Maiden (MHLD) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	MHLD
Entity Registrant Name	Maiden Holdings, Ltd.
Entity Central Index Key	1,412,100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		73,690,640

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2015: $3,291,365; 2014: $3,379,864)	$ 3,288,510	$ 3,456,904
Fixed maturities, held-to-maturity, at amortized cost (fair value 2015: $610,994; 2014: $0)	608,510	0
Other investments, at fair value (cost 2015: $10,725; 2014: $10,862)	11,472	12,571
Total investments	3,908,492	3,469,475
Cash and cash equivalents	117,551	108,119
Restricted cash and cash equivalents	315,504	284,381
Accrued investment income	30,398	27,524
Reinsurance balances receivable, net (includes $233,869 and $267,490 from related parties in 2015 and 2014, respectively)	492,685	512,996
Reinsurance recoverable on unpaid losses (includes $2,421 and $3,845 from related parties in 2015 and 2014, respectively)	93,116	75,873
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses, net (includes $337,472 and $285,227 from related parties in 2015 and 2014, respectively)	428,817	372,487
Goodwill and intangible assets, net	87,343	87,336
Other assets	114,625	57,926
Total assets	5,756,506	5,164,092
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,424,599 and $1,167,041 from related parties in 2015 and 2014, respectively)	2,538,217	2,271,292
Unearned premiums (includes $1,123,326 and $914,087 from related parties in 2015 and 2014, respectively)	1,439,637	1,207,757
Accrued expenses and other liabilities	112,805	83,877
Liability for securities purchased	84,065	0
Senior notes	360,000	360,000
Total liabilities	$ 4,534,724	$ 3,922,926
Commitments and Contingencies
EQUITY
Preference shares	$ 315,000	$ 315,000
Common shares ($0.01 par value: 74,705,285 and 73,900,889 shares issued in 2015 and 2014, respectively; 73,690,640 and 72,932,702 shares outstanding in 2015 and 2014, respectively)	747	739
Additional paid-in capital	584,036	578,445
Accumulated other comprehensive income	23,007	95,293
Retained earnings	301,796	255,084
Treasury shares, at cost (1,014,645 and 968,187 shares in 2015 and 2014, respectively)	(4,521)	(3,867)
Total Maiden shareholders’ equity	1,220,065	1,240,694
Noncontrolling interest in subsidiaries	1,717	472
Total equity	1,221,782	1,241,166
Total liabilities and equity	$ 5,756,506	$ 5,164,092

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fixed Maturities, available-for-sale, Amortized cost	$ 3,291,365	$ 3,379,864
Fixed Maturities, held-to-maturity, Fair Value	610,994	0
Other Investments, Cost	10,725	10,862
Reinsurance balance receivable, net	492,685	512,996
Reinsurance recoverable on unpaid losses	93,116	75,873
Deferred commissions and other acquisition expenses	428,817	372,487
Reserve for loss and loss adjustment expenses	2,538,217	2,271,292
Unearned premiums	$ 1,439,637	$ 1,207,757
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, shares issued	74,705,285	73,900,889
Common shares, shares outstanding	73,690,640	72,932,702
Treasury shares, shares	1,014,645	968,187
Related Party Transactions
Reinsurance balance receivable, net	$ 233,869	$ 267,490
Reinsurance recoverable on unpaid losses	2,421	3,845
Deferred commissions and other acquisition expenses	337,472	285,227
Reserve for loss and loss adjustment expenses	1,424,599	1,167,041
Unearned premiums	$ 1,123,326	$ 914,087

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Gross premiums written	$ 628,501	$ 622,861	$ 2,136,935	$ 1,905,251
Net premiums written	599,153	605,456	2,025,754	1,856,268
Change in unearned premiums	59,367	(13,014)	(180,495)	(212,700)
Net premiums earned	658,520	592,442	1,845,259	1,643,568
Other insurance revenue	2,177	2,423	9,408	10,427
Net investment income	32,843	29,520	96,260	85,469
Net realized gains on investment	1,216	310	2,327	975
Total other-than-temporary impairment losses	(1,060)	(1,189)	(1,060)	(1,189)
Portion of loss recognized in other comprehensive income (loss)	0	0	0	0
Net impairment losses recognized in earnings	(1,060)	(1,189)	(1,060)	(1,189)
Total revenues	693,696	623,506	1,952,194	1,739,250
Expenses:
Net loss and loss adjustment expenses	444,172	399,815	1,236,505	1,102,316
Commission and other acquisition expenses	197,639	166,246	551,678	469,730
General and administrative expenses	16,453	15,430	48,951	45,560
Interest and amortization expenses	7,266	7,266	21,796	22,692
Accelerated amortization of Junior Subordinated Debt discount and issuance cost	0	0	0	28,240
Amortization of intangible assets	710	820	2,130	2,458
Foreign exchange and other gains	(1,427)	(483)	(4,062)	(1,555)
Total expenses	664,813	589,094	1,856,998	1,669,441
Income before income taxes	28,883	34,412	95,196	69,809
Income tax expense	368	486	1,636	1,907
Net income	28,515	33,926	93,560	67,902
Loss (income) attributable to noncontrolling interest	69	(43)	116	(109)
Net income attributable to Maiden shareholders	28,584	33,883	93,676	67,793
Dividends on preference shares	(6,085)	(6,085)	(18,253)	(18,253)
Net income attributable to Maiden common shareholders	$ 22,499	$ 27,798	$ 75,423	$ 49,540
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.31	$ 0.38	$ 1.03	$ 0.68
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	0.30	0.36	0.99	0.67
Dividends declared per common share (in dollars per share)	$ 0.13	$ 0.11	$ 0.39	$ 0.33

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Comprehensive income:
Net income	$ 28,515	$ 33,926	$ 93,560	$ 67,902
Other comprehensive income (loss), before tax
Net unrealized holding (losses) gains on available-for-sale fixed maturities arising during the period	(17,191)	(47,735)	(80,725)	43,498
Portion of other-than-temporary impairment losses recognized in other comprehensive income, net of deferred tax	0	0	0	0
Adjustment for reclassification of net realized (gains) losses recognized in net income	(11)	26	(5)	538
Foreign currency translation adjustment	(741)	16,953	8,316	17,430
Other comprehensive (loss) income, before tax	(17,943)	(30,756)	(72,414)	61,466
Income tax benefit (expense) related to components of other comprehensive income	18	7	82	(52)
Other comprehensive (loss) income, after tax	(17,925)	(30,749)	(72,332)	61,414
Comprehensive income	10,590	3,177	21,228	129,316
Net loss (income) attributable to noncontrolling interest	69	(43)	116	(109)
Other comprehensive (income) loss attributable to noncontrolling interest	(1)	42	46	45
Comprehensive loss (income) attributable to noncontrolling interest	68	(1)	162	(64)
Comprehensive income attributable to Maiden shareholders	$ 10,658	$ 3,176	$ 21,390	$ 129,252

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preference shares [Member]	Common shares [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income [Member]	Retained earnings [Member]	Treasury shares [Member]	Noncontrolling interest in subsidiaries [Member]
Beginning balance at Dec. 31, 2013		$ 315,000	$ 736	$ 574,522	$ 25,784	$ 211,602	$ (3,801)	$ 452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares			3	462
Share-based compensation expense				2,454
Change in net unrealized (losses) gains on investments, net of reclassification adjustment and deferred income tax expense					43,984
Foreign currency translation adjustment					17,475			(45)
Net income attributable to Maiden shareholders	$ 67,793					67,793
Dividends on preference shares						(18,253)
Dividends on common shares						(24,079)
Shares repurchased for treasury							(66)
Acquisition of subsidiary								0
Dividend paid to noncontrolling interest								(42)
(Loss) income attributable to noncontrolling interest	(109)							109
Ending balance at Sep. 30, 2014	1,214,090	315,000	739	577,438	87,243	237,063	(3,867)	474
Beginning balance at Dec. 31, 2014	1,241,166	315,000	739	578,445	95,293	255,084	(3,867)	472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares			8	3,072
Share-based compensation expense				2,519
Change in net unrealized (losses) gains on investments, net of reclassification adjustment and deferred income tax expense					(80,648)
Foreign currency translation adjustment					8,362			(46)
Net income attributable to Maiden shareholders	93,676					93,676
Dividends on preference shares						(18,253)
Dividends on common shares						(28,711)
Shares repurchased for treasury							(654)
Acquisition of subsidiary								1,710
Dividend paid to noncontrolling interest								(303)
(Loss) income attributable to noncontrolling interest	116							(116)
Ending balance at Sep. 30, 2015	$ 1,221,782	$ 315,000	$ 747	$ 584,036	$ 23,007	$ 301,796	$ (4,521)	$ 1,717

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 93,560	$ 67,902
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	2,958	3,306
Net realized gains on investment	(2,327)	(975)
Net impairment losses recognized in earnings	1,060	1,189
Foreign exchange and other gains	(4,062)	(1,555)
Amortization of share-based compensation expense, bond premium and discount, debt discount and issuance costs and accelerated amortization of Junior Subordinated Debt discount and issuance cost	4,119	35,032
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	14,093	35,514
Reinsurance recoverable on unpaid losses	(17,374)	1,857
Accrued investment income	(3,110)	(1,943)
Deferred commission and other acquisition expenses	(57,838)	(65,235)
Other assets	(64,512)	17,510
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	291,123	224,519
Unearned premiums	238,726	202,624
Accrued expenses and other liabilities	28,942	(12,773)
Net cash provided by operating activities	525,358	506,972
Cash flows from investing activities:
Purchases of fixed maturities – available-for-sale	(1,095,162)	(599,440)
Purchases of other investments	(144)	(6,551)
Proceeds from sales of fixed maturities – available-for-sale	116,093	114,007
Proceeds from maturities and calls of fixed maturities	467,910	236,372
Proceeds from redemption of other investments	344	679
Decrease (increase) in restricted cash and cash equivalents, net	41,022	(143,485)
Other, net	(715)	(853)
Net cash used in investing activities	(470,652)	(399,271)
Cash flows from financing activities:
Repayment of Junior Subordinated Debt	0	(152,500)
Common share issuance	3,080	465
Dividends paid to common shareholders	(28,616)	(24,050)
Dividends paid to preference shareholders	(18,253)	(18,253)
Net cash used in financing activities	(43,789)	(194,338)
Effect of exchange rate changes on foreign currency cash	(1,485)	(814)
Net increase (decrease) in cash and cash equivalents	9,432	(87,451)
Cash and cash equivalents, beginning of period	108,119	139,833
Cash and cash equivalents, end of period	$ 117,551	$ 52,382

