		394
Senior notes [Member] \| 8.00% Senior note [Member]
Debt Instrument [Line Items]
Face amount			$ 100,000
Stated interest rate			8.00%
Portion redeemable for cash at maturity			100.00%
Effective interest rate			8.28%
Proceeds from issuance			$ 96,594
Debt issuance costs			$ 3,406
Interest expense					2,000		4,111
Accrued interest					$ 111		$ 111
Junior subordinated debt [Member] \| Trust Preferred Securities [Member]
Debt Instrument [Line Items]
Stated interest rate					14.00%		14.00%
Effective interest rate					16.95%		16.95%
Debt issuance costs		$ 4,342
Principal amount repurchased				$ 107,500
Interest expense					$ 5,338	5,965	$ 16,013	24,165
Accrued interest					4,448		4,448		$ 4,448
Unamortized discount					$ 44,928		$ 44,928
Market price (in dollars per share) \| $ / shares		$ 3.85
Discount amortization period from issuance							30 years
Proceeds from issuance		$ 260,117
Repurchase interest expense amount	$ 15,050
Accelerated amortization of debt issuance costs and discount	$ 20,313
Number of common shares included in units issued (in shares) \| shares		11,700,000
Period in which if the principal is paid in full, additional interest will be due					5 years		5 years
Period used to calculate additional interest for early repurchase					1 year		1 year
Additional repurchase expense					$ 21,350		$ 21,350
Junior subordinated debt					126,303		126,303
Principal balance					152,500		152,500
Unamortized discount					26,197		26,197
Amortization expense					14	$ 4	40	$ 33
Junior subordinated debt [Member] \| Trust Preferred Securities [Member] \| Founding Shareholders [Member]
Debt Instrument [Line Items]
Number of units purchased (in shares) \| shares		159,000
Portion of units purchased by certain trusts		61.12%
Junior subordinated debt [Member] \| Trust Preferred Securities [Member] \| Institutional Shareholders [Member]
Debt Instrument [Line Items]
Number of units purchased (in shares) \| shares		101,000
Junior subordinated debt [Member] \| Trust Preferred Securities [Member] \| Maiden Capital Financing Trust [Member]
Debt Instrument [Line Items]
Face amount					$ 260,000		$ 260,000
Number of units issued (in units) \| Unit		260,000
Principal amount per unit (in dollars per unit) \| $ / Unit		1,000
Number of common shares per unit (in shares per unit) \| shares / Unit		45
Purchase price per unit (in dollars per unit) \| $ / Unit		1,000.45

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Earnings Per Share [Abstract]
Net income attributable to Maiden common shareholders	$ 21,919	$ 16,004	$ 56,837	$ 10,980
Weighted average number of common shares outstanding – basic (in shares)	72,270,052	72,182,759	72,251,711	72,136,366
Potentially dilutive securities:
Share options and restricted share units (in shares)	868,909	739,209	836,822	746,968
Weighted average number of common shares outstanding – diluted (in shares)	73,138,961	72,921,968	73,088,533	72,883,334
Basic earnings (loss) per share attributable to Maiden shareholders: (in dollars per share)	$ 0.30	$ 0.22	$ 0.79	$ 0.15
Diluted earnings (loss) per share attributable to Maiden shareholders: (in dollars per share)	$ 0.30	$ 0.22	$ 0.78	$ 0.15

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

+ Details

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-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 128
-Paragraph 40
-Subparagraph a
-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

Earnings per Common Share - Anti-dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Share Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive share options excluded from the calculation of diluted earnings per common share	2,082,608	2,147,674

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-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 128
-Paragraph 13, 14
-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 Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-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

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Aug. 22, 2012	Sep. 30, 2012	Sep. 30, 2011
Class of Stock [Line Items]
Proceeds from issuance of Preference Shares		$ 145,041	$ 0
Preference Shares - Series A [Member]
Class of Stock [Line Items]
Number of Preference Shares issued	6,000,000
Dividend rate of Preference Shares	8.25%
Par value of Preference Shares	$ 0.01
Share price	$ 25
Proceeds from issuance of Preference Shares	$ 145,041
Expenses and underwriting discounts	$ 4,959
Redemption price for Preference Shares	$ 25
Sale price of Preference Shares	$ 25

