AmTrust Financial Services (AFSIP) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	AFSI
Entity Registrant Name	AMTRUST FINANCIAL SERVICES, INC.
Entity Central Index Key	1,365,555
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		173,865,382

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost $6,221,739; $5,482,042)	$ 6,307,719	$ 5,433,797
Equity securities, available-for-sale, at fair value (cost $110,594; $109,346)	98,518	104,497
Equity securities, trading, at fair value (cost $28,142; $26,937)	29,891	27,271
Short-term investments	34,008	84,266
Equity investment in unconsolidated subsidiaries – related party	146,000	138,023
Other investments (related party $68,860; $64,869; recorded at fair value $42,322; $30,309)	126,875	99,012
Total investments	6,743,011	5,886,866
Cash and cash equivalents	998,282	931,970
Restricted cash and cash equivalents	359,876	380,699
Accrued interest and dividends	57,179	51,487
Premiums receivable, net	2,376,689	2,115,653
Reinsurance recoverable (related party $2,282,432; $1,963,140)	3,097,192	3,008,670
Prepaid reinsurance premium (related party $1,184,742; $1,066,961)	1,633,866	1,531,866
Other assets (related party $206,298; $189,223; recorded at fair value $294,573; $264,001)	1,247,886	1,398,064
Deferred policy acquisition costs	761,802	704,243
Property and equipment, net	292,381	281,456
Goodwill	426,268	432,700
Intangible assets	361,289	367,345
Total assets	18,355,721	17,091,019
Liabilities:
Loss and loss adjustment expense reserves	7,516,089	7,208,367
Unearned premiums	4,290,528	4,014,728
Ceded reinsurance premiums payable (related party $571,754; $379,988)	851,192	651,051
Accrued expenses and other liabilities (related party $167,975; $167,975; recorded at fair value $101,655; $132,558)	1,379,985	1,140,830
Debt	993,028	989,356
Total liabilities	$ 15,030,822	$ 14,004,332
Commitments and contingencies
Redeemable non-controlling interest	$ 1,332	$ 1,172
Stockholders’ equity:
Common stock, $0.01 par value; 500,000 shares authorized; 196,455 issued, 175,400 and 175,915 outstanding in 2016 and 2015, respectively	1,965	1,964
Preferred stock, $0.01 par value; 10,000 shares authorized; 5,112 and 4,968 issued and outstanding; $626,250 and $482,500 aggregated liquidation preference in 2016 and 2015, respectively.	626,250	482,500
Additional paid-in capital	1,381,282	1,383,492
Treasury stock at cost; 21,054 and 20,540 shares in 2016 and 2015, respectively	(177,071)	(162,867)
Accumulated other comprehensive loss, net of tax	(97,348)	(130,262)
Retained earnings	1,408,177	1,334,233
Total AmTrust Financial Services, Inc. equity	3,143,255	2,909,060
Non-controlling interest	180,312	176,455
Total stockholders’ equity	3,323,567	3,085,515
Total liabilities and stockholders' equity	$ 18,355,721	$ 17,091,019

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fixed maturities, available-for-sale, amortized cost	$ 6,221,739	$ 5,482,042
Equity securities, available-for-sale, cost	110,594	109,346
Trading securities, cost basis	28,142	26,937
Other Investments	42,322	30,309
Other investments (related party $68,860; $64,869; recorded at fair value $42,322; $30,309)	126,875	99,012
Reinsurance recoverable	3,097,192	3,008,670
Prepaid reinsurance premium	1,633,866	1,531,866
Other assets, fair value	294,573	264,001
Other assets	1,247,886	1,398,064
Ceded reinsurance premiums payable	851,192	651,051
Accrued expenses and other current liabilities	101,655	132,558
Accrued expenses and other liabilities (related party $167,975; $167,975; recorded at fair value $101,655; $132,558)	$ 1,379,985	$ 1,140,830
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	196,455,000	196,455,000
Common stock, shares outstanding	175,400,000	175,915,000
Liquidation preference	$ 626,250	$ 482,500
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued	5,112,000	4,968,000
Preferred Stock, shares outstanding	5,112,000	4,968,000
Treasury stock, at cost, shares	21,055,000	20,540,000
Related Party Transactions
Other investments (related party $68,860; $64,869; recorded at fair value $42,322; $30,309)	$ 68,860	$ 64,869
Reinsurance recoverable	2,282,432	1,963,140
Prepaid reinsurance premium	1,184,742	1,066,961
Other assets	206,298	189,223
Ceded reinsurance premiums payable	571,754	379,988
Accrued expenses and other liabilities (related party $167,975; $167,975; recorded at fair value $101,655; $132,558)	$ 167,975	$ 167,975

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Premium income:
Net written premium	$ 1,220,679	$ 1,043,189
Change in unearned premium	(146,397)	(93,812)
Net earned premium	1,074,282	949,377
Service and fee income (related parties - $20,163, $17,404)	144,201	112,886
Net investment income	49,415	34,573
Net realized and unrealized gain on investments	7,975	15,653
Total revenues	1,275,873	1,112,489
Expenses:
Loss and loss adjustment expense	715,073	613,283
Acquisition costs and other underwriting expenses (net of ceding commission - related party - $138,391; $118,687)	264,634	231,676
Other	128,186	98,457
Total expenses	1,107,893	943,416
Income before other income (expense), income taxes and equity in earnings of unconsolidated subsidiaries	167,980	169,073
Other income (loss):
Interest expense (net of interest income - related party - $2,188, $2,188)	(17,700)	(10,255)
Loss on extinguishment of debt	0	(4,714)
Gain on investment in life settlement contracts net of profit commission	10,730	11,373
Foreign currency (loss) gain	(35,673)	39,954
Acquisition gain on purchase	9,678	0
Total other (loss) income	(32,965)	36,358
Income before income taxes and equity in earnings of unconsolidated subsidiaries	135,015	205,431
Provision for income taxes	27,726	46,812
Income before equity in earnings of unconsolidated subsidiaries	107,289	158,619
Equity in earnings of unconsolidated subsidiaries – related parties	5,776	5,529
Net income	113,065	164,148
Net income attributable to redeemable non-controlling interest and non-controlling interest of subsidiaries	(4,017)	(4,083)
Net income attributable to AmTrust Financial Services, Inc.	109,048	160,065
Dividends on preferred stock	(8,791)	(5,369)
Net income attributable to AmTrust common stockholders	$ 100,257	$ 154,696
Earnings per common share: (usd per share)
Basic earnings per share (usd per share)	$ 0.57	$ 0.95
Diluted earnings per share (usd per share)	0.56	0.93
Dividends declared per common share (usd per share)	$ 0.15	$ 0.1
Net realized gain on investments:
Total other-than-temporary impairment loss	$ 0	$ (1,016)
Portion of loss recognized in other comprehensive income	0	0
Net impairment losses recognized in earnings	0	(1,016)
Net realized gain on available for sale securities	5,272	16,989
Net unrealized gain (loss) on trading securities and other investments	2,703	(320)
Net realized investment gain	$ 7,975	$ 15,653

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Service and fee income	$ 144,201	$ 112,886
Interest Income form related party	2,188	2,188
Related Party Transactions
Service and fee income	20,163	17,404
Ceding commission - earned	$ 138,391	$ 118,687

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 113,065	$ 164,148
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(47,845)	(65,353)
Change in fair value of interest rate swap	119	27
Unrealized gain (loss) on securities:
Gross unrealized holding gain	124,720	11,185
Tax expense arising during period	43,652	3,915
Net unrealized holding gain	81,068	7,270
Other-than-temporary impairment loss	0	0
Other net realized gain (loss) on investments	(428)	(415)
Reclassification adjustments for investment gain (loss) included in net income:	(428)	(415)
Other comprehensive income (loss), net of tax	32,914	(58,471)
Comprehensive income	145,979	105,677
Less: Comprehensive income attributable to redeemable non-controlling interest and non-controlling interest	4,017	4,083
Comprehensive income attributable to AmTrust Financial Services, Inc.	$ 141,962	$ 101,594

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Net income	$ 113,065	$ 164,148
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,347	19,426
Net amortization of bond premium or discount	4,842	5,890
Equity earnings on investment in unconsolidated subsidiaries	(5,776)	(5,529)
Gain on investment in life settlement contracts, net	(10,730)	(11,373)
Realized gain on available for sale securities and unrealized gain on trading securities	(7,975)	(16,669)
Non-cash write-down of available for sale securities	0	1,016
Discount on notes payable	1,455	1,389
Stock based compensation	5,641	4,914
Loss on extinguishment of debt	0	4,714
Bad debt expense	305	6,281
Foreign currency loss (gain)	35,673	(39,954)
Acquisition gain on purchase	9,678	0
Changes in assets - (increase) decrease:
Premiums and note receivables	(256,816)	(289,546)
Reinsurance recoverable	(72,607)	(102,608)
Deferred policy acquisition costs, net	(57,559)	(23,501)
Prepaid reinsurance premiums	(102,000)	(170,505)
Other assets	124,899	35,792
Changes in liabilities - increase (decrease):
Reinsurance premium payable	203,594	89,550
Loss and loss expense reserve	(271,070)	(174,000)
Unearned premiums	263,749	232,986
Funds held under reinsurance treaties	(30,984)	18,984
Accrued expenses and other current liabilities	192,883	170,409
Deferred taxes	53	(76,020)
Net cash provided by operating activities	688,451	193,794
Cash flows from investing activities:
Purchases of fixed maturities, available-for-sale	(870,349)	(434,806)
Purchases of equity securities, available-for-sale	(613)	(15,351)
Purchase of equity securities, trading	(54,382)	(62,083)
Purchase of other investments	(12,605)	(27,233)
Sales of fixed maturities, available-for-sale	198,173	292,961
Sales of equity securities, available-for-sale	4,563	9,285
Sales of equity securities, trading	52,744	60,268
Sales of other investments	190	13,337
Net (purchases) sale of short term investments	(17,926)	41,540
Net (purchases) sale of securities sold but not purchased	(9,763)	3,570
Receipt of life settlement contract proceeds	8,058	53,080
Acquisition of subsidiaries, net of cash obtained	3,814	(118,464)
Decrease (increase) in restricted cash and cash equivalents	20,823	(31,403)
Purchase of property and equipment	(25,630)	(21,906)
Net cash used in investing activities	(702,903)	(237,205)
Cash flows from financing activities:
Revolving credit facility borrowings	0	200,000
Revolving credit facility payments	0	(320,000)
Secured loan agreements payments	(1,778)	(1,733)
Convertible senior notes settlement	0	(53,606)
Common stock issuance	276	172,250
Common stock repurchase	(14,668)	(578)
Preferred stock issuance	139,070	176,529
Non-controlling interest capital contributions for consolidated subsidiaries, net	0	565
Stock option exercise and other	(2,982)	310
Dividends distributed on common stock	(26,311)	(19,374)
Dividends distributed on preferred stock	(8,791)	(5,369)
Net cash provided by financing activities	84,816	148,994
Effect of exchange rate changes on cash	(4,052)	(11,326)
Net increase in cash and cash equivalents	66,312	94,257
Cash and cash equivalents, beginning of the period	931,970	902,750
Cash and cash equivalents, end of the period	998,282	997,007
Supplemental Cash Flow Information
Income tax payments	5,467	96,916
Interest payments on debt	16,295	11,442
Declared dividends on common stock	$ 26,313	$ 20,590