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. and its subsidiaries (the "Company" or "Maiden") and have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP" or "U.S. GAAP") for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . Certain reclassifications have been made for 2014 to conform to the 2015 presentation and have no impact on net income and total equity previously reported.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2014 with the exception of the following: Investments - Fixed maturities Fixed maturities are classified as either available-for-sale ("AFS") or held-to-maturity ("HTM"). The AFS portfolio is reported at fair value. The HTM portfolio includes securities for which we have the ability and intent to hold to maturity or redemption and is reported at amortized cost. Recently Issued Accounting Standards Not Yet Adopted Simplifying the Presentation of Debt Issuance Costs In April 2015 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03 which changes the presentation of debt issuance costs in financial statements. Under this new guidance, the Company will be required to present such cost in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The amortization of such costs shall be reported as an interest expense. For public business entities, this guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2015. Early adoption is permitted and the Company will be required to apply this new guidance retrospectively to all prior periods presented. The Company will also be required, in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial line items (that is, debt issuance cost asset and the debt liability). The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition. Disclosures about Short-Duration Contracts In May 2015 the FASB issued ASU 2015-09 which is aimed at providing users of financial statements with more transparent information about an insurance entity’s initial claim estimates and subsequent adjustments to those estimates, methodologies and judgments in estimating claims, and the timing, frequency and severity of claims. The new disclosures are required for short-duration insurance contracts issued by insurers. For public business entities, this guidance will be effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted and should be applied retrospectively by providing comparative disclosures for each period presented. As this guidance is disclosure-related only, the adoption of this guidance is not expected to have a material impact on the Company’s statements of operations and financial position. 2. Significant Accounting Policies (continued) Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015 the FASB issued ASU No. 2015-07 which removes the requirement to categorize all investments for which fair value is measured using the net asset value per share practical expedient within the fair value hierarchy. ASU 2015-07 also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient, unless the entity has elected to measure the fair value using that practical expedient. For public business entities, this guidance will be effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. Earlier application is permitted. As this guidance is disclosure-related only, the adoption of this guidance is not expected to have a material impact on the Company’s statements of operations and financial position.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Refer to " Business - Our Reportable Segments " section included under Item 1 of our Annual Report on Form 10-K for the year ended December 31, 2014 for a detailed discussion about these segments. The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied. The Company does not allocate general corporate expenses to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, loans, goodwill and intangible assets, restricted cash and cash equivalents and investments and prepaid reinsurance premiums. All remaining assets are allocated to Corporate. Fee-generating business is considered part of the underwriting operations of the Company and is reported as "Other insurance revenue" in the unaudited Condensed Consolidated Statements of Income. The following tables summarize our reporting segment's underwriting results and the reconciliation of our reportable segments and Other category's underwriting results to our consolidated net income: 3. Segment Reporting (continued) For the Three Months Ended September 30, 2015 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 174,307 $ 454,194 $ — $ 628,501 Net premiums written $ 163,710 $ 435,443 $ — $ 599,153 Net premiums earned $ 193,207 $ 465,313 $ — $ 658,520 Other insurance revenue 2,177 — — 2,177 Net loss and loss adjustment expenses (142,468 ) (297,780 ) (3,924 ) (444,172 ) Commission and other acquisition expenses (51,714 ) (146,008 ) 83 (197,639 ) General and administrative expenses (9,010 ) (752 ) — (9,762 ) Underwriting income (loss) $ (7,808 ) $ 20,773 $ (3,841 ) $ 9,124 Reconciliation to net income Net investment income and realized gains on investment 34,059 Net impairment losses recognized in earnings (1,060 ) Interest and amortization expenses (7,266 ) Amortization of intangible assets (710 ) Foreign exchange and other gains 1,427 Other general and administrative expenses (6,691 ) Income tax expense (368 ) Net income $ 28,515 Net loss and loss adjustment expense ratio (1) 72.9 % 63.9 % 67.2 % Commission and other acquisition expense ratio (2) 26.5 % 31.4 % 29.9 % General and administrative expense ratio (3) 4.6 % 0.2 % 2.5 % Combined ratio (4) 104.0 % 95.5 % 99.6 % 3. Segment Reporting (continued) For the Three Months Ended September 30, 2014 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 236,864 $ 385,923 $ 74 $ 622,861 Net premiums written $ 219,576 $ 385,923 $ (43 ) $ 605,456 Net premiums earned $ 233,022 $ 359,065 $ 355 $ 592,442 Other insurance revenue 2,423 — — 2,423 Net loss and loss adjustment expenses (166,342 ) (233,166 ) (307 ) (399,815 ) Commission and other acquisition expenses (56,878 ) (109,241 ) (127 ) (166,246 ) General and administrative expenses (8,683 ) (695 ) (193 ) (9,571 ) Underwriting income (loss) $ 3,542 $ 15,963 $ (272 ) $ 19,233 Reconciliation to net income Net investment income and realized gains on investment 29,830 Net impairment losses recognized in earnings (1,189 ) Interest and amortization expenses (7,266 ) Amortization of intangible assets (820 ) Foreign exchange and other gains 483 Other general and administrative expenses (5,859 ) Income tax expense (486 ) Net income $ 33,926 Net loss and loss adjustment expense ratio (1) 70.7 % 64.9 % 67.2 % Commission and other acquisition expense ratio (2) 24.2 % 30.4 % 27.9 % General and administrative expense ratio (3) 3.6 % 0.3 % 2.7 % Combined ratio (4) 98.5 % 95.6 % 97.8 % 3. Segment Reporting (continued) For the Nine Months Ended September 30, 2015 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 631,294 $ 1,505,642 $ (1 ) $ 2,136,935 Net premiums written $ 602,693 $ 1,423,060 $ 1 $ 2,025,754 Net premiums earned $ 570,694 $ 1,274,563 $ 2 $ 1,845,259 Other insurance revenue 9,408 — — 9,408 Net loss and loss adjustment expenses (417,846 ) (811,016 ) (7,643 ) (1,236,505 ) Commission and other acquisition expenses (152,332 ) (399,291 ) (55 ) (551,678 ) General and administrative expenses (27,737 ) (2,261 ) — (29,998 ) Underwriting income (loss) $ (17,813 ) $ 61,995 $ (7,696 ) $ 36,486 Reconciliation to net income Net investment income and realized gains on investment 98,587 Net impairment losses recognized in earnings (1,060 ) Interest and amortization expenses (21,796 ) Amortization of intangible assets (2,130 ) Foreign exchange and other gains 4,062 Other general and administrative expenses (18,953 ) Income tax expense (1,636 ) Net income $ 93,560 Net loss and loss adjustment expense ratio (1) 72.0 % 63.6 % 66.7 % Commission and other acquisition expense ratio (2) 26.3 % 31.3 % 29.7 % General and administrative expense ratio (3) 4.8 % 0.2 % 2.7 % Combined ratio (4) 103.1 % 95.1 % 99.1 % 3. Segment Reporting (continued) For the Nine Months Ended September 30, 2014 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 729,154 $ 1,176,957 $ (860 ) $ 1,905,251 Net premiums written $ 681,690 $ 1,176,957 $ (2,379 ) $ 1,856,268 Net premiums earned $ 635,251 $ 988,913 $ 19,404 $ 1,643,568 Other insurance revenue 10,427 — — 10,427 Net loss and loss adjustment expenses (439,329 ) (645,358 ) (17,629 ) (1,102,316 ) Commission and other acquisition expenses (164,850 ) (298,236 ) (6,644 ) (469,730 ) General and administrative expenses (28,104 ) (1,847 ) (580 ) (30,531 ) Underwriting income (loss) $ 13,395 $ 43,472 $ (5,449 ) $ 51,418 Reconciliation to net income Net investment income and realized gains on investment 86,444 Net impairment losses recognized in earnings (1,189 ) Interest and amortization expenses (22,692 ) Accelerated amortization of Junior Subordinated Debt discount and issuance cost (28,240 ) Amortization of intangible assets (2,458 ) Foreign exchange and other gains 1,555 Other general and administrative expenses (15,029 ) Income tax expense (1,907 ) Net income $ 67,902 Net loss and loss adjustment expense ratio (1) 68.0 % 65.3 % 66.6 % Commission and other acquisition expense ratio (2) 25.5 % 30.2 % 28.4 % General and administrative expense ratio (3) 4.4 % 0.1 % 2.8 % Combined ratio (4) 97.9 % 95.6 % 97.8 % (1) Calculated by dividing net loss and loss adjustment expenses by net premiums earned and other insurance revenue. (2) Calculated by dividing commission and other acquisition expenses by net premiums earned and other insurance revenue. (3) Calculated by dividing general and administrative expenses by net premiums earned and other insurance revenue. (4) Calculated by adding together the net loss and loss adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio. 3. Segment Reporting (continued) The following tables summarize the total assets of our reportable segments including the reconciliation to our consolidated assets at September 30, 2015 and December 31, 2014 : September 30, 2015 Diversified AmTrust Total Total assets - reportable segments $ 1,653,714 $ 3,356,927 $ 5,010,641 Corporate assets — — 745,865 Total Assets $ 1,653,714 $ 3,356,927 $ 5,756,506 December 31, 2014 Diversified AmTrust Total Total assets - reportable segments $ 1,624,664 $ 2,640,488 $ 4,265,152 Corporate assets — — 898,940 Total Assets $ 1,624,664 $ 2,640,488 $ 5,164,092 The following tables set forth financial information relating to net premiums written and earned by major line of business and reportable segment for the three and nine months ended September 30, 2015 and 2014 : For the Three Months Ended September 30, 2015 2014 Net premiums written Total % of Total Total % of Total Diversified Reinsurance Property $ 29,574 4.9 % $ 36,991 6.1 % Casualty 101,191 16.9 % 149,067 24.6 % Accident and Health 12,918 2.2 % 7,061 1.2 % International 20,027 3.3 % 26,457 4.4 % Total Diversified Reinsurance 163,710 27.3 % 219,576 36.3 % AmTrust Reinsurance Small Commercial Business 231,416 38.6 % 211,986 35.0 % Specialty Program 86,612 14.5 % 57,035 9.4 % Specialty Risk and Extended Warranty 117,415 19.6 % 116,902 19.3 % Total AmTrust Reinsurance 435,443 72.7 % 385,923 63.7 % Other — — % (43 ) — % $ 599,153 100.0 % $ 605,456 100.0 % 3. Segment Reporting (continued) For the Three Months Ended September 30, 2015 2014 Net premiums earned Total % of Total Total % of Total Diversified Reinsurance Property $ 39,593 6.0 % $ 45,030 7.6 % Casualty 115,646 17.6 % 150,876 25.5 % Accident and Health 14,093 2.1 % 9,001 1.5 % International 23,875 3.6 % 28,115 4.7 % Total Diversified Reinsurance 193,207 29.3 % 233,022 39.3 % AmTrust Reinsurance Small Commercial Business 257,296 39.1 % 202,151 34.1 % Specialty Program 80,302 12.2 % 40,654 6.9 % Specialty Risk and Extended Warranty 127,715 19.4 % 116,260 19.6 % Total AmTrust Reinsurance 465,313 70.7 % 359,065 60.6 % Other — — % 355 0.1 % $ 658,520 100.0 % $ 592,442 100.0 % For the Nine Months Ended September 30, 2015 2014 Net premiums written Total % of Total Total % of Total Diversified Reinsurance Property $ 128,482 6.3 % $ 126,680 6.8 % Casualty 359,530 17.8 % 428,648 23.1 % Accident and Health 53,483 2.7 % 32,178 1.7 % International 61,198 3.0 % 94,184 5.1 % Total Diversified Reinsurance 602,693 29.8 % 681,690 36.7 % AmTrust Reinsurance Small Commercial Business 857,617 42.3 % 663,766 35.8 % Specialty Program 262,068 12.9 % 145,162 7.8 % Specialty Risk and Extended Warranty 303,375 15.0 % 368,029 19.8 % Total AmTrust Reinsurance 1,423,060 70.2 % 1,176,957 63.4 % Other 1 — % (2,379 ) (0.1 )% Total $ 2,025,754 100.0 % $ 1,856,268 100.0 % 3. Segment Reporting (continued) For the Nine Months Ended September 30, 2015 2014 Net premiums earned Total % of Total Total % of Total Diversified Reinsurance Property $ 112,878 6.1 % $ 128,458 7.8 % Casualty 350,549 19.0 % 398,148 24.2 % Accident and Health 41,361 2.2 % 29,261 1.8 % International 65,906 3.6 % 79,384 4.9 % Total Diversified Reinsurance 570,694 30.9 % 635,251 38.7 % AmTrust Reinsurance Small Commercial Business 734,731 39.8 % 537,810 32.7 % Specialty Program 210,690 11.4 % 118,459 7.2 % Specialty Risk and Extended Warranty 329,142 17.9 % 332,644 20.2 % Total AmTrust Reinsurance 1,274,563 69.1 % 988,913 60.1 % Other 2 — % 19,404 1.2 % $ 1,845,259 100.0 % $ 1,643,568 100.0 %

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Schedule of Investments [Abstract]
Investments	Investments (a) Fixed Maturities and Other Investments During the third quarter of 2015, we designated fixed maturities with a total fair value of $608,722 as HTM reflecting our intent to hold these securities to maturity. The net unrealized holding gain at the designation date continues to be reported in the carrying value of the HTM securities and is amortized through Other Comprehensive Income over the remaining life of the securities using the effective interest method in a manner consistent with the amortization of any premium or discount. The original or amortized cost, estimated fair value and gross unrealized gains and losses of investment in fixed maturities and other investments as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Original or Gross Gross Fair value AFS fixed maturities: U.S. treasury bonds $ 6,654 $ 405 $ (3 ) $ 7,056 U.S. agency bonds – mortgage-backed 1,302,878 24,516 (3,892 ) 1,323,502 U.S. agency bonds – other 28,705 739 — 29,444 Non-U.S. government and supranational bonds 33,650 — (4,142 ) 29,508 Commercial mortgage-backed securities 123,944 3,203 (6 ) 127,141 Collateralized loan obligations 53,411 49 (341 ) 53,119 Corporate bonds 1,679,952 46,375 (73,507 ) 1,652,820 Municipal bonds 62,171 3,749 — 65,920 Total AFS fixed maturities 3,291,365 79,036 (81,891 ) 3,288,510 HTM fixed maturities: Corporate bonds 608,510 5,181 (2,697 ) 610,994 Total HTM fixed maturities 608,510 5,181 (2,697 ) 610,994 Other investments 10,725 1,072 (325 ) 11,472 Total investments $ 3,910,600 $ 85,289 $ (84,913 ) $ 3,910,976 4. Investments (continued) December 31, 2014 Original or Gross Gross Fair value AFS fixed maturities: U.S. treasury bonds $ 8,937 $ 423 $ — $ 9,360 U.S. agency bonds – mortgage-backed 1,313,834 19,197 (10,588 ) 1,322,443 U.S. agency bonds – other 7,213 775 — 7,988 Non-U.S. government and supranational bonds 54,467 304 (3,128 ) 51,643 Commercial mortgage-backed securities 52,337 2,443 — 54,780 Corporate bonds 1,831,431 89,243 (25,295 ) 1,895,379 Municipal bonds 62,153 3,666 — 65,819 Short-term investments 49,492 — — 49,492 Total AFS fixed maturities 3,379,864 116,051 (39,011 ) 3,456,904 Other investments 10,862 1,709 — 12,571 Total investments $ 3,390,726 $ 117,760 $ (39,011 ) $ 3,469,475 The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without prepayment penalties. AFS fixed maturities HTM fixed maturities September 30, 2015 Amortized cost Fair value Amortized cost Fair value Maturity Due in one year or less $ 116,221 $ 116,438 $ — $ — Due after one year through five years 513,002 523,065 68,026 68,395 Due after five years through ten years 1,122,293 1,081,898 540,484 542,599 Due after ten years 59,616 63,347 — — 1,811,132 1,784,748 608,510 610,994 U.S. agency bonds – mortgage-backed 1,302,878 1,323,502 — — Commercial mortgage-backed securities 123,944 127,141 — — Collateralized loan obligations 53,411 53,119 — — Total fixed maturities $ 3,291,365 $ 3,288,510 $ 608,510 $ 610,994 4. Investments (continued) The following tables summarize fixed maturities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: Less than 12 Months 12 Months or more Total September 30, 2015 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities U.S. treasury bonds $ 1,133 $ (3 ) $ — $ — $ 1,133 $ (3 ) U.S. agency bonds – mortgage-backed 124,702 (520 ) 164,168 (3,372 ) 288,870 (3,892 ) Non–U.S. government and supranational bonds 4,948 (143 ) 24,561 (3,999 ) 29,509 (4,142 ) Commercial mortgage-backed securities 2,990 (6 ) — — 2,990 (6 ) Collateralized loan obligations 32,578 (341 ) — — 32,578 (341 ) Corporate bonds 667,446 (35,491 ) 259,064 (40,713 ) 926,510 (76,204 ) Total temporarily impaired fixed maturities 833,797 (36,504 ) 447,793 (48,084 ) 1,281,590 (84,588 ) Other investments 4,675 (325 ) — — 4,675 (325 ) Total $ 838,472 $ (36,829 ) $ 447,793 $ (48,084 ) $ 1,286,265 $ (84,913 ) As of September 30, 2015 , there were approximately 197 securities in an unrealized loss position with a fair value of $1,286,265 and unrealized losses of $84,913 . Of these securities, there are 70 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $447,793 and unrealized losses of $48,084 . Less than 12 Months 12 Months or more Total December 31, 2014 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities U.S. agency bonds – mortgage-backed $ 84,264 $ (806 ) $ 441,601 $ (9,782 ) $ 525,865 $ (10,588 ) Non–U.S. government and supranational bonds 43,712 (2,822 ) 2,522 (306 ) 46,234 (3,128 ) Corporate bonds 397,173 (14,485 ) 143,894 (10,810 ) 541,067 (25,295 ) Total $ 525,149 $ (18,113 ) $ 588,017 $ (20,898 ) $ 1,113,166 $ (39,011 ) As of December 31, 2014 , there were approximately 141 securities in an unrealized loss position with a fair value of $1,113,166 and unrealized losses of $39,011 . Of these securities, there are 46 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $588,017 and unrealized losses of $20,898 . Other-Than-Temporary Impairments ("OTTI") The Company performs quarterly reviews of its investment portfolio in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. OTTI is required to be recorded in net income if management has the intent to sell the security or it is more likely than not that we will be required to sell the security before the recovery of its amortized cost. Further, in cases where we do not intend to sell the security and it is more likely than not that we will not be required to sell the security the Company must evaluate the security to determine the portion of the impairment, if any, related to credit losses. If a credit loss is determined, an OTTI is considered to have occurred and any portion of the OTTI related to credit losses must be reflected in net income. Based on our qualitative and quantitative OTTI review of each security within our fixed maturity portfolio, at September 30, 2015 , we have determined that there was a credit impairment in respect of one corporate bond. For the three and nine months ended September 30, 2015 and 2014 , the Company recognized $1,060 and $1,189 of OTTI, respectively. 4. Investments (continued) The following summarizes the credit ratings of our fixed maturities: Ratings* as of September 30, 2015 Amortized cost Fair value % of Total Fixed maturities U.S. treasury bonds $ 6,654 $ 7,056 0.2 % U.S. agency bonds 1,331,583 1,352,946 34.7 % AAA 159,924 163,556 4.2 % AA+, AA, AA- 238,929 241,062 6.2 % A+, A, A- 1,108,140 1,109,350 28.4 % BBB+, BBB, BBB- 940,444 928,019 23.8 % BB+ or lower 114,201 97,515 2.5 % Total $ 3,899,875 $ 3,899,504 100.0 % Ratings* as of December 31, 2014 Amortized cost Fair value % of Total Fixed maturities U.S. treasury bonds $ 8,937 $ 9,360 0.3 % U.S. agency bonds 1,321,047 1,330,431 38.5 % AAA 193,280 202,973 5.9 % AA+, AA, AA- 116,936 120,679 3.5 % A+, A, A- 883,092 917,544 26.5 % BBB+, BBB, BBB- 794,244 814,039 23.5 % BB+ or lower 62,328 61,878 1.8 % Total $ 3,379,864 $ 3,456,904 100.0 % *Based on Standard & Poor’s ("S&P"), or equivalent, ratings (b) Other Investments The table below shows our portfolio of other investments: September 30, 2015 December 31, 2014 Fair value % of Total fair value Fair value % of Total fair value Investments in limited partnerships $ 5,797 50.5 % $ 5,581 44.4 % Investment in quoted equity 4,675 40.8 % 5,990 47.6 % Other 1,000 8.7 % 1,000 8.0 % Total other investments $ 11,472 100.0 % $ 12,571 100.0 % The Company has an unfunded commitment on its investments in limited partnerships of approximately $642 at September 30, 2015 . 4. Investments (continued) (c) Realized Gains on Investment Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following provides an analysis of net realized gains on investment included in the unaudited Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2015 and 2014 : For the Three Months Ended September 30, 2015 Gross gains Gross losses Net AFS fixed maturities $ 1,216 $ — $ 1,216 Net realized gains on investment $ 1,216 $ — $ 1,216 For the Three Months Ended September 30, 2014 Gross gains Gross losses Net AFS fixed maturities $ 250 $ — $ 250 Other investments 60 — 60 Net realized gains on investment $ 310 $ — $ 310 For the Nine Months Ended September 30, 2015 Gross gains Gross losses Net AFS fixed maturities $ 2,264 $ — $ 2,264 Other investments 63 — 63 Net realized gains on investment $ 2,327 $ — $ 2,327 For the Nine Months Ended September 30, 2014 Gross gains Gross losses Net AFS fixed maturities $ 623 $ — $ 623 Other investments 352 — 352 Net realized gains on investment $ 975 $ — $ 975 Proceeds from sales of AFS fixed maturities were $29,595 and $116,093 for the three and nine months ended September 30, 2015 , respectively ( September 30, 2014 - $4,040 and $114,007 , respectively). Net unrealized gains were as follows: September 30, 2015 December 31, 2014 AFS fixed maturities $ (2,855 ) $ 77,040 HTM fixed maturities 127 — Other investments 747 1,709 Total net unrealized gains (1,981 ) 78,749 Deferred income tax expense (88 ) (170 ) Net unrealized gains, net of deferred income tax $ (2,069 ) $ 78,579 Change in net unrealized gains, net of deferred income tax $ (80,648 ) $ 43,851 4. Investments (continued) (d) Restricted Cash and Cash Equivalents and Investments We are required to maintain assets on deposit to support our reinsurance operations and to serve as collateral for our reinsurance liabilities under various reinsurance agreements. We also utilize trust accounts to collateralize business with our reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturity securities. These trust accounts generally take the place of letter of credit requirements. The fair value of our restricted assets was as follows: September 30, 2015 December 31, 2014 Restricted cash and cash equivalents – third party agreements $ 81,227 $ 107,884 Restricted cash and cash equivalents – related party agreements 230,750 175,817 Restricted cash and cash equivalents – U.S. state regulatory authorities 3,527 680 Total restricted cash and cash equivalents 315,504 284,381 Restricted investments – in trust for third party agreements at fair value ( Amortized cost: 2015 – $1,045,821; 2014 – $993,974 ) 1,047,973 1,014,878 Restricted investments – in trust for related party agreements at fair value ( Amortized cost: 2015 – $2,351,794; 2014 – $1,769,083 ) 2,352,740 1,814,478 Restricted investments – in trust for U.S. state regulatory authorities ( Amortized cost: 2015 – $4,294; 2014 – $7,269 ) 4,601 7,606 Total restricted investments 3,405,314 2,836,962 Total restricted cash and cash equivalents and investments $ 3,720,818 $ 3,121,343