Share Based Compensation (Details) - USD ($)		3 Months Ended				9 Months Ended		12 Months Ended
Share Based Compensation (Details) - USD ($)	Mar. 01, 2012	Sep. 30, 2012	Jun. 30, 2012	Sep. 30, 2011	Jun. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the Plan (in shares)		10,000,000				10,000,000
Share-based compensation expense from adoption of ASC Topic 718		$ 343,000		$ 333,000		$ 995,000	$ 1,011,000
Assumptions:
Volatility, minimum						45.55%
Volatility, maximum						47.60%
Risk-free interest rate, minimum						1.29%
Risk-free interest rate, maximum						1.62%
Weighted average expected lives						6 years 1 month 6 days
Forfeiture rate, minimum						0.00%
Forfeiture rate, maximum						0.00%
Number of Share Options, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)		2,870,581		2,892,533		2,916,143	2,940,876	2,940,876
Granted (in shares)				0		49,500	36,500
Exercised (in shares)		(20,907)		(55,642)		(61,061)	(99,172)
Expired (in shares)		(52,251)		(1,750)		(103,284)	(43,063)
Forfeited (in shares)		(7,465)				(11,340)
Outstanding, end of period (in shares)		2,789,958	2,870,581	2,835,141	2,892,533	2,789,958	2,835,141	2,916,143	2,940,876
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)		$ 6.62		$ 6.47		$ 6.61	$ 6.41	$ 6.41
Granted (in dollars per share)				0.00		8.77	8.81
Exercised (in dollars per share)		4.36		3.28		4.16	3.50
Expired (in dollars per share)		9.90		7.66		9.88	7.23
Forfeited (in dollars per share)		7.76				7.54
Outstanding, end of period (in dollars per share)		$ 6.58	$ 6.62	$ 6.54	$ 6.47	$ 6.58	$ 6.54	$ 6.61	$ 6.41
Weighted Average Remaining Contractual Term [Roll Forward]
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2		6 years 10 months 24 days	7 years 1 month 17 days	7 years 8 months 19 days	7 years 11 months 16 days	6 years 10 months 24 days	7 years 8 months 19 days	7 years 6 months 18 days	8 years 4 months 24 days
Granted						9 years 6 months 11 days	9 years 7 months 10 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2		6 years 10 months 24 days	7 years 1 month 17 days	7 years 8 months 19 days	7 years 11 months 16 days	6 years 10 months 24 days	7 years 8 months 19 days	7 years 6 months 18 days	8 years 4 months 24 days
Weighted average grant date fair value (in dollars per share)		$ 2.00		$ 1.97		$ 2.00	$ 1.97
Unrecognized compensation cost related to non-vested share-based compensation arrangements		$ 1,630		$ 2,411		$ 1,630	$ 2,411
Minimum [Member]
Assumptions:
Dividend yield rate						3.04%
Maximum [Member]
Assumptions:
Dividend yield rate						3.27%
Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options that will become exercisable on the first anniversary of the grant date		25.00%				25.00%
Additional options vesting each quarter based on the grantee’s continued employment over a four-year period after the first anniversary		6.25%				6.25%
Additional vesting period after first anniversary						4 years
Award expiration period						10 years
CEO Non-Performance-Based Restricted Share Units [Member]
Weighted Average Remaining Contractual Term [Roll Forward]
Unrecognized compensation cost related to non-vested share-based compensation arrangements		$ 589				$ 589
Units awarded	86,705
Fair value of awards	$ 8.56
Life of awards	34 months

Dividends Declared (Details) - $ / shares		3 Months Ended		9 Months Ended
Dividends Declared (Details) - $ / shares	Aug. 07, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Dividends [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.24	$ 0.22