Basis of Reporting

Basis of Reporting	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Reporting	Basis of Reporting The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. These interim statements should be read in conjunction with the financial statements and notes thereto included in the AmTrust Financial Services, Inc. (“AmTrust” or the “Company”) Annual Report on Form 10-K for the year ended December 31, 2015 , previously filed with the Securities and Exchange Commission (“SEC”) on February 29, 2016. The balance sheet at December 31, 2015 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These interim 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. The Company implemented a two-for-one stock split on February 2, 2016. As a result, the Company retrospectively adjusted all share and per share amounts in the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements to apply the effect of the stock split for all periods presented. A detailed description of the Company’s significant accounting policies and management judgments is located in the audited consolidated financial statements for the year ended December 31, 2015 , included in the Company’s Form 10-K filed with the SEC. All significant inter-company transactions and accounts have been eliminated in the consolidated financial statements. To facilitate period-to-period comparisons, certain reclassifications have been made to prior period consolidated financial statement amounts to conform to current period presentation. Correction of an Immaterial Error The Company identified an immaterial error related to its classification on the consolidated statement of cash flows for purchases and sales of securities sold but not yet purchased, at fair value. The Company determined that in prior periods reported, these amounts were improperly reflected as changes in accrued expenses and other current liabilities in cash flow from operating activities instead of securities sold but not yet purchased, at fair value, in cash flow from investing activities. The Company reviewed the impact of this error on the prior periods and determined that the error was not material to the prior period consolidated financial statements. The Company has corrected the consolidated statement of cash flows for the three months ended March 31, 2015 by presenting this amount separately within investing activities and decreasing the changes in accrued expenses and other current liabilities within operating activities. The impact of the error decreased the Company's net cash provided by operating activities by $3,570 and increased the Company's cash flows from investing activities by an equivalent amount for the period ended March 31, 2015.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements With the exception of those discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2016 , as compared to those described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , that are of significance, or potential significance, to the Company. In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or a liability, and classification on the statement of cash flows. The updated guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations , which improves the operability and understandability of the implementation guidance on principal versus agent considerations by clarifying that 1) an entity determines whether it is a principal or an agent for each specific good or service promised to the customer; 2) an entity determines the nature of each specific good or service; 3) when another party is involved in providing goods or services to a customer, an entity that is a principal obtains control of (a) a good or another asset from the other party that it then transfers to the customer, (b) a right to a service that will be performed by another party, which gives the entity the ability to direct that party to provide the service to the customer on the entity's behalf, or (c) a good or service from the other party that is combines with other goods or services to provide the specific good or service to the customer; and 4) the purpose of the indicators in paragraph 606-10-55-39 in Topic 606 is to support or assist in the assessment of control. The effective date and transition requirement for this ASU are the same as the effective date and transition requirements of ASU 2014-09, which were deferred to the quarter ending March 31, 2018 by ASU 2015-14. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments , which clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under the amended guidance in this ASU is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence prescribed by Topic 815. The updated guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This ASU should be applied on a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships , which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The updated guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires a lessee to recognize a right of use asset and a lease liability on the balance sheet for leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The updated guidance is effective for fiscal years beginning after December 31, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Specifically, the guidance (a) requires equity investments to be measured at fair value with changes in fair value recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair value at cost minus impairment, if any, plus or minus changes resulted from observable price changes in orderly transactions for identical or similar investments of the same issuer, (b) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (c) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost, (d) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (e) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option, (f) requires separate presentation of financial assets and liabilities by measurement category and form on the balance sheet or the notes to the financial statements, and (g) clarifies that the need for a valuation allowance on a deferred tax asset related to an available for sale security should be evaluated with other deferred tax assets. The updated guidance is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which requires that an acquirer in a business combination transaction recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The ASU requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. It also requires an entity to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The updated guidance was effective for reporting periods beginning after December 15, 2015, and should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU with earlier application permitted for financial statements that have not been issued. The Company elected to early adopt this ASU on September 30, 2015. The adoption of this guidance did not have a material effect on the Company's results of operations, financial position or liquidity. In May 2015, the FASB issued ASU 2015-09, Financial Services - Insurance (Topic 944): Disclosure about Short-Duration Contracts , which provides certain new and additional disclosure requirements about the liability for unpaid claims and claim adjustment expenses associated with short-duration contracts as defined in Topic 944. Pursuant to the updated guidance, all insurance entities that issue short-duration contracts are required to disclose, among other things, incurred and paid claims development information, a reconciliation of such information to the aggregate carrying amount of the liability for unpaid claims and claim adjustment expenses, and significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including the reasons for the change and the effects on the financial statements. The updated guidance is effective for reporting periods beginning after December 15, 2015, and should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , which provides guidance that removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient, and limits certain disclosure requirements only to investments for which the entity elects to measure the fair value using that practical expedient. The updated guidance is effective for reporting periods beginning after December 15, 2015, and should be applied retrospectively for all periods presented. The Company adopted this ASU on January 1, 2016. The adoption of this guidance did not have a material effect on the Company's results of operations, financial position or liquidity. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to determine whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The updated guidance is effective for reporting periods beginning after December 15, 2015, and can be adopted either prospectively to all arrangements entered into or materially modified after the effective date, or retrospectively. The Company adopted this ASU on January 1, 2016. The adoption of this guidance did not have a material effect on the Company's results of operations, financial position or liquidity. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which provides updated guidance to clarify the required presentation of debt issuance costs. The amended guidance requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying amount of the recognized debt liability, consistent with the treatment of debt discounts. Amortization of debt issuance costs is to be reported as interest expense. The recognition and measurement guidance for debt issuance costs are not affected by the updated guidance. The Company adopted this ASU on January 1, 2016. The adoption of this guidance did not have a material effect on the Company's results of operations, financial position or liquidity. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which provides amended guidance on a reporting entity's evaluation whether to consolidate certain legal entities. Specifically, the amendments will modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities with interests in VIEs, particularly those that have fee arrangements and related party relationships, and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The Company adopted this ASU on January 1, 2016. The adoption of this guidance did not have a material effect on the Company's results of operations, financial position or liquidity.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	Investments (a) Available-for-Sale Securities The cost or amortized cost, gross unrealized gains and losses, and estimated fair value of fixed maturities and equity securities classified as available-for-sale as of March 31, 2016 and December 31, 2015 , are presented below: (Amounts in Thousands) Cost or amortized cost Gross unrealized gains Gross unrealized losses Fair Value Preferred stock $ 8,171 $ 163 $ (96 ) $ 8,238 Common stock 102,423 7,469 (19,612 ) 90,280 U.S. treasury securities 240,505 3,160 (11 ) 243,654 U.S. government agencies 40,167 475 (8 ) 40,634 Municipal bonds 572,156 16,929 (1,020 ) 588,065 Foreign government 123,306 6,617 (723 ) 129,200 Corporate bonds: Finance 1,444,380 53,401 (24,458 ) 1,473,323 Industrial 1,911,498 64,634 (51,426 ) 1,924,706 Utilities 166,380 4,392 (8,165 ) 162,607 Commercial mortgage backed securities 171,259 3,984 (3,538 ) 171,705 Residential mortgage backed securities: Agency backed 1,190,473 31,154 (722 ) 1,220,905 Non-agency backed 39,689 929 (259 ) 40,359 Collateralized loan / debt obligations 293,801 2,362 (11,412 ) 284,751 Asset-backed securities 28,125 30 (345 ) 27,810 $ 6,332,333 $ 195,699 $ (121,795 ) $ 6,406,237 (Amounts in Thousands) Cost or amortized cost Gross unrealized gains Gross unrealized losses Fair value Preferred stock $ 4,869 $ 150 $ (30 ) $ 4,989 Common stock 104,477 3,816 (8,785 ) 99,508 U.S. treasury securities 69,547 1,470 (258 ) 70,759 U.S. government agencies 45,586 235 (263 ) 45,558 Municipal bonds 530,004 11,952 (1,530 ) 540,426 Foreign government 109,645 4,912 (812 ) 113,745 Corporate bonds: Finance 1,358,765 38,058 (34,393 ) 1,362,430 Industrial 1,706,772 20,542 (80,251 ) 1,647,063 Utilities 157,067 1,548 (9,115 ) 149,500 Commercial mortgage backed securities 151,164 1,334 (1,180 ) 151,318 Residential mortgage backed securities: Agency backed 964,059 14,912 (4,133 ) 974,838 Non-agency backed 124,046 322 (4,139 ) 120,229 Collateralized loan / debt obligation 232,245 10 (6,161 ) 226,094 Asset backed securities 33,142 4 (1,309 ) 31,837 $ 5,591,388 $ 99,265 $ (152,359 ) $ 5,538,294 Investments in foreign government securities include securities issued by national entities as well as instruments that are unconditionally guaranteed by such entities. As of March 31, 2016 , the Company's foreign government securities were issued or guaranteed primarily by governments in Europe, Canada and Mexico. Proceeds from the sale of investments in available-for-sale securities during the three months ended March 31, 2016 and 2015 were approximately $202,736 and $302,246 , respectively. A summary of the Company’s available-for-sale fixed maturities as of March 31, 2016 and December 31, 2015 , by contractual maturity, is shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2016 December 31, 2015 (Amounts in Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 131,009 $ 129,490 $ 125,563 $ 124,763 Due after one through five years 1,210,531 1,215,729 913,365 909,634 Due after five through ten years 2,756,834 2,807,027 2,586,061 2,537,734 Due after ten years 400,017 409,945 352,397 357,288 Mortgage and asset backed securities 1,723,348 1,745,528 1,504,656 1,504,378 Total fixed maturities $ 6,221,739 $ 6,307,719 $ 5,482,042 $ 5,433,797 Other-than-temporary impairment ("OTTI") charges of our fixed maturities and equity securities classified as available-for-sale are presented below: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Equity securities recognized in earnings $ — $ 1,016 Fixed-maturity securities recognized in earnings — — $ — $ 1,016 The tables below summarize the gross unrealized losses of our fixed maturity and equity securities by length of time the security has continuously been in an unrealized loss position as of March 31, 2016 and December 31, 2015 : Less Than 12 Months 12 Months or More Total (Amounts in Thousands) Fair Market Value Unrealized Losses No. of Positions Held Fair Market Value Unrealized Losses No. of Positions Held Fair Market Value Unrealized Losses Common and preferred stock $ 33,683 $ (19,467 ) 43 $ 6,548 $ (241 ) 20 $ 40,231 $ (19,708 ) U.S. treasury securities 7,742 (4 ) 15 3,254 (7 ) 9 10,996 (11 ) U.S. government agencies 2,220 (7 ) 2 182 (1 ) 2 2,402 (8 ) Municipal bonds 60,310 (291 ) 51 17,928 (729 ) 32 78,238 (1,020 ) Foreign government 10,756 (591 ) 18 6,269 (132 ) 1 17,025 (723 ) Corporate bonds: Finance 361,108 (22,595 ) 220 63,724 (1,863 ) 44 424,832 (24,458 ) Industrial 395,296 (39,700 ) 352 114,721 (11,726 ) 75 510,017 (51,426 ) Utilities 38,717 (4,219 ) 64 9,496 (3,946 ) 19 48,213 (8,165 ) Commercial mortgage backed securities 83,422 (3,303 ) 45 6,292 (235 ) 42 89,714 (3,538 ) Residential mortgage backed securities: Agency backed 2,586 (7 ) 19 37,131 (715 ) 48 39,717 (722 ) Non-agency backed 11,874 (174 ) 16 3,717 (85 ) 3 15,591 (259 ) Collateralized loan / debt obligations 173,126 (11,412 ) 70 — — — 173,126 (11,412 ) Asset-backed securities 22,397 (335 ) 36 1,177 (10 ) 8 23,574 (345 ) Total temporarily impaired securities $ 1,203,237 $ (102,105 ) 951 $ 270,439 $ (19,690 ) 303 $ 1,473,676 $ (121,795 ) Less Than 12 Months 12 Months or More Total (Amounts in Thousands) Fair Market Value Unrealized Losses No. of Positions Held Fair Market Value Unrealized Losses No. of Positions Held Fair Market Value Unrealized Losses Common and preferred stock $ 59,302 $ (8,711 ) 67 $ 402 $ (104 ) 2 $ 59,704 $ (8,815 ) U.S. treasury securities 31,658 (232 ) 77 2,586 (26 ) 8 34,244 (258 ) U.S. government agencies 22,412 (262 ) 20 182 (1 ) 2 22,594 (263 ) Municipal bonds 121,550 (867 ) 111 17,163 (663 ) 30 138,713 (1,530 ) Foreign government 18,598 (688 ) 27 5,977 (124 ) 1 24,575 (812 ) Corporate bonds: Finance 604,898 (33,068 ) 349 59,020 (1,325 ) 22 663,918 (34,393 ) Industrial 858,632 (65,887 ) 633 82,495 (14,364 ) 55 941,127 (80,251 ) Utilities 79,358 (5,305 ) 113 7,712 (3,810 ) 5 87,070 (9,115 ) Commercial mortgage backed securities 35,405 (1,079 ) 100 2,870 (101 ) 6 38,275 (1,180 ) Residential mortgage backed securities: Agency backed 334,224 (2,788 ) 163 35,446 (1,345 ) 29 369,670 (4,133 ) Non-agency backed 95,001 (4,077 ) 39 4,023 (62 ) 4 99,024 (4,139 ) Collateralized loan / debt obligations 201,086 (6,161 ) 78 — — — 201,086 (6,161 ) Asset-backed securities 30,302 (1,309 ) 70 — — — 30,302 (1,309 ) Total temporarily impaired securities $ 2,492,426 $ (130,434 ) 1,847 $ 217,876 $ (21,925 ) 164 $ 2,710,302 $ (152,359 ) There are 1,254 and 2,011 securities at March 31, 2016 and December 31, 2015 , respectively, that account for the gross unrealized loss, none of which is deemed by the Company to be OTTI. At March 31, 2016 , we have determined that the unrealized losses on fixed maturities were primarily due to market interest rate movements since their date of purchase. The Company considers an investment to be impaired when it has been in a significant unrealized loss position (in excess of 35% of cost if the issuer has a market capitalization of under $1,000,000 and in excess of 25% of cost if the issuer has a market capitalization of $1,000,000 or more) for over 24 months. Additionally, other factors influencing the Company’s determination that unrealized losses were temporary included an evaluation of the investment’s discounted cash flows, the magnitude of the unrealized losses in relation to each security’s cost, near-term and long-term prospects of the issuer or the issuer's ability to have adequate resources to fulfill contractual obligations, the nature of the investment and management’s intent not to sell these securities, and it being not more likely than not that the Company will be required to sell these investments before anticipated recovery of fair value to the Company’s cost basis. As of March 31, 2016 , for the $19,690 of unrealized losses related to securities in unrealized loss positions for a period of twelve or more consecutive months, $6,717 of those unrealized losses were related to securities in unrealized loss positions greater than or equal to 20% of amortized cost or cost. (b) Trading Securities The original or amortized cost, estimated market value and gross unrealized appreciation and depreciation of trading securities as of March 31, 2016 and December 31, 2015 are presented in the tables below: (Amounts in Thousands) Cost or amortized cost Gross unrealized gains Gross unrealized losses Market value Common stock $ 28,142 $ 2,129 $ (380 ) $ 29,891 (Amounts in Thousands) Cost or amortized cost Gross unrealized gains Gross unrealized losses Market value Common stock $ 26,937 $ 739 $ (405 ) $ 27,271 Proceeds from the sale of investments in trading securities during the three months ended March 31, 2016 and 2015 were approximately $52,744 and $60,268 , respectively. (c) Investment Income Net investment income for the three months ended March 31, 2016 and 2015 was derived from the following sources: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Fixed maturities, available-for-sale $ 46,193 $ 32,753 Equity securities, available-for-sale 2,364 409 Equity securities, trading (153 ) 8 Cash and short term investments 1,086 1,665 49,490 34,835 Investment expenses (75 ) (262 ) $ 49,415 $ 34,573 (d) Realized Gains and Losses The tables below summarize the gross realized gains and (losses) for the three months ended March 31, 2016 and 2015 : (Amounts in Thousands) Three Months Ended March 31, 2016 Gross Gains Gross Losses Net Gains (Losses) Fixed maturities, available-for-sale $ 4,799 $ (46 ) $ 4,753 Equity securities, available-for-sale 660 (141 ) 519 Equity securities, trading 9,612 (6,856 ) 2,756 Other invested assets 4 (57 ) (53 ) $ 15,075 $ (7,100 ) $ 7,975 (Amounts in Thousands) Three Months Ended March 31, 2015 Gross Gains Gross Losses Net Gains (Losses) Fixed maturities, available-for-sale $ 20,694 $ (4,190 ) $ 16,504 Equity securities, available-for-sale 2,164 (1,679 ) 485 Equity securities, trading 3,323 (2,475 ) 848 Other invested assets 21 (1,189 ) (1,168 ) Write-down of fixed maturities, available-for-sale — (1,016 ) (1,016 ) $ 26,202 $ (10,549 ) $ 15,653 (e) Derivatives The Company from time to time invests in a limited number of derivatives and other financial instruments as part of its investment portfolio to manage interest rate changes or other exposures to a particular financial market. The Company records changes in valuation on its derivative positions not designated as a hedge, if any, as a component of net realized gains and losses. The Company records changes in valuation on its hedge positions as a component of other comprehensive income. As of March 31, 2016 and December 31, 2015 , the Company had two interest rate swaps designated as hedges that were recorded as a liability in the total amount of $894 and $1,077 , respectively, and were included as a component of accrued expenses and other liabilities. The following table presents the notional amounts by remaining maturity of the Company’s interest rate swaps as of March 31, 2016 : Remaining Life of Notional Amount (1) (Amounts in Thousands) One Year Two Through Five Years Six Through Ten Years After Ten Years Total Interest rate swaps $ 70,000 $ — $ — $ — $ 70,000 (1) Notional amount is not representative of either market risk or credit risk and is not recorded in the consolidated balance sheet. (f) Restricted Cash and Investments The Company, in order to conduct business in certain states, is required to maintain letters of credit or assets on deposit to support state mandated regulatory requirements and certain third party agreements. The Company also utilizes trust accounts to collateralize business with its reinsurance counterparties. These assets are primarily in the form of cash and certain high grade securities. The fair values of the Company's restricted assets as of March 31, 2016 and December 31, 2015 are as follows: (Amounts in Thousands) March 31, 2016 December 31, 2015 Restricted cash and cash equivalents $ 359,876 $ 380,699 Restricted investments - fixed maturities at fair value 1,502,788 1,490,547 Total restricted cash, cash equivalents, and investments $ 1,862,664 $ 1,871,246 (g) Other Securities sold but not yet purchased are securities that the Company has sold, but does not own, in anticipation of a decline in the market value of the security. The Company's risk is that the value of the security will increase rather than decline. Consequently, the settlement amount of the liability for securities sold, not yet purchased may exceed the amount recorded in the consolidated balance sheet as the Company is obligated to purchase the securities sold, not yet purchased in the market at prevailing prices to settle the obligations. To establish a position in security sold, not yet purchased, the Company needs to borrow the security for delivery to the buyer. When the transaction is open, the liability for the obligation to replace the borrowed security is marked to market and an unrealized gain or loss is recorded. At the time the transaction is closed, the Company realizes a gain or loss equal to the differences between the price at which the security was sold and the cost of replacing the borrowed security. While the transaction is open, the Company will also incur an expense for any dividends or interest which will be paid to the lender of the securities. The Company’s liability for securities to be delivered is measured at their fair value and was $28,855 and $38,618 as of March 31, 2016 and December 31, 2015 , respectively. The securities sold but not yet purchased consisted primarily of equity and fixed maturity securities, and the liability for securities sold but not yet purchased is included in accrued expenses and other liabilities in the condensed consolidated balance sheet.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following tables present 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 March 31, 2016 and December 31, 2015 : (Amounts in Thousands) Total Level 1 Level 2 Level 3 Assets: U.S. treasury securities $ 243,654 $ 243,654 $ — $ — U.S. government agencies 40,634 — 40,634 — Municipal bonds 588,065 — 588,065 — Foreign government 129,200 — 129,200 — Corporate bonds and other bonds: Finance 1,473,323 — 1,473,323 — Industrial 1,924,706 — 1,924,706 — Utilities 162,607 — 162,607 — Commercial mortgage backed securities 171,705 — 171,705 — Residential mortgage backed securities: Agency backed 1,220,905 — 1,220,905 — Non-agency backed 40,359 — 40,359 — Collateralized loan / debt obligations 284,751 — 284,751 — Asset-backed securities 27,810 — 27,810 — Equity securities, available-for-sale 98,518 63,155 9,807 25,556 Equity securities, trading 29,891 29,891 — — Short term investments 34,008 34,008 — — Other investments 42,322 — — 42,322 Life settlement contracts 294,573 — — 294,573 $ 6,807,031 $ 370,708 $ 6,073,872 $ 362,451 Liabilities: Equity securities sold but not yet purchased $ 20,360 $ 20,360 $ — $ — Fixed maturity securities sold but not yet purchased 8,495 — 8,495 — Life settlement contract profit commission 7,168 — — 7,168 Contingent consideration 64,738 — — 64,738 Derivatives 894 — 894 — $ 101,655 $ 20,360 $ 9,389 $ 71,906 (Amounts in Thousands) Total Level 1 Level 2 Level 3 Assets: U.S. treasury securities $ 70,759 $ 70,759 $ — $ — U.S. government agencies 45,558 — 45,558 — Municipal bonds 540,426 — 540,426 — Foreign government 113,745 — 113,745 — Corporate bonds and other bonds: Finance 1,362,430 — 1,362,430 — Industrial 1,647,063 — 1,647,063 — Utilities 149,500 — 149,500 — Commercial mortgage backed securities 151,318 — 151,318 — Residential mortgage backed securities: Agency backed 974,838 — 974,838 — Non-agency backed 120,229 — 120,229 — Collateralized loan / debt obligations 226,094 — 226,094 — Asset-backed securities 31,837 — 31,837 — Equity securities, available-for-sale 104,497 38,563 28,723 37,211 Equity securities, trading 27,271 27,271 — — Short term investments 84,266 84,266 — — Other investments 30,309 — — 30,309 Life settlement contracts 264,001 — — 264,001 $ 5,944,141 $ 220,859 $ 5,391,761 $ 331,521 Liabilities: Equity securities sold but not yet purchased $ 18,163 $ 18,163 $ — $ — Fixed maturity securities sold but not yet purchased 20,455 — 20,455 — Life settlement contract profit commission 15,406 — — 15,406 Contingent consideration 77,457 — — 77,457 Derivatives 1,077 — 1,077 — $ 132,558 $ 18,163 $ 21,532 $ 92,863 There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2016 and 2015, respectively. The Company classifies its financial assets and liabilities in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. This classification requires judgment in assessing the market and pricing methodologies for a particular security. The fair value hierarchy includes the following three levels: • Level 1 – Valuations are based on unadjusted quoted market prices in active markets for identical financial assets or liabilities. Examples of instruments utilizing Level 1 inputs include: exchange-traded securities and U.S. Treasury bonds. • Level 2 – Valuations of financial assets and liabilities are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets obtained from third party pricing services 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. The fair value of securities in this category are determined by management after reviewing market prices obtained from independent pricing services and brokers. Examples of instruments utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government obligations; corporate and municipal bonds; mortgage-backed bonds; asset-backed securities; listed derivatives that are not actively traded; and equity securities that are not publicly traded. • Level 3 – Valuations are based on unobservable inputs for assets and liabilities where there is little or no market activity. Management’s assumptions are used in internal valuation pricing models to determine the fair value of financial assets or liabilities, which may include projected cash flows, collateral performance or liquidity circumstances in the security or similar securities that may have occurred since the prior pricing period. Examples of instruments utilizing Level 3 inputs include: hedge and credit funds with partial transparency. The following tables provides a summary of changes in fair value of the Company’s Level 3 financial assets and liabilities for the three months ended March 31, 2016 and 2015 : (Amounts in Thousands) Balance as of January 1, 2016 Net income Other comprehensive income Purchases and issuances Sales and settlements Net transfers into (out of) Level 3 Balance as of March 31, Other investments $ 30,309 $ (1,156 ) $ — $ 375 $ (189 ) $ 12,983 $ 42,322 Equity securities, available-for-sale 37,211 — (11,673 ) 18 — — 25,556 Life settlement contracts 264,001 30,629 — — (57 ) — 294,573 Life settlement contract profit commission (15,406 ) (7,168 ) — — 15,406 — (7,168 ) Contingent consideration (77,457 ) — — 2,416 10,303 — (64,738 ) Total $ 238,658 $ 22,305 $ (11,673 ) $ 2,809 $ 25,463 $ 12,983 $ 290,545 (Amounts in Thousands) Balance as of January 1, 2015 Net income Other comprehensive income Purchases and issuances Sales and settlements Net transfers into (out of) Level 3 Balance as of March 31, 2015 Other investments $ 13,315 $ 472 $ — $ 1,046 $ (337 ) $ — $ 14,496 Equity securities, available-for-sale 34,886 — 2,925 — (46 ) — 37,765 Life settlement contracts 264,517 21,250 — — (25,982 ) — 259,785 Life settlement contract profit commission (16,534 ) 1,959 — — — — (14,575 ) Contingent consideration (41,704 ) — — (44,988 ) 4,178 — (82,514 ) Total $ 254,480 $ 23,681 $ 2,925 $ (43,942 ) $ (22,187 ) $ — $ 214,957 The Company changed its valuation methodology from Level 2 to Level 3 in the fair value heirarchy for certain of its foreign investments of approximately $12,983 during the three months ended March 31, 2016 . The Company's policy for transfers between fair value levels, transfer into the levels, and transfer out of levels is to recognize such transfers as of the actual date of the event or change in circumstances that cause the transfer. The Company had no transfers among the levels of fair value hierarchy during the three months ended March 31, 2015. A reconciliation of net income for life settlement contracts in the above table to gain on investment in life settlement contracts net of profit commission included in the Condensed Consolidated Statements of Income for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Net income $ 30,629 $ 21,250 Premiums paid (12,102 ) (11,130 ) Profit commission (7,168 ) 1,959 Other expenses (629 ) (706 ) Gain on investment in life settlement contracts $ 10,730 $ 11,373 The Company uses the following methods and assumptions in estimating its fair value disclosures for financial instruments: • Equity and Fixed Income Investments: Fair value disclosures for these investments are disclosed above in this note. As of March 31, 2016, the Company's Level 3 equity securities consisted primarily of privately placed warrants of companies that have publicly traded common stock. The fair value of these equity securities as of March 31, 2016 was derived from the quoted price of the underlying common stock adjusted for other inputs that are not market observable. • Cash and cash equivalents, restricted cash and cash equivalents, and short term investments: The carrying value of cash and cash equivalents, restricted cash and cash equivalents, and short term investments approximate their respective fair value and are classified as Level 1 in the fair value hierarchy. • Premiums Receivable: The carrying values reported in the accompanying balance sheets for these financial instruments approximate their fair values due to the short term nature of the asset and are classified as Level 1 in the fair value hierarchy. • Other Investments: Other investments that are reported at fair value consisted primarily of investments in private limited partnerships, certain foreign investments, and other. Other investments reported at fair value accounted for approximately 0.5% of the Company's investment portfolio as of March 31, 2016 , which the Company believes is immaterial to its overall financial position or its results of operations. The Company estimates the fair value based on significant unobservable inputs in the valuation process. As a result, the Company classified the fair value estimates as Level 3 in the fair value hierarchy. • Equity Investment in Unconsolidated Subsidiaries - Related Party: The Company has an ownership percentage of approximately 12% in National General Holdings Corp. ("NGHC"), a publicly held insurance holding company (Nasdaq: NGHC). The Company accounts for this investment under the equity method of accounting as it has the ability to exert significant influence on NGHC. The fair value of the investment was approximately $265,458 as of March 31, 2016 . The carrying value was $146,000 as of March 31, 2016 . • Subordinated Debentures and Debt: The fair value of the Company's material debt arrangements as of March 31, 2016 was as follows: Carrying Value Fair Value 7.25% Subordinated Notes due 2055 $ 145,109 $ 148,680 7.50% Subordinated Notes due 2055 130,600 135,702 2.75% Convertible senior notes due 2044 161,763 184,477 6.125% Notes due 2023 247,979 237,979 Junior subordinated debentures due 2035-2037 121,962 77,780 Revolving credit facility 130,000 130,000 Other 55,615 55,615 The 7.25% subordinated notes due 2055, the 7.50% subordinated notes due 2055, the 2.75% convertible senior notes due 2044, and the 6.125% notes due 2023 are publicly traded instruments and are classified as Level 1 in the fair value hierarchy. The fair value of the revolving credit facility approximates its carrying value due to the short period to maturity. The fair value of the junior subordinated debentures due 2035-2037 was determined using the Black-Derman-Toy interest rate lattice model and is classified as Level 3 in the fair value hierarchy. The Company considers its other debt's carrying value to approximate fair value as their interest rates approximate current borrowing rates. • Derivatives: The Company classifies interest rate swaps as Level 2 in the fair value hierarchy. The Company uses these interest rate swaps to hedge floating interest rates on its debt, thereby changing the variable rate exposure to a fixed rate exposure for interest on these obligations. The estimated fair value of the interest rate swaps, which is obtained from a third party pricing service, is measured using discounted cash flow analysis that incorporates significant observable inputs, including the LIBOR forward curve and a measurement of volatility. • Contingent consideration: The fair value of contingent consideration is based on a discounted cash flow methodology and is classified as Level 3 in the fair value hierarchy. • Life settlement contracts and life settlement contract profit commission: The fair value of life settlement contracts as well as life settlement profit commission liability is based on information available to the Company at the end of the reporting period. These financial instruments are classified as Level 3 in the fair value hierarchy. The Company considers the following factors in its fair value estimates: cost at date of purchase, recent purchases and sales of similar investments (if available and applicable), financial standing of the issuer, changes in economic conditions affecting the issuer, maintenance cost, premiums, benefits, standard actuarially developed mortality tables and life expectancy reports prepared by nationally recognized and independent third party medical underwriters. The Company estimates the fair value of a life insurance policy by applying an investment discount rate based on the cost of funding the Company's life settlement contracts as compared to returns on investments in asset classes with comparable credit quality, which the Company has determined to be 7.5% , to the expected cash flow generated by the policies in the Company's life settlement portfolio (death benefits less premium payments), net of policy specific adjustments and reserves. In order to confirm the integrity of their calculation of fair value, the Company, quarterly, retains an independent third-party actuary to verify that the actuarial modeling used by the Company to determine fair value was performed correctly and that the valuation, as determined through the Company's actuarial modeling, is consistent with other methodologies. The Company considers this information in its assessment of the reasonableness of the life expectancy and discount rate inputs used in the valuation of these investments. The Company adjusts the standard mortality for each insured for the insured's life expectancy based on reviews of the insured's medical records and the independent life expectancy reports based thereon. The Company establishes policy specific reserves for the following uncertainties: improvements in mortality, the possibility that the high net worth individuals represented in its portfolio may have access to better health care, the volatility inherent in determining the life expectancy of insureds with significant reported health impairments, the possibility that the issuer of the policy or a third party will contest the payment of the death benefit payable to the Company, and the future expenses related to the administration of the portfolio, which incorporates current life expectancy assumptions, premium payments, the credit exposure to the insurance company that issued the life settlement contracts and the rate of return that a buyer would require on the contracts as no comparable market pricing is available. Prior to 2015, the Company established policy specific reserves for the possibility that the third party issuer of the policy would contest the payment of the death benefit payable to the Company. The Company determined that the contestability reserve was not necessary in 2015 due to historical experience. The application of the investment discount rate to the expected cash flow generated by the portfolio, net of the policy specific reserves, yields the fair value of the portfolio. The effective discount rate reflects the relationship between the fair value and the expected cash flow gross of these reserves. The following summarizes data utilized in estimating the fair value of the portfolio of life insurance policies as of March 31, 2016 and December 31, 2015 and, as described in Note 5. "Investments in Life Settlements", only includes data for policies to which the Company assigned value at those dates: March 31, December 31, Average age of insured 82.2 years 82.0 years Average life expectancy, months (1) 110 114 Average face amount per policy (Amounts in thousands) $ 6,538 $ 6,564 Effective discount rate (2) 13.9 % 13.7 % (1) Standard life expectancy as adjusted for specific circumstances. (2) Effective discount rate ("EDR") is the Company's estimated internal rate of return on its life settlement contract portfolio and is determined from the gross expected cash flows and valuation of the portfolio. The valuation of the portfolio is calculated net of all reserves using a 7.5% discount rate. The EDR is inclusive of the reserves and the gross expected cash flows of the portfolio. The Company anticipates that the EDR's range is between 12.5% and 17.5% and reflects the uncertainty that exists surrounding the information available as of the reporting date. As the accuracy and reliability of information improves (declines), the EDR will decrease (increase). The Company's assumptions are, by their nature, inherently uncertain and the effect of changes in estimates may be significant. The fair value measurements used in estimating the present value calculation are derived from valuation techniques generally used in the industry that include inputs for the asset that are not based on observable market data. The extent to which the fair value could reasonably vary in the near term has been quantified by evaluating the effect of changes in significant underlying assumptions used to estimate the fair value amount. If the life expectancies were increased or decreased by 4 months and the discount factors were increased or decreased by 1% while all other variables were held constant, the carrying value of the investment in life insurance policies would increase or (decrease) by the unaudited amounts summarized below as of March 31, 2016 and December 31, 2015 : Change in life expectancy (Amounts in Thousands) Plus 4 Months Minus 4 Months Investment in life policies: March 31, 2016 $ (37,524 ) $ 42,046 December 31, 2015 $ (37,697 ) $ 40,997 Change in discount rate (1) (Amounts in Thousands) Plus 1% Minus 1% Investment in life policies: March 31, 2016 $ (26,783 ) $ 29,775 December 31, 2015 $ (26,558 ) $ 29,644 (1) Discount rate is a present value calculation that considers legal risk, credit risk and liquidity risk and is a component of EDR.

Investment in Life Settlements

Investment in Life Settlements	3 Months Ended
	Mar. 31, 2016
Investments, All Other Investments [Abstract]
Investment in Life Settlements	Investment in Life Settlements The Company has a 50% ownership interest in each of four entities (collectively, the "LSC Entities") formed for the purpose of acquiring life settlement contracts, with a subsidiary of NGHC owning the remaining 50% . The LSC Entities are: Tiger Capital LLC (“Tiger”); AMT Capital Alpha, LLC (“AMT Alpha”); AMT Capital Holdings, S.A. (“AMTCH”); and AMT Capital Holdings II, S.A. (“AMTCH II”). A life settlement contract is a contract between the owner of a life insurance policy and a third-party who obtains the ownership and beneficiary rights of the underlying life insurance policy. During the three months ended March 31, 2016, the Company terminated an agreement with a third party administrator of the Tiger and AMTCH II life settlement contract portfolios, under which the third party received an administrative fee. The third party administrator was also eligible to receive a percentage of profits after certain time and performance thresholds had been met. The Company provides certain actuarial and finance functions related to the LSC Entities. In conjunction with the Company’s approximate 12% ownership percentage of NGHC, the Company ultimately receives 56% of the profits and losses of the LSC Entities. As such, in accordance with ASC 810-10, Consolidation, the Company has been deemed the primary beneficiary and, therefore, consolidate the LSC Entities. The Company accounts for investments in life settlements in accordance with ASC 325-30, Investments in Insurance Contracts , which states that an investor shall elect to account for its investments in life settlement contracts by using either the investment method or the fair value method. The election is made on an instrument-by-instrument basis and is irrevocable. The Company has elected to account for these policies using the fair value method. The Company determines fair value based upon its estimate of the discounted cash flow related to policies (net of the reserves for improvements in mortality, the possibility that the high net worth individuals represented in its portfolio may have access to better health care, the volatility inherent in determining the life expectancy of insureds with significant reported health impairments, the possibility that the issuer of the policy or a third party will contest the payment of the death benefit payable to the Company, and the future expenses related to the administration of the portfolio), which incorporates current life expectancy assumptions, premium payments, the credit exposure to the insurance company that issued the life settlement contracts and the rate of return that a buyer would require on the contracts as no comparable market pricing is available. Prior to 2015, the Company established policy specific reserves for the possibility that the third party issuer of the policy would contest the payment of the death benefit payable to the Company. The Company determined that the contestability reserve was not necessary in 2015 due to historical experience. The application of the investment discount rate to the expected cash flow generated by the portfolio, net of the policy specific reserves, yields the fair value of the portfolio. The effective discount rate reflects the relationship between the fair value and the expected cash flow gross of these reserves. No capital contributions were made to the LSC Entities during the three months ended March 31, 2016 . During the three months ended March 31, 2015 , total capital contributions made to the LSC Entities were approximately $ 1,130 , of which the Company contributed approximately $565 . The Company recorded a gain of $10,730 and $11,373 on investment in life settlement contracts, net of profit commission, for the three months ended March 31, 2016 and 2015, respectively. The following tables describe the Company’s investment in life settlements as of March 31, 2016 and December 31, 2015 : (Amounts in Thousands, except number of Life Settlement Contracts) Expected Maturity Term in Years Number of Life Settlement Contracts Fair Value (1) Face Value As of March 31, 2016 0-1 — $ — $ — 1-2 4 24,573 32,500 2-3 8 34,042 78,000 3-4 7 16,977 36,500 4-5 6 9,150 31,000 Thereafter 230 209,831 1,440,313 Total 255 $ 294,573 $ 1,618,313 (Amounts in Thousands, except number of Life Settlement Contracts) Expected Maturity Term in Years Number of Life Settlement Contracts Fair Value (1) Face Value As of December 31, 2015 0-1 — $ — $ — 1-2 — — — 2-3 8 31,261 70,500 3-4 8 20,117 46,500 4-5 4 6,760 20,000 Thereafter 235 205,863 1,481,313 Total 255 $ 264,001 $ 1,618,313 (1) The Company determined the fair value as of March 31, 2016 based on 215 policies out of 255 policies, as the Company assigned no value to 40 of the policies as of March 31, 2016 . The Company determined the fair value as of December 31, 2015 based on 213 policies out of 255 policies, as the Company assigned no value to 42 of the policies as of December 31, 2015 . The Company estimated the fair value of a life insurance policy using a cash flow model with an appropriate discount rate. In some cases, the cash flow model calculates the value of an individual policy to be negative, and therefore the fair value of the policy is zero as no liability exists when a negative value is calculated. The Company is not contractually bound to pay the premium on its life settlement contracts and, therefore, would not pay a willing buyer to assume title of these contracts. Additionally, certain of the Company's acquired policies were structured to have low premium payments at inception of the policy term, which later escalate greatly towards the tail end of the policy term. At the current time, the Company expenses all premium paid, even on policies with zero fair value. Once the premium payments escalate, the Company may allow the policies to lapse. In the event that death benefits are realized in the time frame between initial acquisition and premium escalation, it is a benefit to cash flow. For these contracts where the Company determined the fair value to be negative and therefore assigned a fair value of zero, the table below details the amount of premiums paid and the death benefits received during the twelve months preceding March 31, 2016 and December 31, 2015 : (Amounts in Thousands, except number of Life Settlement Contracts) March 31, 2016 December 31, 2015 Number of policies with a negative value from discounted cash flow model as of period end 40 42 Premiums paid for the preceding twelve month period for period ended $ 4,957 $ 4,971 Death benefit received $ — $ — Premiums to be paid by the LSC Entities for each of the five succeeding fiscal years to keep the life insurance policies in force as of March 31, 2016 , are as follows: (Amounts in Thousands) Premiums Due on Life Settlement Contracts 2015 $ 65,789 2016 42,672 2017 41,771 2018 41,026 2019 37,998 Thereafter 464,343 Total $ 693,599

Deferred Policy Acquisitions Co

Deferred Policy Acquisitions Costs	3 Months Ended
	Mar. 31, 2016
Insurance [Abstract]
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs The following table reflects the amounts of policy acquisition costs deferred and amortized for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Balance, beginning of period $ 704,243 $ 628,383 Acquisition costs deferred 231,383 179,699 Amortization (173,824 ) (156,198 ) Balance, end of period $ 761,802 $ 651,884

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt consisted of the following at March 31, 2016 and December 31, 2015 : (Amounts in Thousands) March 31, 2016 December 31, 2015 Revolving credit facility $ 130,000 $ 130,000 5.5% Convertible senior notes due 2021 (the "2021 Notes") 5,135 5,103 2.75% Convertible senior notes due 2044 (the "2044 Notes") 161,763 160,258 6.125% Senior notes due 2023 (the "2023 Notes") 247,979 247,911 Junior subordinated debentures (the "2035-2037 Notes") 121,962 118,226 7.25% Subordinated Notes due 2055 (the "7.25% 2055 Notes") 145,109 145,078 7.50% Subordinated Notes due 2055 (the "7.50% 2055 Notes") 130,600 130,572 Secured loan agreements 36,676 38,455 Promissory notes 13,804 13,753 $ 993,028 $ 989,356 Aggregate scheduled maturities of the Company’s outstanding debt, excluding unamortized deferred origination costs, at March 31, 2016 are: (Amounts in Thousands) 2016 $ 5,408 2017 7,423 2018 9,590 2019 134,467 2020 205 Thereafter 852,552 (1) Total scheduled payments 1,009,645 Unamortized deferred origination costs (16,617 ) 993,028 (1) Amount includes debt outstanding under the 2021 Notes and 2044 Notes, which is net of unamortized original issue discount of $823 and $49,211 , respectively. Additionally, the Company utilizes various letters of credit in its operations. The following is a summary of the Company's letters of credit as of March 31, 2016 : (Amounts in Thousands) Letters of Credit Limit Letters of Credit Outstanding Letters of Credit Available Revolving credit facility $ 175,000 $ 120,562 $ 54,438 Funds at Lloyd's facility, in USD equivalent 431,040 424,380 6,660 Comerica bank letters of credit 75,000 48,467 26,533 Other letters of credit, in aggregate 1,675 1,675 — Interest expense, including amortization of original issue discount and deferred origination costs, as well as applicable bank fees, related to the Company's outstanding debt and letters of credit for the three months ended March 31, 2016 and 2015 was: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Revolving credit facility $ 1,156 $ 816 Funds at Lloyd's facility 1,199 1,047 2021 Notes 115 349 2023 Notes 3,897 3,897 2035-2037 Notes 1,515 2,020 2044 Notes 3,116 3,015 7.25% 2055 Notes 2,750 — 7.50% 2055 Notes 2,559 — Secured loan agreements 189 236 Promissory notes 158 156 Other, including interest income 1,046 (1,281 ) $ 17,700 $ 10,255

Acquisition Costs and Other Und

Acquisition Costs and Other Underwriting Expenses	3 Months Ended
	Mar. 31, 2016
Acquisition Costs and Other Underwriting Expenses [Abstract]
Acquisition Costs and Other Underwriting Expenses	Acquisition Costs and Other Underwriting Expenses The following table summarizes the components of acquisition costs and other underwriting expenses for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Policy acquisition expenses $ 133,773 $ 110,967 Salaries and benefits 125,528 107,422 Other insurance general and administrative expenses 5,333 13,287 $ 264,634 $ 231,676

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company implemented a two -for-one stock split on February 2, 2016. As such, the weighted average number of shares used for the basic and diluted earnings per share have been adjusted retrospectively to reflect the effect of the split. During the three months ended March 31, 2015, the Company’s unvested restricted shares contained rights to receive nonforfeitable dividends and were, therefore, considered participating securities. As a result, the Company computed earnings per share using the two-class method during the three months ended March 31, 2015. There were no outstanding unvested restricted shares as of March 31, 2016. The following table is a summary of the elements used in calculating basic and diluted earnings per share for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (Amounts in Thousands, except for earnings per share) 2016 2015 Basic earnings per share: Net income attributable to AmTrust common shareholders $ 100,257 $ 154,696 Less: Net income allocated to participating securities and redeemable non-controlling interest — 360 Net income allocated to AmTrust common shareholders $ 100,257 $ 154,336 Weighted average common shares outstanding – basic 175,585 162,716 Less: Weighted average participating shares outstanding — 380 Weighted average common shares outstanding - basic 175,585 162,336 Net income per AmTrust common share - basic $ 0.57 $ 0.95 Diluted earnings per share: Net income attributable to AmTrust common shareholders $ 100,257 $ 154,696 Less: Net income allocated to participating securities and redeemable non-controlling interest — 360 Net income allocated to AmTrust common shareholders $ 100,257 $ 154,336 Weighted average common shares outstanding – basic 175,585 162,336 Plus: Dilutive effect of stock options, convertible debt, other 2,342 4,538 Weighted average common shares outstanding – dilutive 177,927 166,874 Net income per AmTrust common shares – diluted $ 0.56 $ 0.93 The Company's anti-dilutive securities excluded from diluted earnings per share calculation were immaterial for the three months ended March 31, 2016 and 2015, respectively.