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments (a) Fair Values of Financial Instruments FASB Accounting Standards Codification ("ASC") Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: • Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: exchange-traded equity securities, U.S. Treasury bonds, and listed derivatives that are actively traded; • Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities; collateralized loan obligations; corporate and municipal bonds; and • Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use. Examples of assets and liabilities utilizing Level 3 inputs include: insurance and reinsurance derivative contracts; and hedge and credit funds with partial transparency. The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. We use prices and inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified between levels. 5. Fair Value of Financial Instruments (continued) For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these prices in the amounts disclosed in the Level 1 hierarchy. The Company receives the quoted market prices from a third party nationally recognized pricing service provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representation of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that being valued or through consensus pricing of a pricing service. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. ASC 825, “Disclosure About Fair Value of Financial Instruments" , requires all entities to disclose the fair value of their financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at September 30, 2015 . U.S. government and U.S. government agencies — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association and the Federal National Mortgage Association. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. government agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency bonds are included in the Level 2 fair value hierarchy. Non-U.S. government and supranational bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government and supranational bonds are observable market inputs, the fair values of non-U.S. government and supranational bonds are included in the Level 2 fair value hierarchy. Commercial mortgage-backed securities ("CMBS") — These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair value of the CMBS is included in the Level 2 fair value hierarchy. Collateralized loan obligations ("CLO") — These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CLO are observable market inputs, the fair value of the CLO is included in the Level 2 fair value hierarchy. Corporate bonds — Bonds issued by corporations that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The fair values of corporate bonds are priced by the pricing services using the spread above the risk-free yield curve. The spreads are sourced from broker/dealers, trade prices and the new issue market. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers. As the significant inputs used to price corporate bonds are observable market inputs, the fair values of corporate bonds are included in the Level 2 fair value hierarchy. Municipal bonds — Bonds issued by U.S. state and municipality entities or agencies. The fair values of municipal bonds are generally priced by independent pricing services. The pricing services typically use spreads obtained from broker-dealers, trade prices and the new issue market. As the significant inputs used to price the municipal bonds are observable market inputs, municipal bonds are classified within Level 2. Short-term investments — Primarily commercial paper issued by corporations, all with maturities greater than 90 days and less than one year at the date of purchase. The fair values of these short-term investments are priced by independent pricing services, using market pricing and other observable market inputs for the same or similar securities obtained from a number of industry standard data providers. As the significant inputs used to price the commercial paper securities are observable market inputs, commercial paper securities are classified within Level 2. 5. Fair Value of Financial Instruments (continued) Other investments — Includes both quoted and unquoted investments. The fair value of our quoted equity investment is obtained from the Pricing Service, reflecting the closing price quoted for the final trading day of the period and is classified within Level 1. Unquoted other investments comprise investments in limited partnerships and an investment in preference shares of a start-up insurance producer. The fair values of the limited partnerships are determined by the fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals, and as such, the fair values are included in the Level 3 fair value hierarchy. The fair value of the investment in preference shares of a start-up insurance producer was determined using recent private market transactions and as such, the fair value is included in the Level 3 fair value hierarchy. Reinsurance balances receivable — The carrying values reported in the accompanying condensed consolidated balance sheets for these financial instruments approximate their fair value due to short term nature of the assets. Loan to related party — The carrying value reported in the accompanying condensed consolidated balance sheets for this financial instrument approximates its fair value. Senior notes — The amount reported in the accompanying condensed consolidated balance sheets for these financial instruments represents the carrying value of the notes. The fair values are based on quoted prices of identical instruments in inactive markets and as such, are included in the Level 2 hierarchy. (b) Fair Value Hierarchy The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the ASC 820 hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. We classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: September 30, 2015 Quoted Prices Significant Significant Total Fair Value AFS fixed maturities U.S. treasury bonds $ 7,056 $ — $ — $ 7,056 U.S. agency bonds – mortgage-backed — 1,323,502 — 1,323,502 U.S. agency bonds – other — 29,444 — 29,444 Non-U.S. government and supranational bonds — 29,508 — 29,508 Commercial mortgage-backed securities — 127,141 — 127,141 Collateralized loan obligations — 53,119 — 53,119 Corporate bonds — 1,652,820 — 1,652,820 Municipal bonds — 65,920 — 65,920 Other investments 4,675 — 6,797 11,472 Total $ 11,731 $ 3,281,454 $ 6,797 $ 3,299,982 As a percentage of total assets 0.2 % 57.0 % 0.1 % 57.3 % 5. Fair Value of Financial Instruments (continued) December 31, 2014 Quoted Prices Significant Significant Total Fair Value AFS fixed maturities U.S. treasury bonds $ 9,360 $ — $ — $ 9,360 U.S. agency bonds – mortgage-backed — 1,322,443 — 1,322,443 U.S. agency bonds – other — 7,988 — 7,988 Non-U.S. government and supranational bonds — 51,643 — 51,643 Commercial mortgage-backed securities — 54,780 — 54,780 Corporate bonds — 1,895,379 — 1,895,379 Municipal bonds — 65,819 — 65,819 Short-term investments — 49,492 — 49,492 Other investments 5,990 — 6,581 12,571 Total $ 15,350 $ 3,447,544 $ 6,581 $ 3,469,475 As a percentage of total assets 0.3 % 66.8 % 0.1 % 67.2 % The Company utilized a Pricing Service to estimate fair value measurements for approximately 99.9% of its fixed maturities at September 30, 2015 and December 31, 2014 , respectively. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury bonds generally do not trade on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2. At September 30, 2015 and December 31, 2014 , 0.1% of the fixed maturities are valued using the market approach. On both occasions, one security, or approximately $4,252 and $5,016 , respectively, of Level 2 fixed maturities, were priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At September 30, 2015 and December 31, 2014 , we have not adjusted any pricing provided to us based on the review performed by our investment managers. Other investments: The Company utilized a Pricing Service to estimate fair value measurement for the quoted equity investment reflecting the closing price quoted for the final trading day of the period and is included in Level 1. For the unquoted other investments, the Company has $5,797 , or 0.1% , of its investment portfolio in limited partnerships where the fair value estimate is determined by the fund manager based on recent filings, operating results, balance sheet stability, growth, other business and market sector fundamentals and an investment of $1,000 in preference shares of a start-up insurance producer, the fair value of which was determined using recent private market transactions. Due to the significant unobservable inputs in these valuations, the Company includes the estimate of the fair value of the unquoted investments as Level 3. There have not been any transfers between Level 1 and Level 2 during the periods represented by these unaudited Condensed Consolidated Financial Statements. (c) Level 3 Financial Instruments The Company has determined that its investments in Level 3 securities are not material to its financial position or results of operations. 5. Fair Value of Financial Instruments (continued) The following tables present changes in Level 3 for our financial instruments measured at fair value on a recurring basis: For the Three Months Ended Other investments: September 30, 2015 September 30, 2014 Balance at beginning of period $ 6,906 $ 11,061 Total realized gains – included in net realized gains on investment — 60 Total realized losses – included in net realized gains on investment — — Change in total unrealized gains – included in other comprehensive income (loss) 161 120 Change in total unrealized losses – included in other comprehensive income (loss) — — Purchases — 417 Sales and redemptions (270 ) (169 ) Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ 6,797 $ 11,489 Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date $ — $ — For the Nine Months Ended Other investments: September 30, 2015 September 30, 2014 Balance at beginning of period $ 6,581 $ 5,092 Total realized gains – included in net realized gains on investment 63 352 Total realized losses – included in net realized gains on investment — — Change in total unrealized gains – included in other comprehensive income (loss) 353 173 Change in total unrealized losses – included in other comprehensive income (loss) — — Purchases 144 6,551 Sales and redemptions (344 ) (679 ) Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ 6,797 $ 11,489 Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date $ — $ — 5. Fair Value of Financial Instruments (continued) (d) Financial Instruments not measured at Fair Value The following table presents the fair value and carrying value of the financial instruments not measured at fair value: September 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Financial Assets HTM - corporate bonds $ 608,510 $ 610,994 $ — $ — Total financial assets $ 608,510 $ 610,994 $ — $ — Financial Liabilities MHNA - 8.25% $ 107,500 $ 109,865 $ 107,500 $ 113,391 MHNB - 8.00% 100,000 105,600 100,000 106,320 MHNC - 7.75% 152,500 164,395 152,500 162,016 Total financial liabilities $ 360,000 $ 379,860 $ 360,000 $ 381,727