Related Party Transactions - AmTrust (Details)	1 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended			10 Months Ended	15 Months Ended	18 Months Ended	24 Months Ended	25 Months Ended	33 Months Ended	63 Months Ended
Related Party Transactions - AmTrust (Details)	Jul. 31, 2007 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)	Mar. 31, 2011	Sep. 30, 2012 EUR (€)	Dec. 31, 2009 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2012 USD ($)
Related Party Transaction [Line Items]
Cancellation notice period											4 months
Loan to related party		$ 167,975,000				$ 167,975,000	$ 167,975,000		$ 167,975,000				$ 167,975,000	$ 167,975,000	$ 167,975,000
Founding Shareholders [Member] \| AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Ownership percentage		60.00%				60.00%							60.00%	60.00%	60.00%
AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Loan to related party		$ 167,975,000				$ 167,975,000	167,975,000		167,975,000				$ 167,975,000	$ 167,975,000	$ 167,975,000
Loan to related party, Basis spread on LIBOR		0.90%				0.90%							0.90%	0.90%	0.90%
Loan to related party, LIBOR basis spread assessment period		360 days				360 days							360 days	360 days	360 days
Collateral held by related party		$ 793,945,000				$ 793,945,000	461,216,000		461,216,000				$ 793,945,000	$ 793,945,000	$ 793,945,000
Accrued interest on collateral held by related party		$ 6,633,000				$ 6,633,000	$ 4,131,000		4,131,000				$ 6,633,000	$ 6,633,000	$ 6,633,000
AmTrust Financial Services, Inc. [Member] \| AmTrust Quota Share Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party	40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party	40.00%
Covered business threshold	$ 5,000,000
Premiums and losses related to covered business to cede										40.00%
Commission rate, percent of ceded written premiums						31.00%	30.00%			31.00%
Commission rate, adjustment to percent of ceded written premiums						1.00%
Commission rate, adjusted percent of ceded written premiums						30.00%
Commission rate, adjustment criteria, threshold percent of specialty risk and extended warranty to covered business						42.00%
Commission rate, adjustment criteria 2, floor percent of specialty risk and extended warranty to covered business						38.00%
Commission rate, reduced adjustment to percent of ceded written premiums						0.50%
Commission rate, reduced adjustment to percent of ceded written premiums						30.50%
Contract extension		1 year				1 year							1 year	1 year	1 year
Cancellation notice period						9 months
Cancellation notice period upon the occurrence of certain early termination events						30 days
Early termination events, reduction threshold of stockholders' equity						50.00%
Contract extension						3 years
AmTrust Financial Services, Inc. [Member] \| AmTrust Quota Share Reinsurance Agreement [Member] \| Commissions Paid [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions		$ 46,969,000	$ 41,722,000			$ 132,098,000		$ 112,965,000
AmTrust Financial Services, Inc. [Member] \| AmTrust European Hospital Liability Quota Share Agreement [Member]
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums											5.00%
Premiums and losses related to policies											40.00%
Maximum limit of liability attaching \| €											€ 5,000
Percent basis currency equivalent of maximum limit of liabilitiy attaching											100.00%
Profit sharing commencement period											2 years
Portion of excess performance to be shared											50.00%
Agreement period											1 year
Contract extension											1 year
AmTrust Financial Services, Inc. [Member] \| AmTrust European Hospital Liability Quota Share Agreement [Member] \| Commissions Paid [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions		1,340,000	1,127,000			3,774,000		2,102,000
AmTrust Financial Services, Inc. [Member] \| AmTrust Workers' Compensation Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Percent participation in reinsurance program												45.00%		40.00%