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Compensation	Share Based Compensation The Company’s 2010 Omnibus Incentive Plan (the “Plan”), which permits the Company to grant to its officers, employees and non-employee directors incentive compensation directly linked to the price of the Company’s stock, authorizes up to an aggregate of 14,630,136 shares of Company stock for awards of options to purchase shares of the Company’s common stock ("Stock Option"), restricted stock, restricted stock units (“RSU”), performance share units (“PSU”) or appreciation rights. Shares used may be either newly issued shares or treasury shares or both. The aggregate number of shares of common stock for which awards may be issued may not exceed 14,630,136 shares, subject to the authority of the Company’s Board of Directors to adjust this amount in the event of a consolidation, reorganization, stock dividend, stock split, recapitalization or similar transaction affecting the Company’s common stock. As of March 31, 2016 , approximately 8,100,000 shares of Company common stock remained available for grants under the Plan. The Company recognizes compensation expense under FASB ASC 718-10-25 for its share-based payments based on the fair value of the awards. Compensation expense for all share-based payments under ASC 718-10-30 was approximately $5,641 and $4,914 for the three months ended March 31, 2016 and 2015, respectively. The Company has unrecognized compensation cost related to unvested stock options, restricted stock and non-vested RSU awards of $39,277 and $39,111 at March 31, 2016 and December 31, 2015, respectively. On December 15, 2015, the Company’s Board of Directors declared a two -for-one stock split on the Company’s common stock, payable in the form of a 100% stock dividend. On February 2, 2016, the dividend payment date, all options outstanding were adjusted by 100% and their respective exercise prices were reduced by 50% . The Company also adjusted outstanding RSUs, unvested restricted stock and PSUs for the split. Stock Options The Company grants stock options at prices equal to the closing stock price of the Company’s stock on the dates the options are granted. The options have a term of ten years from the date of grant and vest primarily in equal annual installments over the four year period following the date of grant for employee options. The Company uses the simplified method in determining the expected life. Employees have three months after the employment relationship ends to exercise all vested options. The fair value of each option grant is separately estimated for each vesting date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company has estimated the fair value of all stock 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 judgmental and highly sensitive in the determination of compensation expense. The following schedule shows all options granted, exercised, and expired under the Plan for the three months ended March 31, 2016 and 2015 : 2016 2015 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of period 2,783,880 $ 6.99 3,868,740 $ 5.80 Granted — — 70,000 26.45 Exercised (210,018 ) 3.87 (716,210 ) 4.36 Canceled or terminated — — (11,350 ) 9.60 Outstanding at end of period 2,573,862 7.24 3,211,180 6.56 The Company did not grant any stock options during the three months ended March 31, 2016. The weighted average grant date fair value of options granted was $10.60 during the three months ended March 31, 2015. The per share fair value of options was estimated at the date of grant based on the following weighted average assumptions for the three months ended March 31, 2015: 2015 Volatility 41.05 % Risk-free interest rate 1.91 % Weighted average expected lives in years 6.25 Dividend rate 1.89 % Forfeiture rate 0.50 % The intrinsic value of stock options exercised during the three months ended March 31, 2016 and 2015 was $4,561 and $16,336 , respectively. The intrinsic value of stock options that were outstanding as of March 31, 2016 and December 31, 2015 was $48,193 and $66,300 , respectively. The intrinsic value of stock options that were exercisable as of March 31, 2015 and December 31, 2015 was $47,507 and $64,705 , respectively. Cash received from options exercised was $813 and $2,640 during the three months ended March 31, 2016 and 2015, respectively. The excess tax benefit from award exercises was approximately $1,539 and $3,332 for the three months ended March 31, 2016 and 2015, respectively. Such benefits were recorded as a reduction of income tax payable and an increase in additional paid-in capital. Restricted stock, RSU and PSU The Company grants restricted shares, RSUs and PSUs with a grant date fair value equal to the closing stock price of the Company’s stock on the dates the shares or units are granted. The restricted shares and RSUs vest over a period of one to four years, while PSUs vest based on the terms of the awards. A summary of the Company’s restricted stock and RSU activity for the three months ended March 31, 2016 and 2015 is shown below: 2016 2015 Shares or Units Weighted Average Grant Date Fair Value Shares or Units Weighted Average Grant Date Fair Value Non-vested at beginning of period 1,853,516 $ 20.54 2,611,022 $ 16.70 Granted 250,038 25.73 118,758 26.94 Vested (447,198 ) 15.78 (474,262 ) 14.20 Forfeited (25,264 ) 24.11 (18,290 ) 20.33 Non-vested at end of period 1,631,092 22.58 2,237,228 17.75 A summary of the Company's PSU activity for the three months ended March 31, 2016 and 2015 is shown below: 2016 2015 Shares or Units Weighted Average Grant Date Fair Value Shares or Units Weighted Average Grant Date Fair Value Non-vested at beginning of period 752,466 $ 24.58 549,670 $ 19.42 Granted — — — — Vested — — — — Forfeited (914 ) 22.60 — — Non-vested at end of period 751,552 24.58 549,670 19.42 PSUs are conditional grants of a specified maximum number of common shares. In general, grants are earned, subject to the attainment of pre-specified performance goals at the end of the pre-determined period.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table is a reconciliation of the Company’s statutory income tax expense to its effective tax rate for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Income before equity in earnings of unconsolidated subsidiaries $ 135,015 $ 205,431 Tax at federal statutory rate of 35% $ 47,255 $ 71,901 Tax effects resulting from: Tax rate differences (18,216 ) (3,251 ) Permanent adjustments (3,577 ) 2,298 Valuation allowance (511 ) — Other, net 2,775 (24,136 ) $ 27,726 $ 46,812 Effective tax rate 20.5 % 22.8 % As of March 31, 2016 , the Company has U.S. Net Operating Losses ("NOLs") of $36,660 that expire beginning in 2019 through 2033 . These NOLs are subject to certain limitations under Section 382 of the Internal Revenue Code due to changes in ownership of $2,641 per year. The Company also has foreign NOLs of $687,077 that currently have no expiration. The Company’s management believes that as of March 31, 2016 , except for a portion of foreign NOLs, it will realize the benefits of its deferred tax assets, which are included as a component of the other assets on the condensed consolidated balance sheet. As a result, the Company recorded a valuation allowance of $169,474 and $170,043 as of March 31, 2016 and December 31, 2015, respectively, related to the foreign NOLs. The Company did not utilize any equalization reserves attributed to its Luxembourg reinsurance companies during the three months ended March 31, 2016 or March 31, 2015, respectively. The earnings of certain of the Company’s foreign subsidiaries have been indefinitely reinvested in foreign operations. Therefore, no provision has been made for any U.S. taxes or foreign withholding taxes that may be applicable upon any repatriation or disposition. The Company’s major taxing jurisdictions include the U.S. (federal and state), the United Kingdom and Ireland. The years subject to potential audit vary depending on the tax jurisdiction. Generally, the Company’s statute of limitation is open for tax years ended December 31, 2011 and forward. As permitted by FASB ASC 740-10 Income Taxes , the Company recognizes interest and penalties, if any, related to unrecognized tax benefits in its income tax provision. The Company does not have any unrecognized tax benefits and, therefore, has not recorded any unrecognized tax benefits, or any related interest and penalties, as of March 31, 2016 and December 31, 2015 . No interest or penalties have been recorded by the Company for the three months ended March 31, 2016 and 2015, respectively. The Company does not anticipate any significant changes to its total unrecognized tax benefits in the next 12 months.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following disclosure includes, among other items, transactions with companies in which Michael Karfunkel had a controlling interest, either individually or through The Michael Karfunkel 2005 Family Trust (the “Trust”). Mr. Karfunkel passed away on April 27, 2016. At that time, he and the Trust were controlling shareholders of the Company, he was the Company’s Chairman of the Board, and the chairman and chief executive officer of National General Holdings Corp. Mr. Karfunkel’s wife, Mrs. Leah Karfunkel, is the executrix of Mr. Karfunkel’s estate, and a co-trustee and primary beneficiary of the Trust. Significant Transactions with Maiden Holdings, Ltd. The Company has various reinsurance and service agreements with Maiden Holdings, Ltd. (“Maiden”). Maiden is a publicly-held Bermuda insurance holding company (Nasdaq: MHLD) formed by Michael Karfunkel, George Karfunkel and Barry Zyskind, principal shareholders, and, respectively, the Company's former chairman of the board of directors, a director, and the chief executive officer and director of the Company. As of March 31, 2016 , our principal shareholders, Michael Karfunkel, Leah Karfunkel (wife of Michael Karfunkel and co-trustee of The Trust), George Karfunkel and Barry Zyskind, own or control approximately 6.1% , 7.5% , 2.3% and 4.4% , respectively, of the issued and outstanding capital stock of Maiden. Mr. Zyskind serves as the non-executive chairman of the board of Maiden’s board of directors. Maiden Reinsurance Ltd. (“Maiden Reinsurance”), a wholly-owned subsidiary of Maiden, is a Bermuda reinsurer. The following section describes the agreements in place between the Company and its subsidiaries and Maiden and its subsidiaries. Reinsurance Agreements with Maiden Holdings, Ltd. In 2007, the Company and Maiden entered into a master agreement, as amended, by which the parties caused the Company’s Bermuda subsidiary, AmTrust International Insurance, Ltd. (“AII”), and Maiden Reinsurance to enter into a quota share reinsurance agreement (the “Maiden Quota Share”), as amended, by which AII retrocedes to Maiden Reinsurance an amount equal to 40% of the premium written by the Company’s U.S., Irish and U.K. insurance companies (the “AmTrust Ceding Insurers”), net of the cost of unaffiliated inuring reinsurance (and in the case of the Company’s U.K. insurance subsidiary, AmTrust Europe Ltd. ("AEL"), net of commissions). AII also retrocedes 40% of losses. Certain business that the Company commenced writing after the effective date of the Maiden Quota Share, including the Company’s European medical liability business discussed below, business assumed from Tower Group International, Ltd. ("Tower") pursuant to the cut-through quota share reinsurance agreement, and risks, other than workers’ compensation risks and certain business written by the Company’s Irish subsidiary, AmTrust International Underwriters Limited (“AIU”), for which the AmTrust Ceding Insurers’ net retention exceeds $5,000 is not ceded to Maiden Reinsurance under the Maiden Quota Share (ceded business defined as “Covered Business”). AII receives a ceding commission of 31% of ceded written premiums with respect to all Covered Business other than retail commercial package business, for which the ceding commission remains 34.375% . With regards to the Specialty Program portion of Covered Business only, the Company will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% (the "Specialty Program Loss Corridor"). For the purpose of determining whether the loss ratio falls within the Specialty Program Loss Corridor, workers’ compensation business written in the Company’s Specialty Program segment from July 1, 2007 through December 31, 2012 is excluded from the loss ratio calculation. The Maiden Quota Share was renewed through June 30, 2019 and will automatically renew for successive three -year terms unless either AII or Maiden Reinsurance notifies the other of its election not to renew no less than nine months prior to the end of any such three-year term. In addition, either party is entitled to terminate on thirty days’ notice or less upon the occurrence of certain early termination events, which include a default in payment, insolvency, change in control of AII or Maiden Reinsurance, run-off, or a reduction of 50% or more of the shareholders’ equity of Maiden Reinsurance or the combined shareholders’ equity of AII and the AmTrust Ceding Insurers. The Company, through its subsidiaries AEL and AIU, has a reinsurance agreement with Maiden Reinsurance by which the Company cedes to Maiden Reinsurance 40% of its European medical liability business, including business in force at April 1, 2011. The quota share had an initial term of one year and has been renewed through March 31, 2017. The agreement can be terminated by either party on four months’ prior written notice. Maiden Reinsurance pays the Company a 5% ceding commission, and the Company will earn a profit commission of 50% of the amount by which the ceded loss ratio is lower than 65% . The following is the effect on the Company’s results of operations for the three months ended March 31, 2016 and 2015 related to Maiden Reinsurance agreements: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Results of operations: Premium written – ceded $ (543,688 ) $ (528,285 ) Change in unearned premium – ceded 86,698 128,615 Earned premium - ceded $ (456,990 ) $ (399,670 ) Ceding commission on premium written $ 174,334 $ 168,773 Ceding commission – deferred (35,943 ) (50,086 ) Ceding commission – earned $ 138,391 $ 118,687 Incurred loss and loss adjustment expense – ceded $ 354,854 $ 249,390 Note Payable to Maiden – Collateral for Proportionate Share of Reinsurance Obligations In conjunction with the Maiden Quota Share, as described above, the Company entered into a loan agreement with Maiden Reinsurance during the fourth quarter of 2007, whereby Maiden Reinsurance loaned to the Company the amount equal to AII's quota share of the obligations of the AmTrust Ceding Insurers that AII was then obligated to secure. The loan agreement provides for interest at a rate of LIBOR plus 90 basis points and is payable on a quarterly basis. Advances under the loan are secured by a promissory note and totaled $167,975 as of March 31, 2016 and December 31, 2015 , respectively. The Company recorded $562 and $449 of interest expense during the three months ended March 31, 2016 and 2015, respectively. Effective December 1, 2008, AII and Maiden Reinsurance entered into a Reinsurer Trust Assets Collateral agreement whereby Maiden Reinsurance is required to provide AII the assets required to secure Maiden’s proportional share of the Company’s obligations to its U.S. subsidiaries. The amount of this collateral as of March 31, 2016 was approximately $2,622,606 . Maiden retains ownership of the collateral in the trust account. Reinsurance Brokerage Agreement The Company, through a subsidiary, has a reinsurance brokerage agreement with Maiden. Pursuant to the brokerage agreement, the Company provides brokerage services relating to the Maiden Quota Share for a fee equal to 1.25% of reinsured premium. The Company recorded $6,862 and $6,605 of brokerage commission during the three months ended March 31, 2016 and 2015, respectively. The brokerage commission was recorded as a component of service and fee income. Asset Management Agreement The Company, through a subsidiary, has an asset management agreement with Maiden Reinsurance, pursuant to which the Company provides investment management services to Maiden Reinsurance and certain of its affiliates. As of March 31, 2016 , the Company managed approximately $4,422,711 of assets related to this agreement. The asset management services fee is an annual rate of 0.20% for periods in which average invested assets are $1,000,000 or less and an annual rate of 0.15% for periods in which the average invested assets exceeds $1,000,000 . As a result of this agreement, the Company recorded $1,645 and $1,431 of asset management fees during the three months ended March 31, 2016 and 2015, respectively The asset management fees were recorded as a component of service and fee income. Significant Transactions with National General Holding Corp. The Company has an ownership interest in NGHC of approximately 12% . NGHC is a publicly-held specialty personal lines insurance holding company (Nasdaq: NGHC) that operates fourteen insurance companies in the United States and provides a variety of insurance products, including personal and commercial automobile, homeowners and umbrella, and supplemental health. As of March 31, 2016, NGHC's two largest shareholders were The Trust and Michael Karfunkel individually. Michael Karfunkel is the Company's former Chairman of the Board of Directors and the father-in-law of Barry D. Zyskind, the President and Chief Executive Officer of the Company. The ultimate beneficiaries of the Trust include Michael Karfunkel’s children, one of whom is married to Mr. Zyskind. In addition, Michael Karfunkel was the chairman and chief executive offer of NGHC when he passed away in April 2016, at which time Barry Karfunkel, the son of Michael Karfunkel and brother-in-law of Barry D. Zyskind, was appointed chairman and chief executive officer of NGHC. In accordance with ASC 323-10-15, Investments-Equity Method and Joint Ventures , the Company accounts for its investment in NGHC under the equity method as it has the ability to exert significant influence on NGHC's operations. During the three months ended March 31, 2016 and 2015, the Company recorded $5,776 and $5,529 of income, respectively, related to its equity investment in NGHC. Master Services Agreement The Company provides NGHC and its affiliates information technology services in connection with the development and licensing of a policy management system. The Company provides the license at a cost that is currently 1.25% of gross written premium of NGHC and its affiliates plus the Company’s costs for development and support services. The Company provides development services at a price of cost plus 20% . In addition, the Company provides NGHC and its affiliates printing and mailing services at a per piece cost for policy and policy related materials, such as invoices, quotes, notices and endorsements, associated with the policies the Company processes for NGHC and its affiliates on the policy management system. The Company recorded approximately $9,910 and $7,016 of fee income during the three months ended March 31, 2016 and 2015, respectively, related to this agreement.The fees for these services were recorded as a component of service and fee income. Asset Management Agreement A subsidiary of the Company manages the assets of certain of NGHC's subsidiaries, including the assets of reciprocal insurers managed by subsidiaries of NGHC, for an annual fee equal to 0.20% of the average aggregate value of the assets under management for the preceding quarter if the average aggregate value for the preceding quarter is $1,000,000 or less and 0.15% of the average aggregate value of the assets under management for the preceding quarter if the average aggregate value for that quarter is more than $1,000,000 . The Company managed approximately $2,304,636 of assets as of March 31, 2016 related to this agreement. As a result of this agreement, the Company earned approximately $793 and $526 of asset management fees during the three months ended March 31, 2016 and 2015, respectively. The asset management fees were recorded as a component of service and fee income. 800 Superior, LLC The Company and NGHC each have a fifty percent ownership interest in 800 Superior, LLC ("800 Superior"), which owns an office building in Cleveland, Ohio. The cost of the building was approximately $7,500 . The Company has been appointed managing member of 800 Superior. Additionally, in conjunction with the Company’s approximate 12% ownership percentage of NGHC, the Company ultimately receives 56% of the profits and losses of 800 Superior. As such, in accordance with ASC 810-10, Consolidation, the Company consolidates this entity. NGHC's portion of the net assets and earnings are recorded within non-controlling interest in the condensed consolidated financial statements. NGHC has an office lease agreement with 800 Superior. The lease agreement is through 2027. NGHC paid 800 Superior approximately $683 and $602 of rent during the three months ended March 31, 2016 and 2015, respectively, under the lease agreement. As discussed in Note 14. "New Market Tax Credit," 800 Superior, the Company and NGHC participated in a financing transaction related to capital improvements on the office building. As part of that transaction, NGHC and the Company entered into an agreement related to the payment and performance guaranties provided by the Company to the various parties to the financing transaction whereby NGHC has agreed to contribute 50% toward any payments the Company is required to make pursuant to the guaranties. 4455 LBJ Freeway, LLC In 2015, the Company and NGHC each acquired a fifty percent ownership interest in 4455 LBJ Freeway, LLC ("4455 LBJ Freeway"), which owns an office building in Dallas, Texas. The cost of the building was approximately $21,050 . The Company has been appointed managing member of 4455 LBJ Freeway. Additionally, in conjunction with the Company’s approximate 12% ownership percentage of NGHC, the Company ultimately receives 56% of the profits and losses of 4455 LBJ Freeway. As such, in accordance with ASC 810-10, Consolidation, the Company consolidates this entity. NGHC's portion of the net assets and earnings are recorded within non-controlling interest in the condensed consolidated financial statements. The Company recorded approximately $341 of service and fee income related to rent for the three months ended March 31, 2016 . Significant Transactions with ACP Re, Ltd. ACP Re, Ltd. (“ACP Re”) is a privately-held Bermuda reinsurance holding company owned by the Trust. In 2014, a subsidiary of ACP Re merged with Tower. As a result of the merger, ACP Re now operates 10 insurance companies in the United States and Bermuda. The following section describes the significant agreements in place between the Company and its subsidiaries and ACP Re and its subsidiaries. Asset Management Agreement A subsidiary of the Company provides asset management services to ACP Re and certain of its subsidiaries at (i) an annual rate of 0.20% of the average value of the invested assets under management, excluding investment in the Company's stock, for the preceding calendar quarter if the average value of such assets for the quarter was $1,000,000 or less, or (ii) an annual rate of 0.15% of the average value of the invested assets under management, excluding investment in the Company's stock, for the preceding calendar quarter if the average value of such assets for the quarter was greater than $1,000,000 . The Company managed approximately $555,612 of assets as of March 31, 2016 . The Company recorded approximately $231 and $466 of asset management fees during the three months ended March 31, 2016 and 2015, respectively. The asset management fees were recorded as a component of service and fee income. Commercial Lines Reinsurance Agreements Technology Insurance Company, Inc. ("TIC") entered into the Commercial Lines Quota Share Reinsurance Agreement (the “CL Reinsurance Agreement”) with Tower’s ten statutory insurance companies (the “Tower Companies”) pursuant to which TIC reinsures 100% of all losses under the Tower Companies’ new and renewal commercial lines business written after September 15, 2014. The ceding commission payable by TIC under the CL Reinsurance Agreement is equal to the sum of (i) reimbursement of the Tower Companies’ acquisition costs in respect of the business covered, including commission payable to AmTrust North America, Inc., a subsidiary of the Company (“ANA”), pursuant to the CL MGA Agreement described below, and premium taxes and (ii) 2% of gross written premium (net of cancellations and return premiums) collected pursuant to the CL MGA Agreement described below. The CL Reinsurance Agreement will remain in effect until termination of the CL MGA Agreement. As a result of the Commercial Lines Master Agreement and CL Reinsurance Agreement, the Company generated approximately $97,003 and $70,785 of gross written premium, recorded approximately $107,532 and $63,383 of earned premium, and incurred approximately $15,577 and $39,049 of loss and loss adjustment expense during the three months ended March 31, 2016 and 2015, respectively. Commercial Lines MGA Agreement ANA produces and manages all new and renewal commercial lines business written by the Tower Companies pursuant to the Commercial Lines Managing General Agency Agreement (the “CL MGA Agreement”). As described above, all post-September 15, 2014 commercial lines business written by the Tower Companies is reinsured by TIC pursuant to the CL Reinsurance Agreement. The Tower Companies pay ANA a 10% commission on all business written pursuant to the CL MGA Agreement and reimburse ANA for commissions payable to agents producing such business. All payments by the Tower Companies to ANA pursuant to the CL MGA Agreement will be netted out of the ceding commission payable by TIC to the Tower Companies pursuant to the CL Reinsurance Agreement. The CL MGA Agreement has a term of ten years. The Company did not record any commission during the three months ended March 31, 2016, but recorded $571 of commission under the CL MGA Agreement during the three months ended March 31, 2015. The commission income was recorded as a component of service and fee income. Commercial Lines Administrative Services Agreement ANA, the Tower Companies and CastlePoint Reinsurance Company, Ltd. (“CP Re,” a subsidiary of ACP Re) entered into the Commercial Lines LPTA Administrative Services Agreement (the “CL Administrative Agreement”) pursuant to which ANA administers the runoff of CP Re’s and the Tower Companies’ commercial lines business written prior to September 15, 2014 at cost. CP Re and the Tower Companies reimburse ANA for its actual costs, including costs incurred in connection with claims operations, out-of-pocket expenses, costs incurred in connection with any required modifications to ANA’s claims systems and an allocated portion of the claims service expenses paid by TIC to the Tower Companies pursuant to the CL Reinsurance Agreement. The CL Administrative Agreement will remain in effect until the first to occur of (i) the completed performance of all obligations and duties arising under the agreement, or (ii) mutual written consent. The Company charged ACP Re $4,926 and $16,697 for these services during the three months ended March 31, 2016 and 2015, respectively, which were recorded as a reduction of salary and other expense. Stop-Loss and Retrocession Agreements AII and National General Re, Ltd., a subsidiary of NGHC (“NG Re Ltd.”), as reinsurers, entered into a $250,000 Aggregate Stop Loss Reinsurance Agreement (the “Stop-Loss Agreement”) with CP Re. AII and NG Re Ltd. also entered into an Aggregate Stop Loss Retrocession Contract (the “Retrocession Agreement”) with ACP Re pursuant to which ACP Re will reinsure the full amount of any payments that AII and NG Re Ltd. are obligated to make to CP Re under the Stop-Loss Agreement. Pursuant to the Stop-Loss Agreement, each of the Company and NGHC will provide, severally, $125,000 of stop loss coverage with respect to the run-off of the Tower business written on or before September 15, 2014. The reinsurers’ obligation to indemnify CP Re under the Stop-Loss Agreement will be triggered only at such time as CP Re’s ultimate net loss related to the run-off of the pre-September 15, 2014 Tower business exceeds a retention equal to the Tower Companies’ loss and loss adjustment reserves and unearned premium reserves as of September 15, 2014, which the parties to the LPTA have agreed will be established upon reevaluation as of December 31, 2015. CP Re will pay AII and NG Re Ltd. total premium of $56,000 on the five -year anniversary of the Stop-Loss Agreement. The premium payable by AII and NG Re Ltd. to ACP Re pursuant to the Retrocession Agreement will be $56,000 in the aggregate, less a ceding commission of 5.5% to be retained by AII and NG Re Ltd. The Stop-Loss Agreement and the Retrocession Agreement are accounted for under the deposit method of accounting. ACP Re Credit Agreement The Company, AII, and NG Re Ltd. entered into a credit agreement (the “ACP Re Credit Agreement”) among the Company, as Administrative Agent, ACP Re and Tower, now a wholly-owned subsidiary of ACP Re, as the borrowers (collectively, the “Borrowers”), ACP Re Holdings, LLC, as Guarantor, and AII and NG Re Ltd., as Lenders pursuant to which the Lenders made a $250,000 loan ( $125,000 made by each Lender) to the Borrowers. The ACP Re Credit Agreement has a maturity date of September 15, 2021 . Outstanding borrowings under the ACP Re Credit Agreement bear interest at a fixed annual rate of 7% , payable semi-annually on the last day of January and July. Fees payable to the Company for its service as Administrative Agent include an annual fee equal to $30 , plus reimbursement of costs, expenses and certain other charges. The obligations of the Borrowers are secured by (i) a first-priority pledge of 100% of the stock of ACP Re and ACP Re’s U.S. subsidiaries and 65% of the stock of certain of ACP Re’s foreign subsidiaries, and (ii) a first-priority lien on all of the assets of the Borrowers and Guarantor and certain of the assets of ACP Re’s subsidiaries (other than the Tower Companies). The Borrowers have the right to prepay the amounts borrowed, in whole or in part. The Borrowers are required to prepay the amounts borrowed within thirty (30) days from the receipt of net cash proceeds received by ACP Re from (i) certain asset sales, (ii) the disposition of certain equity interests, (iii) the issuance or incurrence of certain debt, (iv) any dividend or distribution from Tower subsidiaries to ACP Re, (v) premiums and other payments received pursuant to the Retrocession Agreement, and (vi) any tax refunds, pension plan reversions, insurance proceeds, indemnity payments, purchase price adjustments (excluding working capital adjustments) under acquisition agreements, litigation proceeds and other similar receipts received by the Borrowers after the effective date of the ACP Re Credit Agreement, unless any of the foregoing proceeds (other than payments received pursuant to the Retrocession Agreement) are required for the ordinary course business operations of the Borrowers. The Borrowers are also required to deposit any excess cash flow (including payments under the Master Agreement) into a reserve account that also secures Borrowers’ obligations under the ACP Re Credit Agreement. Any funds in the reserve account after January 1, 2018 that exceed the amount of interest payable by the Borrowers for the remainder of the term of the ACP Re Credit Agreement must be applied by the Borrowers as a prepayment of principal under the ACP Re Credit Agreement. The ACP Re Credit Agreement contains certain customary restrictive covenants (subject to negotiated exceptions and baskets), including restrictions on indebtedness, liens, acquisitions and investments, dispositions, creation of subsidiaries and restricted payments. There are also financial covenants that require ACP Re to maintain minimum current assets, a maximum leverage ratio, and a minimum fixed charge coverage ratio. If ACP Re fails to comply with the leverage ratio or fixed charge coverage ratio covenants as of any measurement date, the Borrowers may cure such breach by making a capital contribution to ACP Re sufficient to bring the Borrowers into compliance. The ACP Re Credit Agreement also provides for customary events of default, with grace periods where appropriate, including failure to pay principal when due, failure to pay interest or fees within three business days after becoming due, failure to comply with covenants, breaches of representations and warranties, default under certain other indebtedness, certain insolvency, receivership or insurance regulatory events affecting the Borrowers, the occurrence of certain material judgments, certain amounts of reportable ERISA or foreign pension plan noncompliance events, a change in control of the Guarantor, any security interest created under the ACP Re Credit Agreement ceases to be in full force and effect, or if ACP Re defaults on its obligations under the Retrocession Agreement. Upon the occurrence and during the continuation of an event of default, the Company, as Administrative Agent, upon the request of any Lender, will declare the Borrowers’ obligations under the ACP Re Credit Agreement immediately due and payable and/or exercise any and all remedies and other rights under the ACP Re Credit Agreement. As of March 31, 2016 and December 31, 2015 , the Company recorded $127,188 and $129,375 , respectively, of loan and related interest receivable as a component of other assets on the condensed consolidated balance sheet. The Company recorded total interest income of approximately $2,188 for the three months ended March 31, 2016 and 2015, respectively, under the ACP Re Credit Agreement. Other Related Party Transactions Lease Agreements The Company leases office space at 59 Maiden Lane in New York, New York from 59 Maiden Lane Associates, LLC, an entity that is wholly-owned by Michael Karfunkel and George Karfunkel. The lease term is through May 2023. The Company paid approximately $382 and $465 of rent during the three months ended March 31, 2016 and 2015, respectively, for the leased office space. The Company leases office space in Chicago, Illinois from 135 LaSalle Property, LLC, an entity that is wholly-owned by entities controlled by Michael Karfunkel and George Karfunkel. The lease term is through November 30, 2022. The Company paid rent of approximately $132 and $75 during the three months ended March 31, 2016 and 2015, respectively, for the leased office space. Equity Investments in Limited Partnerships In February 2015, the Company invested approximately $9,700 in North Dearborn Building Company, L.P. (“North Dearborn”), a limited partnership that owns an office building in Chicago, Illinois. NGHC is also a limited partner in North Dearborn, and the general partner is NA Advisors GP LLC (“NA Advisors”), an entity controlled by Michael Karfunkel and managed by an unrelated third party. The Company and NGHC each received a 45% limited partnership interest in North Dearborn for their respective $9,700 investments, while NA Advisors invested approximately $2,200 and holds a 10% general partnership interest and a 10% profit interest, which NA Advisors pays to the unrelated third party manager. North Dearborn appointed NA Advisors as the general manager to oversee the day-to-day operations of the office building and pays NA Advisors an annual fee for these services. This investment is included within other investments and is accounted for using the equity method of accounting on a three month lag basis. The Company recorded approximately $273 of income from this investment during the three months ended March 31, 2016 . In August 2015, certain of the Company's subsidiaries invested approximately $53,715 in Illinois Center Building Company, L.P. ("Illinois Center"), a limited partnership that owns an office building complex in Chicago, Illinois. NGHC and ACP Re are also limited partners in Illinois Center, and the general partner is NA Advisors. The Company and NGHC each have a 37.5% limited partnership interest in Illinois Center, while ACP Re has a 15.0% limited partnership interest. NA Advisors holds a 10% general partnership interest and a 10% profit interest, which NA Advisors pays to the unrelated third party manager. Illinois Center appointed NA Advisors as the general manager to oversee the day-to-day operations of the office building and pays NA Advisors an annual fee for these services. This investment is included within other investments and is accounted for using the equity method of accounting on a three month lag basis. The Company recorded approximately $593 of income from this investment during the three months ended March 31, 2016 . These limited partnerships are considered variable interest entities ("VIEs"). Based on current accounting guidance, the Company is required to consolidate any VIEs in which it is deemed to be the primary beneficiary through having: (i) power over the significant activities of the entity, and (ii) having an obligation to absorb losses or the right to receive benefits from the VIE that are potentially significant to the VIE. The Company performed a primary beneficiary analysis on the aforementioned limited partnerships and determined the Company was not the primary beneficiary since it does not have power over the significant activities of the entity. These limited partnerships are recorded as a component of other investments on the condensed consolidated balance sheet. The carrying value of these limited partnerships, in aggregate, was $66,860 and $64,869 as of March 31, 2016 and December 31, 2015 , respectively. The maximum exposure to loss, which is the estimated loss that would be incurred under severe, hypothetical circumstances, for which the possibility of occurrence is remote, such as where the value of the Company's interests declines to zero, without any consideration of recovery or offset from any economic hedges, was $66,860 and $64,869 as of March 31, 2016 and December 31, 2015 , respectively. The maximum exposure to loss is a required disclosure under US GAAP and is not an indication of expected loss. Use of the Company Aircraft The Company and its wholly-owned subsidiary, AmTrust Underwriters, Inc. (“AUI”), are each a party to aircraft time share agreements with each of Maiden and NGHC. The agreements provide for payment to the Company or AUI for the usage of their respective company-owned aircraft and cover actual expenses incurred and permissible under federal aviation regulations. Such expenses include, among others, travel and lodging expenses of the crew, in-flight catering, flight planning and weather contract services, ground transportation, fuel, landing and hanger fees, and airport taxes. Neither the Company nor AUI charge Maiden or NGHC for the fixed costs that would be incurred in any event to operate the aircraft (for example, aircraft purchase costs, insurance and flight crew salaries). During the three months ended March 31, 2016 and 2015, Maiden paid $22 and $24 , respectively, and NGHC paid $13 and $37 , respectively, for their use of the company-owned aircraft under these agreements. In addition, for personal travel, Mr. Barry Zyskind, the Company’s President and Chief Executive Officer, entered into an aircraft reimbursement agreement with the Company and AUI. Since entering into such agreements, Mr. Zyskind has fully reimbursed the Company and AUI for the incremental cost billed by the Company and AUI for his personal use of the respective company-owned aircraft. During the three months ended March 31, 2016 and 2015, Mr. Zyskind reimbursed the Company and AUI, in aggregate, $80 and $212 , respectively, for his personal use of the company-owned aircraft.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions ARI Insurance Company On January 22, 2016, the Company completed the acquisition of ARI Holdco Inc. ("ARIH") and its subsidiaries. ARIH's primary operating subsidiary, ARI Insurance Company ("ARI"), is an underwriter of commercial automobile insurance in New Jersey, Pennsylvania and Maryland. Immediately prior to the acquisition, ARI converted from a mutual form to a stock form of ownership in a transaction "sponsored" by the Company. As required by the plan of conversion and applicable Delaware law, the Company offered shares of its common stock, at a discount to the market price, to the members of ARI who held policies as of December 31, 2014 and the directors, officers and employees of ARI and its subsidiaries. The Company received subscriptions for approximately $276 , resulting in the issuance by the Company of 12,347 (on a post-split basis) shares of its common stock at a discounted price of 20% (or approximately $69 in the aggregate) from the Company's market trading price . Pursuant to the stock purchase agreement, after the expiration of the offering, the Company purchased all of the authorized shares of capital stock of ARIH at a purchase price equal to the greater of the gross proceeds received by the Company in the offering, and $3,750 . The Company made a payment to ARIH of $23,500 , which included the $276 in proceeds the Company received in the offering, for the stock of ARI. Additionally, the Company, as part of the transaction, was required to make a payment to an employee bonus pool of ARI of $3,750 , as discussed above. The remaining $23,500 of cash contributed to ARIH was retained by the Company. In accordance with FASB ASC 805-10 Business Combinations , the Company recorded an initial acquisition price of approximately $3,819 . A summary of the preliminary assets acquired and liabilities assumed for ARI are as follows: (Amounts in Thousands) Assets Cash and investments $ 53,917 Premium receivable, net 15,577 Accrued interest and dividends 375 Reinsurance recoverable 17,554 Other assets 2,116 Intangible assets 250 Total assets $ 89,789 Liabilities Loss and loss adjustment expense reserves $ 49,949 Unearned premiums 18,672 Accrued expenses and other liabilities 7,671 Total liabilities $ 76,292 Acquisition price $ 3,819 Acquisition gain $ 9,678 The intangible asset associated with the acquisition was initially measured at $250 and is not taxable. The Company is in the process of completing its acquisition accounting and expects to have it completed in 2016. The largest asset and liabilities that require fair value adjustment are loss and loss adjustment expense reserves and unearned premium. The intangible asset as well as ARI's results of operations will be included as a component of the Small Commercial Business segment. As a result of this acquisition, the Company recorded approximately $13,383 of gross written premium during the three months ended March 31, 2016. Springfield On October 7, 2015 , the Company acquired all of the issued and outstanding stock of Springfield Insurance Company and its affiliates, Springfield Insurance Company Ltd. and Unified Grocers Insurance Services (collectively "Springfield"). Springfield, domiciled in California, is an insurance carrier providing workers' compensation and commercial package insurance to Unified Grocers Inc., an association of independently owned grocery stores, its members and its customers. The purchase agreement required the Company to pay approximately $26,574 in cash on the acquisition date and contained an earn-out provision that is contingent on Springfield meeting certain performance conditions over a five -year period. The contingent consideration associated with the earn-out provision was initially valued at $5,000 as of the acquisition date. A summary of the preliminary assets acquired and liabilities assumed for Springfield are as follows: (Amounts in Thousands) Assets Cash and investments $ 93,837 Premium receivable, net 4,651 Accrued interest and dividends 470 Other assets 2,752 Deferred tax asset 1,905 Property and equipment 1,376 Goodwill and intangible assets 4,253 Total assets $ 109,244 Liabilities Loss and loss adjustment expense reserves $ 65,725 Unearned premiums 7,006 Accrued expenses and other liabilities 4,199 Reinsurance payable on paid losses 740 Total liabilities $ 77,670 Acquisition price $ 31,574 The goodwill and intangible assets associated with the acquisition were initially measured at $4,253 and are not taxable. The Company is in the process of completing its acquisition accounting and expects to have it completed in 2016. The goodwill and intangible assets as well as Springfield's results of operations will be included as a component of the Small Commercial Business segment. As a result of this acquisition, the Company recorded approximately $3,118 of gross written premium and $414 of service and fee income during the three months ended March 31, 2016. Warranty Solutions On September 25, 2015 , the Company acquired all of the issued and outstanding stock of Warranty Solutions, a Wells Fargo business ("Warranty Solutions"), for $156,247 in cash. Warranty Solutions designs, markets, administers and underwrites vehicle service contracts for new and used automobiles through a national network of more than 70 active agencies and 1,500 franchised and independent dealers. A summary of the preliminary assets acquired and liabilities assumed for Warranty Solutions are as follows: (Amounts in Thousands) Assets Cash and investments $ 192,015 Prepaid reinsurance premium 77,777 Other assets 22,466 Deferred tax asset 50,399 Goodwill and Intangible assets 84,215 Total assets $ 426,872 Liabilities Loss and loss expense reserves $ 3,013 Unearned premiums 182,441 Accrued expenses and other liabilities 85,171 Total liabilities $ 270,625 Acquisition price $ 156,247 The goodwill and intangible assets associated with the acquisition was initially measured at $84,215 , which initially included customer relationships and licenses. The goodwill associated with the acquisition is not taxable. The Company is in the process of completing its acquisition accounting and expects to have it completed in 2016. The goodwill and intangible assets as well as Warranty Solutions' results of operations are included as a component of the Special Risk and Extended Warranty segment. As a result of this acquisition, the Company recorded approximately $23,717 of gross written premium and $24,319 of service and fee income during the three months ended March 31, 2016. Magna Carta On March 11, 2016, one of our subsidiary insurance companies entered into a loss portfolio transfer with Public Service Insurance Company, Paramount Insurance Company and Western Select Insurance Company. The Company will reinsure 100% of the existing obligations with respect to their business for accident years 2014 and 2015, including a loss portfolio transfer of 100% of the loss and LAE reserves as of the effective date. The Company received approximately $163,400 of cash. As the loss portfolio transfer is considered retroactive reinsurance, the Company followed deposit accounting under the guidelines of ASC 340-30, Other Assets and Deferred Costs , and recorded the obligation of approximately $163,400 as an accrued liability. During the three months ended March 31, 2016 , the Company paid losses of approximately $10,500 . During the three months ended March 31, 2016 , the Company did not record any gains or losses as a result of this transaction. Additionally, one of our subsidiaries entered into a renewal rights transaction, with the forenamed parties as well as Creative Intermediaries, Inc., Magna Carta Companies, Inc. and Public Service Mutual Holding Company, whereby the Company may reinsure their existing book of policies for their commercial and property insurance business. The acquisition price paid for the renewal rights transaction was approximately $1,000 .