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Founding Shareholders of the Company are Michael Karfunkel, George Karfunkel and Barry Zyskind. The Founding Shareholders including Leah Karfunkel (wife of Michael Karfunkel) own or control approximately 20.3% of the outstanding shares of the Company. Michael Karfunkel is the non-executive chairman of the board of AmTrust Financial Services, Inc. ("AmTrust"), George Karfunkel is a director of AmTrust, and Barry Zyskind is the president, chief executive officer and director of AmTrust. The Founding Shareholders, including Leah Karfunkel, own or control approximately 51.2% of the outstanding shares of AmTrust. AmTrust owns 11.7% of the issued and outstanding shares of National General Holdings Corp. ("NGHC") common stock, and Michael Karfunkel individually and the Michael Karfunkel 2005 Family Trust (which is controlled by Leah Karfunkel) own a combined 43.2% of the outstanding common shares of NGHC. Michael Karfunkel is the chairman and chief executive officer of NGHC, and Barry Zyskind is a director of NGHC. AmTrust The following describes transactions between the Company and AmTrust. AmTrust Quota Share Reinsurance Agreement Effective July 1, 2007, the Company and AmTrust entered into a master agreement, as amended (the "Master Agreement"), by which they caused Maiden Bermuda, a wholly owned subsidiary of the Company, and AmTrust's Bermuda reinsurance subsidiary, AmTrust International Insurance, Ltd. ("AII"), to enter into a quota share reinsurance agreement (the "Reinsurance Agreement") by which (a) AII retrocedes to Maiden Bermuda an amount equal to 40% of the premium written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance (and in the case of AmTrust's U.K. insurance subsidiary, AmTrust Europe Limited ("AEL"), net of commissions) and 40% of losses and (b) AII transferred to Maiden Bermuda 40% of the AmTrust subsidiaries' unearned premiums, effective July 1, 2007, with respect to the current lines of business. The Master Agreement further provided that AII receives a ceding commission of 31% of ceded written premiums. On June 11, 2008, Maiden Bermuda and AII amended the Reinsurance Agreement to add Retail Commercial Package Business to the Covered Business as a consequence of AmTrust's acquisition of Unitrin Business Insurance ("UBI"). Under the amendment, AmTrust's subsidiaries ceded, upon collection, to Maiden Bermuda 100% of $82.2 million of unearned premium (net of inuring reinsurance) from the acquisition of UBI's in-force book of business. Additionally, AmTrust cedes to Maiden Bermuda 40% of net premiums written, effective June 1, 2008. Maiden Bermuda will pay to AmTrust a ceding commission of 34.375% on the unearned premium cession and the Retail Commercial Package Business. On February 9, 2009, Maiden Bermuda and AII amended the Reinsurance Agreement to clarify that (i) AII would offer Maiden Bermuda the opportunity to reinsure Excess Retention Business, which is defined as a policy issued by an AmTrust insurance subsidiary with respect to which the insurance subsidiary's retention is greater than $5,000 and (ii) the deduction for the cost of inuring reinsurance from Affiliate Subject Premium (as defined in the Reinsurance Agreement) retroceded to Maiden Bermuda is net of ceding commission. 6. Related Party Transactions (continued) Effective April 1, 2011, Maiden Bermuda and AII amended the Master Agreement to reduce the commission on all business ceded except Retail Commercial Package Business to 30% until December, 31, 2011. Thereafter the rate shall be 31% subject to an adjustment of 1% to 30% if the proportion of Specialty Risk and Extended Warranty premium ceded is greater than or equal to 42% of the Covered Business (excluding Retail Commercial Package Business). If the proportion of Specialty Risk and Extended Warranty premium ceded is greater than or equal to 38% but less than 42% of the Covered Business (excluding Retail Commercial Package Business), the commission rate shall be reduced by 0.5% to 30.5% . In addition, the collateral arrangements were restated to clarify that balances relating to all AmTrust subsidiaries are subject to collateral requirements. Effective March 7, 2013, Maiden Bermuda and AII amended the Reinsurance Agreement extending the term of the agreement to July 1, 2016, and shall automatically renew for successive three -year periods thereafter. If AII or Maiden Bermuda elects to so terminate the Reinsurance Agreement, it shall give written notice to the other party hereto not less than nine months prior to either July 1, 2016 or the expiration of any successive three -year period. In addition, either party is entitled to terminate on thirty days' notice or less upon the occurrence of certain early termination events, which include a default in payment, insolvency, change in control of AII or Maiden Bermuda, run-off, or a reduction of 50% or more of the shareholders' equity of Maiden Bermuda or the combined shareholders' equity of AII and the AmTrust subsidiaries. The amendment further provides that, effective January 1, 2013, AII will receive 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 will remain 34.375% . Lastly, with regard to the Specialty Program portion of Covered Business only, AII will be responsible for ultimate net loss otherwise recoverable from Maiden Bermuda to the extent that the loss ratio to Maiden Bermuda, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% . Above and below the defined corridor, Maiden Bermuda will continue to reinsure losses at its proportional 40% share per the Reinsurance Agreement. AmTrust European Hospital Liability Quota Share Agreement ("European Hospital Liability Quota Share") Effective April 1, 2011, Maiden Bermuda, entered into a quota share reinsurance contract with AEL and AmTrust International Underwriters Limited ("AIUL"), both wholly owned subsidiaries of AmTrust. Pursuant to the terms of the contract, Maiden Bermuda assumed 40% of the premiums and losses related to policies classified as European Hospital Liability, including associated liability coverages and policies covering physician defense costs, written or renewed on or after April 1, 2011. The contract also covers policies written or renewed on or before March 31, 2011, but only with respect to losses that occur, accrue or arise on or after April 1, 2011. The maximum limit of liability attaching shall be €5,000 or currency equivalent (on a 100% basis) per original claim for any one original policy. Maiden Bermuda will pay a ceding commission of 5% . Effective January 1, 2012, the quota share reinsurance contract with AEL and AIUL was amended, thereby increasing the maximum liability attaching to €10,000 or currency equivalent (on a 100% basis) per original claim for any one original policy. Furthermore, amendments were also made to the contract to expand the territorial scope to include new territories, specifically France. The agreement has been renewed through March 31, 2016 and can be terminated at any April 1 by either party on four months notice. The Company recorded approximately $141,348 and $389,501 of ceding commission expense for the three and nine months ended September 30, 2015 , respectively, ( September 30, 2014 - $104,753 and $285,875 , respectively) as a result of these quota share arrangements with AmTrust. Other Reinsurance Agreements Effective September 1, 2010, the Company through its indirect wholly owned subsidiary, Maiden Specialty Insurance Company ("Maiden Specialty"), entered into a quota share reinsurance agreement with Technology Insurance Company, Inc. ("Technology"), a subsidiary of AmTrust. Under the agreement, Maiden Specialty ceded (a) 90% of its gross liability written under the Open Lending Program ("OPL") and (b) 100% of its surplus lines general liability business under the Naxos Avondale Specialty Casualty Program ("NAXS"). Maiden Specialty's involvement is limited to certain states where Technology was not fully licensed. The agreement also provides that Maiden Specialty receives a ceding commission of 5% of ceded written premiums. The reinsurance agreement had a term of three years and remained continuously in force until terminated in accordance with the contract. The OPL program was terminated on December 31, 2011 on a run-off basis and the NAXS program terminated on October 31, 2012. Maiden Specialty recorded $14 and $59 of ceded premiums and $0 and $3 ceding commission income for the three and nine months ended September 30, 2015 , respectively, ( September 30, 2014 - $66 and $151 of premiums ceded and $5 and $9 of ceding commission income, respectively). Effective September 1, 2010, our indirect wholly owned subsidiary, Maiden Reinsurance North America, Inc. ("Maiden US"), entered into an arrangement whereby a subsidiary of AmTrust fronted a reinsurance agreement in which Maiden US assumed 80% of the gross liabilities produced under the Southern General Agency program with the other 20% being assumed by a third party. This fronting arrangement compensated AmTrust with a 5% commission of ceded written premiums. The agreement was subsequently amended, effective September 1, 2012, whereby the termination date of the agreement was extended until August 31, 2013. This agreement expired on the termination date and is currently in run-off. Pursuant to the latest amendment, Maiden US now receives 100% of the premium and reinsures 100% of the gross liabilities incurred (from the effective date). 6. Related Party Transactions (continued) As this program is currently in run-off, for the three and nine months ended September 30, 2015 , Maiden US did not record any premiums earned or commission expense, respectively, ( September 30, 2014 - $40 and $1,796 of premiums earned and $2 and $90 of commission expense, respectively). Effective April 1, 2012, Maiden US entered into a reinsurance agreement with AmTrust's wholly owned subsidiary, AmTrust North America, Inc. ("AmTrust NA"). Maiden US shall indemnify AmTrust NA, on an excess of loss basis, as a result of losses occurring on AmTrust NA's new and renewal policies relating to the lines of business classified as Automobile Liability by AmTrust NA in its annual statement utilizing the specific underwriting guidelines defined in the reinsurance agreement. AmTrust NA shall retain the first $1,000 of loss, per any one policy or per any one loss occurrence. Maiden US shall be liable for the amount by which AmTrust NA's loss exceeds $1,000 , but the liability of Maiden US shall not exceed $1,000 on any one policy and any one loss occurrence. The agreement provides AmTrust NA with fixed ceding commissions on net premiums written varying between 10% to 27.5% depending on the commission rate in the underlying policy. This agreement has a term of one year and automatically renews annually unless terminated pursuant to the terms of the agreement. Under this agreement, for the three and nine months ended September 30, 2015 , Maiden US recorded approximately $154 and $483 of net premiums earned and $35 and $117 of commission expense, respectively, ( September 30, 2014 - $300 and $950 net premiums earned and $54 and $180 commission expense, respectively). Collateral provided to AmTrust a) AmTrust Quota Share Reinsurance Agreement In order to provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of the AmTrust's insurance subsidiaries, has established trust accounts ("Trust Accounts") for their benefit. Maiden Bermuda has agreed to provide appropriate collateral to secure its proportional share under the Reinsurance Agreement of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral. This collateral may be in the form of (a) assets loaned by Maiden Bermuda to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Bermuda for deposit into the Trust Accounts, (c) a letter of credit obtained by Maiden Bermuda and delivered to an AmTrust subsidiary on AII's behalf (a "Letter of Credit"), or (d) premiums withheld by an AmTrust subsidiary at Maiden Bermuda's request in lieu of remitting such premiums to AII ("Withheld Funds"). Maiden Bermuda may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Bermuda's proportionate share of its obligations under the Reinsurance Agreement with AII. The amount of collateral Maiden Bermuda is required to maintain, which is determined quarterly, equals its proportionate share of (a) the amount of ceded paid losses for which AII is responsible to such AmTrust subsidiaries but has not yet paid, (b) the amount of ceded loss reserves (including ceded reserves for claims reported but not resolved and losses incurred but not reported) for which AII is responsible to AmTrust subsidiaries, and (c) the amount of ceded reserves for unearned premiums ceded by AmTrust subsidiaries to AII. Maiden Bermuda satisfied its collateral requirements under the Reinsurance Agreement with AII as follows: • by lending funds in the amount of $167,975 at September 30, 2015 and December 31, 2014 pursuant to a loan agreement. Interest is payable at a rate equivalent to the one-month LIBOR plus 90 basis points per annum computed on the basis of a 360 -day year on the loan. • effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral, at September 30, 2015 , was approximately $2,339,081 ( December 31, 2014 - $1,691,970 ) and the accrued interest was $14,672 ( December 31, 2014 - $10,413 ). Please refer to "Note 4. (d) Investments" for additional information. b) European Hospital Liability Quota Share AEL requested, in accordance with the agreement, that Maiden Bermuda provide collateral to secure its proportional share under the agreement. Please refer to "Note 4. (d) Investments" for additional information. Brokerage Agreement Effective July 1, 2007, the Company entered into a reinsurance brokerage agreement with AII Reinsurance Broker Ltd. ("AIIB"), a wholly owned subsidiary of AmTrust. Pursuant to the brokerage agreement, AIIB provides brokerage services relating to the Reinsurance Agreement and, the European Hospital Liability Quota Share agreement for a fee equal to 1.25% of the premium assumed. The brokerage fee is payable in consideration of AIIB's brokerage services. AIIB is not the Company's exclusive broker. The agreement may be terminated upon 30 days written notice by either party. Maiden Bermuda recorded approximately $5,854 and $16,161 of reinsurance brokerage expense for the three and nine months ended September 30, 2015 , respectively, ( September 30, 2014 - $4,488 and $12,361 , respectively) and deferred reinsurance brokerage of $14,037 at September 30, 2015 ( December 31, 2014 - $11,423 ) as a result of this agreement. 6. Related Party Transactions (continued) Asset Management Agreement Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM") pursuant to which AIIM has agreed to provide investment management services to the Company. AIIM provides investment management services for a quarterly fee of 0.0375% if the average value of the account for the previous calendar quarter is greater than $1 billion . The agreement may be terminated upon 30 days written notice by either party. The Company recorded approximately $1,518 and $4,455 of investment management fees for the three and nine months ended September 30, 2015 , respectively, ( September 30, 2014 - $1,325 and $3,814 , respectively) as a result of this agreement. Other The Company entered into time sharing agreements for the lease of aircraft owned by AmTrust Underwriters, Inc. ("AUI"), a wholly owned subsidiary of AmTrust, and by AmTrust on March 1, 2011 and November 5, 2014, respectively. The agreements automatically renew for successive one -year terms unless terminated in accordance with the provisions of the agreement. Pursuant to the agreements, the Company will reimburse AUI and AmTrust for actual expenses incurred as allowed by Federal Aviation Regulations. For the three and nine months ended September 30, 2015 , the Company recorded an expense of $20 and $70 , respectively, ( September 30, 2014 - $36 and $60 , respectively) for the use of the aircraft. NGHC The following describes transactions between the Company and NGHC and its subsidiaries: NGHC Quota Share Reinsurance Agreement ("NGHC Quota Share") Maiden Bermuda, effective March 1, 2010, reinsured 25% of the net premiums of the GMAC personal lines business, pursuant to the NGHC Quota Share with the GMAC personal lines insurance companies, as cedents, and Maiden Bermuda. Maiden Bermuda had a 50% participation in the NGHC Quota Share, by which it received 25% of net premiums of the personal lines automobile business and assumed 25% of the related net losses. The NGHC Quota Share provided that the reinsurers pay a provisional ceding commission equal to 32.5% of ceded earned premium, net of premiums ceded by the personal lines companies for inuring reinsurance, subject to adjustment.The ceding commission was subject to adjustment to a maximum of 34.5% if the loss ratio for the reinsured business is 60.0% or less and a minimum of 30.5% if the loss ratio was 64.5% or greater. Effective October 1, 2012, the parties amended the reinsurance agreement to decrease the provisional ceding commission from 32.5% to 32.0% of ceded earned premium, net of premiums ceded by the personal lines companies for inuring reinsurance, subject to adjustment. The ceding commission was subject to adjustment to a minimum of 30.0% (changed from 30.5% ), if the loss ratio is 64.5% or greater. On August 1, 2013, the Company received notice from NGHC of the termination of the NGHC Quota Share effective on that date. The Company and NGHC mutually agreed that the termination is on a run-off basis, which means that Maiden Bermuda continues to earn premiums and remain liable for losses occurring subsequent to August 1, 2013 for any policies in force prior to and as of August 1, 2013 until those policies expire. As this agreement is now in run-off, Maiden Bermuda recorded no ceding commission expense for the three and nine months ended September 30, 2015 ( September 30, 2014 - $95 and $6,513 , respectively) as a result of this transaction. Other Effective April 1, 2015, Maiden US renewed a Medical Excess of Loss reinsurance agreement with wholly owned subsidiaries of NGHC, Distributors Insurance Company PCC, AIBD Insurance Company IC and Professional Services Captive Corporation IC. Pursuant to this agreement, Maiden US indemnifies on an excess of loss basis, for the amounts of net loss, paid from April 1, 2015 through March 31, 2016. Maiden US is liable for 100% of the net loss for each covered person per agreement year in excess of the $1,175 ( 2014 - $1,100 ) retention (each covered person per agreement year). Maiden US' liability shall not exceed $8,825 ( 2014 - $8,900 ) per covered person per agreement year. In addition, Maiden US continues to indemnify extra contractual obligations with a maximum liability of $2,000 . This agreement terminates on March 31, 2016 and, unless mutually agreed, Maiden US will be relieved of all liability hereunder for losses incurred or paid subsequent to such termination date. Under the prior years agreements, Maiden US recorded approximately $218 and $328 of premiums earned for the three and nine months ended September 30, 2015 , respectively, ( September 30, 2014 - $43 and $132 , respectively). 6. Related Party Transactions (continued) Effective May 1, 2015, Maiden US entered into an agreement with several NGHC subsidiaries for medical excess of loss programs. This program covers employer aggregate and traditional specific medical stop loss policies underwritten by the Managing General Agent that they support. The NGHC companies covered under the treaty are Integon Indemnity Insurance Company, Integon National Insurance Company and National Health Insurance Company. This agreement terminates on April 30, 2016 with either party having the right to cancel by giving 60 days notice to the other party in the event that other party fails to maintain certain financial and other criteria. Upon expiration of this agreement, coverage remains in full force and effect on all assumed liability for policies in force on the date of expiration until expiration, cancellation or next anniversary date of such subject policies. The treaty limit of the aggregate medical stop loss is subject to a limit of $4,000 in excess of $1,000 any one insured person. The treaty limit on the traditional specific medical stop loss Layer 1 is subject to a limit of $1,000 in excess of $1,000 any one insured person; Layer 2 is subject to a limit of $3,000 in excess of $2,000 any one insured person and Layer 3 is subject to a limit of $5,000 in excess of $5,000 . In addition to these limits, the Company shall cover extra contractual obligations arising under this agreement with a maximum liability of $2,000 . Maiden US recorded approximately $19 and $22 of premiums earned for the three and nine months ended September 30, 2015 .