Excess reinsurance coverage above threshold												$ 9,000,000
Reinsurance coverage threshold												1,000,000
Reinsurance coverage limit												10,000,000		$ 10,000,000
Annual aggregate deductible												$ 1,250,000
Remaining percent participation in single carrier												55.00%
AmTrust Financial Services, Inc. [Member] \| AmTrust Technology Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums													5.00%
Agreement period													3 years
Percent of credit insurance business to cede													90.00%
Percent of general liability busines to cede													100.00%
AmTrust Financial Services, Inc. [Member] \| AmTrust Technology Reinsurance Agreement [Member] \| Commissions Paid [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions		404,000	564,000			1,921,000		1,253,000
AmTrust Financial Services, Inc. [Member] \| AmTrust Technology Reinsurance Agreement [Member] \| Premiums Earned [Member]
Related Party Transaction [Line Items]
Revenue from related parties		1,404,000	1,862,000			6,438,000		4,119,000
AmTrust Financial Services, Inc. [Member] \| AmTrust SNIC Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums													5.00%
Agreement period													1 year
Percent of gross liabilities, from related party													80.00%
AmTrust Financial Services, Inc. [Member] \| AmTrust SNIC Reinsurance Agreement [Member] \| Commissions Paid [Member]
Related Party Transaction [Line Items]
Revenue from related parties		117,000	0			289,000		100
AmTrust Financial Services, Inc. [Member] \| AmTrust SNIC Reinsurance Agreement [Member] \| Premiums Earned [Member]
Related Party Transaction [Line Items]
Revenue from related parties		619,000	$ 0			1,270,000		$ 7,000
AmTrust Financial Services, Inc. [Member] \| Reinsurance Brokerage Agreements [Member]
Related Party Transaction [Line Items]
Cancellation notice period											30 days
Agreement period											1 year
Brokerage fee, percent of premium assumed											1.25%
Brokerage fees paid		20,000		$ 33,000	$ 70,000	20,000
AmTrust Financial Services, Inc. [Member] \| Reinsurance Brokerage Agreements [Member] \| Brokerage Expense [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions		2,216,000		1,996,000	5,131,000	6,412,000
Reserve for loss and loss adjustment expenses		6,067,000				6,067,000	$ 4,891,000		$ 4,891,000				$ 6,067,000	$ 6,067,000	$ 6,067,000
AmTrust Financial Services, Inc. [Member] \| Asset Management Agreement [Member]
Related Party Transaction [Line Items]
Cancellation notice period															30 days
Quarterly brokerage fee, below portfolio threshold, percent of average holdings															0.05%
Quarterly brokerage fee, portfolio threshold															$ 1,000,000,000
Quarterly brokerage fee, above portfolio threshold, percent of average holdings															0.0375%
AmTrust Financial Services, Inc. [Member] \| Asset Management Agreement [Member] \| Investment Management Fees [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions		952,000		795,000	2,364,000	2,667,000
AmTrust Financial Services, Inc. [Member] \| AmTrust Time Sharing Agreement [Member]
Related Party Transaction [Line Items]
Agreement period									10 months
Contract extension									1 year
AmTrust Financial Services, Inc. [Member] \| AmTrust Time Sharing Agreement [Member] \| Aircraft Expenses [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions		$ 6,000		$ 23,000	$ 65,000	$ 38,000
AmTrust Financial Services, Inc. [Member] \| American Capital Acquisition Corp. [Member]
Related Party Transaction [Line Items]
Ownership percentage upon conversion of preferred stock		21.25%				21.25%							21.25%	21.25%	21.25%
Michael Karfunkel 2005 Grantor Retained Annuity Trust [Member] \| American Capital Acquisition Corp. [Member]
Related Party Transaction [Line Items]
Ownership percentage		72.40%				72.40%							72.40%	72.40%	72.40%
Michael Karfunkel [Member] \| American Capital Acquisition Corp. [Member]
Related Party Transaction [Line Items]
Ownership percentage		27.60%				27.60%							27.60%	27.60%	27.60%