New Market Tax Credit

New Market Tax Credit	3 Months Ended
	Mar. 31, 2016
New Market Tax Credit [Abstract]
New Market Tax Credit	New Market Tax Credit In 2012, the Company's subsidiary, 800 Superior, LLC (an entity owned equally by the Company and NGHC) received $19,400 in net proceeds from a financing transaction the Company and NGHC entered into with Key Community Development Corporation (“KCDC”) related to a capital improvement project for an office building in Cleveland, Ohio owned by 800 Superior, LLC. The Company, NGHC and KCDC collectively made capital contributions (net of allocation fees) and loans to 800 Superior NMTC Investment Fund II LLC and 800 Superior NMTC Investment Fund I LLC (collectively, the “Investment Funds”) under a qualified New Markets Tax Credit (“NMTC”) program. The NMTC program was provided for in the Community Renewal Tax Relief Act of 2000 (the “Act”) and is intended to induce capital investment in qualified lower income communities. The Act permits taxpayers to claim credits against their federal income taxes for up to 39% of qualified investments in the equity of community development entities (“CDEs”). CDEs are privately managed investment institutions that are certified to make qualified low-income community investments (“QLICIs”). In addition to the capital contributions and loans from the Company, NGHC and KCDC, as part of the transaction, the Investment Funds received, directly and indirectly, proceeds of approximately $8,000 from two loans originating from state and local governments of Ohio. These loans are each for a period of 15 years and have a weighted average interest rate approximately of 2.0% per annum. The Investment Funds then contributed the loan proceeds and capital contributions of $19,400 to two CDEs, which, in turn, loaned the funds on similar terms to 800 Superior, LLC. The proceeds of the loans from the CDEs (including loans representing the capital contribution made by KCDC, net of allocation fees) will be used to fund the capital improvement project. As collateral for these loans, the Company has granted a security interest in the assets acquired with the loan proceeds. The Company and NGHC are each entitled to receive an equal portion of 49% of the benefits derived from the NMTCs generated by 800 Superior Investment Fund II LLC, while KCDC is entitled to the remaining 51% . The NMTC is subject to 100% recapture for a period of 7 years as provided in the Internal Revenue Code. During this seven-year compliance period, the entities involved are required to be in compliance with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in the projected tax benefits not being realized and, therefore, could require the Company to indemnify KCDC for any loss or recapture of NMTCs related to the financing until such time as the obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with this arrangement. In addition, this transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase KCDC's interest in the Investment Funds in September 2019 at the end of the recapture period. The Company believes that KCDC will exercise its put option and, therefore, attributed an insignificant value to the put/call. The Company has determined that the Investment Funds are VIEs. The ongoing activities of the Investment Funds - collecting and remitting interest and fees and NMTC compliance - were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the Investment Funds. When determining whether to consolidate the Investment Funds, Company management considered the contractual arrangements that obligate it to deliver tax benefits and provide various other guarantees to the structure, KCDC's lack of a material interest in the underlying economics of the project, and the fact that the Company is obligated to absorb losses of the Investment Funds. Also, the Company has an approximate 12% ownership in NGHC. The Company concluded that it was the primary beneficiary and consolidated the Investment Funds, as VIEs, in accordance with the accounting standard for consolidation. KCDC's contribution, net of syndication fees, is included as accrued liability in the accompanying condensed consolidated balance sheets. Direct costs incurred in structuring the financing arrangement are deferred and will be recognized as expense over the term of the loans. Incremental costs to maintain the structure during the compliance period are recognized as incurred.

Shareholder Equity and Accumula

Shareholder Equity and Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Shareholder Equity and Accumulated Other Comprehensive Income (Loss)	Stockholder's Equity and Accumulated Other Comprehensive Income (Loss) Common Stock The Company implemented a two -for-one stock split on February 2, 2016. Issuances of Preferred Stock In March 2016, the Company completed a public offering of 5,750,000 of its depositary shares, each representing a 1/40th interest in a share of its 7.75% Non-Cumulative Preferred Stock, Series E, $0.01 par value per share (the "Series E Preferred Stock"), with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share). Each depositary share entitles the holder to a proportional fractional interest in all rights and preferences of the Series E Preferred Stock represented thereby (including any dividend, liquidation, redemption and voting rights). Dividends on the Series E Preferred Stock represented by the depositary shares will be payable on the liquidation preference amount, on a non-cumulative basis, when, as and if declared by the Company’s board of directors, at a rate of 7.75% per annum, quarterly in arrears, on March 15 , June 15 , September 15 , and December 15 of each year, beginning on June 15, 2016 , from and including the date of original issuance. The Series E Preferred Stock represented by the depositary shares is not redeemable prior to March 15, 2021. After that date, the Company may redeem at its option, in whole or in part, the Series E Preferred Stock represented by the depositary shares at a redemption price of $1,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends for prior dividend periods and accrued but unpaid dividends (whether or not declared) for the then current dividend period. Net proceeds from this offering were $139,070 . In addition, the Company incurred $4,680 in underwriting discount and commissions and expenses, which were recognized as a reduction to additional paid-in capital. Stockholders' Equity The following table summarizes the ownership components of total stockholders' equity: Three Months Ended March 31, 2016 2015 (Amounts in Thousands) AmTrust Non-Controlling Interest Total AmTrust Non-Controlling Interest Total Balance, December 31, $ 2,909,060 $ 176,455 $ 3,085,515 $ 2,037,020 $ 159,181 $ 2,196,201 Net income (loss) 109,048 3,857 112,905 160,065 3,761 163,826 Unrealized holding (loss) gain 81,068 — 81,068 7,270 — 7,270 Reclassification adjustment (428 ) — (428 ) (415 ) — (415 ) Foreign currency translation (47,845 ) — (47,845 ) (65,353 ) — (65,353 ) Unrealized gain on interest rate swap 119 — 119 27 — 27 Extinguishment of 2021 senior notes, equity component — — — (3,345 ) (3,345 ) Share exercises, compensation and other 2,658 — 2,658 5,224 — 5,224 Common share issuance (purchase), net (14,391 ) — (14,391 ) 171,672 — 171,672 Common share dividends (26,313 ) — (26,313 ) (20,590 ) — (20,590 ) Preferred stock issuance, net of fees 139,070 — 139,070 176,529 — 176,529 Preferred stock dividends (8,791 ) — (8,791 ) (5,369 ) — (5,369 ) Capital contribution, net — — — — (611 ) (611 ) Balance, March 31, $ 3,143,255 $ 180,312 $ 3,323,567 $ 2,462,735 $ 162,331 $ 2,625,066 During the three months ended March 31, 2016 , net income attributable to non-controlling interest was $3,857 and net income attributable to redeemable non-controlling interest was $160 . Net income for AmTrust, Non-controlling interest and Redeemable non-controlling interest totaled $4,017 for the three months ended March 31, 2016 . During the three months ended March 31, 2015 , net income attributable to non-controlling interest was $3,761 and net income attributable to redeemable non-controlling interest was $322 . Net income for AmTrust, Non-controlling interest and Redeemable non-controlling interest totaled $4,083 for the three months ended March 31, 2015 . Accumulated Other Comprehensive Income (Loss) The following table summarizes the activities and components of accumulated other comprehensive income (loss): (Amounts in Thousands) Foreign Currency Items Unrealized Gains (Losses) on Investments Interest Rate Swap Hedge Net Benefit Plan Assets and Obligations Recognized in Stockholders' Equity Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ (92,213 ) $ (37,242 ) $ (700 ) $ (107 ) $ (130,262 ) Other comprehensive (loss) income before reclassification (73,608 ) 124,720 183 — 51,295 Amounts reclassed from accumulated other comprehensive income — (658 ) — — (658 ) Income tax benefit (expense) 25,763 (43,422 ) (64 ) — (17,723 ) Net current-period other comprehensive (loss) income (47,845 ) 80,640 119 — 32,914 Balance, March 31, 2016 $ (140,058 ) $ 43,398 $ (581 ) $ (107 ) $ (97,348 ) Balance, December 31, 2014 $ 2,582 $ (7,023 ) $ (1,985 ) $ (1,738 ) $ (8,164 ) Other comprehensive income before reclassification (100,543 ) 11,185 41 — (89,317 ) Amounts reclassed from accumulated other comprehensive income — (638 ) — — (638 ) Income tax benefit (expense) 35,190 (3,692 ) (14 ) — 31,484 Net current-period other comprehensive income (65,353 ) 6,855 27 — (58,471 ) Balance, March 31, 2015 $ (62,771 ) $ (168 ) $ (1,958 ) $ (1,738 ) $ (66,635 )

Contingent Liabilities

Contingent Liabilities	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingent Liabilities	Commitment and Contingent Liabilities Litigation The Company’s insurance subsidiaries are named as defendants in various legal actions arising principally from claims made under insurance policies and contracts. Those actions are considered by the Company in estimating the loss and LAE reserves. The Company’s management believes the resolution of those actions will not have a material adverse effect on the Company’s financial position or results of operations. Pending Acquisitions N.V. Nationale Borg-Maatschappij In August 2015, the Company entered into a definitive agreement to acquire N.V. Nationale Borg-Maatschappij and its affiliates ("Nationale Borg") from Egeria and HAL Investments for approximately €154,000 (or $175,267 ). Nationale Borg is a 120-year old, Amsterdam-based international direct writer and reinsurer of surety and trade credit insurance with business in over 70 countries. The acquisition is subject to regulatory approval and is expected to close in the second quarter of 2016. Republic Companies, Inc In September 2015, the Company entered into agreements to acquire Republic Companies, Inc. and its affiliates ("Republic") from Delek Group Ltd. and Republic Insurance Holdings, LLC, for approximately $233,000 , which is subject to purchase price adjustments. The purchase price consisted of $112,000 in cash at closing, $16,000 in cash to be paid over five years and $105,000 in a note issued by the Company to Delek Group Ltd. bearing annual interest of 5.75% with a four year maturity and scheduled principal payments to be made over the term of the note. The Company's acquisition of Republic closed in April 2016. Genworth Financial Mortgage Insurance Limited In October 2015, the Company entered into an agreement to acquire Genworth Financial Mortgage Insurance Limited ("GFMI") for approximately $60,000 in cash. Based in the U.K., GFMI operates in the European mortgage insurance market, currently providing products in the U.K., Finland, Italy and Germany. The Company's acquisition of GFMI closed in May 2016.

Segments

Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segments	Segments The Company currently operates three business segments: Small Commercial Business; Specialty Risk and Extended Warranty; and Specialty Program. The Company also has a former segment, Personal Lines Reinsurance, which is in run-off and is now included within its Corporate and Other segment. The Corporate and Other segment also represents the activities of the holding company as well as a portion of service and fee revenue. In determining total assets (excluding cash and invested assets) by segment, the Company identifies those assets that are attributable to a particular segment such as deferred acquisition cost, reinsurance recoverable, goodwill, intangible assets and prepaid reinsurance while the remaining assets are allocated based on gross written premium by segment. In determining cash and invested assets by segment, the Company matches certain identifiable liabilities such as unearned premium and loss and loss adjustment expense reserves by segment. The remaining cash and invested assets are then allocated based on gross written premium by segment. Investment income and realized gains (losses) are determined by calculating an overall annual return on cash and invested assets and applying that overall return to the cash and invested assets by segment. Ceding commission is allocated to each segment based on that segment’s proportionate share of the Company’s overall acquisition costs. Interest expense is allocated based on gross written premium by segment. Income taxes are allocated on a pro-rata basis based on the Company’s effective tax rate. Additionally, management reviews the performance of underwriting income in assessing the performance of and making decisions regarding the allocation of resources to the segments. Underwriting income excludes, primarily, service and fee revenue, investment income and other revenues, other expenses, interest expense and income taxes. Management believes that providing this information in this manner is essential to providing the Company’s stockholders with an understanding of the Company’s business and operating performance. During each of the three months ended March 31, 2016 and 2015 , the Company's Specialty Program segment derived over ten percent of its gross written premium primarily from one agent. The following tables summarize the results of operations of the business segments for the three months ended March 31, 2016 and 2015 : (Amounts in Thousands) Small Commercial Business Specialty Risk and Extended Warranty Specialty Program Corporate and Other Total Three Months Ended March 31, 2016: Gross written premium $ 1,066,132 $ 529,446 $ 337,496 $ — $ 1,933,074 Net written premium 624,528 337,833 258,318 — 1,220,679 Change in unearned premium (120,434 ) (15,992 ) (9,971 ) — (146,397 ) Net earned premium 504,094 321,841 248,347 — 1,074,282 Loss and loss adjustment expense (332,684 ) (210,936 ) (171,453 ) — (715,073 ) Acquisition costs and other underwriting expenses (130,428 ) (69,341 ) (64,865 ) — (264,634 ) (463,112 ) (280,277 ) (236,318 ) — (979,707 ) Underwriting income 40,982 41,564 12,029 — 94,575 Service and fee income 32,537 89,780 289 21,595 144,201 Investment income and realized gain 26,854 19,170 11,300 66 57,390 Other expenses (70,697 ) (35,109 ) (22,380 ) — (128,186 ) Interest expense and loss on extinguishment of debt (9,762 ) (4,848 ) (3,090 ) — (17,700 ) Foreign currency loss — (35,673 ) — — (35,673 ) Gain on life settlement contracts 5,918 2,939 1,873 — 10,730 Acquisition gain on purchase 9,678 — — — 9,678 Provision for income taxes (6,993 ) (15,326 ) (4 ) (5,403 ) (27,726 ) Equity in earnings of unconsolidated subsidiary – related party — — — 5,776 5,776 Net income $ 28,517 $ 62,497 $ 17 $ 22,034 $ 113,065 (Amounts in Thousands) Small Commercial Business Specialty Risk and Extended Warranty Specialty Program Corporate and Other Total Three Months Ended March 31, 2015: Gross written premium $ 901,119 $ 470,870 $ 359,147 $ — $ 1,731,136 Net written premium 523,240 287,689 232,260 — 1,043,189 Change in unearned premium (99,249 ) 41,442 (36,005 ) — (93,812 ) Net earned premium 423,991 329,131 196,255 — 949,377 Loss and loss adjustment expense (274,346 ) (208,640 ) (130,297 ) — (613,283 ) Acquisition costs and other underwriting expenses (109,679 ) (70,265 ) (51,732 ) — (231,676 ) (384,025 ) (278,905 ) (182,029 ) — (844,959 ) Underwriting income 39,966 50,226 14,226 — 104,418 Service and fee income 26,632 67,762 333 18,159 112,886 Investment income and realized gain 23,246 16,740 10,150 90 50,226 Other expenses (51,251 ) (26,780 ) (20,426 ) — (98,457 ) Interest expense and loss on extinguishment of debt (7,791 ) (4,072 ) (3,106 ) — (14,969 ) Foreign currency gain — 39,954 — — 39,954 Loss on life settlement contracts 5,921 3,093 2,359 — 11,373 Provision for income taxes (8,149 ) (32,602 ) (785 ) (5,276 ) (46,812 ) Equity in earnings of unconsolidated subsidiary – related party — — — 5,529 5,529 Net income $ 28,574 $ 114,321 $ 2,751 $ 18,502 $ 164,148 The following tables summarize net earned premium by major line of business, by segment, for the three months ended March 31, 2016 and 2015 : (Amounts in Thousands) Small Commercial Business Specialty Risk and Extended Warranty Specialty Program Total Three Months Ended March 31, 2016: Workers' compensation $ 346,043 $ — $ 107,713 $ 453,756 Warranty — 168,333 — 168,333 Other liability 5,249 40,713 70,581 116,543 Commercial auto and liability, physical damage 85,904 8,492 35,143 129,539 Medical malpractice — 44,017 — 44,017 Other 66,898 60,286 34,910 162,094 Total net earned premium $ 504,094 $ 321,841 $ 248,347 $ 1,074,282 (Amounts in Thousands) Small Commercial Business Specialty Risk and Extended Warranty Specialty Program Total Three Months Ended March 31, 2015: Workers' compensation $ 292,065 $ — $ 77,602 $ 369,667 Warranty — 151,531 — 151,531 Other liability 10,519 32,811 40,520 83,850 Commercial auto and liability, physical damage 51,920 3,440 35,233 90,593 Medical malpractice — 36,311 — 36,311 Other 69,487 105,038 42,900 217,425 Total net earned premium $ 423,991 $ 329,131 $ 196,255 $ 949,377 The following table summarizes total assets of the business segments as of March 31, 2016 and December 31, 2015 : (Amounts in Thousands) March 31, 2016 December 31, 2015 Small Commercial Business $ 8,871,282 $ 7,781,045 Specialty Risk and Extended Warranty 6,397,361 6,370,861 Specialty Program 3,077,724 2,936,710 Corporate and Other 9,354 2,403 $ 18,355,721 $ 17,091,019