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the Three Months Ended September 30, 2015 2014 Numerator: Net income attributable to Maiden shareholders $ 28,584 $ 33,883 Dividends on preference shares - Series A (3,094 ) (3,094 ) Dividends on convertible preference shares - Series B (2,991 ) (2,991 ) Amount allocated to participating common shareholders (1) (17 ) (33 ) Numerator for basic EPS - net income allocated to Maiden common shareholders $ 22,482 $ 27,765 Potentially dilutive securities Dividends on convertible preference shares- Series B 2,991 2,991 Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion $ 25,473 $ 30,756 Denominator: Weighted average number of common shares outstanding – basic 73,638,980 72,888,024 Potentially dilutive securities: Share options and restricted share units 1,294,767 1,335,888 Convertible preference shares 10,809,258 10,699,884 Adjusted weighted average number of common shares and assumed conversions – diluted 85,743,005 84,923,796 Basic earnings per share attributable to Maiden common shareholders: $ 0.31 $ 0.38 Diluted earnings per share attributable to Maiden common shareholders: $ 0.30 $ 0.36 7. Earnings per Common Share (continued) For the Nine Months Ended September 30, 2015 2014 Numerator: Net income attributable to Maiden shareholders $ 93,676 $ 67,793 Dividends on preference shares - Series A (9,282 ) (9,282 ) Dividends on convertible preference shares - Series B (8,971 ) (8,971 ) Amount allocated to participating common shareholders (1) (59 ) (62 ) Numerator for basic EPS - Net income allocated to Maiden common shareholders $ 75,364 $ 49,478 Potentially dilutive securities Dividends on convertible preference shares (2) 8,971 — Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion $ 84,335 $ 49,478 Denominator: Weighted average number of common shares – basic 73,403,998 72,819,452 Potentially dilutive securities: Share options and restricted share units 1,272,746 1,213,828 Convertible preference shares (2) 10,809,258 — Adjusted weighted average number of common shares and assumed conversions – diluted 85,486,002 74,033,280 Basic earnings per share attributable to Maiden common shareholders: $ 1.03 $ 0.68 Diluted earnings per share attributable to Maiden common shareholders (2) : $ 0.99 $ 0.67 (1) This represents earnings allocated to the holders of non-vested restricted shares issued to the Company's employees under the 2007 Share Incentive Plan. (2) The effect of mandatory convertible preference shares were excluded in the calculation of diluted EPS for the nine months ended September 30, 2014 as they were anti-dilutive. Please refer to " Notes to Consolidated Financial Statements " included under Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014 for the terms and conditions of each of these anti-dilutive instruments. Furthermore, the current number of additional common shares that could possibly be issued on conversion, if conversion after October 1, 2015 was permitted in accordance with the terms and conditions of Form 424B Prospectus Supplement filed with the SEC, is 195,456 , an increase of 31,359 common shares since July 1, 2015.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity At September 30, 2015 , the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 74,705,285 common shares, of which 73,690,640 are outstanding, and issued 9,300,000 preference shares. The remaining 65,994,715 are undesignated at September 30, 2015 . For further discussion on the components of Shareholders' Equity, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . Treasury Shares On January 1, 2015, February 19, 2015 and March 5, 2015, the Company repurchased 4,954 shares at a price per share of $12.79 , 7,658 shares at a price per share of $14.40 and 33,846 shares at a price per share of $14.21 , respectively, from employees, which represent withholdings from employees surrendered in respect of tax obligations on the vesting of restricted shares and performance based shares. Accumulated Other Comprehensive Income The following table presents details about amounts reclassified from accumulated other comprehensive income ("AOCI"): Details about AOCI Components Consolidated Statements of Income Line Item that Includes Reclassification For the Three Months Ended September 30, For the Nine Months Ended September 30, Unrealized gains (losses) on available-for-sale securities 2015 2014 2015 2014 Net realized gains (losses) on investment $ 86 $ 147 $ 5 $ (421 ) Net impairment losses recognized in earnings (75 ) (173 ) — (102 ) Total before tax 11 (26 ) 5 (523 ) Income tax expense — — — (15 ) Total after tax $ 11 $ (26 ) $ 5 $ (538 ) The following tables set forth financial information regarding the changes in the balances of each component of AOCI: For the Three Months Ended September 30, 2015 Change in net unrealized gains on investments Foreign currency translation adjustments Total Beginning balance $ 15,115 $ 25,722 $ 40,837 Other comprehensive loss before reclassifications (17,173 ) (741 ) (17,914 ) Amounts reclassified from AOCI to net income, net of tax (11 ) — (11 ) Net current period other comprehensive loss (17,184 ) (741 ) (17,925 ) Ending balance (2,069 ) 24,981 22,912 Less: AOCI attributable to non controlling interest — (95 ) (95 ) Ending balance, Maiden shareholders $ (2,069 ) $ 25,076 $ 23,007 8. Shareholders' Equity (continued) For the Three Months Ended September 30, 2014 Change in net unrealized gains on investments Foreign currency translation adjustments Total Beginning balance $ 126,414 $ (8,450 ) $ 117,964 Other comprehensive (loss) income before reclassifications (47,728 ) 16,953 (30,775 ) Amounts reclassified from AOCI to net income, net of tax 26 — 26 Net current period other comprehensive (loss) income (47,702 ) 16,953 (30,749 ) Ending balance 78,712 8,503 87,215 Less: AOCI attributable to non controlling interest — (28 ) (28 ) Ending balance, Maiden shareholders $ 78,712 $ 8,531 $ 87,243 For the Nine Months Ended September 30, 2015 Change in net unrealized gains on investments Foreign currency translation adjustments Total Beginning balance $ 78,579 $ 16,665 $ 95,244 Other comprehensive (loss) income before reclassifications (80,643 ) 8,316 (72,327 ) Amounts reclassified from AOCI to net income, net of tax (5 ) — (5 ) Net current period other comprehensive (loss) income (80,648 ) 8,316 (72,332 ) Ending balance (2,069 ) 24,981 22,912 Less: AOCI attributable to non controlling interest — (95 ) (95 ) Ending balance, Maiden shareholders $ (2,069 ) $ 25,076 $ 23,007 For the Nine Months Ended September 30, 2014 Change in net unrealized gains on investments Foreign currency translation adjustments Total Beginning balance $ 34,728 $ (8,927 ) $ 25,801 Other comprehensive income before reclassifications 43,446 17,430 60,876 Amounts reclassified from AOCI to net income, net of tax 538 — 538 Net current period other comprehensive income 43,984 17,430 61,414 Ending balance 78,712 8,503 87,215 Less: AOCI attributable to non controlling interest — (28 ) (28 ) Ending balance, Maiden shareholders $ 78,712 $ 8,531 $ 87,243

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There are no material changes from the commitments and contingencies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . Dividends Declared On July 28, 2015, the Company's Board of Directors authorized the following quarterly dividend: Dividend per Share Payable on: Record date: Common shares $ 0.13 October 15, 2015 October 1, 2015 9. Commitments and Contingencies (continued) Legal Proceedings Except as noted below, the Company is not a party to any material legal proceedings. From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of insurance or reinsurance operations. Based on the Company's opinion, the eventual outcome of these legal proceedings is not expected to have a material adverse effect on its financial condition or results of operations. In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle blowing in violation of the whistle blower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged concerns regarding corporate governance with respect to negotiation of the terms of the Trust Preferred Securities Offering and seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, back pay and legal fees incurred. On December 31, 2009, the U.S. Secretary of Labor found no reasonable cause for Mr. Turin’s claim and dismissed the complaint in its entirety. Mr. Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S. Department of Labor. The Company moved to dismiss Mr. Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011. On July 13, 2011, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. The Company filed its brief in opposition to the petition for review on October 19, 2011. On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge. The administrative hearing began in September 2014, and we expect it to conclude in 2016. The Company believes that it had ample reason for terminating such employment for good and sufficient legal cause, and the Company believes that the claim is without merit and is vigorously defending this claim.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 1, 2015, the multi-year quota share reinsurance agreement between Maiden Bermuda and AII automatically renewed through June 30, 2019. The terms of the renewed contract remain unchanged. As stated in the quota share reinsurance agreement, notice of termination for the agreement must be received nine months prior to July 1, 2016 (i.e. by October 1, 2015). No such notice was issued by either party. On November 4, 2015 , the Company's Board of Directors authorized the following quarterly dividends: Dividend per Share Payable on: Record date: Common shares $ 0.14 January 15, 2016 January 1, 2016 Preference shares - Series A $ 0.515625 December 15, 2015 December 1, 2015 Preference shares - Series B $ 0.90625 December 15, 2015 December 1, 2015

Significant Accounting Polici18

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. and its subsidiaries (the "Company" or "Maiden") and have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP" or "U.S. GAAP") for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . Certain reclassifications have been made for 2014 to conform to the 2015 presentation and have no impact on net income and total equity previously reported.
Investments - Fixed maturities	Investments - Fixed maturities Fixed maturities are classified as either available-for-sale ("AFS") or held-to-maturity ("HTM"). The AFS portfolio is reported at fair value. The HTM portfolio includes securities for which we have the ability and intent to hold to maturity or redemption and is reported at amortized cost.
Recent Accounting Pronouncements	Recently Issued Accounting Standards Not Yet Adopted Simplifying the Presentation of Debt Issuance Costs In April 2015 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03 which changes the presentation of debt issuance costs in financial statements. Under this new guidance, the Company will be required to present such cost in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The amortization of such costs shall be reported as an interest expense. For public business entities, this guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2015. Early adoption is permitted and the Company will be required to apply this new guidance retrospectively to all prior periods presented. The Company will also be required, in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial line items (that is, debt issuance cost asset and the debt liability). The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition. Disclosures about Short-Duration Contracts In May 2015 the FASB issued ASU 2015-09 which is aimed at providing users of financial statements with more transparent information about an insurance entity’s initial claim estimates and subsequent adjustments to those estimates, methodologies and judgments in estimating claims, and the timing, frequency and severity of claims. The new disclosures are required for short-duration insurance contracts issued by insurers. For public business entities, this guidance will be effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted and should be applied retrospectively by providing comparative disclosures for each period presented. As this guidance is disclosure-related only, the adoption of this guidance is not expected to have a material impact on the Company’s statements of operations and financial position. 2. Significant Accounting Policies (continued) Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015 the FASB issued ASU No. 2015-07 which removes the requirement to categorize all investments for which fair value is measured using the net asset value per share practical expedient within the fair value hierarchy. ASU 2015-07 also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient, unless the entity has elected to measure the fair value using that practical expedient. For public business entities, this guidance will be effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. Earlier application is permitted. As this guidance is disclosure-related only, the adoption of this guidance is not expected to have a material impact on the Company’s statements of operations and financial position.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Underwriting results of operating segments	The following tables summarize our reporting segment's underwriting results and the reconciliation of our reportable segments and Other category's underwriting results to our consolidated net income: 3. Segment Reporting (continued) For the Three Months Ended September 30, 2015 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 174,307 $ 454,194 $ — $ 628,501 Net premiums written $ 163,710 $ 435,443 $ — $ 599,153 Net premiums earned $ 193,207 $ 465,313 $ — $ 658,520 Other insurance revenue 2,177 — — 2,177 Net loss and loss adjustment expenses (142,468 ) (297,780 ) (3,924 ) (444,172 ) Commission and other acquisition expenses (51,714 ) (146,008 ) 83 (197,639 ) General and administrative expenses (9,010 ) (752 ) — (9,762 ) Underwriting income (loss) $ (7,808 ) $ 20,773 $ (3,841 ) $ 9,124 Reconciliation to net income Net investment income and realized gains on investment 34,059 Net impairment losses recognized in earnings (1,060 ) Interest and amortization expenses (7,266 ) Amortization of intangible assets (710 ) Foreign exchange and other gains 1,427 Other general and administrative expenses (6,691 ) Income tax expense (368 ) Net income $ 28,515 Net loss and loss adjustment expense ratio (1) 72.9 % 63.9 % 67.2 % Commission and other acquisition expense ratio (2) 26.5 % 31.4 % 29.9 % General and administrative expense ratio (3) 4.6 % 0.2 % 2.5 % Combined ratio (4) 104.0 % 95.5 % 99.6 % 3. Segment Reporting (continued) For the Three Months Ended September 30, 2014 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 236,864 $ 385,923 $ 74 $ 622,861 Net premiums written $ 219,576 $ 385,923 $ (43 ) $ 605,456 Net premiums earned $ 233,022 $ 359,065 $ 355 $ 592,442 Other insurance revenue 2,423 — — 2,423 Net loss and loss adjustment expenses (166,342 ) (233,166 ) (307 ) (399,815 ) Commission and other acquisition expenses (56,878 ) (109,241 ) (127 ) (166,246 ) General and administrative expenses (8,683 ) (695 ) (193 ) (9,571 ) Underwriting income (loss) $ 3,542 $ 15,963 $ (272 ) $ 19,233 Reconciliation to net income Net investment income and realized gains on investment 29,830 Net impairment losses recognized in earnings (1,189 ) Interest and amortization expenses (7,266 ) Amortization of intangible assets (820 ) Foreign exchange and other gains 483 Other general and administrative expenses (5,859 ) Income tax expense (486 ) Net income $ 33,926 Net loss and loss adjustment expense ratio (1) 70.7 % 64.9 % 67.2 % Commission and other acquisition expense ratio (2) 24.2 % 30.4 % 27.9 % General and administrative expense ratio (3) 3.6 % 0.3 % 2.7 % Combined ratio (4) 98.5 % 95.6 % 97.8 % 3. Segment Reporting (continued) For the Nine Months Ended September 30, 2015 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 631,294 $ 1,505,642 $ (1 ) $ 2,136,935 Net premiums written $ 602,693 $ 1,423,060 $ 1 $ 2,025,754 Net premiums earned $ 570,694 $ 1,274,563 $ 2 $ 1,845,259 Other insurance revenue 9,408 — — 9,408 Net loss and loss adjustment expenses (417,846 ) (811,016 ) (7,643 ) (1,236,505 ) Commission and other acquisition expenses (152,332 ) (399,291 ) (55 ) (551,678 ) General and administrative expenses (27,737 ) (2,261 ) — (29,998 ) Underwriting income (loss) $ (17,813 ) $ 61,995 $ (7,696 ) $ 36,486 Reconciliation to net income Net investment income and realized gains on investment 98,587 Net impairment losses recognized in earnings (1,060 ) Interest and amortization expenses (21,796 ) Amortization of intangible assets (2,130 ) Foreign exchange and other gains 4,062 Other general and administrative expenses (18,953 ) Income tax expense (1,636 ) Net income $ 93,560 Net loss and loss adjustment expense ratio (1) 72.0 % 63.6 % 66.7 % Commission and other acquisition expense ratio (2) 26.3 % 31.3 % 29.7 % General and administrative expense ratio (3) 4.8 % 0.2 % 2.7 % Combined ratio (4) 103.1 % 95.1 % 99.1 % 3. Segment Reporting (continued) For the Nine Months Ended September 30, 2014 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 729,154 $ 1,176,957 $ (860 ) $ 1,905,251 Net premiums written $ 681,690 $ 1,176,957 $ (2,379 ) $ 1,856,268 Net premiums earned $ 635,251 $ 988,913 $ 19,404 $ 1,643,568 Other insurance revenue 10,427 — — 10,427 Net loss and loss adjustment expenses (439,329 ) (645,358 ) (17,629 ) (1,102,316 ) Commission and other acquisition expenses (164,850 ) (298,236 ) (6,644 ) (469,730 ) General and administrative expenses (28,104 ) (1,847 ) (580 ) (30,531 ) Underwriting income (loss) $ 13,395 $ 43,472 $ (5,449 ) $ 51,418 Reconciliation to net income Net investment income and realized gains on investment 86,444 Net impairment losses recognized in earnings (1,189 ) Interest and amortization expenses (22,692 ) Accelerated amortization of Junior Subordinated Debt discount and issuance cost (28,240 ) Amortization of intangible assets (2,458 ) Foreign exchange and other gains 1,555 Other general and administrative expenses (15,029 ) Income tax expense (1,907 ) Net income $ 67,902 Net loss and loss adjustment expense ratio (1) 68.0 % 65.3 % 66.6 % Commission and other acquisition expense ratio (2) 25.5 % 30.2 % 28.4 % General and administrative expense ratio (3) 4.4 % 0.1 % 2.8 % Combined ratio (4) 97.9 % 95.6 % 97.8 % (1) Calculated by dividing net loss and loss adjustment expenses by net premiums earned and other insurance revenue. (2) Calculated by dividing commission and other acquisition expenses by net premiums earned and other insurance revenue. (3) Calculated by dividing general and administrative expenses by net premiums earned and other insurance revenue. (4) Calculated by adding together the net loss and loss adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio. 3. Segment Reporting (continued) The following tables summarize the total assets of our reportable segments including the reconciliation to our consolidated assets at September 30, 2015 and December 31, 2014 : September 30, 2015 Diversified AmTrust Total Total assets - reportable segments $ 1,653,714 $ 3,356,927 $ 5,010,641 Corporate assets — — 745,865 Total Assets $ 1,653,714 $ 3,356,927 $ 5,756,506 December 31, 2014 Diversified AmTrust Total Total assets - reportable segments $ 1,624,664 $ 2,640,488 $ 4,265,152 Corporate assets — — 898,940 Total Assets $ 1,624,664 $ 2,640,488 $ 5,164,092
Net premiums by major line of business	The following tables set forth financial information relating to net premiums written and earned by major line of business and reportable segment for the three and nine months ended September 30, 2015 and 2014 : For the Three Months Ended September 30, 2015 2014 Net premiums written Total % of Total Total % of Total Diversified Reinsurance Property $ 29,574 4.9 % $ 36,991 6.1 % Casualty 101,191 16.9 % 149,067 24.6 % Accident and Health 12,918 2.2 % 7,061 1.2 % International 20,027 3.3 % 26,457 4.4 % Total Diversified Reinsurance 163,710 27.3 % 219,576 36.3 % AmTrust Reinsurance Small Commercial Business 231,416 38.6 % 211,986 35.0 % Specialty Program 86,612 14.5 % 57,035 9.4 % Specialty Risk and Extended Warranty 117,415 19.6 % 116,902 19.3 % Total AmTrust Reinsurance 435,443 72.7 % 385,923 63.7 % Other — — % (43 ) — % $ 599,153 100.0 % $ 605,456 100.0 % 3. Segment Reporting (continued) For the Three Months Ended September 30, 2015 2014 Net premiums earned Total % of Total Total % of Total Diversified Reinsurance Property $ 39,593 6.0 % $ 45,030 7.6 % Casualty 115,646 17.6 % 150,876 25.5 % Accident and Health 14,093 2.1 % 9,001 1.5 % International 23,875 3.6 % 28,115 4.7 % Total Diversified Reinsurance 193,207 29.3 % 233,022 39.3 % AmTrust Reinsurance Small Commercial Business 257,296 39.1 % 202,151 34.1 % Specialty Program 80,302 12.2 % 40,654 6.9 % Specialty Risk and Extended Warranty 127,715 19.4 % 116,260 19.6 % Total AmTrust Reinsurance 465,313 70.7 % 359,065 60.6 % Other — — % 355 0.1 % $ 658,520 100.0 % $ 592,442 100.0 % For the Nine Months Ended September 30, 2015 2014 Net premiums written Total % of Total Total % of Total Diversified Reinsurance Property $ 128,482 6.3 % $ 126,680 6.8 % Casualty 359,530 17.8 % 428,648 23.1 % Accident and Health 53,483 2.7 % 32,178 1.7 % International 61,198 3.0 % 94,184 5.1 % Total Diversified Reinsurance 602,693 29.8 % 681,690 36.7 % AmTrust Reinsurance Small Commercial Business 857,617 42.3 % 663,766 35.8 % Specialty Program 262,068 12.9 % 145,162 7.8 % Specialty Risk and Extended Warranty 303,375 15.0 % 368,029 19.8 % Total AmTrust Reinsurance 1,423,060 70.2 % 1,176,957 63.4 % Other 1 — % (2,379 ) (0.1 )% Total $ 2,025,754 100.0 % $ 1,856,268 100.0 % 3. Segment Reporting (continued) For the Nine Months Ended September 30, 2015 2014 Net premiums earned Total % of Total Total % of Total Diversified Reinsurance Property $ 112,878 6.1 % $ 128,458 7.8 % Casualty 350,549 19.0 % 398,148 24.2 % Accident and Health 41,361 2.2 % 29,261 1.8 % International 65,906 3.6 % 79,384 4.9 % Total Diversified Reinsurance 570,694 30.9 % 635,251 38.7 % AmTrust Reinsurance Small Commercial Business 734,731 39.8 % 537,810 32.7 % Specialty Program 210,690 11.4 % 118,459 7.2 % Specialty Risk and Extended Warranty 329,142 17.9 % 332,644 20.2 % Total AmTrust Reinsurance 1,274,563 69.1 % 988,913 60.1 % Other 2 — % 19,404 1.2 % $ 1,845,259 100.0 % $ 1,643,568 100.0 %