Related Party Transactions - ACAC (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended		18 Months Ended	31 Months Ended	33 Months Ended
Related Party Transactions - ACAC (Details) - USD ($)	Sep. 12, 2012	Jul. 15, 2011	Jun. 30, 2011	Sep. 30, 2012	Jun. 30, 2011	Jun. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Cancellation notice period									4 months
Principal amount repurchased							$ 0	$ 107,500,000
Senior notes [Member] \| 8.25% Senior note [Member]
Related Party Transaction [Line Items]
Face amount				$ 107,500,000			$ 107,500,000		$ 107,500,000	$ 107,500,000	$ 107,500,000	$ 107,500,000
Stated interest rate			8.25%		8.25%	8.25%
Junior subordinated debt [Member] \| Trust Preferred Securities [Member]
Related Party Transaction [Line Items]
Stated interest rate				14.00%			14.00%		14.00%	14.00%	14.00%
Principal amount repurchased			$ 107,500,000
American Capital Acquisition Corp. [Member] \| Senior notes [Member] \| 8.25% Senior note [Member]
Related Party Transaction [Line Items]
Face amount			$ 107,500,000		$ 107,500,000	$ 107,500,000
Stated interest rate			8.25%		8.25%	8.25%
Principal amount repurchased			$ 107,500,000
American Capital Acquisition Corp. [Member] \| Junior subordinated debt [Member] \| Trust Preferred Securities [Member] \| Maiden Capital Financing Trust [Member]
Related Party Transaction [Line Items]
Face amount				$ 260,000,000			$ 260,000,000		$ 260,000,000	$ 260,000,000	$ 260,000,000
Principal amount repurchased		$ 12,500,000
American Capital Acquisition Corp. [Member] \| ACAC Quota Share Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Percent of net premiums of personal lines business reinsured										25.00%
Percent participation in quota share by parent										50.00%
Percent of net premiums of personal lines business received by parent										25.00%
Percent of net premiums of personal lines business received by reinsurers										50.00%
Percent of net losses related to premiums of personal lines business assumed by reinsurers										50.00%
Agreement period										3 years
Contract extension										3 years
Cancellation notice period										9 months
Cancellation notice period upon the occurrence of certain early termination events										60 days
Early termination events, reduction threshold of stockholders' equity										50.00%
Cancellation notice period upon the occurrence of IPO										9 months
Commission rate, percent of ceded written premiums										32.50%
Commission rate, adjusted percent of ceded written premiums										34.50%
Commission rate, adjustment criteria, loss ratio ceiling										60.50%
Commission rate, reduced adjustment to percent of ceded written premiums										30.50%
Commission rate, adjustment criteria, loss ratio floor										64.50%
American Capital Acquisition Corp. [Member] \| ACAC Quota Share Reinsurance Agreement [Member] \| Commissions Paid [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions				21,856,000	$ 19,156,000	$ 55,458,000	$ 63,435,000
American Capital Acquisition Corp. [Member] \| ACAC Integon Consulting Agreement [Member]
Related Party Transaction [Line Items]
Agreement period	1 year
Contract extension	1 year
Cancellation notice period	120 days
Monthly base fee	$ 25,000
Fee rate per policy quote	100
Fee rate per policy requote	$ 100
Revenue from related parties				0							$ 0
American Capital Acquisition Corp. [Member] \| ACAC New South Insurance Company Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Percent of personal lines business ceded to related party							100.00%
American Capital Acquisition Corp. [Member] \| ACAC New South Insurance Company Reinsurance Agreement [Member] \| Commissions Paid [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions				0	0	200	$ 0
American Capital Acquisition Corp. [Member] \| ACAC New South Insurance Company Reinsurance Agreement [Member] \| Premiums Earned [Member]
Related Party Transaction [Line Items]
Revenue from related parties				$ 0	$ 0	$ (600)	$ 0
American Capital Acquisition Corp. [Member] \| AmTrust International Insurance, Ltd. [Member] \| Junior subordinated debt [Member] \| Trust Preferred Securities [Member] \| Maiden Capital Financing Trust [Member]
Related Party Transaction [Line Items]
Principal amount repurchased		12,500,000
Michael Karfunkel [Member] \| Junior subordinated debt [Member] \| Trust Preferred Securities [Member] \| Maiden Capital Financing Trust [Member]
Related Party Transaction [Line Items]
Principal amount repurchased		79,066,000
George Karfunkel [Member] \| Junior subordinated debt [Member] \| Trust Preferred Securities [Member] \| Maiden Capital Financing Trust [Member]
Related Party Transaction [Line Items]
Principal amount repurchased		$ 25,000,000