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Acquisition of ANV Holdings B.V. and its affiliates ("ANV") In April 2016, the Company entered into an agreement to acquire ANV from Ontario Teachers’ Pension Plan for $218,700 in cash. ANV is a specialty insurance company that underwrites a variety of commercial property and casualty insurance products through its three Lloyd’s syndicates and managing general underwriter. The Company expects to fund the transaction with existing working capital, and, pending regulatory approval, to close the transaction during the second half of 2016. Share repurchase Subsequent to March 31, 2016, the Company repurchased 2,184,923 share of its common stock for approximately $54,110 under the share repurchase program approved by the Company's Board of Directors in 2013.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Estimated Market Value and Gross Unrealized Appreciation and Depreciation of Available-for-sale Securities	The cost or amortized cost, gross unrealized gains and losses, and estimated fair value of fixed maturities and equity securities classified as available-for-sale as of March 31, 2016 and December 31, 2015 , are presented below: (Amounts in Thousands) Cost or amortized cost Gross unrealized gains Gross unrealized losses Fair Value Preferred stock $ 8,171 $ 163 $ (96 ) $ 8,238 Common stock 102,423 7,469 (19,612 ) 90,280 U.S. treasury securities 240,505 3,160 (11 ) 243,654 U.S. government agencies 40,167 475 (8 ) 40,634 Municipal bonds 572,156 16,929 (1,020 ) 588,065 Foreign government 123,306 6,617 (723 ) 129,200 Corporate bonds: Finance 1,444,380 53,401 (24,458 ) 1,473,323 Industrial 1,911,498 64,634 (51,426 ) 1,924,706 Utilities 166,380 4,392 (8,165 ) 162,607 Commercial mortgage backed securities 171,259 3,984 (3,538 ) 171,705 Residential mortgage backed securities: Agency backed 1,190,473 31,154 (722 ) 1,220,905 Non-agency backed 39,689 929 (259 ) 40,359 Collateralized loan / debt obligations 293,801 2,362 (11,412 ) 284,751 Asset-backed securities 28,125 30 (345 ) 27,810 $ 6,332,333 $ 195,699 $ (121,795 ) $ 6,406,237 (Amounts in Thousands) Cost or amortized cost Gross unrealized gains Gross unrealized losses Fair value Preferred stock $ 4,869 $ 150 $ (30 ) $ 4,989 Common stock 104,477 3,816 (8,785 ) 99,508 U.S. treasury securities 69,547 1,470 (258 ) 70,759 U.S. government agencies 45,586 235 (263 ) 45,558 Municipal bonds 530,004 11,952 (1,530 ) 540,426 Foreign government 109,645 4,912 (812 ) 113,745 Corporate bonds: Finance 1,358,765 38,058 (34,393 ) 1,362,430 Industrial 1,706,772 20,542 (80,251 ) 1,647,063 Utilities 157,067 1,548 (9,115 ) 149,500 Commercial mortgage backed securities 151,164 1,334 (1,180 ) 151,318 Residential mortgage backed securities: Agency backed 964,059 14,912 (4,133 ) 974,838 Non-agency backed 124,046 322 (4,139 ) 120,229 Collateralized loan / debt obligation 232,245 10 (6,161 ) 226,094 Asset backed securities 33,142 4 (1,309 ) 31,837 $ 5,591,388 $ 99,265 $ (152,359 ) $ 5,538,294
Amortized Cost, Estimated Market Value and Gross Unrealized Appreciation and Depreciation of Trading Securities	The original or amortized cost, estimated market value and gross unrealized appreciation and depreciation of trading securities as of March 31, 2016 and December 31, 2015 are presented in the tables below: (Amounts in Thousands) Cost or amortized cost Gross unrealized gains Gross unrealized losses Market value Common stock $ 28,142 $ 2,129 $ (380 ) $ 29,891 (Amounts in Thousands) Cost or amortized cost Gross unrealized gains Gross unrealized losses Market value Common stock $ 26,937 $ 739 $ (405 ) $ 27,271
Summary of Available for Sale Fixed Securities by Contractual Maturity	A summary of the Company’s available-for-sale fixed maturities as of March 31, 2016 and December 31, 2015 , by contractual maturity, is shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2016 December 31, 2015 (Amounts in Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 131,009 $ 129,490 $ 125,563 $ 124,763 Due after one through five years 1,210,531 1,215,729 913,365 909,634 Due after five through ten years 2,756,834 2,807,027 2,586,061 2,537,734 Due after ten years 400,017 409,945 352,397 357,288 Mortgage and asset backed securities 1,723,348 1,745,528 1,504,656 1,504,378 Total fixed maturities $ 6,221,739 $ 6,307,719 $ 5,482,042 $ 5,433,797
Net Investment Income	Net investment income for the three months ended March 31, 2016 and 2015 was derived from the following sources: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Fixed maturities, available-for-sale $ 46,193 $ 32,753 Equity securities, available-for-sale 2,364 409 Equity securities, trading (153 ) 8 Cash and short term investments 1,086 1,665 49,490 34,835 Investment expenses (75 ) (262 ) $ 49,415 $ 34,573
Other than Temporary Impairment, Credit Losses Recognized in Earnings	Other-than-temporary impairment ("OTTI") charges of our fixed maturities and equity securities classified as available-for-sale are presented below: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Equity securities recognized in earnings $ — $ 1,016 Fixed-maturity securities recognized in earnings — — $ — $ 1,016
Summary of Gross Unrealized Losses of Fixed-maturities and Equity Securities	The tables below summarize the gross unrealized losses of our fixed maturity and equity securities by length of time the security has continuously been in an unrealized loss position as of March 31, 2016 and December 31, 2015 : Less Than 12 Months 12 Months or More Total (Amounts in Thousands) Fair Market Value Unrealized Losses No. of Positions Held Fair Market Value Unrealized Losses No. of Positions Held Fair Market Value Unrealized Losses Common and preferred stock $ 33,683 $ (19,467 ) 43 $ 6,548 $ (241 ) 20 $ 40,231 $ (19,708 ) U.S. treasury securities 7,742 (4 ) 15 3,254 (7 ) 9 10,996 (11 ) U.S. government agencies 2,220 (7 ) 2 182 (1 ) 2 2,402 (8 ) Municipal bonds 60,310 (291 ) 51 17,928 (729 ) 32 78,238 (1,020 ) Foreign government 10,756 (591 ) 18 6,269 (132 ) 1 17,025 (723 ) Corporate bonds: Finance 361,108 (22,595 ) 220 63,724 (1,863 ) 44 424,832 (24,458 ) Industrial 395,296 (39,700 ) 352 114,721 (11,726 ) 75 510,017 (51,426 ) Utilities 38,717 (4,219 ) 64 9,496 (3,946 ) 19 48,213 (8,165 ) Commercial mortgage backed securities 83,422 (3,303 ) 45 6,292 (235 ) 42 89,714 (3,538 ) Residential mortgage backed securities: Agency backed 2,586 (7 ) 19 37,131 (715 ) 48 39,717 (722 ) Non-agency backed 11,874 (174 ) 16 3,717 (85 ) 3 15,591 (259 ) Collateralized loan / debt obligations 173,126 (11,412 ) 70 — — — 173,126 (11,412 ) Asset-backed securities 22,397 (335 ) 36 1,177 (10 ) 8 23,574 (345 ) Total temporarily impaired securities $ 1,203,237 $ (102,105 ) 951 $ 270,439 $ (19,690 ) 303 $ 1,473,676 $ (121,795 ) Less Than 12 Months 12 Months or More Total (Amounts in Thousands) Fair Market Value Unrealized Losses No. of Positions Held Fair Market Value Unrealized Losses No. of Positions Held Fair Market Value Unrealized Losses Common and preferred stock $ 59,302 $ (8,711 ) 67 $ 402 $ (104 ) 2 $ 59,704 $ (8,815 ) U.S. treasury securities 31,658 (232 ) 77 2,586 (26 ) 8 34,244 (258 ) U.S. government agencies 22,412 (262 ) 20 182 (1 ) 2 22,594 (263 ) Municipal bonds 121,550 (867 ) 111 17,163 (663 ) 30 138,713 (1,530 ) Foreign government 18,598 (688 ) 27 5,977 (124 ) 1 24,575 (812 ) Corporate bonds: Finance 604,898 (33,068 ) 349 59,020 (1,325 ) 22 663,918 (34,393 ) Industrial 858,632 (65,887 ) 633 82,495 (14,364 ) 55 941,127 (80,251 ) Utilities 79,358 (5,305 ) 113 7,712 (3,810 ) 5 87,070 (9,115 ) Commercial mortgage backed securities 35,405 (1,079 ) 100 2,870 (101 ) 6 38,275 (1,180 ) Residential mortgage backed securities: Agency backed 334,224 (2,788 ) 163 35,446 (1,345 ) 29 369,670 (4,133 ) Non-agency backed 95,001 (4,077 ) 39 4,023 (62 ) 4 99,024 (4,139 ) Collateralized loan / debt obligations 201,086 (6,161 ) 78 — — — 201,086 (6,161 ) Asset-backed securities 30,302 (1,309 ) 70 — — — 30,302 (1,309 ) Total temporarily impaired securities $ 2,492,426 $ (130,434 ) 1,847 $ 217,876 $ (21,925 ) 164 $ 2,710,302 $ (152,359 )
Notional Amounts of Interest Rate Swaps by Remaining Maturity	The following table presents the notional amounts by remaining maturity of the Company’s interest rate swaps as of March 31, 2016 : Remaining Life of Notional Amount (1) (Amounts in Thousands) One Year Two Through Five Years Six Through Ten Years After Ten Years Total Interest rate swaps $ 70,000 $ — $ — $ — $ 70,000 (1) Notional amount is not representative of either market risk or credit risk and is not recorded in the consolidated balance sheet.
Fair Values of Restricted Assets	The fair values of the Company's restricted assets as of March 31, 2016 and December 31, 2015 are as follows: (Amounts in Thousands) March 31, 2016 December 31, 2015 Restricted cash and cash equivalents $ 359,876 $ 380,699 Restricted investments - fixed maturities at fair value 1,502,788 1,490,547 Total restricted cash, cash equivalents, and investments $ 1,862,664 $ 1,871,246
Realized Gain (Loss) on Investments	The tables below summarize the gross realized gains and (losses) for the three months ended March 31, 2016 and 2015 : (Amounts in Thousands) Three Months Ended March 31, 2016 Gross Gains Gross Losses Net Gains (Losses) Fixed maturities, available-for-sale $ 4,799 $ (46 ) $ 4,753 Equity securities, available-for-sale 660 (141 ) 519 Equity securities, trading 9,612 (6,856 ) 2,756 Other invested assets 4 (57 ) (53 ) $ 15,075 $ (7,100 ) $ 7,975 (Amounts in Thousands) Three Months Ended March 31, 2015 Gross Gains Gross Losses Net Gains (Losses) Fixed maturities, available-for-sale $ 20,694 $ (4,190 ) $ 16,504 Equity securities, available-for-sale 2,164 (1,679 ) 485 Equity securities, trading 3,323 (2,475 ) 848 Other invested assets 21 (1,189 ) (1,168 ) Write-down of fixed maturities, available-for-sale — (1,016 ) (1,016 ) $ 26,202 $ (10,549 ) $ 15,653

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Assets and Financial Liabilities on Recurring Basis	The following tables present 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 March 31, 2016 and December 31, 2015 : (Amounts in Thousands) Total Level 1 Level 2 Level 3 Assets: U.S. treasury securities $ 243,654 $ 243,654 $ — $ — U.S. government agencies 40,634 — 40,634 — Municipal bonds 588,065 — 588,065 — Foreign government 129,200 — 129,200 — Corporate bonds and other bonds: Finance 1,473,323 — 1,473,323 — Industrial 1,924,706 — 1,924,706 — Utilities 162,607 — 162,607 — Commercial mortgage backed securities 171,705 — 171,705 — Residential mortgage backed securities: Agency backed 1,220,905 — 1,220,905 — Non-agency backed 40,359 — 40,359 — Collateralized loan / debt obligations 284,751 — 284,751 — Asset-backed securities 27,810 — 27,810 — Equity securities, available-for-sale 98,518 63,155 9,807 25,556 Equity securities, trading 29,891 29,891 — — Short term investments 34,008 34,008 — — Other investments 42,322 — — 42,322 Life settlement contracts 294,573 — — 294,573 $ 6,807,031 $ 370,708 $ 6,073,872 $ 362,451 Liabilities: Equity securities sold but not yet purchased $ 20,360 $ 20,360 $ — $ — Fixed maturity securities sold but not yet purchased 8,495 — 8,495 — Life settlement contract profit commission 7,168 — — 7,168 Contingent consideration 64,738 — — 64,738 Derivatives 894 — 894 — $ 101,655 $ 20,360 $ 9,389 $ 71,906 (Amounts in Thousands) Total Level 1 Level 2 Level 3 Assets: U.S. treasury securities $ 70,759 $ 70,759 $ — $ — U.S. government agencies 45,558 — 45,558 — Municipal bonds 540,426 — 540,426 — Foreign government 113,745 — 113,745 — Corporate bonds and other bonds: Finance 1,362,430 — 1,362,430 — Industrial 1,647,063 — 1,647,063 — Utilities 149,500 — 149,500 — Commercial mortgage backed securities 151,318 — 151,318 — Residential mortgage backed securities: Agency backed 974,838 — 974,838 — Non-agency backed 120,229 — 120,229 — Collateralized loan / debt obligations 226,094 — 226,094 — Asset-backed securities 31,837 — 31,837 — Equity securities, available-for-sale 104,497 38,563 28,723 37,211 Equity securities, trading 27,271 27,271 — — Short term investments 84,266 84,266 — — Other investments 30,309 — — 30,309 Life settlement contracts 264,001 — — 264,001 $ 5,944,141 $ 220,859 $ 5,391,761 $ 331,521 Liabilities: Equity securities sold but not yet purchased $ 18,163 $ 18,163 $ — $ — Fixed maturity securities sold but not yet purchased 20,455 — 20,455 — Life settlement contract profit commission 15,406 — — 15,406 Contingent consideration 77,457 — — 77,457 Derivatives 1,077 — 1,077 — $ 132,558 $ 18,163 $ 21,532 $ 92,863
Changes in Fair Value of Level 3 Financial Assets And Liabilities	The following tables provides a summary of changes in fair value of the Company’s Level 3 financial assets and liabilities for the three months ended March 31, 2016 and 2015 : (Amounts in Thousands) Balance as of January 1, 2016 Net income Other comprehensive income Purchases and issuances Sales and settlements Net transfers into (out of) Level 3 Balance as of March 31, Other investments $ 30,309 $ (1,156 ) $ — $ 375 $ (189 ) $ 12,983 $ 42,322 Equity securities, available-for-sale 37,211 — (11,673 ) 18 — — 25,556 Life settlement contracts 264,001 30,629 — — (57 ) — 294,573 Life settlement contract profit commission (15,406 ) (7,168 ) — — 15,406 — (7,168 ) Contingent consideration (77,457 ) — — 2,416 10,303 — (64,738 ) Total $ 238,658 $ 22,305 $ (11,673 ) $ 2,809 $ 25,463 $ 12,983 $ 290,545 (Amounts in Thousands) Balance as of January 1, 2015 Net income Other comprehensive income Purchases and issuances Sales and settlements Net transfers into (out of) Level 3 Balance as of March 31, 2015 Other investments $ 13,315 $ 472 $ — $ 1,046 $ (337 ) $ — $ 14,496 Equity securities, available-for-sale 34,886 — 2,925 — (46 ) — 37,765 Life settlement contracts 264,517 21,250 — — (25,982 ) — 259,785 Life settlement contract profit commission (16,534 ) 1,959 — — — — (14,575 ) Contingent consideration (41,704 ) — — (44,988 ) 4,178 — (82,514 ) Total $ 254,480 $ 23,681 $ 2,925 $ (43,942 ) $ (22,187 ) $ — $ 214,957
Fair Value Measurements, Recurring and Nonrecurring	The fair value of the Company's material debt arrangements as of March 31, 2016 was as follows: Carrying Value Fair Value 7.25% Subordinated Notes due 2055 $ 145,109 $ 148,680 7.50% Subordinated Notes due 2055 130,600 135,702 2.75% Convertible senior notes due 2044 161,763 184,477 6.125% Notes due 2023 247,979 237,979 Junior subordinated debentures due 2035-2037 121,962 77,780 Revolving credit facility 130,000 130,000 Other 55,615 55,615
Schedule of Reconciliation of Net Income	A reconciliation of net income for life settlement contracts in the above table to gain on investment in life settlement contracts net of profit commission included in the Condensed Consolidated Statements of Income for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Net income $ 30,629 $ 21,250 Premiums paid (12,102 ) (11,130 ) Profit commission (7,168 ) 1,959 Other expenses (629 ) (706 ) Gain on investment in life settlement contracts $ 10,730 $ 11,373
Premiums to be Paid for Each of Five Succeeding Fiscal Years to keep Life Insurance Policies in Force	The following summarizes data utilized in estimating the fair value of the portfolio of life insurance policies as of March 31, 2016 and December 31, 2015 and, as described in Note 5. "Investments in Life Settlements", only includes data for policies to which the Company assigned value at those dates: March 31, December 31, Average age of insured 82.2 years 82.0 years Average life expectancy, months (1) 110 114 Average face amount per policy (Amounts in thousands) $ 6,538 $ 6,564 Effective discount rate (2) 13.9 % 13.7 % (1) Standard life expectancy as adjusted for specific circumstances. (2) Effective discount rate ("EDR") is the Company's estimated internal rate of return on its life settlement contract portfolio and is determined from the gross expected cash flows and valuation of the portfolio. The valuation of the portfolio is calculated net of all reserves using a 7.5% discount rate. The EDR is inclusive of the reserves and the gross expected cash flows of the portfolio. The Company anticipates that the EDR's range is between 12.5% and 17.5% and reflects the uncertainty that exists surrounding the information available as of the reporting date. As the accuracy and reliability of information improves (declines), the EDR will decrease (increase).
Increase or (Decrease) in Carrying Value of Investment in Life Insurance Policies	The Company's assumptions are, by their nature, inherently uncertain and the effect of changes in estimates may be significant. The fair value measurements used in estimating the present value calculation are derived from valuation techniques generally used in the industry that include inputs for the asset that are not based on observable market data. The extent to which the fair value could reasonably vary in the near term has been quantified by evaluating the effect of changes in significant underlying assumptions used to estimate the fair value amount. If the life expectancies were increased or decreased by 4 months and the discount factors were increased or decreased by 1% while all other variables were held constant, the carrying value of the investment in life insurance policies would increase or (decrease) by the unaudited amounts summarized below as of March 31, 2016 and December 31, 2015 : Change in life expectancy (Amounts in Thousands) Plus 4 Months Minus 4 Months Investment in life policies: March 31, 2016 $ (37,524 ) $ 42,046 December 31, 2015 $ (37,697 ) $ 40,997 Change in discount rate (1) (Amounts in Thousands) Plus 1% Minus 1% Investment in life policies: March 31, 2016 $ (26,783 ) $ 29,775 December 31, 2015 $ (26,558 ) $ 29,644 (1) Discount rate is a present value calculation that considers legal risk, credit risk and liquidity risk and is a component of EDR.

Investment in Life Settlements

Investment in Life Settlements (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, All Other Investments [Abstract]
Investment in Life Settlements	The following tables describe the Company’s investment in life settlements as of March 31, 2016 and December 31, 2015 : (Amounts in Thousands, except number of Life Settlement Contracts) Expected Maturity Term in Years Number of Life Settlement Contracts Fair Value (1) Face Value As of March 31, 2016 0-1 — $ — $ — 1-2 4 24,573 32,500 2-3 8 34,042 78,000 3-4 7 16,977 36,500 4-5 6 9,150 31,000 Thereafter 230 209,831 1,440,313 Total 255 $ 294,573 $ 1,618,313 (Amounts in Thousands, except number of Life Settlement Contracts) Expected Maturity Term in Years Number of Life Settlement Contracts Fair Value (1) Face Value As of December 31, 2015 0-1 — $ — $ — 1-2 — — — 2-3 8 31,261 70,500 3-4 8 20,117 46,500 4-5 4 6,760 20,000 Thereafter 235 205,863 1,481,313 Total 255 $ 264,001 $ 1,618,313 (1) The Company determined the fair value as of March 31, 2016 based on 215 policies out of 255 policies, as the Company assigned no value to 40 of the policies as of March 31, 2016 . The Company determined the fair value as of December 31, 2015 based on 213 policies out of 255 policies, as the Company assigned no value to 42 of the policies as of December 31, 2015 . The Company estimated the fair value of a life insurance policy using a cash flow model with an appropriate discount rate. In some cases, the cash flow model calculates the value of an individual policy to be negative, and therefore the fair value of the policy is zero as no liability exists when a negative value is calculated. The Company is not contractually bound to pay the premium on its life settlement contracts and, therefore, would not pay a willing buyer to assume title of these contracts. Additionally, certain of the Company's acquired policies were structured to have low premium payments at inception of the policy term, which later escalate greatly towards the tail end of the policy term. At the current time, the Company expenses all premium paid, even on policies with zero fair value. Once the premium payments escalate, the Company may allow the policies to lapse. In the event that death benefits are realized in the time frame between initial acquisition and premium escalation, it is a benefit to cash flow. For these contracts where the Company determined the fair value to be negative and therefore assigned a fair value of zero, the table below details the amount of premiums paid and the death benefits received during the twelve months preceding March 31, 2016 and December 31, 2015 : (Amounts in Thousands, except number of Life Settlement Contracts) March 31, 2016 December 31, 2015 Number of policies with a negative value from discounted cash flow model as of period end 40 42 Premiums paid for the preceding twelve month period for period ended $ 4,957 $ 4,971 Death benefit received $ — $ —
Premiums to be Paid for Each of Five Succeeding Fiscal Years to keep Life Insurance Policies in Force	Premiums to be paid by the LSC Entities for each of the five succeeding fiscal years to keep the life insurance policies in force as of March 31, 2016 , are as follows: (Amounts in Thousands) Premiums Due on Life Settlement Contracts 2015 $ 65,789 2016 42,672 2017 41,771 2018 41,026 2019 37,998 Thereafter 464,343 Total $ 693,599

Deferred Policy Acquisitions 29

Deferred Policy Acquisitions Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Insurance [Abstract]
Deferred Policy Acquisition Costs	The following table reflects the amounts of policy acquisition costs deferred and amortized for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Balance, beginning of period $ 704,243 $ 628,383 Acquisition costs deferred 231,383 179,699 Amortization (173,824 ) (156,198 ) Balance, end of period $ 761,802 $ 651,884

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Borrowings	The Company’s outstanding debt consisted of the following at March 31, 2016 and December 31, 2015 : (Amounts in Thousands) March 31, 2016 December 31, 2015 Revolving credit facility $ 130,000 $ 130,000 5.5% Convertible senior notes due 2021 (the "2021 Notes") 5,135 5,103 2.75% Convertible senior notes due 2044 (the "2044 Notes") 161,763 160,258 6.125% Senior notes due 2023 (the "2023 Notes") 247,979 247,911 Junior subordinated debentures (the "2035-2037 Notes") 121,962 118,226 7.25% Subordinated Notes due 2055 (the "7.25% 2055 Notes") 145,109 145,078 7.50% Subordinated Notes due 2055 (the "7.50% 2055 Notes") 130,600 130,572 Secured loan agreements 36,676 38,455 Promissory notes 13,804 13,753 $ 993,028 $ 989,356
Schedule of Line of Credit Facilities	Additionally, the Company utilizes various letters of credit in its operations. The following is a summary of the Company's letters of credit as of March 31, 2016 : (Amounts in Thousands) Letters of Credit Limit Letters of Credit Outstanding Letters of Credit Available Revolving credit facility $ 175,000 $ 120,562 $ 54,438 Funds at Lloyd's facility, in USD equivalent 431,040 424,380 6,660 Comerica bank letters of credit 75,000 48,467 26,533 Other letters of credit, in aggregate 1,675 1,675 —
Aggregate Scheduled Maturities of Borrowings	Aggregate scheduled maturities of the Company’s outstanding debt, excluding unamortized deferred origination costs, at March 31, 2016 are: (Amounts in Thousands) 2016 $ 5,408 2017 7,423 2018 9,590 2019 134,467 2020 205 Thereafter 852,552 (1) Total scheduled payments 1,009,645 Unamortized deferred origination costs (16,617 ) 993,028 (1) Amount includes debt outstanding under the 2021 Notes and 2044 Notes, which is net of unamortized original issue discount of $823 and $49,211 , respectively.
Interest Income and Interest Expense Disclosure	Interest expense, including amortization of original issue discount and deferred origination costs, as well as applicable bank fees, related to the Company's outstanding debt and letters of credit for the three months ended March 31, 2016 and 2015 was: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Revolving credit facility $ 1,156 $ 816 Funds at Lloyd's facility 1,199 1,047 2021 Notes 115 349 2023 Notes 3,897 3,897 2035-2037 Notes 1,515 2,020 2044 Notes 3,116 3,015 7.25% 2055 Notes 2,750 — 7.50% 2055 Notes 2,559 — Secured loan agreements 189 236 Promissory notes 158 156 Other, including interest income 1,046 (1,281 ) $ 17,700 $ 10,255

Acquisition Costs and Other U31

Acquisition Costs and Other Underwriting Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Acquisition Costs and Other Underwriting Expenses [Abstract]
Business Acquisitions Components Of Acquisition Related Costs	The following table summarizes the components of acquisition costs and other underwriting expenses for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Policy acquisition expenses $ 133,773 $ 110,967 Salaries and benefits 125,528 107,422 Other insurance general and administrative expenses 5,333 13,287 $ 264,634 $ 231,676