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Investments [Abstract]
Original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale and other investments	The original or amortized cost, estimated fair value and gross unrealized gains and losses of investment in fixed maturities and other investments as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Original or Gross Gross Fair value AFS fixed maturities: U.S. treasury bonds $ 6,654 $ 405 $ (3 ) $ 7,056 U.S. agency bonds – mortgage-backed 1,302,878 24,516 (3,892 ) 1,323,502 U.S. agency bonds – other 28,705 739 — 29,444 Non-U.S. government and supranational bonds 33,650 — (4,142 ) 29,508 Commercial mortgage-backed securities 123,944 3,203 (6 ) 127,141 Collateralized loan obligations 53,411 49 (341 ) 53,119 Corporate bonds 1,679,952 46,375 (73,507 ) 1,652,820 Municipal bonds 62,171 3,749 — 65,920 Total AFS fixed maturities 3,291,365 79,036 (81,891 ) 3,288,510 HTM fixed maturities: Corporate bonds 608,510 5,181 (2,697 ) 610,994 Total HTM fixed maturities 608,510 5,181 (2,697 ) 610,994 Other investments 10,725 1,072 (325 ) 11,472 Total investments $ 3,910,600 $ 85,289 $ (84,913 ) $ 3,910,976 4. Investments (continued) December 31, 2014 Original or Gross Gross Fair value AFS fixed maturities: U.S. treasury bonds $ 8,937 $ 423 $ — $ 9,360 U.S. agency bonds – mortgage-backed 1,313,834 19,197 (10,588 ) 1,322,443 U.S. agency bonds – other 7,213 775 — 7,988 Non-U.S. government and supranational bonds 54,467 304 (3,128 ) 51,643 Commercial mortgage-backed securities 52,337 2,443 — 54,780 Corporate bonds 1,831,431 89,243 (25,295 ) 1,895,379 Municipal bonds 62,153 3,666 — 65,819 Short-term investments 49,492 — — 49,492 Total AFS fixed maturities 3,379,864 116,051 (39,011 ) 3,456,904 Other investments 10,862 1,709 — 12,571 Total investments $ 3,390,726 $ 117,760 $ (39,011 ) $ 3,469,475
Contractual maturities of fixed maturities, available-for-sale	The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without prepayment penalties. AFS fixed maturities HTM fixed maturities September 30, 2015 Amortized cost Fair value Amortized cost Fair value Maturity Due in one year or less $ 116,221 $ 116,438 $ — $ — Due after one year through five years 513,002 523,065 68,026 68,395 Due after five years through ten years 1,122,293 1,081,898 540,484 542,599 Due after ten years 59,616 63,347 — — 1,811,132 1,784,748 608,510 610,994 U.S. agency bonds – mortgage-backed 1,302,878 1,323,502 — — Commercial mortgage-backed securities 123,944 127,141 — — Collateralized loan obligations 53,411 53,119 — — Total fixed maturities $ 3,291,365 $ 3,288,510 $ 608,510 $ 610,994
Summary of available-for-sale securities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the securities have continuously been in an unrealized loss position	The following tables summarize fixed maturities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: Less than 12 Months 12 Months or more Total September 30, 2015 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities U.S. treasury bonds $ 1,133 $ (3 ) $ — $ — $ 1,133 $ (3 ) U.S. agency bonds – mortgage-backed 124,702 (520 ) 164,168 (3,372 ) 288,870 (3,892 ) Non–U.S. government and supranational bonds 4,948 (143 ) 24,561 (3,999 ) 29,509 (4,142 ) Commercial mortgage-backed securities 2,990 (6 ) — — 2,990 (6 ) Collateralized loan obligations 32,578 (341 ) — — 32,578 (341 ) Corporate bonds 667,446 (35,491 ) 259,064 (40,713 ) 926,510 (76,204 ) Total temporarily impaired fixed maturities 833,797 (36,504 ) 447,793 (48,084 ) 1,281,590 (84,588 ) Other investments 4,675 (325 ) — — 4,675 (325 ) Total $ 838,472 $ (36,829 ) $ 447,793 $ (48,084 ) $ 1,286,265 $ (84,913 ) As of September 30, 2015 , there were approximately 197 securities in an unrealized loss position with a fair value of $1,286,265 and unrealized losses of $84,913 . Of these securities, there are 70 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $447,793 and unrealized losses of $48,084 . Less than 12 Months 12 Months or more Total December 31, 2014 Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities U.S. agency bonds – mortgage-backed $ 84,264 $ (806 ) $ 441,601 $ (9,782 ) $ 525,865 $ (10,588 ) Non–U.S. government and supranational bonds 43,712 (2,822 ) 2,522 (306 ) 46,234 (3,128 ) Corporate bonds 397,173 (14,485 ) 143,894 (10,810 ) 541,067 (25,295 ) Total $ 525,149 $ (18,113 ) $ 588,017 $ (20,898 ) $ 1,113,166 $ (39,011 )
Summary of the credit ratings of fixed maturities	The following summarizes the credit ratings of our fixed maturities: Ratings* as of September 30, 2015 Amortized cost Fair value % of Total Fixed maturities U.S. treasury bonds $ 6,654 $ 7,056 0.2 % U.S. agency bonds 1,331,583 1,352,946 34.7 % AAA 159,924 163,556 4.2 % AA+, AA, AA- 238,929 241,062 6.2 % A+, A, A- 1,108,140 1,109,350 28.4 % BBB+, BBB, BBB- 940,444 928,019 23.8 % BB+ or lower 114,201 97,515 2.5 % Total $ 3,899,875 $ 3,899,504 100.0 % Ratings* as of December 31, 2014 Amortized cost Fair value % of Total Fixed maturities U.S. treasury bonds $ 8,937 $ 9,360 0.3 % U.S. agency bonds 1,321,047 1,330,431 38.5 % AAA 193,280 202,973 5.9 % AA+, AA, AA- 116,936 120,679 3.5 % A+, A, A- 883,092 917,544 26.5 % BBB+, BBB, BBB- 794,244 814,039 23.5 % BB+ or lower 62,328 61,878 1.8 % Total $ 3,379,864 $ 3,456,904 100.0 % *Based on Standard & Poor’s ("S&P"), or equivalent, ratings
Portfolio of other investments	The table below shows our portfolio of other investments: September 30, 2015 December 31, 2014 Fair value % of Total fair value Fair value % of Total fair value Investments in limited partnerships $ 5,797 50.5 % $ 5,581 44.4 % Investment in quoted equity 4,675 40.8 % 5,990 47.6 % Other 1,000 8.7 % 1,000 8.0 % Total other investments $ 11,472 100.0 % $ 12,571 100.0 %
Analysis of realized and unrealized gains on investment	The following provides an analysis of net realized gains on investment included in the unaudited Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2015 and 2014 : For the Three Months Ended September 30, 2015 Gross gains Gross losses Net AFS fixed maturities $ 1,216 $ — $ 1,216 Net realized gains on investment $ 1,216 $ — $ 1,216 For the Three Months Ended September 30, 2014 Gross gains Gross losses Net AFS fixed maturities $ 250 $ — $ 250 Other investments 60 — 60 Net realized gains on investment $ 310 $ — $ 310 For the Nine Months Ended September 30, 2015 Gross gains Gross losses Net AFS fixed maturities $ 2,264 $ — $ 2,264 Other investments 63 — 63 Net realized gains on investment $ 2,327 $ — $ 2,327 For the Nine Months Ended September 30, 2014 Gross gains Gross losses Net AFS fixed maturities $ 623 $ — $ 623 Other investments 352 — 352 Net realized gains on investment $ 975 $ — $ 975
Net unrealized gains on available-for-sale securities and other investments	t unrealized gains were as follows: September 30, 2015 December 31, 2014 AFS fixed maturities $ (2,855 ) $ 77,040 HTM fixed maturities 127 — Other investments 747 1,709 Total net unrealized gains (1,981 ) 78,749 Deferred income tax expense (88 ) (170 ) Net unrealized gains, net of deferred income tax $ (2,069 ) $ 78,579 Change in net unrealized gains, net of deferred income tax $ (80,648 ) $ 43,851 4. Investments (continued) (d
Fair value of restricted assets	The fair value of our restricted assets was as follows: September 30, 2015 December 31, 2014 Restricted cash and cash equivalents – third party agreements $ 81,227 $ 107,884 Restricted cash and cash equivalents – related party agreements 230,750 175,817 Restricted cash and cash equivalents – U.S. state regulatory authorities 3,527 680 Total restricted cash and cash equivalents 315,504 284,381 Restricted investments – in trust for third party agreements at fair value ( Amortized cost: 2015 – $1,045,821; 2014 – $993,974 ) 1,047,973 1,014,878 Restricted investments – in trust for related party agreements at fair value ( Amortized cost: 2015 – $2,351,794; 2014 – $1,769,083 ) 2,352,740 1,814,478 Restricted investments – in trust for U.S. state regulatory authorities ( Amortized cost: 2015 – $4,294; 2014 – $7,269 ) 4,601 7,606 Total restricted investments 3,405,314 2,836,962 Total restricted cash and cash equivalents and investments $ 3,720,818 $ 3,121,343

Fair Value of Financial Instr21

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value hierarchy of financial assets and financial liabilities measured on a recurring basis	We classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: September 30, 2015 Quoted Prices Significant Significant Total Fair Value AFS fixed maturities U.S. treasury bonds $ 7,056 $ — $ — $ 7,056 U.S. agency bonds – mortgage-backed — 1,323,502 — 1,323,502 U.S. agency bonds – other — 29,444 — 29,444 Non-U.S. government and supranational bonds — 29,508 — 29,508 Commercial mortgage-backed securities — 127,141 — 127,141 Collateralized loan obligations — 53,119 — 53,119 Corporate bonds — 1,652,820 — 1,652,820 Municipal bonds — 65,920 — 65,920 Other investments 4,675 — 6,797 11,472 Total $ 11,731 $ 3,281,454 $ 6,797 $ 3,299,982 As a percentage of total assets 0.2 % 57.0 % 0.1 % 57.3 % 5. Fair Value of Financial Instruments (continued) December 31, 2014 Quoted Prices Significant Significant Total Fair Value AFS fixed maturities U.S. treasury bonds $ 9,360 $ — $ — $ 9,360 U.S. agency bonds – mortgage-backed — 1,322,443 — 1,322,443 U.S. agency bonds – other — 7,988 — 7,988 Non-U.S. government and supranational bonds — 51,643 — 51,643 Commercial mortgage-backed securities — 54,780 — 54,780 Corporate bonds — 1,895,379 — 1,895,379 Municipal bonds — 65,819 — 65,819 Short-term investments — 49,492 — 49,492 Other investments 5,990 — 6,581 12,571 Total $ 15,350 $ 3,447,544 $ 6,581 $ 3,469,475 As a percentage of total assets 0.3 % 66.8 % 0.1 % 67.2 %
Changes in Level 3 for financial instruments measured at fair value on a recurring basis	The following tables present changes in Level 3 for our financial instruments measured at fair value on a recurring basis: For the Three Months Ended Other investments: September 30, 2015 September 30, 2014 Balance at beginning of period $ 6,906 $ 11,061 Total realized gains – included in net realized gains on investment — 60 Total realized losses – included in net realized gains on investment — — Change in total unrealized gains – included in other comprehensive income (loss) 161 120 Change in total unrealized losses – included in other comprehensive income (loss) — — Purchases — 417 Sales and redemptions (270 ) (169 ) Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ 6,797 $ 11,489 Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date $ — $ — For the Nine Months Ended Other investments: September 30, 2015 September 30, 2014 Balance at beginning of period $ 6,581 $ 5,092 Total realized gains – included in net realized gains on investment 63 352 Total realized losses – included in net realized gains on investment — — Change in total unrealized gains – included in other comprehensive income (loss) 353 173 Change in total unrealized losses – included in other comprehensive income (loss) — — Purchases 144 6,551 Sales and redemptions (344 ) (679 ) Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ 6,797 $ 11,489 Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date $ — $ —
Carrying values and fair values of financial instruments	The following table presents the fair value and carrying value of the financial instruments not measured at fair value: September 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Financial Assets HTM - corporate bonds $ 608,510 $ 610,994 $ — $ — Total financial assets $ 608,510 $ 610,994 $ — $ — Financial Liabilities MHNA - 8.25% $ 107,500 $ 109,865 $ 107,500 $ 113,391 MHNB - 8.00% 100,000 105,600 100,000 106,320 MHNC - 7.75% 152,500 164,395 152,500 162,016 Total financial liabilities $ 360,000 $ 379,860 $ 360,000 $ 381,727