Segments - Net Income (Loss) and Total Assets (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2012

USD ($)

Sep. 30, 2011

USD ($)

Sep. 30, 2012

USD ($)

Segment

Sep. 30, 2011

USD ($)

Dec. 31, 2011

USD ($)

Segment Reporting Information [Line Items]

Number of operating segments | Segment

Net Income (Loss) [Abstract]

Net premiums written

$ 455,847

$ 428,586

$ 1,458,640

$ 1,315,052

Net premiums earned

448,973

420,277

1,324,585

1,134,595

Other insurance revenue

2,622

4,530

9,650

11,364

Net loss and loss adjustment expenses

(309,146)

(274,504)

(897,498)

(746,285)

Commission and other acquisition expenses

(120,923)

(126,777)

(367,844)

(339,673)

General and administrative expenses

(9,990)

(9,414)

(33,859)

(28,030)

Underwriting income

11,536

14,112

35,034

31,971

Reconciliation to net loss attributable to Maiden shareholders [Abstract]

Net investment income and realized and unrealized gains (losses) on investment

23,960

15,849

60,908

55,446

Amortization of intangible assets

(1,090)

(1,258)

(3,271)

(3,775)

Foreign exchange losses (gains)

1,213

(1,103)

1,318

898

Interest and amortization expenses

(9,569)

(8,178)

(26,815)

(26,588)

Accelerated Amortization of Debt Discount and Issuance Cost, Junior Subordinated Debentures

(20,313)

Debt Repurchase Expense, Junior Subordinated Debentures

(15,050)

Other general and administrative expenses

(3,588)

(3,061)

(8,758)

(9,577)

Income tax expense

(528)

(359)

(1,498)

(2,037)

Net (income) loss attributable to noncontrolling interest

(15)

(81)

Net income (loss) attributable to Maiden shareholders

$ 21,919

$ 16,004

$ 56,837

$ 10,980

Net loss and loss expense ratio

^[1]

68.50%

64.60%

67.30%

65.10%

Acquisition cost ratio

^[2]

26.80%

29.80%

27.60%

29.60%

General and administrative expense ratio

^[3]

2.90%

3.00%

3.10%

3.30%

Combined ratio

^[4]

98.20%

97.40%

98.00%

Assets [Abstract]

Reinsurance balances receivable, net

$ 449,186

$ 423,355

Funds withheld

41,927

42,605

Prepaid reinsurance premiums

43,621

35,381

Reinsurance recoverable on unpaid losses

29,110

20,289

Deferred commission and other acquisition expenses

274,587

248,436

Loan to related party

167,975

Goodwill and intangible assets, net

95,484

98,755

Restricted investments and cash

2,083,499

1,586,243

Corporate and other assets

763,726

772,072

Total assets

3,949,115

3,395,111

Diversified Reinsurance Segment [Member]

Net Income (Loss) [Abstract]

Net premiums written

193,943

$ 188,652

626,220

$ 605,490

Net premiums earned

200,020

197,803

603,613

542,325

Other insurance revenue

2,622

4,530

9,650

11,364

Net loss and loss adjustment expenses

(141,625)

(123,267)

(412,437)

(349,999)

Commission and other acquisition expenses

(47,801)

(62,032)

(159,895)

(161,709)

General and administrative expenses

(9,256)

(8,468)

(31,849)

(24,805)

Underwriting income

$ 3,960

$ 8,566

$ 9,082

$ 17,176

Reconciliation to net loss attributable to Maiden shareholders [Abstract]

Net loss and loss expense ratio

^[1]

69.90%

60.90%

67.30%

63.20%

Acquisition cost ratio

^[2]

23.60%

30.70%

26.10%

29.20%

General and administrative expense ratio

^[3]

4.50%

4.20%

5.10%

4.50%

Combined ratio

^[4]

98.00%

95.80%

98.50%

96.90%

Assets [Abstract]

Reinsurance balances receivable, net

$ 239,667

244,610

Funds withheld

41,927

42,605

Prepaid reinsurance premiums

43,621

35,381

Reinsurance recoverable on unpaid losses

29,110

20,289

Deferred commission and other acquisition expenses

95,213

98,712

Loan to related party

Goodwill and intangible assets, net

95,484

98,755

Restricted investments and cash

1,203,909

1,063,010

Corporate and other assets

1,911

2,429

Total assets

1,750,842

1,605,791

AmTrust Quota Share Reinsurance Segment [Member]