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Summary of Elements Used in Calculating Basic and Diluted Earnings Per Share	The following table is a summary of the elements used in calculating basic and diluted earnings per share for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (Amounts in Thousands, except for earnings per share) 2016 2015 Basic earnings per share: Net income attributable to AmTrust common shareholders $ 100,257 $ 154,696 Less: Net income allocated to participating securities and redeemable non-controlling interest — 360 Net income allocated to AmTrust common shareholders $ 100,257 $ 154,336 Weighted average common shares outstanding – basic 175,585 162,716 Less: Weighted average participating shares outstanding — 380 Weighted average common shares outstanding - basic 175,585 162,336 Net income per AmTrust common share - basic $ 0.57 $ 0.95 Diluted earnings per share: Net income attributable to AmTrust common shareholders $ 100,257 $ 154,696 Less: Net income allocated to participating securities and redeemable non-controlling interest — 360 Net income allocated to AmTrust common shareholders $ 100,257 $ 154,336 Weighted average common shares outstanding – basic 175,585 162,336 Plus: Dilutive effect of stock options, convertible debt, other 2,342 4,538 Weighted average common shares outstanding – dilutive 177,927 166,874 Net income per AmTrust common shares – diluted $ 0.56 $ 0.93

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Option Granted, Exercised and Expired	The following schedule shows all options granted, exercised, and expired under the Plan for the three months ended March 31, 2016 and 2015 : 2016 2015 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of period 2,783,880 $ 6.99 3,868,740 $ 5.80 Granted — — 70,000 26.45 Exercised (210,018 ) 3.87 (716,210 ) 4.36 Canceled or terminated — — (11,350 ) 9.60 Outstanding at end of period 2,573,862 7.24 3,211,180 6.56
Summary of Restricted Stock and RSU Activity	A summary of the Company’s restricted stock and RSU activity for the three months ended March 31, 2016 and 2015 is shown below: 2016 2015 Shares or Units Weighted Average Grant Date Fair Value Shares or Units Weighted Average Grant Date Fair Value Non-vested at beginning of period 1,853,516 $ 20.54 2,611,022 $ 16.70 Granted 250,038 25.73 118,758 26.94 Vested (447,198 ) 15.78 (474,262 ) 14.20 Forfeited (25,264 ) 24.11 (18,290 ) 20.33 Non-vested at end of period 1,631,092 22.58 2,237,228 17.75
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The per share fair value of options was estimated at the date of grant based on the following weighted average assumptions for the three months ended March 31, 2015: 2015 Volatility 41.05 % Risk-free interest rate 1.91 % Weighted average expected lives in years 6.25 Dividend rate 1.89 % Forfeiture rate 0.50 %
Schedule of Share-based Compensation, Performance Shares [Table Text Block]	A summary of the Company's PSU activity for the three months ended March 31, 2016 and 2015 is shown below: 2016 2015 Shares or Units Weighted Average Grant Date Fair Value Shares or Units Weighted Average Grant Date Fair Value Non-vested at beginning of period 752,466 $ 24.58 549,670 $ 19.42 Granted — — — — Vested — — — — Forfeited (914 ) 22.60 — — Non-vested at end of period 751,552 24.58 549,670 19.42

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Reconciliation of Statutory Income Tax Rate to Effective Tax Rate	The following table is a reconciliation of the Company’s statutory income tax expense to its effective tax rate for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Income before equity in earnings of unconsolidated subsidiaries $ 135,015 $ 205,431 Tax at federal statutory rate of 35% $ 47,255 $ 71,901 Tax effects resulting from: Tax rate differences (18,216 ) (3,251 ) Permanent adjustments (3,577 ) 2,298 Valuation allowance (511 ) — Other, net 2,775 (24,136 ) $ 27,726 $ 46,812 Effective tax rate 20.5 % 22.8 %

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Results of Operations Related to Reinsurance Agreements	The following is the effect on the Company’s results of operations for the three months ended March 31, 2016 and 2015 related to Maiden Reinsurance agreements: Three Months Ended March 31, (Amounts in Thousands) 2016 2015 Results of operations: Premium written – ceded $ (543,688 ) $ (528,285 ) Change in unearned premium – ceded 86,698 128,615 Earned premium - ceded $ (456,990 ) $ (399,670 ) Ceding commission on premium written $ 174,334 $ 168,773 Ceding commission – deferred (35,943 ) (50,086 ) Ceding commission – earned $ 138,391 $ 118,687 Incurred loss and loss adjustment expense – ceded $ 354,854 $ 249,390

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
ARI Mutual Insurance Company
Business Acquisition [Line Items]
Schedule of Preliminary Assets Acquired and Liabilities Assumed	A summary of the preliminary assets acquired and liabilities assumed for ARI are as follows: (Amounts in Thousands) Assets Cash and investments $ 53,917 Premium receivable, net 15,577 Accrued interest and dividends 375 Reinsurance recoverable 17,554 Other assets 2,116 Intangible assets 250 Total assets $ 89,789 Liabilities Loss and loss adjustment expense reserves $ 49,949 Unearned premiums 18,672 Accrued expenses and other liabilities 7,671 Total liabilities $ 76,292 Acquisition price $ 3,819 Acquisition gain $ 9,678
Springfield
Business Acquisition [Line Items]
Schedule of Preliminary Assets Acquired and Liabilities Assumed	A summary of the preliminary assets acquired and liabilities assumed for Springfield are as follows: (Amounts in Thousands) Assets Cash and investments $ 93,837 Premium receivable, net 4,651 Accrued interest and dividends 470 Other assets 2,752 Deferred tax asset 1,905 Property and equipment 1,376 Goodwill and intangible assets 4,253 Total assets $ 109,244 Liabilities Loss and loss adjustment expense reserves $ 65,725 Unearned premiums 7,006 Accrued expenses and other liabilities 4,199 Reinsurance payable on paid losses 740 Total liabilities $ 77,670 Acquisition price $ 31,574
Warranty Solutions
Business Acquisition [Line Items]
Schedule of Preliminary Assets Acquired and Liabilities Assumed	A summary of the preliminary assets acquired and liabilities assumed for Warranty Solutions are as follows: (Amounts in Thousands) Assets Cash and investments $ 192,015 Prepaid reinsurance premium 77,777 Other assets 22,466 Deferred tax asset 50,399 Goodwill and Intangible assets 84,215 Total assets $ 426,872 Liabilities Loss and loss expense reserves $ 3,013 Unearned premiums 182,441 Accrued expenses and other liabilities 85,171 Total liabilities $ 270,625 Acquisition price $ 156,247

Shareholder Equity and Accumu37

Shareholder Equity and Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Ownership Components of Total Equity	The following table summarizes the ownership components of total stockholders' equity: Three Months Ended March 31, 2016 2015 (Amounts in Thousands) AmTrust Non-Controlling Interest Total AmTrust Non-Controlling Interest Total Balance, December 31, $ 2,909,060 $ 176,455 $ 3,085,515 $ 2,037,020 $ 159,181 $ 2,196,201 Net income (loss) 109,048 3,857 112,905 160,065 3,761 163,826 Unrealized holding (loss) gain 81,068 — 81,068 7,270 — 7,270 Reclassification adjustment (428 ) — (428 ) (415 ) — (415 ) Foreign currency translation (47,845 ) — (47,845 ) (65,353 ) — (65,353 ) Unrealized gain on interest rate swap 119 — 119 27 — 27 Extinguishment of 2021 senior notes, equity component — — — (3,345 ) (3,345 ) Share exercises, compensation and other 2,658 — 2,658 5,224 — 5,224 Common share issuance (purchase), net (14,391 ) — (14,391 ) 171,672 — 171,672 Common share dividends (26,313 ) — (26,313 ) (20,590 ) — (20,590 ) Preferred stock issuance, net of fees 139,070 — 139,070 176,529 — 176,529 Preferred stock dividends (8,791 ) — (8,791 ) (5,369 ) — (5,369 ) Capital contribution, net — — — — (611 ) (611 ) Balance, March 31, $ 3,143,255 $ 180,312 $ 3,323,567 $ 2,462,735 $ 162,331 $ 2,625,066 During the three months ended March 31, 2016 , net income attributable to non-controlling interest was $3,857 and net income attributable to redeemable non-controlling interest was $160 . Net income for AmTrust, Non-controlling interest and Redeemable non-controlling interest totaled $4,017 for the three months ended March 31, 2016 . During the three months ended March 31, 2015 , net income attributable to non-controlling interest was $3,761 and net income attributable to redeemable non-controlling interest was $322 . Net income for AmTrust, Non-controlling interest and Redeemable non-controlling interest totaled $4,083 for the three months ended March 31, 2015 . Accumulated Other Comprehensive Income (Loss) The following table summarizes the activities and components of accumulated other comprehensive income (loss): (Amounts in Thousands) Foreign Currency Items Unrealized Gains (Losses) on Investments Interest Rate Swap Hedge Net Benefit Plan Assets and Obligations Recognized in Stockholders' Equity Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ (92,213 ) $ (37,242 ) $ (700 ) $ (107 ) $ (130,262 ) Other comprehensive (loss) income before reclassification (73,608 ) 124,720 183 — 51,295 Amounts reclassed from accumulated other comprehensive income — (658 ) — — (658 ) Income tax benefit (expense) 25,763 (43,422 ) (64 ) — (17,723 ) Net current-period other comprehensive (loss) income (47,845 ) 80,640 119 — 32,914 Balance, March 31, 2016 $ (140,058 ) $ 43,398 $ (581 ) $ (107 ) $ (97,348 ) Balance, December 31, 2014 $ 2,582 $ (7,023 ) $ (1,985 ) $ (1,738 ) $ (8,164 ) Other comprehensive income before reclassification (100,543 ) 11,185 41 — (89,317 ) Amounts reclassed from accumulated other comprehensive income — (638 ) — — (638 ) Income tax benefit (expense) 35,190 (3,692 ) (14 ) — 31,484 Net current-period other comprehensive income (65,353 ) 6,855 27 — (58,471 ) Balance, March 31, 2015 $ (62,771 ) $ (168 ) $ (1,958 ) $ (1,738 ) $ (66,635 )
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the activities and components of accumulated other comprehensive income (loss): (Amounts in Thousands) Foreign Currency Items Unrealized Gains (Losses) on Investments Interest Rate Swap Hedge Net Benefit Plan Assets and Obligations Recognized in Stockholders' Equity Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ (92,213 ) $ (37,242 ) $ (700 ) $ (107 ) $ (130,262 ) Other comprehensive (loss) income before reclassification (73,608 ) 124,720 183 — 51,295 Amounts reclassed from accumulated other comprehensive income — (658 ) — — (658 ) Income tax benefit (expense) 25,763 (43,422 ) (64 ) — (17,723 ) Net current-period other comprehensive (loss) income (47,845 ) 80,640 119 — 32,914 Balance, March 31, 2016 $ (140,058 ) $ 43,398 $ (581 ) $ (107 ) $ (97,348 ) Balance, December 31, 2014 $ 2,582 $ (7,023 ) $ (1,985 ) $ (1,738 ) $ (8,164 ) Other comprehensive income before reclassification (100,543 ) 11,185 41 — (89,317 ) Amounts reclassed from accumulated other comprehensive income — (638 ) — — (638 ) Income tax benefit (expense) 35,190 (3,692 ) (14 ) — 31,484 Net current-period other comprehensive income (65,353 ) 6,855 27 — (58,471 ) Balance, March 31, 2015 $ (62,771 ) $ (168 ) $ (1,958 ) $ (1,738 ) $ (66,635 )

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Results of Operations of Business Segments	The following tables summarize the results of operations of the business segments for the three months ended March 31, 2016 and 2015 : (Amounts in Thousands) Small Commercial Business Specialty Risk and Extended Warranty Specialty Program Corporate and Other Total Three Months Ended March 31, 2016: Gross written premium $ 1,066,132 $ 529,446 $ 337,496 $ — $ 1,933,074 Net written premium 624,528 337,833 258,318 — 1,220,679 Change in unearned premium (120,434 ) (15,992 ) (9,971 ) — (146,397 ) Net earned premium 504,094 321,841 248,347 — 1,074,282 Loss and loss adjustment expense (332,684 ) (210,936 ) (171,453 ) — (715,073 ) Acquisition costs and other underwriting expenses (130,428 ) (69,341 ) (64,865 ) — (264,634 ) (463,112 ) (280,277 ) (236,318 ) — (979,707 ) Underwriting income 40,982 41,564 12,029 — 94,575 Service and fee income 32,537 89,780 289 21,595 144,201 Investment income and realized gain 26,854 19,170 11,300 66 57,390 Other expenses (70,697 ) (35,109 ) (22,380 ) — (128,186 ) Interest expense and loss on extinguishment of debt (9,762 ) (4,848 ) (3,090 ) — (17,700 ) Foreign currency loss — (35,673 ) — — (35,673 ) Gain on life settlement contracts 5,918 2,939 1,873 — 10,730 Acquisition gain on purchase 9,678 — — — 9,678 Provision for income taxes (6,993 ) (15,326 ) (4 ) (5,403 ) (27,726 ) Equity in earnings of unconsolidated subsidiary – related party — — — 5,776 5,776 Net income $ 28,517 $ 62,497 $ 17 $ 22,034 $ 113,065 (Amounts in Thousands) Small Commercial Business Specialty Risk and Extended Warranty Specialty Program Corporate and Other Total Three Months Ended March 31, 2015: Gross written premium $ 901,119 $ 470,870 $ 359,147 $ — $ 1,731,136 Net written premium 523,240 287,689 232,260 — 1,043,189 Change in unearned premium (99,249 ) 41,442 (36,005 ) — (93,812 ) Net earned premium 423,991 329,131 196,255 — 949,377 Loss and loss adjustment expense (274,346 ) (208,640 ) (130,297 ) — (613,283 ) Acquisition costs and other underwriting expenses (109,679 ) (70,265 ) (51,732 ) — (231,676 ) (384,025 ) (278,905 ) (182,029 ) — (844,959 ) Underwriting income 39,966 50,226 14,226 — 104,418 Service and fee income 26,632 67,762 333 18,159 112,886 Investment income and realized gain 23,246 16,740 10,150 90 50,226 Other expenses (51,251 ) (26,780 ) (20,426 ) — (98,457 ) Interest expense and loss on extinguishment of debt (7,791 ) (4,072 ) (3,106 ) — (14,969 ) Foreign currency gain — 39,954 — — 39,954 Loss on life settlement contracts 5,921 3,093 2,359 — 11,373 Provision for income taxes (8,149 ) (32,602 ) (785 ) (5,276 ) (46,812 ) Equity in earnings of unconsolidated subsidiary – related party — — — 5,529 5,529 Net income $ 28,574 $ 114,321 $ 2,751 $ 18,502 $ 164,148 The following tables summarize net earned premium by major line of business, by segment, for the three months ended March 31, 2016 and 2015 : (Amounts in Thousands) Small Commercial Business Specialty Risk and Extended Warranty Specialty Program Total Three Months Ended March 31, 2016: Workers' compensation $ 346,043 $ — $ 107,713 $ 453,756 Warranty — 168,333 — 168,333 Other liability 5,249 40,713 70,581 116,543 Commercial auto and liability, physical damage 85,904 8,492 35,143 129,539 Medical malpractice — 44,017 — 44,017 Other 66,898 60,286 34,910 162,094 Total net earned premium $ 504,094 $ 321,841 $ 248,347 $ 1,074,282 (Amounts in Thousands) Small Commercial Business Specialty Risk and Extended Warranty Specialty Program Total Three Months Ended March 31, 2015: Workers' compensation $ 292,065 $ — $ 77,602 $ 369,667 Warranty — 151,531 — 151,531 Other liability 10,519 32,811 40,520 83,850 Commercial auto and liability, physical damage 51,920 3,440 35,233 90,593 Medical malpractice — 36,311 — 36,311 Other 69,487 105,038 42,900 217,425 Total net earned premium $ 423,991 $ 329,131 $ 196,255 $ 949,377
Long Lived Assets and Total Assets of Business Segments	The following table summarizes total assets of the business segments as of March 31, 2016 and December 31, 2015 : (Amounts in Thousands) March 31, 2016 December 31, 2015 Small Commercial Business $ 8,871,282 $ 7,781,045 Specialty Risk and Extended Warranty 6,397,361 6,370,861 Specialty Program 3,077,724 2,936,710 Corporate and Other 9,354 2,403 $ 18,355,721 $ 17,091,019

Basis of Reporting Basis of Pre

Basis of Reporting Basis of Presentation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Securities Sold But Not Yet Purchased, At Fair Value, Included in Changes in Accrued Expenses and Other Current Liabilities. [Member] | Securities Sold But Not Yet Purchased, At Fair Value Moved to Investing and Financing Activities [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Correction of immaterial error	$ 3,570

Investments - Amortized Cost, E

Investments - Amortized Cost, Estimated Market Value and Gross Unrealized Appreciation and Depreciation of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	$ 6,332,333	$ 5,591,388
Gross unrealized gains	195,699	99,265
Gross unrealized losses	(121,795)	(152,359)
Fair Value	6,406,237	5,538,294
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	8,171	4,869
Gross unrealized gains	163	150
Gross unrealized losses	(96)	(30)
Fair Value	8,238	4,989
Common stock
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	102,423	104,477
Gross unrealized gains	7,469	3,816
Gross unrealized losses	(19,612)	(8,785)
Fair Value	90,280	99,508
U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	240,505	69,547
Gross unrealized gains	3,160	1,470
Gross unrealized losses	(11)	(258)
Fair Value	243,654	70,759
U.S. government agencies
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	40,167	45,586
Gross unrealized gains	475	235
Gross unrealized losses	(8)	(263)
Fair Value	40,634	45,558
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	572,156	530,004
Gross unrealized gains	16,929	11,952
Gross unrealized losses	(1,020)	(1,530)
Fair Value	588,065	540,426
Foreign government
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	123,306	109,645
Gross unrealized gains	6,617	4,912
Gross unrealized losses	(723)	(812)
Fair Value	129,200	113,745
Finance | Corporate bonds:
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	1,444,380	1,358,765
Gross unrealized gains	53,401	38,058
Gross unrealized losses	(24,458)	(34,393)
Fair Value	1,473,323	1,362,430
Industrial | Corporate bonds:
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	1,911,498	1,706,772
Gross unrealized gains	64,634	20,542
Gross unrealized losses	(51,426)	(80,251)
Fair Value	1,924,706	1,647,063
Utilities | Corporate bonds:
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	166,380	157,067
Gross unrealized gains	4,392	1,548
Gross unrealized losses	(8,165)	(9,115)
Fair Value	162,607	149,500
Commercial mortgage backed securities
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	171,259	151,164
Gross unrealized gains	3,984	1,334
Gross unrealized losses	(3,538)	(1,180)
Fair Value	171,705	151,318
Agency backed
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost		964,059
Gross unrealized gains		14,912
Gross unrealized losses		(4,133)
Fair Value		974,838
Agency backed | Residential mortgage backed securities:
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	1,190,473
Gross unrealized gains	31,154
Gross unrealized losses	(722)
Fair Value	1,220,905
Non-agency backed
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost		124,046
Gross unrealized gains		322
Gross unrealized losses		(4,139)
Fair Value		120,229
Non-agency backed | Residential mortgage backed securities:
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	39,689
Gross unrealized gains	929
Gross unrealized losses	(259)
Fair Value	40,359
Collateralized loan / debt obligations
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	293,801	232,245
Gross unrealized gains	2,362	10
Gross unrealized losses	(11,412)	(6,161)
Fair Value	284,751	226,094
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	28,125	33,142
Gross unrealized gains	30	4
Gross unrealized losses	(345)	(1,309)
Fair Value	$ 27,810	$ 31,837

Investments - Summary of Availa

Investments - Summary of Available for Sale Fixed Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Amortized Cost
Total fixed maturities	$ 6,221,739	$ 5,482,042
Fair Value
Total fixed maturities	6,307,719	5,433,797
Fixed maturities, available-for-sale
Amortized Cost
Due in one year or less	131,009	125,563
Due after one through five years	1,210,531	913,365
Due after five through ten years	2,756,834	2,586,061
Due after ten years	400,017	352,397
Mortgage and asset backed securities	1,723,348	1,504,656
Total fixed maturities	6,221,739	5,482,042
Due in one year or less	129,490	124,763
Fair Value
Due after one through five years	1,215,729	909,634
Due after five through ten years	2,807,027	2,537,734
Due after ten years	409,945	357,288
Mortgage and asset backed securities	1,745,528	1,504,378
Total fixed maturities	$ 6,307,719	$ 5,433,797

Investments (OTTI) (Details)

Investments (OTTI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other-than-temporary impairment charges	$ 0	$ 1,016
Fixed maturities, available-for-sale
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other-than-temporary impairment charges	0	0
Equity securities, available-for-sale
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other-than-temporary impairment charges	$ 0	$ 1,016

Investments - Summary of Gross

Investments - Summary of Gross Unrealized Losses of Fixed-maturities and Equity Securities (Details) $ in Thousands	Mar. 31, 2016USD ($)Contract	Dec. 31, 2015USD ($)Contract
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	$ 1,203,237	$ 2,492,426
Unrealized Losses	$ (102,105)	$ (130,434)
No. of Positions Held | Contract	951	1,847
Fair Market Value	$ 270,439	$ 217,876
Unrealized Losses	$ (19,690)	$ (21,925)
No. of Positions Held | Contract	303	164
Fair Market Value	$ 1,473,676	$ 2,710,302
Unrealized Losses	(121,795)	(152,359)
Common and preferred stock
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	33,683	59,302
Unrealized Losses	$ (19,467)	$ (8,711)
No. of Positions Held | Contract	43	67
Fair Market Value	$ 6,548	$ 402
Unrealized Losses	$ (241)	$ (104)
No. of Positions Held | Contract	20	2
Fair Market Value	$ 40,231	$ 59,704
Unrealized Losses	(19,708)	(8,815)
U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	7,742	31,658
Unrealized Losses	$ (4)	$ (232)
No. of Positions Held | Contract	15	77
Fair Market Value	$ 3,254	$ 2,586
Unrealized Losses	$ (7)	$ (26)
No. of Positions Held | Contract	9	8
Fair Market Value	$ 10,996	$ 34,244
Unrealized Losses	(11)	(258)
U.S. government agencies
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	2,220	22,412
Unrealized Losses	$ (7)	$ (262)
No. of Positions Held | Contract	2	20
Fair Market Value	$ 182	$ 182
Unrealized Losses	$ (1)	$ (1)
No. of Positions Held | Contract	2	2
Fair Market Value	$ 2,402	$ 22,594
Unrealized Losses	(8)	(263)
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	60,310	121,550
Unrealized Losses	$ (291)	$ (867)
No. of Positions Held | Contract	51	111
Fair Market Value	$ 17,928	$ 17,163
Unrealized Losses	$ (729)	$ (663)
No. of Positions Held | Contract	32	30
Fair Market Value	$ 78,238	$ 138,713
Unrealized Losses	(1,020)	(1,530)
Foreign government
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	10,756	18,598
Unrealized Losses	$ (591)	$ (688)
No. of Positions Held | Contract	18	27
Fair Market Value	$ 6,269	$ 5,977
Unrealized Losses	$ (132)	$ (124)
No. of Positions Held | Contract	1	1
Fair Market Value	$ 17,025	$ 24,575
Unrealized Losses	(723)	(812)
Finance | Corporate bonds:
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	361,108	604,898
Unrealized Losses	$ (22,595)	$ (33,068)
No. of Positions Held | Contract	220	349
Fair Market Value	$ 63,724	$ 59,020
Unrealized Losses	$ (1,863)	$ (1,325)
No. of Positions Held | Contract	44	22
Fair Market Value	$ 424,832	$ 663,918
Unrealized Losses	(24,458)	(34,393)
Industrial | Corporate bonds:
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	395,296	858,632
Unrealized Losses	$ (39,700)	$ (65,887)
No. of Positions Held | Contract	352	633
Fair Market Value	$ 114,721	$ 82,495
Unrealized Losses	$ (11,726)	$ (14,364)
No. of Positions Held | Contract	75	55
Fair Market Value	$ 510,017	$ 941,127
Unrealized Losses	(51,426)	(80,251)
Utilities | Corporate bonds:
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	38,717	79,358
Unrealized Losses	$ (4,219)	$ (5,305)
No. of Positions Held | Contract	64	113
Fair Market Value	$ 9,496	$ 7,712
Unrealized Losses	$ (3,946)	$ (3,810)
No. of Positions Held | Contract	19	5
Fair Market Value	$ 48,213	$ 87,070
Unrealized Losses	(8,165)	(9,115)
Commercial mortgage backed securities
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	83,422	35,405
Unrealized Losses	$ (3,303)	$ (1,079)
No. of Positions Held | Contract	45	100
Fair Market Value	$ 6,292	$ 2,870
Unrealized Losses	$ (235)	$ (101)
No. of Positions Held | Contract	42	6
Fair Market Value	$ 89,714	$ 38,275
Unrealized Losses	(3,538)	(1,180)
Agency backed
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value		334,224
Unrealized Losses		$ (2,788)
No. of Positions Held | Contract		163
Fair Market Value		$ 35,446
Unrealized Losses		$ (1,345)
No. of Positions Held | Contract		29
Fair Market Value		$ 369,670
Unrealized Losses		(4,133)
Agency backed | Residential mortgage backed securities:
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	2,586
Unrealized Losses	$ (7)
No. of Positions Held | Contract	19
Fair Market Value	$ 37,131
Unrealized Losses	$ (715)
No. of Positions Held | Contract	48
Fair Market Value	$ 39,717
Unrealized Losses	(722)
Non-agency backed
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value		95,001
Unrealized Losses		$ (4,077)
No. of Positions Held | Contract		39
Fair Market Value		$ 4,023
Unrealized Losses		$ (62)
No. of Positions Held | Contract		4
Fair Market Value		$ 99,024
Unrealized Losses		(4,139)
Non-agency backed | Residential mortgage backed securities:
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	11,874
Unrealized Losses	$ (174)
No. of Positions Held | Contract	16
Fair Market Value	$ 3,717
Unrealized Losses	$ (85)
No. of Positions Held | Contract	3
Fair Market Value	$ 15,591
Unrealized Losses	(259)
Collateralized loan / debt obligations
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	173,126	201,086
Unrealized Losses	$ (11,412)	$ (6,161)
No. of Positions Held | Contract	70	78
Fair Market Value	$ 0	$ 0
Unrealized Losses	$ 0	$ 0
No. of Positions Held | Contract	0	0
Fair Market Value	$ 173,126	$ 201,086
Unrealized Losses	(11,412)	(6,161)
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Fair Market Value	22,397	30,302
Unrealized Losses	$ (335)	$ (1,309)
No. of Positions Held | Contract	36	70
Fair Market Value	$ 1,177	$ 0
Unrealized Losses	$ (10)	$ 0
No. of Positions Held | Contract	8	0
Fair Market Value	$ 23,574	$ 30,302
Unrealized Losses	$ (345)	$ (1,309)

Investments (Trading Securities

Investments (Trading Securities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, cost basis	$ 28,142		$ 26,937
Market value	29,891		27,271
Proceeds from sale of trading securities	52,744	$ 60,268
Common stock
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, cost basis	28,142		26,937
Gross unrealized gains	2,129		739
Gross unrealized losses	(380)		(405)
Market value	$ 29,891		$ 27,271

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 49,490	$ 34,835
Investment expenses	(75)	(262)
Net investment income	49,415	34,573
Fixed maturities, available-for-sale
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	46,193	32,753
Equity securities, available-for-sale
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	2,364	409
Equity securities, trading
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	(153)	8
Cash and short term investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 1,086	$ 1,665