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Summary of elements used in calculating basic and diluted earnings per common share	The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the Three Months Ended September 30, 2015 2014 Numerator: Net income attributable to Maiden shareholders $ 28,584 $ 33,883 Dividends on preference shares - Series A (3,094 ) (3,094 ) Dividends on convertible preference shares - Series B (2,991 ) (2,991 ) Amount allocated to participating common shareholders (1) (17 ) (33 ) Numerator for basic EPS - net income allocated to Maiden common shareholders $ 22,482 $ 27,765 Potentially dilutive securities Dividends on convertible preference shares- Series B 2,991 2,991 Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion $ 25,473 $ 30,756 Denominator: Weighted average number of common shares outstanding – basic 73,638,980 72,888,024 Potentially dilutive securities: Share options and restricted share units 1,294,767 1,335,888 Convertible preference shares 10,809,258 10,699,884 Adjusted weighted average number of common shares and assumed conversions – diluted 85,743,005 84,923,796 Basic earnings per share attributable to Maiden common shareholders: $ 0.31 $ 0.38 Diluted earnings per share attributable to Maiden common shareholders: $ 0.30 $ 0.36 7. Earnings per Common Share (continued) For the Nine Months Ended September 30, 2015 2014 Numerator: Net income attributable to Maiden shareholders $ 93,676 $ 67,793 Dividends on preference shares - Series A (9,282 ) (9,282 ) Dividends on convertible preference shares - Series B (8,971 ) (8,971 ) Amount allocated to participating common shareholders (1) (59 ) (62 ) Numerator for basic EPS - Net income allocated to Maiden common shareholders $ 75,364 $ 49,478 Potentially dilutive securities Dividends on convertible preference shares (2) 8,971 — Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion $ 84,335 $ 49,478 Denominator: Weighted average number of common shares – basic 73,403,998 72,819,452 Potentially dilutive securities: Share options and restricted share units 1,272,746 1,213,828 Convertible preference shares (2) 10,809,258 — Adjusted weighted average number of common shares and assumed conversions – diluted 85,486,002 74,033,280 Basic earnings per share attributable to Maiden common shareholders: $ 1.03 $ 0.68 Diluted earnings per share attributable to Maiden common shareholders (2) : $ 0.99 $ 0.67 (1) This represents earnings allocated to the holders of non-vested restricted shares issued to the Company's employees under the 2007 Share Incentive Plan. (2) The effect of mandatory convertible preference shares were excluded in the calculation of diluted EPS for the nine months ended September 30, 2014 as they were anti-dilutive. Please refer to " Notes to Consolidated Financial Statements " included under Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014 for the terms and conditions of each of these anti-dilutive instruments. Furthermore, the current number of additional common shares that could possibly be issued on conversion, if conversion after October 1, 2015 was permitted in accordance with the terms and conditions of Form 424B Prospectus Supplement filed with the SEC, is 195,456 , an increase of 31,359 common shares since July 1, 2015.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of reclassification out of accumulated other comprehensive income	The following table presents details about amounts reclassified from accumulated other comprehensive income ("AOCI"): Details about AOCI Components Consolidated Statements of Income Line Item that Includes Reclassification For the Three Months Ended September 30, For the Nine Months Ended September 30, Unrealized gains (losses) on available-for-sale securities 2015 2014 2015 2014 Net realized gains (losses) on investment $ 86 $ 147 $ 5 $ (421 ) Net impairment losses recognized in earnings (75 ) (173 ) — (102 ) Total before tax 11 (26 ) 5 (523 ) Income tax expense — — — (15 ) Total after tax $ 11 $ (26 ) $ 5 $ (538 )
Schedule of accumulated other comprehensive income	The following tables set forth financial information regarding the changes in the balances of each component of AOCI: For the Three Months Ended September 30, 2015 Change in net unrealized gains on investments Foreign currency translation adjustments Total Beginning balance $ 15,115 $ 25,722 $ 40,837 Other comprehensive loss before reclassifications (17,173 ) (741 ) (17,914 ) Amounts reclassified from AOCI to net income, net of tax (11 ) — (11 ) Net current period other comprehensive loss (17,184 ) (741 ) (17,925 ) Ending balance (2,069 ) 24,981 22,912 Less: AOCI attributable to non controlling interest — (95 ) (95 ) Ending balance, Maiden shareholders $ (2,069 ) $ 25,076 $ 23,007 8. Shareholders' Equity (continued) For the Three Months Ended September 30, 2014 Change in net unrealized gains on investments Foreign currency translation adjustments Total Beginning balance $ 126,414 $ (8,450 ) $ 117,964 Other comprehensive (loss) income before reclassifications (47,728 ) 16,953 (30,775 ) Amounts reclassified from AOCI to net income, net of tax 26 — 26 Net current period other comprehensive (loss) income (47,702 ) 16,953 (30,749 ) Ending balance 78,712 8,503 87,215 Less: AOCI attributable to non controlling interest — (28 ) (28 ) Ending balance, Maiden shareholders $ 78,712 $ 8,531 $ 87,243 For the Nine Months Ended September 30, 2015 Change in net unrealized gains on investments Foreign currency translation adjustments Total Beginning balance $ 78,579 $ 16,665 $ 95,244 Other comprehensive (loss) income before reclassifications (80,643 ) 8,316 (72,327 ) Amounts reclassified from AOCI to net income, net of tax (5 ) — (5 ) Net current period other comprehensive (loss) income (80,648 ) 8,316 (72,332 ) Ending balance (2,069 ) 24,981 22,912 Less: AOCI attributable to non controlling interest — (95 ) (95 ) Ending balance, Maiden shareholders $ (2,069 ) $ 25,076 $ 23,007 For the Nine Months Ended September 30, 2014 Change in net unrealized gains on investments Foreign currency translation adjustments Total Beginning balance $ 34,728 $ (8,927 ) $ 25,801 Other comprehensive income before reclassifications 43,446 17,430 60,876 Amounts reclassified from AOCI to net income, net of tax 538 — 538 Net current period other comprehensive income 43,984 17,430 61,414 Ending balance 78,712 8,503 87,215 Less: AOCI attributable to non controlling interest — (28 ) (28 ) Ending balance, Maiden shareholders $ 78,712 $ 8,531 $ 87,243

Commitments and Contingencies

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of dividends declared	On July 28, 2015, the Company's Board of Directors authorized the following quarterly dividend: Dividend per Share Payable on: Record date: Common shares $ 0.13 October 15, 2015 October 1, 2015

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Schedule of subsequent events	On November 4, 2015 , the Company's Board of Directors authorized the following quarterly dividends: Dividend per Share Payable on: Record date: Common shares $ 0.14 January 15, 2016 January 1, 2016 Preference shares - Series A $ 0.515625 December 15, 2015 December 1, 2015 Preference shares - Series B $ 0.90625 December 15, 2015 December 1, 2015

Segment Reporting - Net Income

Segment Reporting - Net Income (Loss) and Total Assets (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of reporting segments | Segment			2
Net Income (Loss) [Abstract]
Gross premiums written	$ 628,501	$ 622,861	$ 2,136,935	$ 1,905,251
Net premiums written	599,153	605,456	2,025,754	1,856,268
Net premiums earned	658,520	592,442	1,845,259	1,643,568
Other insurance revenue	2,177	2,423	9,408	10,427
Net loss and loss adjustment expenses	(444,172)	(399,815)	(1,236,505)	(1,102,316)
Commission and other acquisition expenses	(197,639)	(166,246)	(551,678)	(469,730)
General and administrative expenses	(9,762)	(9,571)	(29,998)	(30,531)
Underwriting income (loss)	9,124	19,233	36,486	51,418
Reconciliation to net income
Net investment income and realized gains on investment	34,059	29,830	98,587	86,444
Net impairment losses recognized in earnings	(1,060)	(1,189)	(1,060)	(1,189)
Interest and amortization expenses	(7,266)	(7,266)	(21,796)	(22,692)
Accelerated amortization of Junior Subordinated Debt discount and issuance cost	0	0	0	(28,240)
Amortization of intangible assets	(710)	(820)	(2,130)	(2,458)
Foreign exchange and other gains	1,427	483	4,062	1,555
Other general and administrative expenses	(6,691)	(5,859)	(18,953)	(15,029)
Income tax expense	(368)	(486)	(1,636)	(1,907)
Net income	$ 28,515	$ 33,926	$ 93,560	$ 67,902
Net loss and loss adjustment expense ratio	67.20%	67.20%	66.70%	66.60%
Commission and other acquisition expense ratio	29.90%	27.90%	29.70%	28.40%
General and administrative expense ratio	2.50%	2.70%	2.70%	2.80%
Combined ratio	99.60%	97.80%	99.10%	97.80%
Assets [Abstract]
Total assets - reportable segments	$ 5,010,641		$ 5,010,641		$ 4,265,152
Corporate assets	745,865		745,865		898,940
Total assets	5,756,506		5,756,506		5,164,092
Diversified Reinsurance Segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	174,307	$ 236,864	631,294	$ 729,154
Net premiums written	163,710	219,576	602,693	681,690
Net premiums earned	193,207	233,022	570,694	635,251
Other insurance revenue	2,177	2,423	9,408	10,427
Net loss and loss adjustment expenses	(142,468)	(166,342)	(417,846)	(439,329)
Commission and other acquisition expenses	(51,714)	(56,878)	(152,332)	(164,850)
General and administrative expenses	(9,010)	(8,683)	(27,737)	(28,104)
Underwriting income (loss)	$ (7,808)	$ 3,542	$ (17,813)	$ 13,395
Reconciliation to net income
Net loss and loss adjustment expense ratio	72.90%	70.70%	72.00%	68.00%
Commission and other acquisition expense ratio	26.50%	24.20%	26.30%	25.50%
General and administrative expense ratio	4.60%	3.60%	4.80%	4.40%
Combined ratio	104.00%	98.50%	103.10%	97.90%
Assets [Abstract]
Total assets - reportable segments	$ 1,653,714		$ 1,653,714		1,624,664
Corporate assets	0		0		0
Total assets	1,653,714		1,653,714		1,624,664
AmTrust Reinsurance Segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	454,194	$ 385,923	1,505,642	$ 1,176,957
Net premiums written	435,443	385,923	1,423,060	1,176,957
Net premiums earned	465,313	359,065	1,274,563	988,913
Other insurance revenue	0	0	0	0
Net loss and loss adjustment expenses	(297,780)	(233,166)	(811,016)	(645,358)
Commission and other acquisition expenses	(146,008)	(109,241)	(399,291)	(298,236)
General and administrative expenses	(752)	(695)	(2,261)	(1,847)
Underwriting income (loss)	$ 20,773	$ 15,963	$ 61,995	$ 43,472
Reconciliation to net income
Net loss and loss adjustment expense ratio	63.90%	64.90%	63.60%	65.30%
Commission and other acquisition expense ratio	31.40%	30.40%	31.30%	30.20%
General and administrative expense ratio	0.20%	0.30%	0.20%	0.10%
Combined ratio	95.50%	95.60%	95.10%	95.60%
Assets [Abstract]
Total assets - reportable segments	$ 3,356,927		$ 3,356,927		2,640,488
Corporate assets	0		0		0
Total assets	3,356,927		3,356,927		$ 2,640,488
Other Category [Member]
Net Income (Loss) [Abstract]
Gross premiums written	0	$ 74	(1)	$ (860)
Net premiums written	0	(43)	1	(2,379)
Net premiums earned	0	355	2	19,404
Other insurance revenue	0	0	0	0
Net loss and loss adjustment expenses	(3,924)	(307)	(7,643)	(17,629)
Commission and other acquisition expenses	83	(127)	(55)	(6,644)
General and administrative expenses	0	(193)	0	(580)
Underwriting income (loss)	$ (3,841)	$ (272)	$ (7,696)	$ (5,449)

Segment Reporting - Net Premium

Segment Reporting - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 599,153	$ 605,456	$ 2,025,754	$ 1,856,268
% of Total Net premiums written	100.00%	100.00%	100.00%	100.00%
Net premiums earned	$ 658,520	$ 592,442	$ 1,845,259	$ 1,643,568
% of Total Net premiums earned	100.00%	100.00%	100.00%	100.00%
Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 163,710	$ 219,576	$ 602,693	$ 681,690
% of Total Net premiums written	27.30%	36.30%	29.80%	36.70%
Net premiums earned	$ 193,207	$ 233,022	$ 570,694	$ 635,251
% of Total Net premiums earned	29.30%	39.30%	30.90%	38.70%
AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 435,443	$ 385,923	$ 1,423,060	$ 1,176,957
% of Total Net premiums written	72.70%	63.70%	70.20%	63.40%
Net premiums earned	$ 465,313	$ 359,065	$ 1,274,563	$ 988,913
% of Total Net premiums earned	70.70%	60.60%	69.10%	60.10%
Other Category [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ (43)	$ 1	$ (2,379)
% of Total Net premiums written	0.00%	0.00%	0.00%	(0.10%)
Net premiums earned	$ 0	$ 355	$ 2	$ 19,404
% of Total Net premiums earned	0.00%	0.10%	0.00%	1.20%
Property [Member] | Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 29,574	$ 36,991	$ 128,482	$ 126,680
% of Total Net premiums written	4.90%	6.10%	6.30%	6.80%
Net premiums earned	$ 39,593	$ 45,030	$ 112,878	$ 128,458
% of Total Net premiums earned	6.00%	7.60%	6.10%	7.80%
Casualty [Member] | Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 101,191	$ 149,067	$ 359,530	$ 428,648
% of Total Net premiums written	16.90%	24.60%	17.80%	23.10%
Net premiums earned	$ 115,646	$ 150,876	$ 350,549	$ 398,148
% of Total Net premiums earned	17.60%	25.50%	19.00%	24.20%
Accident and Health [Member] | Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 12,918	$ 7,061	$ 53,483	$ 32,178
% of Total Net premiums written	2.20%	1.20%	2.70%	1.70%
Net premiums earned	$ 14,093	$ 9,001	$ 41,361	$ 29,261
% of Total Net premiums earned	2.10%	1.50%	2.20%	1.80%
International [Member] | Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 20,027	$ 26,457	$ 61,198	$ 94,184
% of Total Net premiums written	3.30%	4.40%	3.00%	5.10%
Net premiums earned	$ 23,875	$ 28,115	$ 65,906	$ 79,384
% of Total Net premiums earned	3.60%	4.70%	3.60%	4.90%
Small Commercial Business [Member] | AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 231,416	$ 211,986	$ 857,617	$ 663,766
% of Total Net premiums written	38.60%	35.00%	42.30%	35.80%
Net premiums earned	$ 257,296	$ 202,151	$ 734,731	$ 537,810
% of Total Net premiums earned	39.10%	34.10%	39.80%	32.70%
Specialty Program [Member] | AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 86,612	$ 57,035	$ 262,068	$ 145,162
% of Total Net premiums written	14.50%	9.40%	12.90%	7.80%
Net premiums earned	$ 80,302	$ 40,654	$ 210,690	$ 118,459
% of Total Net premiums earned	12.20%	6.90%	11.40%	7.20%
Specialty Risk and Extended Warranty [Member] | AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 117,415	$ 116,902	$ 303,375	$ 368,029
% of Total Net premiums written	19.60%	19.30%	15.00%	19.80%
Net premiums earned	$ 127,715	$ 116,260	$ 329,142	$ 332,644
% of Total Net premiums earned	19.40%	19.60%	17.90%	20.20%