Net Income (Loss) [Abstract]

Net premiums written

186,258

$ 173,502

607,902

$ 516,665

Net premiums earned

177,293

159,668

512,988

410,441

Other insurance revenue

Net loss and loss adjustment expenses

(120,942)

(110,727)

(350,553)

(279,006)

Commission and other acquisition expenses

(50,525)

(44,845)

(142,284)

(120,198)

General and administrative expenses

(535)

(538)

(1,444)

(1,802)

Underwriting income

$ 5,291

$ 3,558

$ 18,707

$ 9,435

Reconciliation to net loss attributable to Maiden shareholders [Abstract]

Net loss and loss expense ratio

^[1]

68.20%

69.30%

68.30%

68.00%

Acquisition cost ratio

^[2]

28.50%

28.10%

27.70%

29.30%

General and administrative expense ratio

^[3]

0.30%

0.40%

Combined ratio

^[4]

97.00%

97.80%

96.40%

97.70%

Assets [Abstract]

Reinsurance balances receivable, net

$ 119,859

102,003

Funds withheld

Prepaid reinsurance premiums

Reinsurance recoverable on unpaid losses

Deferred commission and other acquisition expenses

144,960

120,369

Loan to related party

167,975

Goodwill and intangible assets, net

Restricted investments and cash

793,945

461,216

Corporate and other assets

Total assets

1,226,739

851,563

ACAC Quota Share Segment [Member]

Net Income (Loss) [Abstract]

Net premiums written

75,646

$ 66,432

224,518

$ 192,897

Net premiums earned

71,660

62,806

207,984

181,829

Other insurance revenue

Net loss and loss adjustment expenses

(46,579)

(40,510)

(134,508)

(117,280)

Commission and other acquisition expenses

(22,597)

(19,900)

(65,665)

(57,766)

General and administrative expenses

(199)

(408)

(566)

(1,423)

Underwriting income

$ 2,285

$ 1,988

$ 7,245

$ 5,360

Reconciliation to net loss attributable to Maiden shareholders [Abstract]

Net loss and loss expense ratio

^[1]

65.00%

64.50%

64.70%

64.50%

Acquisition cost ratio

^[2]

31.50%

31.70%

31.60%

31.80%

General and administrative expense ratio

^[3]

0.30%

0.60%

0.20%

0.80%

Combined ratio

^[4]

96.80%

96.50%

97.10%

Assets [Abstract]

Reinsurance balances receivable, net

$ 89,660

76,742

Funds withheld

Prepaid reinsurance premiums

Reinsurance recoverable on unpaid losses

Deferred commission and other acquisition expenses

34,414

29,355

Loan to related party

Goodwill and intangible assets, net

Restricted investments and cash

85,645

62,017

Corporate and other assets

Total assets

$ 209,719

$ 168,114

[1]	Calculated by dividing net loss and loss adjustment expenses by net premiums earned and other insurance revenue.
[2]	Calculated by dividing commission and other acquisition expenses by net premiums earned and other insurance revenue.
[3]	Calculated by dividing general and administrative expenses by net premiums earned and other insurance revenue.
[4]	Calculated by adding together net loss and loss adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