Investments (Realized Gains and

Investments (Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Gross Gains	$ 15,075	$ 26,202
Net Gains (Losses)	5,272	16,989
Write-down of fixed maturities, available-for-sale	0	(1,016)
Total of gross loss including write-downs	(7,100)	(10,549)
Net gain and losses, including write-down	7,975	15,653
Fixed maturities, available-for-sale
Schedule of Available-for-sale Securities [Line Items]
Write-down of fixed maturities, available-for-sale	0	0
Equity securities, available-for-sale
Schedule of Available-for-sale Securities [Line Items]
Write-down of fixed maturities, available-for-sale	0	(1,016)
Available-for-sale | Fixed maturities, available-for-sale
Schedule of Available-for-sale Securities [Line Items]
Gross Gains	4,799	20,694
Gross Losses	(46)	(4,190)
Net Gains (Losses)	4,753	16,504
Write-down of fixed maturities, available-for-sale		(1,016)
Available-for-sale | Equity securities, available-for-sale
Schedule of Available-for-sale Securities [Line Items]
Gross Gains	660	2,164
Gross Losses	(141)	(1,679)
Net Gains (Losses)	519	485
Equity securities, trading | Equity securities, available-for-sale
Schedule of Available-for-sale Securities [Line Items]
Gross Gains	9,612	3,323
Gross Losses	(6,856)	(2,475)
Net Gains (Losses)	2,756	848
Equity securities, trading
Schedule of Available-for-sale Securities [Line Items]
Gross Gains	4	21
Gross Losses	(57)	(1,189)
Net Gains (Losses)	$ (53)	$ (1,168)

Investments - Notional Amounts

Investments - Notional Amounts of Interest Rate Swaps by Remaining Maturity (Details) - Interest rate swaps $ in Thousands	Mar. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
One Year	$ 70,000
Two Through Five Years	0
Six Through Ten Years	0
After Ten Years	0
Total	$ 70,000

Investments - Fair Values of Re

Investments - Fair Values of Restricted Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Restricted cash and cash equivalents	$ 359,876	$ 380,699
Restricted investments - fixed maturities at fair value	1,502,788	1,490,547
Total restricted cash, cash equivalents, and investments	$ 1,862,664	$ 1,871,246

Investments - Additional Inform

Investments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016USD ($)InvestmentDerivative	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)InvestmentDerivative
Investment [Line Items]
Proceeds from the sale of investments in available-for-sale securities	$ 202,736,000	$ 302,246,000
Number of securities account for gross unrealized loss | Investment	1,254		2,011
Percentage of cost in excess of market capitalization	35.00%
Market capitalization benchmark	$ 1,000,000
Percentage of loss to amortized cost	25.00%
Period of market capitalization	24 months
AAFS, Continuous unrealized loss position, 12 months or longer, aggregate loss	$ (19,690,000)		$ (21,925,000)
AFS, Continuous unrealized loss position, 12 months or longer, aggregate loss, greater or equal to 20% of amortized costs	$ (6,717,000)
Percentage of amortized cost and costs	20.00%
Proceeds from sale of trading securities	$ 52,744,000	$ 60,268,000
Number of interest rate swaps | Derivative	2		2
Interest rate swaps liability	$ 894,000		$ 1,077,000
Equity securities, available-for-sale
Investment [Line Items]
Securities sold but not yet purchased, at fair value	$ 28,855,000		$ 38,618,000

Fair Value of Financial Instr50

Fair Value of Financial Instruments - Assets and Financial Liabilities on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	$ 6,807,031	$ 5,944,141
Fair Value of liabilities	101,655	132,558
Equity securities sold but not yet purchased, market
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities		18,163
Equity securities sold but not yet purchased, market | Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	8,495	20,455
Equity securities sold but not yet purchased, market | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	20,360
Life settlement contract profit commission
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	7,168	15,406
Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	64,738	77,457
Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	894	1,077
U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	243,654	70,759
U.S. government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	40,634	45,558
Municipal bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	588,065	540,426
Foreign government
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	129,200	113,745
Finance | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	1,473,323	1,362,430
Industrial | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	1,924,706	1,647,063
Utilities | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	162,607	149,500
Commercial mortgage backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	171,705	151,318
Agency backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	1,220,905	974,838
Non-agency backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	40,359	120,229
Collateralized loan / debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	284,751	226,094
Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	27,810	31,837
Short term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	34,008	84,266
Other investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	42,322	30,309
Life settlement contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	294,573	264,001
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	370,708	220,859
Fair Value of liabilities	20,360	18,163
Level 1 | Equity securities sold but not yet purchased, market
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities		18,163
Level 1 | Equity securities sold but not yet purchased, market | Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0	0
Level 1 | Equity securities sold but not yet purchased, market | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	20,360
Level 1 | Life settlement contract profit commission
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0	0
Level 1 | Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0	0
Level 1 | Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0	0
Level 1 | U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	243,654	70,759
Level 1 | U.S. government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Municipal bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Foreign government
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Finance | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Industrial | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Utilities | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Commercial mortgage backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Agency backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Non-agency backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Collateralized loan / debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Short term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	34,008	84,266
Level 1 | Other investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 1 | Life settlement contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	6,073,872	5,391,761
Fair Value of liabilities	9,389	21,532
Level 2 | Equity securities sold but not yet purchased, market
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities		0
Level 2 | Equity securities sold but not yet purchased, market | Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	8,495	20,455
Level 2 | Equity securities sold but not yet purchased, market | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0
Level 2 | Life settlement contract profit commission
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0	0
Level 2 | Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0	0
Level 2 | Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	894	1,077
Level 2 | U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 2 | U.S. government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	40,634	45,558
Level 2 | Municipal bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	588,065	540,426
Level 2 | Foreign government
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	129,200	113,745
Level 2 | Finance | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	1,473,323	1,362,430
Level 2 | Industrial | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	1,924,706	1,647,063
Level 2 | Utilities | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	162,607	149,500
Level 2 | Commercial mortgage backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	171,705	151,318
Level 2 | Agency backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	1,220,905	974,838
Level 2 | Non-agency backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	40,359	120,229
Level 2 | Collateralized loan / debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	284,751	226,094
Level 2 | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	27,810	31,837
Level 2 | Short term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 2 | Other investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 2 | Life settlement contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	362,451	331,521
Fair Value of liabilities	71,906	92,863
Level 3 | Equity securities sold but not yet purchased, market
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities		0
Level 3 | Equity securities sold but not yet purchased, market | Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0	0
Level 3 | Equity securities sold but not yet purchased, market | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0
Level 3 | Life settlement contract profit commission
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	7,168	15,406
Level 3 | Contingent consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	64,738	77,457
Level 3 | Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of liabilities	0	0
Level 3 | U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | U.S. government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Municipal bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Foreign government
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Finance | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Industrial | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Utilities | Corporate bonds:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Commercial mortgage backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Agency backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Non-agency backed
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Collateralized loan / debt obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Short term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Level 3 | Other investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	42,322	30,309
Level 3 | Life settlement contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	294,573	264,001
Available-for-sale | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	98,518	104,497
Available-for-sale | Level 1 | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	63,155	38,563
Available-for-sale | Level 2 | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	9,807	28,723
Available-for-sale | Level 3 | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	25,556	37,211
Trading | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	29,891	27,271
Trading | Level 1 | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	29,891	27,271
Trading | Level 2 | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	0	0
Trading | Level 3 | Equity securities, available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets	$ 0	$ 0

Fair Value of Financial Instr51

Fair Value of Financial Instruments - Changes in Fair Value of Level 3 Financial Assets And Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	$ 238,658	$ 254,480
Net income	22,305	23,681
Other comprehensive income	(11,673)	2,925
Purchases and issuances	2,809	(43,942)
Sales and settlements	25,463	(22,187)
Net transfers into (out of) Level 3	12,983	0
Ending Balance	290,545	214,957
Other investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	30,309	13,315
Net income	(1,156)	472
Other comprehensive income	0	0
Purchases and issuances	375	1,046
Sales and settlements	(189)	(337)
Net transfers into (out of) Level 3	12,983	0
Ending Balance	42,322	14,496
Equity securities, available-for-sale
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	37,211	34,886
Net income	0	0
Other comprehensive income	(11,673)	2,925
Purchases and issuances	18	0
Sales and settlements	0	(46)
Net transfers into (out of) Level 3	0	0
Ending Balance	25,556	37,765
Life settlement contracts
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	264,001	264,517
Net income	30,629	21,250
Other comprehensive income	0	0
Purchases and issuances	0	0
Sales and settlements	(57)	(25,982)
Net transfers into (out of) Level 3	0	0
Ending Balance	294,573	259,785
Life settlement contract profit commission
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	(15,406)	(16,534)
Net income	(7,168)	1,959
Other comprehensive income	0	0
Purchases and issuances	0	0
Sales and settlements	15,406	0
Net transfers into (out of) Level 3	0	0
Ending Balance	(7,168)	(14,575)
Contingent consideration
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	(77,457)	(41,704)
Net income	0	0
Other comprehensive income	0	0
Purchases and issuances	2,416	(44,988)
Sales and settlements	10,303	4,178
Net transfers into (out of) Level 3	0	0
Ending Balance	$ (64,738)	$ (82,514)

Fair Value of Financial Instr52

Fair Value of Financial Instruments - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net income	$ 22,305	$ 23,681
Gain on investment in life settlement contracts net of profit commission	10,730	11,373
Life settlement contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net income	30,629	21,250
Premiums paid	(12,102)	(11,130)
Other Expenses	(629)	(706)
Gain on investment in life settlement contracts net of profit commission	10,730	11,373
Life settlement contract profit commission
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net income	$ (7,168)	$ 1,959

Fair Value of Financial Instr53

Fair Value of Financial Instruments - Fair Value of Portfolio of Life Insurance Policies (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Life Settlement Contracts, Fair Value Method [Abstract]
Average age of insured (in years)	82 years 2 months 1 day	82 years 1 day
Average life expectancy, months (in months)	110 months	114 months
Average face amount per policy	$ 6,538	$ 6,564
Implicit discount rate (in percentage)	13.90%	13.70%

Fair Value of Financial Instr54

Fair Value of Financial Instruments -Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
6.125% Senior notes due 2023 (the 2023 Notes)	$ 247,979	$ 247,911
Junior subordinated debentures (the 2035-2037 Notes)	121,962	118,226
Revolving credit facility	130,000	130,000
Other	55,615
Fair Value
Other	55,615
Fair Value, Measurements, Recurring
Fair Value
Revolving credit facility	130,000
7.25% Subordinated Notes due 2055
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
7.25% Subordinated Notes due 2055 (the 7.25% 2055 Notes)	145,109	145,078
7.50% Subordinated Notes due 2055
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
7.25% Subordinated Notes due 2055 (the 7.25% 2055 Notes)	130,600	130,572
2.75% Convertible senior notes due 2044 (the 2044 Notes)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2.75% Convertible senior notes due 2044	161,763	$ 160,258
Level 1 | Fair Value, Measurements, Recurring
Fair Value
7.25% Subordinated Notes due 2055	148,680
6.125% Notes due 2023	237,979
Level 1 | 7.50% Subordinated Notes due 2055 | Fair Value, Measurements, Recurring
Fair Value
7.25% Subordinated Notes due 2055	135,702
Level 1 | 2.75% Convertible senior notes due 2044 (the 2044 Notes) | Fair Value, Measurements, Recurring
Fair Value
2.75% Convertible senior notes due 2044	184,477
Level 3 | Fair Value, Measurements, Recurring
Fair Value
Junior subordinated debentures due 2035-2037	$ 77,780

Fair Value of Financial Instr55

Fair Value of Financial Instruments - Increase or (Decrease) in Carrying Value of Investment in Life Insurance Policies (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Life Settlement Contracts, Fair Value Method [Abstract]
Life expectancy Plus 4 Months	$ (37,524)	$ (37,697)
Life expectancy Minus 4 Months	42,046	40,997
Discount Plus 1%	(26,783)	(26,558)
Discount Minus 1%	$ 29,775	$ 29,644

Fair Value of Financial Instr56

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net transfers into (out of) Level 3	$ 12,983	$ 0
Maximum investment in Limited Partnership and Hedge Funds	0.50%
Investment discount rate (in percentage)	7.50%
Discount rate (in percentage)	7.50%
Implicit discount rate (in percentage)	13.90%		13.70%
NGHC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of ownership in NGHC	12.00%
7.25% Subordinated Notes due 2055 | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, stated interest rate (in percentage)	7.25%
7.50% Subordinated Notes due 2055
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, stated interest rate (in percentage)	7.50%
2.75% Convertible senior notes due 2044 (the 2044 Notes) | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, stated interest rate (in percentage)	2.75%
6.125% Notes due 2023 | Promissory Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, stated interest rate (in percentage)	6.125%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Implicit discount rate (in percentage)	12.50%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Implicit discount rate (in percentage)	17.50%
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investment in NGHC	$ 146,000
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investment in NGHC	265,458
Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net transfers into (out of) Level 3	$ 12,983	$ 0

Investment in Life Settlement57

Investment in Life Settlements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)Entity	Mar. 31, 2015USD ($)
Schedule of Cost-method Investments [Line Items]
Profits and losses of investment in life insurance policies and premium finance loans	56.00%
Gain on investment in life settlement contracts net of profit commission	$ 10,730,000	$ 11,373,000
NGHC
Schedule of Cost-method Investments [Line Items]
Percentage of ownership	12.00%
LSC Entities
Schedule of Cost-method Investments [Line Items]
Percentage of ownership interest	50.00%
Number of entities with ownership interest | Entity	4
Life settlement contracts
Schedule of Cost-method Investments [Line Items]
Capital contributions	$ 0	1,130,000
Life settlement contracts | AmTrust
Schedule of Cost-method Investments [Line Items]
Capital contributions		$ 565,000
NGHC | LSC Entities
Schedule of Cost-method Investments [Line Items]
Percentage of ownership interest	50.00%

Investment in Life Settlement58

Investment in Life Settlements (Detail) $ in Thousands	Mar. 31, 2016USD ($)Contract	Dec. 31, 2015USD ($)	Dec. 31, 2015Contract	Dec. 31, 2015policy
Number of Life Settlement Contracts
0-1 | Contract	0		0
1-2 | Contract	4		0
2-3 | Contract	8		8
3-4 | Contract	7		8
4-5 | Contract	6		4
Thereafter | Contract	230		235
Total	255		255	255
Fair Value
0-1	$ 0	$ 0
1-2	24,573	0
2-3	34,042	31,261
3-4	16,977	20,117
4-5	9,150	6,760
Thereafter	209,831	205,863
Total	294,573	264,001
Face Value
0-1	0	0
1-2	32,500	0
2-3	78,000	70,500
3-4	36,500	46,500
4-5	31,000	20,000
Thereafter	1,440,313	1,481,313
Total	$ 1,618,313	$ 1,618,313

Investment in Life Settlement59

Investment in Life Settlements - Additional Information (Footnotes) (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)Contract	Dec. 31, 2015USD ($)Contract	Mar. 31, 2016policy	Dec. 31, 2015policy
Investments, All Other Investments [Abstract]
Life settlement contracts, number of contracts with fair value	215			213
Total number of Life Settlement Contracts	255	255		255
Number of policies with a negative value from discounted cash flow model as of period end	40		40	42
Premiums paid for the preceding twelve month period for period ended	$ 4,957	$ 4,971
Death benefit received	$ 0	$ 0

Investment in Life Settlement60

Investment in Life Settlements - Premiums to be Paid (Detail) - Premiums Due On Life Settlement Contracts $ in Thousands	Mar. 31, 2016USD ($)
Life Insurance Premiums and Related Investment Income [Line Items]
2,016	$ 65,789
2,017	42,672
2,018	41,771
2,019	41,026
2,020	37,998
Thereafter	464,343
Total	$ 693,599

Deferred Policy Acquisitions 61

Deferred Policy Acquisitions Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	$ 704,243	$ 628,383
Acquisition costs deferred	231,383	179,699
Amortization	(173,824)	(156,198)
Ending balance	$ 761,802	$ 651,884

Debt - Borrowings (Detail)

Debt - Borrowings (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Revolving credit facility	$ 130,000	$ 130,000
6.125% Senior notes due 2023 (the 2023 Notes)	247,979	247,911
Junior subordinated debentures (the 2035-2037 Notes)	121,962	118,226
Secured loan agreements	36,676	38,455
Promissory notes	13,804	13,753
Total debt	993,028	989,356
5.5% Convertible senior notes due 2021 (the 2021 Notes)
Debt Instrument [Line Items]
Convertible senior notes	5,135	5,103
2.75% Convertible senior notes due 2044 (the 2044 Notes)
Debt Instrument [Line Items]
Convertible senior notes	161,763	160,258
7.25% Subordinated Notes due 2055
Debt Instrument [Line Items]
Subordinate Notes due 2055	145,109	145,078
7.50% Subordinated Notes due 2055
Debt Instrument [Line Items]
Subordinate Notes due 2055	$ 130,600	$ 130,572

Debt - Aggregate Scheduled Matu

Debt - Aggregate Scheduled Maturities of Borrowings (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,016	$ 5,408
2,017	7,423
2,018	9,590
2,019	134,467
2,020	205
Thereafter	852,552
Total scheduled payments	1,009,645
Unamortized deferred origination costs	(16,617)
Total debt	$ 993,028	$ 989,356

Debt - Aggregate Scheduled Ma64

Debt - Aggregate Scheduled Maturities of Borrowings (Footnotes) (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Convertible Notes Payable | 5.5% Convertible senior notes due 2021 (the 2021 Notes)
Debt Instrument [Line Items]
Unamortized OID	$ (823)
Senior Notes | 2.75% Convertible senior notes due 2044 (the 2044 Notes)
Debt Instrument [Line Items]
Unamortized OID	$ (49,211)

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details) - Line of Credit	Mar. 31, 2016USD ($)
Revolving credit facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 175,000,000
Letters of credit, outstanding amount	120,562,000
Credit agreement, remaining borrowing capacity	54,438,000
Other Letters of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	1,675,000
Letters of credit, outstanding amount	1,675,000
Credit agreement, remaining borrowing capacity	0
Lloyds | Letter of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	431,040,000
Letters of credit, outstanding amount	424,380,000
Credit agreement, remaining borrowing capacity	6,660,000
Comerica Bank | Letter of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	75,000,000
Letters of credit, outstanding amount	48,467,000
Credit agreement, remaining borrowing capacity	$ 26,533,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Interest expense (net of interest income)	$ 17,700	$ 10,255
Convertible Notes Payable
Debt Instrument [Line Items]
Interest expense (net of interest income)	3,116	3,015
Convertible Notes Payable | 5.5% Convertible senior notes due 2021 (the 2021 Notes)
Debt Instrument [Line Items]
Interest expense (net of interest income)	115	349
Senior Notes | 6.125% Notes due 2023
Debt Instrument [Line Items]
Interest expense (net of interest income)	3,897	3,897
Convertible Debt
Debt Instrument [Line Items]
Interest expense (net of interest income)	1,515	2,020
Subordinated Debt | 7.25% Subordinated Notes due 2055
Debt Instrument [Line Items]
Interest expense (net of interest income)	2,750	0
Subordinated Debt | 7.50% Subordinated Notes due 2055
Debt Instrument [Line Items]
Interest expense (net of interest income)	2,559	0
Secured loan agreements
Debt Instrument [Line Items]
Interest expense (net of interest income)	189	236
Promissory notes
Debt Instrument [Line Items]
Interest expense (net of interest income)	158	156
Other
Debt Instrument [Line Items]
Interest expense (net of interest income)	1,046	(1,281)
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Interest expense (net of interest income)	1,156	816
Lloyds | Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Interest expense (net of interest income)	$ 1,199	$ 1,047

Acquisition Costs and Other U67

Acquisition Costs and Other Underwriting Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure Summary Of Components Of Acquisition Costs And Other Underwriting Expenses [Abstract]
Policy acquisition expenses	$ 133,773	$ 110,967
Salaries and benefits	125,528	107,422
Other insurance general and administrative expenses	5,333	13,287
Acquisition costs and other underwriting expenses	$ 264,634	$ 231,676

Earnings Per Share - Summary of

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic earnings per share:
Net income attributable to AmTrust common stockholders	$ 100,257	$ 154,696
Less: Net income allocated to participating securities and redeemable non-controlling interest	0	360
Net income allocated to AmTrust common shareholders	$ 100,257	$ 154,336
Weighted average common shares outstanding - basic (in shares)	175,585	162,716
Less: Weighted average participating shares outstanding (in shares)	0	380
Weighted average common shares outstanding - basic (in shares)	175,585	162,336
Net income per AmTrust Financial Services, Inc. common share - basic (usd per share)	$ 0.57	$ 0.95
Diluted earnings per share:
Net income allocated to AmTrust Financial Services, Inc. common shareholders	$ 100,257	$ 154,696
Less: Net income allocated to participating securities and redeemable non-controlling interest	0	360
Net income allocated to AmTrust common shareholders	$ 100,257	$ 154,336
Weighted average common shares outstanding - basic (in shares)	175,585	162,336
Plus: Dilutive effect of stock options, convertible debt, other (in shares)	2,342	4,538
Weighted average common shares outstanding - dilutive (in shares)	177,927	166,874
Net income per AmTrust Financial Services, Inc. common shares - diluted (usd per share)	$ 0.56	$ 0.93

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	Feb. 02, 2016
Earnings Per Share [Abstract]
Stock split, conversion ratio	2

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 02, 2016	Dec. 15, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation			$ 5,641	$ 4,914	$ 4,914
Stock Dividend Paid, Percentage		100.00%
Common Stock, Adjustment to Common Stock Outstanding Due to Stock Split, Percentage	100.00%
Share based Compensation, Decrease in Exercise Price Due to Stock Split, Percentage	50.00%
Stock split, conversion ratio	2
Stock options, expiration term			10 years
Share based award, vesting period			4 years
Exercise period of vested option after employment relationship end			3 months
Weighted average grant date fair value of options granted				$ 10.60
Intrinsic value of the stock option exercised			$ 4,561		16,336
Intrinsic value of stock options			48,193		$ 66,300
Intrinsic value of the stock option exercisable			47,507	$ 64,705
Proceeds from stock options exercised			813	2,640
Excess tax benefit from award exercised			$ 1,539	3,332
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for stock award, maximum						14,630,136
Common stock remained available for grants			8,100,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 39,277	$ 39,111
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based award, vesting period			1 year
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based award, vesting period			4 years

Share Based Compensation - Sche

Share Based Compensation - Schedule of Option Granted, Exercised and Expired (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Shares
Outstanding at beginning of period (shares)	2,783,880	3,868,740
Granted (shares)	0	70,000
Exercised (shares)	(210,018)	(716,210)
Canceled or terminated (shares)	0	(11,350)
Outstanding end of period (shares)	2,573,862	3,211,180
Weighted Average Exercise Price
Outstanding at beginning of period (usd per share)	$ 6.99	$ 5.80
Granted (usd per share)	0	26.45
Exercised (usd per share)	3.87	4.36
Canceled or terminated (usd per share)	0	9.60
Outstanding end of period (usd per share)	$ 7.24	$ 6.56

Share Based Compensation (Weigh

Share Based Compensation (Weighted average assumptions) (Details)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Volatility (percentage)	41.05%
Risk-free interest rate (percentage)	1.91%
Weighted average expected lives in years	6 years 3 months
Dividend rate (percentage)	1.89%
Forfeiture rate (percentage)	0.50%

Share Based Compensation - Summ

Share Based Compensation - Summary of RSU and PSU (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock and Restricted Stock Unit
Shares or Units
Non-vested at beginning of period (shares)	1,853,516	2,611,022
Granted (shares)	250,038	118,758
Vested (shares)	(447,198)	(474,262)
Forfeited (shares)	(25,264)	(18,290)
Non-vested at end of period (shares)	1,631,092	2,237,228
Weighted-Average Grant Date Fair Value
Non-vested at beginning of period (usd per share)	$ 20.54	$ 16.70
Granted (usd per share)	25.73	26.94
Vested (usd per share)	15.78	14.20
Forfeited (usd per share)	24.11	20.33
Non-vested at end of period (usd per share)	$ 22.58	$ 17.75
Performance Share Units
Shares or Units
Non-vested at beginning of period (shares)	752,466	549,670
Granted (shares)	0	0
Vested (shares)	0	0
Forfeited (shares)	(914)	0
Non-vested at end of period (shares)	751,552	549,670
Weighted-Average Grant Date Fair Value
Non-vested at beginning of period (usd per share)	$ 24.58	$ 19.42
Granted (usd per share)	0	0
Vested (usd per share)	0	0
Forfeited (usd per share)	22.60	0
Non-vested at end of period (usd per share)	$ 24.58	$ 19.42

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income before equity in earnings of unconsolidated subsidiaries	$ 135,015	$ 205,431
Tax at federal statutory rate of 35%	47,255	71,901
Tax rate differences	(18,216)	(3,251)
Permanent adjustments	(3,577)	2,298
Other, net	2,775	(24,136)
Valuation allowance	(511)	0
Provision for income taxes	$ 27,726	$ 46,812
Effective tax rate	20.50%	22.80%

Income Taxes - Reconciliation75

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Footnotes) (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Federal statutory rate	35.00%	35.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Operating Loss Carryforwards [Line Items]
Increase in effective tax rate	20.50%	22.80%
Operating loss carryforwards, limitation on use per year	$ 2,641,000
Operating loss carryforwards, valuation allowance	169,474,000		$ 170,043,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 36,660,000
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 687,077,000

Related Party Transactions (Mai

Related Party Transactions (Maiden) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2011	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2007	Sep. 30, 2007	Dec. 31, 2015	Dec. 31, 2012	Apr. 01, 2011
Related Party Transaction [Line Items]
Reinsurance recoverable		$ 3,097,192,000				$ 3,008,670,000
Brokerage commission		$ 144,201,000	$ 112,886,000
Maiden Reinsurance Company
Related Party Transaction [Line Items]
Percentage of capital stock		7.50%
Assets managed under asset management agreement		$ 4,422,711,000
Maiden
Related Party Transaction [Line Items]
Percentage of reinsurance brokerage commissions		1.25%
Brokerage commission		$ 6,862,000	6,605,000
Investment management fee		$ 1,645,000	1,431,000
AII
Related Party Transaction [Line Items]
Premiums, percentage assumed to net, percentage					40.00%
Percentage of reinsurance related losses assumed					40.00%
Ceding commission percentage of ceded written premiums, percentage							31.00%
Extension period of reinsurance agreement term, in years		3 years
Period to notify cancellation of contract, in months		9 months
Termination Notice Period		30 days
Increase (decrease) in stockholders equity, percentage		(50.00%)
Interest rate				0.90%
Interest expense on collateral loan		$ 562,000	$ 449,000
Maiden Insurance
Related Party Transaction [Line Items]
Ceding commission percentage of ceded written premiums, percentage								5.00%
Percentage of premiums								40.00%
Term of reinsurance agreement, in years	1 year
Reinsurance ceded profit ratio, percentage								50.00%
Chief Executive Officer | Maiden Reinsurance Company
Related Party Transaction [Line Items]
Percentage of capital stock		4.40%
Board of Directors Chairman | Maiden Reinsurance Company
Related Party Transaction [Line Items]
Percentage of capital stock		6.10%
Director | Maiden Reinsurance Company
Related Party Transaction [Line Items]
Percentage of capital stock		2.30%
Minimum | Maiden Reinsurance Company
Related Party Transaction [Line Items]
Asset management services fee percentage		0.15%
Average value of assets under management		$ 1,000,000,000
Minimum | AII
Related Party Transaction [Line Items]
Reinsurance recoverable					$ 5,000,000
Minimum | Maiden | AII
Related Party Transaction [Line Items]
Reinsurance ceded loss ratio, percentage							81.50%
Maximum | Maiden Reinsurance Company
Related Party Transaction [Line Items]
Asset management services fee percentage		0.20%
Average value of assets under management		$ 1,000,000,000
Maximum | Maiden Insurance
Related Party Transaction [Line Items]
Reinsurance ceded loss ratio, percentage								65.00%
Maximum | Maiden | AII
Related Party Transaction [Line Items]
Reinsurance ceded loss ratio, percentage							95.00%
Retail Business | Maiden | AII
Related Party Transaction [Line Items]
Ceding commission percentage of ceded written premiums, percentage							34.375%
Maiden Reinsurance Company
Related Party Transaction [Line Items]
Note payable on collateral loan – related party		167,975,000
Maiden Reinsurance Company | AII
Related Party Transaction [Line Items]
Collateral debt issued by maiden insurance		$ 2,622,606,000