Segments - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segments - Net Premiums (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Segment Reporting Information [Line Items]
Net premiums written	$ 455,847	$ 428,586	$ 1,458,640	$ 1,315,052
% of Total Net premiums written	100.00%	100.00%	100.00%	100.00%
Net premiums earned	$ 448,973	$ 420,277	$ 1,324,585	$ 1,134,595
% of Total Net premiums earned	100.00%	100.00%	100.00%	100.00%
Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 193,943	$ 188,652	$ 626,220	$ 605,490
% of Total Net premiums written	42.50%	44.00%	42.90%	46.00%
Net premiums earned	$ 200,020	$ 197,803	$ 603,613	$ 542,325
% of Total Net premiums earned	44.50%	47.10%	45.60%	47.80%
AmTrust Quota Share Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 186,258	$ 173,502	$ 607,902	$ 516,665
% of Total Net premiums written	40.90%	40.50%	41.70%	39.30%
Net premiums earned	$ 177,293	$ 159,668	$ 512,988	$ 410,441
% of Total Net premiums earned	39.50%	38.00%	38.70%	36.20%
ACAC Quota Share Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 75,646	$ 66,432	$ 224,518	$ 192,897
% of Total Net premiums written	16.60%	15.50%	15.40%	14.70%
Net premiums earned	$ 71,660	$ 62,806	$ 207,984	$ 181,829
% of Total Net premiums earned	16.00%	14.90%	15.70%	16.00%
Property [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 41,667	$ 46,908	$ 157,628	$ 168,612
% of Total Net premiums written	9.10%	10.90%	10.80%	12.80%
Net premiums earned	$ 50,688	$ 45,345	$ 164,739	$ 134,741
% of Total Net premiums earned	11.30%	10.80%	12.40%	11.90%
Casualty [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 114,655	$ 106,413	$ 349,356	$ 314,216
% of Total Net premiums written	25.20%	24.80%	24.00%	23.90%
Net premiums earned	$ 119,572	$ 107,757	$ 334,559	$ 285,716
% of Total Net premiums earned	26.60%	25.60%	25.30%	25.20%
Accident and Health [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 9,174	$ 13,238	$ 34,484	$ 36,779
% of Total Net premiums written	2.00%	3.10%	2.30%	2.80%
Net premiums earned	$ 11,176	$ 10,425	$ 32,547	$ 33,524
% of Total Net premiums earned	2.50%	2.50%	2.50%	3.00%
International [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 28,447	$ 22,093	$ 84,752	$ 85,883
% of Total Net premiums written	6.20%	5.20%	5.80%	6.50%
Net premiums earned	$ 18,584	$ 34,276	$ 71,768	$ 88,344
% of Total Net premiums earned	4.10%	8.20%	5.40%	7.70%
Small Commercial Business [Member] \| AmTrust Quota Share Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 84,024	$ 57,836	$ 256,198	$ 174,448
% of Total Net premiums written	18.40%	13.50%	17.60%	13.30%
Net premiums earned	$ 81,287	$ 55,542	$ 218,086	$ 156,041
% of Total Net premiums earned	18.10%	13.20%	16.40%	13.70%
Specialty Program [Member] \| AmTrust Quota Share Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 14,931	$ 38,242	$ 63,877	$ 73,674
% of Total Net premiums written	3.30%	8.90%	4.40%	5.60%
Net premiums earned	$ 9,828	$ 26,642	$ 60,414	$ 63,155
% of Total Net premiums earned	2.20%	6.30%	4.60%	5.60%
Specialty Risk and Extended Warranty [Member] \| AmTrust Quota Share Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 87,303	$ 77,424	$ 287,827	$ 268,543
% of Total Net premiums written	19.20%	18.10%	19.70%	20.40%
Net premiums earned	$ 86,178	$ 77,484	$ 234,488	$ 191,245
% of Total Net premiums earned	19.20%	18.50%	17.70%	16.90%
Automobile Liability [Member] \| ACAC Quota Share Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 39,019	$ 38,453	$ 118,288	$ 110,661
% of Total Net premiums written	8.60%	9.00%	8.10%	8.40%
Net premiums earned	$ 38,374	$ 36,126	$ 113,168	$ 104,146
% of Total Net premiums earned	8.60%	8.60%	8.50%	9.20%
Automobile Physical Damage [Member] \| ACAC Quota Share Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	$ 36,627	$ 27,979	$ 106,230	$ 82,236
% of Total Net premiums written	8.00%	6.50%	7.30%	6.30%
Net premiums earned	$ 33,286	$ 26,680	$ 94,816	$ 77,683
% of Total Net premiums earned	7.40%	6.30%	7.20%	6.80%

Subsequent Events (Details) - $ / shares			3 Months Ended		9 Months Ended
Subsequent Events (Details) - $ / shares	Nov. 07, 2012	Aug. 07, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.08	$ 0.08	$ 0.08	$ 0.24	$ 0.22
Subsequent Event [Member] \| Dividend Declared [Member]
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.09
Dividends declared per Preference share (in dollars per share)	$ 0.61