Related Party Transactions (Res

Related Party Transactions (Results of Operations Related to Reinsurance Agreements) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Change in unearned premium	$ (146,397)	$ (93,812)
Incurred loss and loss adjustment expense - ceded	715,073	613,283
Maiden
Related Party Transaction [Line Items]
Premium written - ceded	(543,688)	(528,285)
Change in unearned premium	86,698	128,615
Earned premium - ceded	(456,990)	(399,670)
Ceding commission on premium written	174,334	168,773
Ceding commission – deferred	(35,943)	(50,086)
Ceding commission - earned	138,391	118,687
Incurred loss and loss adjustment expense - ceded	$ 354,854	$ 249,390

Related Party Transactions (NGH

Related Party Transactions (NGHC) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)shareholderEntity	Mar. 31, 2015USD ($)	Dec. 31, 2015	Aug. 31, 2011
Related Party Transaction [Line Items]
Number of shareholder | shareholder	2
Equity in earnings of unconsolidated subsidiaries – related parties	$ 5,776	$ 5,529
Service and fee income	$ 144,201	112,886
NGHC
Related Party Transaction [Line Items]
Percentage of ownership in NGHC	12.00%
Number of reportable entities | Entity	14
Equity in earnings of unconsolidated subsidiaries – related parties	$ 5,776	5,529
License fee percentage	1.25%
Developmental services, percentage	20.00%
Technology services fee income	$ 9,910	7,016
Assets managed under asset management agreement	2,304,636
Investment management fee	793	526
Cost of acquiring office building	$ 7,500
Contribution towards payment for guaranties, percentage	50.00%
Maximum | NGHC
Related Party Transaction [Line Items]
Asset management services fee percentage	0.20%
Average value of assets under management	$ 1,000,000
Minimum | NGHC
Related Party Transaction [Line Items]
Asset management services fee percentage	0.15%
Average value of assets under management	$ 1,000,000
800 Superior LLC
Related Party Transaction [Line Items]
Percentage of ownership interest	50.00%
800 Superior LLC | NGHC
Related Party Transaction [Line Items]
Percentage of ownership interest	50.00%
Office lease expenses	$ 683	$ 602
4455 LBJ Freeway, LLC [Member] | NGHC
Related Party Transaction [Line Items]
Cost of acquiring office building	$ 21,050
Percentage of ownership interest	50.00%		12.00%
Percentage of profits and losses				56.00%
Service and fee income	$ 341

Related Party Transactions (ACP

Related Party Transactions (ACP Re. Ltd) (Details) $ in Thousands	Sep. 15, 2014USD ($)	Sep. 30, 2014	Mar. 31, 2016USD ($)company	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Gross written premium			$ 1,933,074	$ 1,731,136
Net earned premium			1,074,282	949,377
Loss and loss adjustment expense			715,073	613,283
Service and fee income			144,201	112,886
Ceded reinsurance premiums payable			851,192		$ 651,051
Revolving credit facility			130,000		130,000
Interest income			2,188	2,188
NGHC
Related Party Transaction [Line Items]
Assets managed under asset management agreement			$ 2,304,636
NGHC | AII | Aggregate Stop Loss Retrocession Contract
Related Party Transaction [Line Items]
Percentage of ceding commission	5.50%
NGHC | Maximum
Related Party Transaction [Line Items]
Asset management services fee percentage			0.20%
Average value of assets under management			$ 1,000,000
NGHC | Minimum
Related Party Transaction [Line Items]
Asset management services fee percentage			0.15%
Average value of assets under management			$ 1,000,000
NGHC | CP Re | AII | Aggregate Stop Loss Reinsurance Agreement
Related Party Transaction [Line Items]
Aggregate stop loss reinsurance agreement	$ 250,000
Ceded reinsurance premiums payable	$ 56,000
Reinsurance agreement, term, in years	5 years
NGHC | CP Re | AII | Aggregate Stop Loss Retrocession Contract
Related Party Transaction [Line Items]
Ceded reinsurance premiums payable	$ 56,000
NGHC | ACP Re, Ltd | AII | Aggregate Stop Loss Retrocession Contract
Related Party Transaction [Line Items]
Aggregate stop loss reinsurance agreement	$ 125,000
Tower | TIC
Related Party Transaction [Line Items]
Reinsured percentage (in percentage)		100.00%
Gross premium written, percentage		2.00%
Gross written premium			97,003	70,785
Net earned premium			107,532	63,383
Loss and loss adjustment expense			15,577	39,049
ANA
Related Party Transaction [Line Items]
Insurance commission, percentage	10.00%
Term of agreement	10 years
Service and fee income			$ 571
ACP Re, Ltd
Related Party Transaction [Line Items]
Numbers of companies | company			10
Assets managed under asset management agreement			$ 555,612
Management fees			231	466
Loans receivable			127,188		$ 129,375
Interest income			2,188	2,188
ACP Re, Ltd | Commercial Lines Administrative Service Agreement [Member]
Related Party Transaction [Line Items]
Service and fee income			$ 4,926	$ 16,697
ACP Re, Ltd | AII
Related Party Transaction [Line Items]
Revolving credit facility	$ 125,000
ACP Re, Ltd | AmTrust
Related Party Transaction [Line Items]
Annual fees	30
ACP Re, Ltd | Scenario 1
Related Party Transaction [Line Items]
Asset management services fee percentage			0.20%
ACP Re, Ltd | Scenario 2 | Maximum
Related Party Transaction [Line Items]
Average value of assets under management			$ 1,000,000
ACP Re, Ltd | Scenario 3
Related Party Transaction [Line Items]
Asset management services fee percentage			0.15%
ACP Re, Ltd | Scenario 3 | Minimum
Related Party Transaction [Line Items]
Average value of assets under management			$ 1,000,000
ACP Re, Ltd | NG Re
Related Party Transaction [Line Items]
Revolving credit facility	125,000
ACP Re, Ltd | NG Re | AII
Related Party Transaction [Line Items]
Revolving credit facility	$ 250,000
Debt instrument, stated interest rate (in percentage)	7.00%
Foreign Subsidiaries | ACP Re, Ltd | NG Re | AII
Related Party Transaction [Line Items]
Stock pledged as collateral, percentage	65.00%
US Subsidiaries | ACP Re, Ltd | NG Re | AII
Related Party Transaction [Line Items]
Stock pledged as collateral, percentage	100.00%

Related Party Transactions - Ad

Related Party Transactions - Additional information (Detail) $ in Thousands	1 Months Ended		3 Months Ended
	Aug. 31, 2015USD ($)	Feb. 28, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Ceded reinsurance premiums payable			$ 851,192		$ 651,051
Equity in earnings of unconsolidated subsidiary – related party			$ 5,776	$ 5,529
NGHC
Related Party Transaction [Line Items]
Percentage of ownership			12.00%
Equity in earnings of unconsolidated subsidiary – related party			$ 5,776	5,529
Aircraft rental and landing fees			13	37
Maiden
Related Party Transaction [Line Items]
Aircraft rental and landing fees			22	24
59 Maiden Lane Associates, LLC
Related Party Transaction [Line Items]
Lease payments			382	465
33 West Monroe Associates, LLC
Related Party Transaction [Line Items]
Lease payments			132	75
North Dearborn Building Company, L.P.
Related Party Transaction [Line Items]
Limited partnership interest		$ 9,700
Ownership interest, LP		45.00%
Equity in earnings of unconsolidated subsidiary – related party			273
ACP Re, Ltd | Illinois Center Building
Related Party Transaction [Line Items]
Ownership interest, LP	15.00%
Equity in earnings of unconsolidated subsidiary – related party			593
NGHC | North Dearborn Building Company, L.P.
Related Party Transaction [Line Items]
Limited partnership interest		$ 9,700
Ownership interest, LP		45.00%
NGHC | Illinois Center Building
Related Party Transaction [Line Items]
Ownership interest, LP	37.50%
NA Advisors GP LLC | North Dearborn Building Company, L.P.
Related Party Transaction [Line Items]
Limited partnership interest		$ 2,200
NA Advisors GP LLC | Illinois Center Building
Related Party Transaction [Line Items]
Limited partnership interest	$ 53,715
Ownership interest, GP	10.00%
Profit interest, GP	0.10
Chief Operating Officer | Maiden
Related Party Transaction [Line Items]
Aircraft rental and landing fees			80	$ 212
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | Other investments
Related Party Transaction [Line Items]
VIE, Carrying amount, assets and liabilities, net			66,860		64,869
Maximum loss exposure, amount			$ 66,860		$ 64,869

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands	Mar. 11, 2016USD ($)	Jan. 22, 2016USD ($)$ / sharesshares	Oct. 07, 2015USD ($)	Sep. 25, 2015USD ($)agencydealer	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Business Acquisition [Line Items]
Share price (in dollars per share) | $ / shares		$ 69
Gross written premium					$ 1,933,074	$ 1,731,136
Service and fee income					144,201	$ 112,886
Springfield
Business Acquisition [Line Items]
Payment towards acquisition			$ 26,574
Gross written premium			$ 3,118
Contingent consideration, term			5 years
Contingent consideration liability			$ 5,000
Goodwill and intangible assets			4,253
Service and fee income			414
Accrued liabilities acquired			$ 4,199
ARI Mutual Insurance Company
Business Acquisition [Line Items]
Subscriptions received		$ 276
Shares issued by the company as a part of the agreement | shares		12,347
Price per share, discount		20.00%
Payments to Employees		$ 3,750
Payment towards acquisition		23,500
Acquisition price		3,819
Gross written premium					$ 13,383
Accrued liabilities acquired		7,671
Intangible assets		$ 250
Warranty Solutions
Business Acquisition [Line Items]
Payment towards acquisition				$ 156,247
Gross written premium				23,717
Goodwill and intangible assets				84,215
Service and fee income				$ 24,319
Number of agencies | agency				70
Number of franchised and independent dealers acquired | dealer				1,500
Accrued liabilities acquired				$ 85,171
Magna Cater
Business Acquisition [Line Items]
Payment towards acquisition	$ 10,500
Reinsured percentage, acquired (in percentage)	100.00%
Acquisition of loss Portfolio (in percentage)	100.00%
Cash acquired from acquisition	$ 163,400
Accrued liabilities acquired	163,400
Intangible assets	$ 1,000

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jan. 22, 2016	Oct. 07, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 25, 2015
Business Acquisition [Line Items]
Acquisition gain			$ 9,678	$ 0
Springfield
Business Acquisition [Line Items]
Cash and investments		$ 93,837
Premium receivables		4,651
Accrued interest and dividends		470
Other assets		2,752
Deferred tax asset		1,905
Property and equipment		1,376
Goodwill and intangible assets		4,253
Total assets including goodwill		109,244
Loss and loss expense reserves		65,725
Unearned premiums		7,006
Accrued liabilities		4,199
Reinsurance payable on paid losses		740
Total liabilities		77,670
Acquisition gain		$ 31,574
ARI Mutual Insurance Company
Business Acquisition [Line Items]
Cash and investments	$ 53,917
Premium receivables	15,577
Accrued interest and dividends	375
Reinsurance recoverable	17,554
Other assets	2,116
Intangible assets	250
Total assets	89,789
Loss and loss expense reserves	49,949
Unearned premiums	18,672
Accrued liabilities	7,671
Total liabilities	76,292
Acquisition price	3,819
Acquisition gain	$ 9,678
Warranty Solutions
Business Acquisition [Line Items]
Cash and investments					$ 192,015
Premium receivables					77,777
Other assets					22,466
Deferred tax asset					50,399
Goodwill and intangible assets					84,215
Total assets including goodwill					426,872
Loss and loss expense reserves					3,013
Unearned premiums					182,441
Accrued liabilities					85,171
Total liabilities					$ 270,625

New Market Tax Credit (Details)

New Market Tax Credit (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2012USD ($)LoansCDE
Schedule of Tax Credit [Line Items]
Percentage of qualified investment income that can be claimed at tax credit against their federal income taxes		39.00%
NGHC
Schedule of Tax Credit [Line Items]
Ownership percentage		12.00%
800 Superior LLC
Schedule of Tax Credit [Line Items]
Number of CDE | CDE		2
800 Superior LLC | NGHC
Schedule of Tax Credit [Line Items]
Total benefit a company is entitled to receive		49.00%
Parent | 800 Superior LLC
Schedule of Tax Credit [Line Items]
Total benefit a company is entitled to receive	49.00%
State and Local Government of Ohio | 800 Superior LLC
Schedule of Tax Credit [Line Items]
Proceeds from financing transaction		$ 8,000
Number of loans | Loans		2
Parent, NGHC, KCDC and State and Local Government of Ohio | 800 Superior LLC
Schedule of Tax Credit [Line Items]
Proceeds from financing transaction		$ 19,400
Key Community Development Corporation | 800 Superior LLC
Schedule of Tax Credit [Line Items]
Total benefit a company is entitled to receive		51.00%
Community Development Entities (CDE) | 800 Superior LLC
Schedule of Tax Credit [Line Items]
Period to recapture		7 years
Promissory Note | State and Local Government of Ohio | 800 Superior LLC
Schedule of Tax Credit [Line Items]
Term of the debt instrument		15 years
Average rate of interest		2.00%

Shareholder Equity and Accumu85

Shareholder Equity and Accumulated Other Comprehensive Income (Loss) (Common Stock) (Details)	Feb. 02, 2016
Equity [Abstract]
Stock split, conversion ratio	2

Shareholder Equity and Accumu86

Shareholder Equity and Accumulated Other Comprehensive Income (Loss) (Preferred Stock Issuance) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Net income attributable to redeemable non-controlling interest and non-controlling interest of subsidiaries		$ (4,017)	$ (4,083)
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01		$ 0.01
Liquidation preference, per share (usd per share)	$ 25	25
Underwriting discount, commissions and expenses, which were recognized as a reduction to additional paid-in capital	$ 4,680
American Depository Shares
Class of Stock [Line Items]
Shares issued by the company as a part of the agreement	5,750,000
New issues, percentage of preferred share, per share (percentage)	$ 0.025
Proceeds from issuance of equity	$ 139,070
Noncumulative Preferred Stock
Class of Stock [Line Items]
Dividend rate (percentage)	7.75%
Preferred stock, par value (usd per share)	$ 0.01	0.01
Liquidation preference, per share (usd per share)	$ 1,000	$ 1,000

Shareholder Equity and Accumu87

Shareholder Equity and Accumulated Other Comprehensive Income (Loss) - Ownership Components of Total Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 3,085,515	$ 2,196,201
Net income (loss)	112,905	163,826
Unrealized holding (loss) gain	81,068	7,270
Reclassification adjustment	(428)	(415)
Foreign currency translation	(47,845)	(65,353)
Unrealized gain on interest rate swap	119	27
Extinguishment of 2021 senior notes, equity component	0	(3,345)
Share exercises, compensation and other	2,658	5,224
Common share issuance (purchase), net	(14,391)	171,672
Common share dividends	(26,313)	(20,590)
Preferred stock dividends	(8,791)	(5,369)
Capital contribution	0	(611)
Ending Balance	3,323,567	2,625,066
Net income related to redeemable non-controlling interest	4,017	4,083
Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	176,455	159,181
Net income (loss)	3,857	3,761
Unrealized holding (loss) gain	0	0
Reclassification adjustment	0	0
Foreign currency translation	0	0
Capital contribution	0	(611)
Ending Balance	180,312	162,331
Net income related to redeemable non-controlling interest	160	322
AmTrust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,909,060	2,037,020
Net income (loss)	109,048	160,065
Unrealized holding (loss) gain	81,068	7,270
Reclassification adjustment	(428)	(415)
Foreign currency translation	(47,845)	(65,353)
Unrealized gain on interest rate swap	119	27
Extinguishment of 2021 senior notes, equity component	0	(3,345)
Share exercises, compensation and other	2,658	5,224
Common share dividends	(26,313)	(20,590)
Preferred stock dividends	(8,791)	(5,369)
Ending Balance	3,143,255	2,462,735
Preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock issuance, net of fees	139,070	176,529
Preferred stock | AmTrust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock issuance, net of fees		176,529
Common stock | AmTrust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common share issuance (purchase), net	$ (14,391)	$ 171,672

Shareholder Equity and Accumu88

Shareholder Equity and Accumulated Other Comprehensive Income (Loss) - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (130,262)	$ (8,164)
Other comprehensive income (loss) before reclassifications	51,295	(89,317)
Amounts reclassed from accumulated other comprehensive loss	(658)	(638)
Income tax benefit (expense)	(17,723)	31,484
Other comprehensive income (loss), net of tax	32,914	(58,471)
Ending balance	(97,348)	(66,635)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(92,213)	2,582
Other comprehensive income (loss) before reclassifications	(73,608)	(100,543)
Amounts reclassed from accumulated other comprehensive loss	0	0
Income tax benefit (expense)	25,763	35,190
Other comprehensive income (loss), net of tax	(47,845)	(65,353)
Ending balance	(140,058)	(62,771)
Unrealized Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(37,242)	(7,023)
Other comprehensive income (loss) before reclassifications	124,720	11,185
Amounts reclassed from accumulated other comprehensive loss	(658)	(638)
Income tax benefit (expense)	(43,422)	(3,692)
Other comprehensive income (loss), net of tax	80,640	6,855
Ending balance	43,398	(168)
Interest Rate Swap Hedge
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(700)	(1,985)
Other comprehensive income (loss) before reclassifications	183	41
Amounts reclassed from accumulated other comprehensive loss	0	0
Income tax benefit (expense)	(64)	(14)
Other comprehensive income (loss), net of tax	119	27
Ending balance	(581)	(1,958)
Net Benefit Plan Assets and Obligations Recognized in Stockholders' Equity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(107)	(1,738)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassed from accumulated other comprehensive loss	0	0
Income tax benefit (expense)	0	0
Other comprehensive income (loss), net of tax	0	0
Ending balance	$ (107)	$ (1,738)

Commitment and Contingent Liabi

Commitment and Contingent Liabilities (Narrative) (Details) € in Thousands, $ in Thousands	Jan. 22, 2016USD ($)	Sep. 25, 2015USD ($)agencydealer	Apr. 30, 2016USD ($)	Jun. 30, 2016USD ($)country	Jun. 30, 2016EUR (€)country
Warranty Solutions
Business Acquisition [Line Items]
Number of agencies | agency		70
Number of franchised and independent dealers acquired | dealer		1,500
Purchase price in cash		$ 156,247
ARI Mutual Insurance Company
Business Acquisition [Line Items]
Cost of acquiring office building	$ 3,819
Purchase price in cash	$ 23,500
Scenario, Forecast [Member] | N.V. Nationale Borg-Maatschappij and Affiliates [Member]
Business Acquisition [Line Items]
Number of countries in which entity operates | country				70	70
Cost of acquiring office building				$ 175,267	€ 154,000
Scenario, Forecast [Member] | Genworth Financial Insurance Limited [Member]
Business Acquisition [Line Items]
Purchase price in cash | €					€ 60,000
Subsequent Event [Member] | Republic Companies [Member]
Business Acquisition [Line Items]
Cost of acquiring office building			$ 233,000
Purchase price in cash			112,000
Note to be issued			$ 16,000
Debt instrument, stated interest rate (in percentage)			5.75%
Term of the debt instrument			4 years
Subsequent Event [Member] | Promissory Note | Republic Companies [Member]
Business Acquisition [Line Items]
Note to be issued			$ 105

Segments - Results of Operation

Segments - Results of Operations of Business Segments (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	3
Gross written premium	$ 1,933,074	$ 1,731,136
Net written premium	1,220,679	1,043,189
Change in unearned premium	(146,397)	(93,812)
Net earned premium	1,074,282	949,377
Loss and loss adjustment expense	(715,073)	(613,283)
Acquisition costs and other underwriting expenses	(264,634)	(231,676)
Operating Expenses	(979,707)	(844,959)
Underwriting income	94,575	104,418
Service and fee income	144,201	112,886
Investment income and realized gain	57,390	50,226
Other expenses	(128,186)	(98,457)
Interest expense and loss on extinguishment of debt	(17,700)	(14,969)
Foreign currency loss	(35,673)	39,954
Gain (loss) on life settlement contracts	10,730	11,373
Acquisition gain on purchase	9,678	0
Provision for income taxes	(27,726)	(46,812)
Equity in earnings of unconsolidated subsidiary – related party	5,776	5,529
Net income	113,065	164,148
Operating Segments
Segment Reporting Information [Line Items]
Net earned premium	1,074,282	949,377
Operating Segments | Small Commercial Business
Segment Reporting Information [Line Items]
Gross written premium	1,066,132	901,119
Net written premium	624,528	523,240
Change in unearned premium	(120,434)	(99,249)
Net earned premium	504,094	423,991
Loss and loss adjustment expense	(332,684)	(274,346)
Acquisition costs and other underwriting expenses	(130,428)	(109,679)
Operating Expenses	(463,112)	(384,025)
Underwriting income	40,982	39,966
Service and fee income	32,537	26,632
Investment income and realized gain	26,854	23,246
Other expenses	(70,697)	(51,251)
Interest expense and loss on extinguishment of debt	(9,762)	(7,791)
Foreign currency loss	0	0
Gain (loss) on life settlement contracts	5,918	5,921
Acquisition gain on purchase	9,678
Provision for income taxes	(6,993)	(8,149)
Equity in earnings of unconsolidated subsidiary – related party	0
Net income	28,517	28,574
Operating Segments | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Gross written premium	529,446	470,870
Net written premium	337,833	287,689
Change in unearned premium	(15,992)	41,442
Net earned premium	321,841	329,131
Loss and loss adjustment expense	(210,936)	(208,640)
Acquisition costs and other underwriting expenses	(69,341)	(70,265)
Operating Expenses	(280,277)	(278,905)
Underwriting income	41,564	50,226
Service and fee income	89,780	67,762
Investment income and realized gain	19,170	16,740
Other expenses	(35,109)	(26,780)
Interest expense and loss on extinguishment of debt	(4,848)	(4,072)
Foreign currency loss	(35,673)	39,954
Gain (loss) on life settlement contracts	2,939	3,093
Acquisition gain on purchase	0
Provision for income taxes	(15,326)	(32,602)
Equity in earnings of unconsolidated subsidiary – related party	0	0
Net income	62,497	114,321
Operating Segments | Specialty Program
Segment Reporting Information [Line Items]
Gross written premium	337,496	359,147
Net written premium	258,318	232,260
Change in unearned premium	(9,971)	(36,005)
Net earned premium	248,347	196,255
Loss and loss adjustment expense	(171,453)	(130,297)
Acquisition costs and other underwriting expenses	(64,865)	(51,732)
Operating Expenses	(236,318)	(182,029)
Underwriting income	12,029	14,226
Service and fee income	289	333
Investment income and realized gain	11,300	10,150
Other expenses	(22,380)	(20,426)
Interest expense and loss on extinguishment of debt	(3,090)	(3,106)
Foreign currency loss	0	0
Gain (loss) on life settlement contracts	1,873	2,359
Acquisition gain on purchase	0
Provision for income taxes	(4)	(785)
Equity in earnings of unconsolidated subsidiary – related party	0	0
Net income	17	2,751
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Gross written premium	0	0
Net written premium	0	0
Change in unearned premium	0	0
Net earned premium	0	0
Loss and loss adjustment expense	0	0
Acquisition costs and other underwriting expenses	0	0
Operating Expenses	0	0
Underwriting income	0	0
Service and fee income	21,595	18,159
Investment income and realized gain	66	90
Other expenses	0	0
Interest expense and loss on extinguishment of debt	0	0
Foreign currency loss	0	0
Gain (loss) on life settlement contracts	0	0
Acquisition gain on purchase	0
Provision for income taxes	(5,403)	(5,276)
Equity in earnings of unconsolidated subsidiary – related party	5,776	5,529
Net income	22,034	18,502
Workers' compensation | Operating Segments
Segment Reporting Information [Line Items]
Net earned premium	453,756	369,667
Workers' compensation | Operating Segments | Small Commercial Business
Segment Reporting Information [Line Items]
Net earned premium	346,043	292,065
Workers' compensation | Operating Segments | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Net earned premium	0	0
Workers' compensation | Operating Segments | Specialty Program
Segment Reporting Information [Line Items]
Net earned premium	107,713	77,602
Warranty | Operating Segments
Segment Reporting Information [Line Items]
Net earned premium	168,333	151,531
Warranty | Operating Segments | Small Commercial Business
Segment Reporting Information [Line Items]
Net earned premium	0	0
Warranty | Operating Segments | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Net earned premium	168,333	151,531
Warranty | Operating Segments | Specialty Program
Segment Reporting Information [Line Items]
Net earned premium	0	0
Other liability | Operating Segments
Segment Reporting Information [Line Items]
Net earned premium	116,543	83,850
Other liability | Operating Segments | Small Commercial Business
Segment Reporting Information [Line Items]
Net earned premium	5,249	10,519
Other liability | Operating Segments | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Net earned premium	40,713	32,811
Other liability | Operating Segments | Specialty Program
Segment Reporting Information [Line Items]
Net earned premium	70,581	40,520
Commercial auto and liability, physical damage | Operating Segments
Segment Reporting Information [Line Items]
Net earned premium	129,539	90,593
Commercial auto and liability, physical damage | Operating Segments | Small Commercial Business
Segment Reporting Information [Line Items]
Net earned premium	85,904	51,920
Commercial auto and liability, physical damage | Operating Segments | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Net earned premium	8,492	3,440
Commercial auto and liability, physical damage | Operating Segments | Specialty Program
Segment Reporting Information [Line Items]
Net earned premium	35,143	35,233
Medical malpractice | Operating Segments
Segment Reporting Information [Line Items]
Net earned premium	44,017	36,311
Medical malpractice | Operating Segments | Small Commercial Business
Segment Reporting Information [Line Items]
Net earned premium	0	0
Medical malpractice | Operating Segments | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Net earned premium	44,017	36,311
Medical malpractice | Operating Segments | Specialty Program
Segment Reporting Information [Line Items]
Net earned premium	0	0
Other | Operating Segments
Segment Reporting Information [Line Items]
Net earned premium	162,094	217,425
Other | Operating Segments | Small Commercial Business
Segment Reporting Information [Line Items]
Net earned premium	66,898	69,487
Other | Operating Segments | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Net earned premium	60,286	105,038
Other | Operating Segments | Specialty Program
Segment Reporting Information [Line Items]
Net earned premium	$ 34,910	$ 42,900

Segments - Long Lived Assets an

Segments - Long Lived Assets and Total Assets of Business Segments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 18,355,721	$ 17,091,019
Operating Segments
Segment Reporting Information [Line Items]
Total assets	18,355,721	17,091,019
Operating Segments | Small Commercial Business
Segment Reporting Information [Line Items]
Total assets	8,871,282	7,781,045
Operating Segments | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Total assets	6,397,361	6,370,861
Operating Segments | Specialty Program
Segment Reporting Information [Line Items]
Total assets	3,077,724	2,936,710
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total assets	$ 9,354	$ 2,403

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] $ in Thousands	1 Months Ended
	Apr. 30, 2016USD ($)shares
ANV Holdings B.V and Affiliates [Member]
Subsequent Event [Line Items]
Definitive agreement to acquire	$ 218,700
Common stock
Subsequent Event [Line Items]
Shares repurchased during the period | shares	2,184,923
Shares repurchased, value	$ 54,110