Investments - Schedule of Inves

Investments - Schedule of Investments Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Fair value of securities transferred from AFS to HTM	$ 608,722
Fixed Maturities, available-for-sale, Original or Amortized cost	3,291,365	$ 3,379,864
Fixed Maturities, available-for-sale, Gross Unrealized Gains	79,036	116,051
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(81,891)	(39,011)
Fixed Maturities, available-for-sale, Fair value	3,288,510	3,456,904
Fixed Maturities, held-to-maturity, Original or amortized cost	608,510	0
Fixed Maturities, held-to-maturity, Gross unrealized gains	5,181
Fixed Maturities, held-to-maturity, Gross unrealized losses	(2,697)
Fixed Maturities, held-to-maturity, Fair Value	610,994	0
Other Investments, Original or amortized cost	10,725	10,862
Other Investments, Gross Unrealized Gains	1,072	1,709
Other Investments, Gross Unrealized Losses	(325)	0
Other investments	11,472	12,571
Total investments, Original or amortized cost	3,910,600	3,390,726
Investments, Gross unrealized gains	85,289	117,760
Investments, Gross unrealized losses	(84,913)	(39,011)
Total investments	3,910,976	3,469,475
U.S. treasury bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	6,654	8,937
Fixed Maturities, available-for-sale, Gross Unrealized Gains	405	423
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(3)	0
Fixed Maturities, available-for-sale, Fair value	7,056	9,360
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	1,302,878	1,313,834
Fixed Maturities, available-for-sale, Gross Unrealized Gains	24,516	19,197
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(3,892)	(10,588)
Fixed Maturities, available-for-sale, Fair value	1,323,502	1,322,443
U.S. agency bonds – other [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	28,705	7,213
Fixed Maturities, available-for-sale, Gross Unrealized Gains	739	775
Fixed Maturities, available-for-sale, Gross Unrealized Losses	0	0
Fixed Maturities, available-for-sale, Fair value	29,444	7,988
Non-U.S. government and supranational bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	33,650	54,467
Fixed Maturities, available-for-sale, Gross Unrealized Gains	0	304
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(4,142)	(3,128)
Fixed Maturities, available-for-sale, Fair value	29,508	51,643
Commercial mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	123,944	52,337
Fixed Maturities, available-for-sale, Gross Unrealized Gains	3,203	2,443
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(6)	0
Fixed Maturities, available-for-sale, Fair value	127,141	54,780
Collateralized loan obligations [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	53,411
Fixed Maturities, available-for-sale, Gross Unrealized Gains	49
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(341)
Fixed Maturities, available-for-sale, Fair value	53,119
Corporate bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	1,679,952	1,831,431
Fixed Maturities, available-for-sale, Gross Unrealized Gains	46,375	89,243
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(73,507)	(25,295)
Fixed Maturities, available-for-sale, Fair value	1,652,820	1,895,379
Fixed Maturities, held-to-maturity, Original or amortized cost	608,510
Fixed Maturities, held-to-maturity, Gross unrealized gains	5,181
Fixed Maturities, held-to-maturity, Gross unrealized losses	(2,697)
Fixed Maturities, held-to-maturity, Fair Value	610,994
Municipal bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	62,171	62,153
Fixed Maturities, available-for-sale, Gross Unrealized Gains	3,749	3,666
Fixed Maturities, available-for-sale, Gross Unrealized Losses	0	0
Fixed Maturities, available-for-sale, Fair value	$ 65,920	65,819
Short-term investments [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost		49,492
Fixed Maturities, available-for-sale, Gross Unrealized Gains		0
Fixed Maturities, available-for-sale, Gross Unrealized Losses		0
Fixed Maturities, available-for-sale, Fair value		$ 49,492

Investments - Contractual Matur

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
HTM fixed maturities, Amortized cost
Due in one year or less	$ 0
Due after one year through five years	68,026
Due after five years through ten years	540,484
Due after ten years	0
Total before securities without single maturities, Amortized cost	608,510
Fixed Maturities, held-to-maturity, Amortized cost	608,510
HTM fixed maturities, Fair value
Due in one year or less	0
Due after one year through five years	68,395
Due after five years through ten years	542,599
Due after ten years	0
Total before securities without single maturities, Fair value	610,994
Fixed Maturities, held-to-maturity, Fair Value	610,994	$ 0
AFS fixed maturities, Amortized cost
Due in one year or less	116,221
Due after one year through five years	513,002
Due after five years through ten years	1,122,293
Due after five years through ten years	59,616
Total before securities without single maturities, Amortized cost	1,811,132
Fixed Maturities, available-for-sale, Amortized cost	3,291,365	3,379,864
AFS fixed maturities, Fair value
Due in one year or less	116,438
Due after one year through five years	523,065
Due after five years through ten years	1,081,898
Due after ten years	63,347
Total before securities without single maturities, Fair value	1,784,748
Fixed Maturities, available-for-sale, Fair value	3,288,510	3,456,904
U.S. agency bonds – mortgage-backed [Member]
HTM fixed maturities, Amortized cost
Amortized cost of securities without single maturities	0
HTM fixed maturities, Fair value
Fair value of securities without single maturities	0
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	1,302,878
Fixed Maturities, available-for-sale, Amortized cost	1,302,878	1,313,834
AFS fixed maturities, Fair value
Fair value of securities without single maturities	1,323,502
Fixed Maturities, available-for-sale, Fair value	1,323,502	1,322,443
Commercial mortgage-backed securities [Member]
HTM fixed maturities, Amortized cost
Amortized cost of securities without single maturities	0
HTM fixed maturities, Fair value
Fair value of securities without single maturities	0
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	123,944
Fixed Maturities, available-for-sale, Amortized cost	123,944	52,337
AFS fixed maturities, Fair value
Fair value of securities without single maturities	127,141
Fixed Maturities, available-for-sale, Fair value	127,141	$ 54,780
Collateralized loan obligations [Member]
HTM fixed maturities, Amortized cost
Amortized cost of securities without single maturities	0
HTM fixed maturities, Fair value
Fair value of securities without single maturities	0
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	53,411
Fixed Maturities, available-for-sale, Amortized cost	53,411
AFS fixed maturities, Fair value
Fair value of securities without single maturities	53,119
Fixed Maturities, available-for-sale, Fair value	$ 53,119

Investments - Fair Value and Un

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Sep. 30, 2015USD ($)security	Dec. 31, 2014USD ($)security
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 833,797	$ 525,149
12 Months or More, Fair value	447,793	588,017
Total, Fair value	1,281,590	1,113,166
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(36,504)	(18,113)
12 months or more, Unrealized losses	(48,084)	(20,898)
Total, Unrealized losses	(84,588)	$ (39,011)
Investments, Fair Value
Less than 12 Months, Fair value	838,472
12 Months or More, Fair value	447,793
Total, Fair value	1,286,265
Investments, Unrealized losses
Less than 12 months, Unrealized losses	(36,829)
12 months or more, Unrealized losses	(48,084)
Total, Unrealized losses	$ (84,913)
Number of securities in an unrealized loss position | security	197	141
Number of securities in an unrealized loss position for 12 months or greater | security	70	46
U.S. treasury bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 1,133
12 Months or More, Fair value	0
Total, Fair value	1,133
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(3)
12 months or more, Unrealized losses	0
Total, Unrealized losses	(3)
U.S. agency bonds – mortgage-backed [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	124,702	$ 84,264
12 Months or More, Fair value	164,168	441,601
Total, Fair value	288,870	525,865
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(520)	(806)
12 months or more, Unrealized losses	(3,372)	(9,782)
Total, Unrealized losses	(3,892)	(10,588)
Non-U.S. government and supranational bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	4,948	43,712
12 Months or More, Fair value	24,561	2,522
Total, Fair value	29,509	46,234
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(143)	(2,822)
12 months or more, Unrealized losses	(3,999)	(306)
Total, Unrealized losses	(4,142)	(3,128)
Commercial mortgage-backed securities [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	2,990
12 Months or More, Fair value	0
Total, Fair value	2,990
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(6)
12 months or more, Unrealized losses	0
Total, Unrealized losses	(6)
Collateralized loan obligations [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	32,578
12 Months or More, Fair value	0
Total, Fair value	32,578
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(341)
12 months or more, Unrealized losses	0
Total, Unrealized losses	(341)
Corporate bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	667,446	397,173
12 Months or More, Fair value	259,064	143,894
Total, Fair value	926,510	541,067
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(35,491)	(14,485)
12 months or more, Unrealized losses	(40,713)	(10,810)
Total, Unrealized losses	(76,204)	$ (25,295)
Other investments [Member]
Investments, Fair Value
Less than 12 Months, Fair value	4,675
12 Months or More, Fair value	0
Total, Fair value	4,675
Investments, Unrealized losses
Less than 12 months, Unrealized losses	(325)
12 months or more, Unrealized losses	0
Total, Unrealized losses	$ (325)

Investments - Credit Ratings (D

Investments - Credit Ratings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Ceded Credit Risk [Line Items]
OTTI	$ 1,060	$ 1,189	$ 1,060	$ 1,189
Fixed Maturities, Amortized cost	3,899,875		3,899,875		$ 3,379,864
Fixed Maturities, Fair value	$ 3,899,504		$ 3,899,504		$ 3,456,904
Fixed maturities, % of Total fair value	100.00%		100.00%		100.00%
AAA [Member]
Ceded Credit Risk [Line Items]
Fixed Maturities, Amortized cost	$ 159,924		$ 159,924		$ 193,280
Fixed Maturities, Fair value	$ 163,556		$ 163,556		$ 202,973
Fixed maturities, % of Total fair value	4.20%		4.20%		5.90%
AA Plus, AA, AA Minus [Member]
Ceded Credit Risk [Line Items]
Fixed Maturities, Amortized cost	$ 238,929		$ 238,929		$ 116,936
Fixed Maturities, Fair value	$ 241,062		$ 241,062		$ 120,679
Fixed maturities, % of Total fair value	6.20%		6.20%		3.50%
A Plus, A, A Minus [Member]
Ceded Credit Risk [Line Items]
Fixed Maturities, Amortized cost	$ 1,108,140		$ 1,108,140		$ 883,092
Fixed Maturities, Fair value	$ 1,109,350		$ 1,109,350		$ 917,544
Fixed maturities, % of Total fair value	28.40%		28.40%		26.50%
BBB Plus, BBB, BBB Minus [Member]
Ceded Credit Risk [Line Items]
Fixed Maturities, Amortized cost	$ 940,444		$ 940,444		$ 794,244
Fixed Maturities, Fair value	$ 928,019		$ 928,019		$ 814,039
Fixed maturities, % of Total fair value	23.80%		23.80%		23.50%
BB Plus or Lower [Member]
Ceded Credit Risk [Line Items]
Fixed Maturities, Amortized cost	$ 114,201		$ 114,201		$ 62,328
Fixed Maturities, Fair value	$ 97,515		$ 97,515		$ 61,878
Fixed maturities, % of Total fair value	2.50%		2.50%		1.80%
U.S. treasury bonds [Member]
Ceded Credit Risk [Line Items]
Fixed Maturities, Amortized cost	$ 6,654		$ 6,654		$ 8,937
Fixed Maturities, Fair value	$ 7,056		$ 7,056		$ 9,360
Fixed maturities, % of Total fair value	0.20%		0.20%		0.30%
U.S. agency bonds [Member]
Ceded Credit Risk [Line Items]
Fixed Maturities, Amortized cost	$ 1,331,583		$ 1,331,583		$ 1,321,047
Fixed Maturities, Fair value	$ 1,352,946		$ 1,352,946		$ 1,330,431
Fixed maturities, % of Total fair value	34.70%		34.70%		38.50%

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Other investments	$ 11,472	$ 12,571
% of Total fair value	100.00%	100.00%
Investments in limited partnerships [Member]
Schedule of Investments [Line Items]
Other investments	$ 5,797	$ 5,581
% of Total fair value	50.50%	44.40%
Unfunded commitment on investments in limited partnerships	$ 642
Investment in quoted equity [Member]
Schedule of Investments [Line Items]
Other investments	$ 4,675	$ 5,990
% of Total fair value	40.80%	47.60%
Other [Member]
Schedule of Investments [Line Items]
Other investments	$ 1,000	$ 1,000
% of Total fair value	8.70%	8.00%

Investments - Net Realized and

Investments - Net Realized and Unrealized Gains on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Gain (Loss) on Investments [Line Items]
Gross gains	$ 1,216	$ 310	$ 2,327	$ 975
Gross losses	0	0	0	0
Realized gains, Net	1,216	310	2,327	975
Proceeds from sales of fixed maturities classified as available-for-sale	29,595	4,040	116,093	114,007
Net unrealized gains	(1,981)		(1,981)		$ 78,749
Deferred income tax expense	(88)		(88)		(170)
Net unrealized gains, net of deferred income tax	(2,069)		(2,069)		78,579
Change in net unrealized gains, net of deferred income tax			(80,648)		43,851
Available-for-sale securities [Member] | Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	1,216	250	2,264	623
Gross losses	0	0	0	0
Realized gains, Net	1,216	250	2,264	623
Net unrealized gains	(2,855)		(2,855)		77,040
Held-to-maturity securities [Member] | Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Net unrealized gains	127		127		0
Other investments [Member]
Gain (Loss) on Investments [Line Items]
Gross gains		60	63	352
Gross losses		0	0	0
Realized gains, Net		$ 60	63	$ 352
Net unrealized gains	$ 747		$ 747		$ 1,709

Investments - Restricted Cash a

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	$ 315,504	$ 284,381
Restricted investments	3,405,314	2,836,962
Restricted cash and investments	3,720,818	3,121,343
Amortized cost	3,910,600	3,390,726
Third party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	81,227	107,884
Restricted investments	1,047,973	1,014,878
Amortized cost	1,045,821	993,974
Related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	230,750	175,817
Restricted investments	2,352,740	1,814,478
Amortized cost	2,351,794	1,769,083
US state regulatory authorities [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	3,527	680
Restricted investments	4,601	7,606
Amortized cost	$ 4,294	$ 7,269

Fair Value of Financial Instr35

Fair Value of Financial Instruments - Fair Value Hierarchy (Details)	Sep. 30, 2015USD ($)security	Dec. 31, 2014USD ($)security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 11,472,000	$ 12,571,000
Investments in limited partnerships [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 5,797,000	5,581,000
Other investments, percent of assets	0.10%
Other [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		$ 1,000,000
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities priced for fair value | security	1	1
Securities valued using market approach	$ 4,252,000	$ 5,016,000
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	4,675,000	5,990,000
Total	$ 11,731,000	$ 15,350,000
Percentage of total assets	0.20%	0.30%
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 7,056,000	$ 9,360,000
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collateralized loan obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total	$ 3,281,454,000	$ 3,447,544,000
Percentage of total assets	57.00%	66.80%
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,323,502,000	1,322,443,000
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	29,444,000	7,988,000
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	29,508,000	51,643,000
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	127,141,000	54,780,000
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Collateralized loan obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	53,119,000
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,652,820,000	1,895,379,000
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	65,920,000	65,819,000
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		49,492,000
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	6,797,000	6,581,000
Total	$ 6,797,000	$ 6,581,000
Percentage of total assets	0.10%	0.10%
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Collateralized loan obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		0
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	11,472,000	12,571,000
Total	$ 3,299,982,000	$ 3,469,475,000
Percentage of total assets	57.30%	67.20%
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage		99.90%
Assets, valued using market approach, percentage	0.10%	0.10%
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 7,056,000	$ 9,360,000
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,323,502,000	1,322,443,000
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	29,444,000	7,988,000
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	29,508,000	51,643,000
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Commercial mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	127,141,000	54,780,000
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Collateralized loan obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	53,119,000
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,652,820,000	1,895,379,000
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 65,920,000	65,819,000
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		$ 49,492,000

Fair Value of Financial Instr36

Fair Value of Financial Instruments - Changes in Level 3 Financial Instruments (Details) - Other investments [Member] - Fair Value, Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 6,906	$ 11,061	$ 6,581	$ 5,092
Total realized gains – included in net realized gains on investment	0	60	63	352
Total realized losses – included in net realized gains on investment	0	0	0	0
Change in total unrealized gains – included in other comprehensive income (loss)	161	120	353	173
Change in total unrealized losses – included in other comprehensive income (loss)	0	0	0	0
Purchases	0	417	144	6,551
Sales and redemptions	(270)	(169)	(344)	(679)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	6,797	11,489	6,797	11,489
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$ 0	$ 0	$ 0	$ 0

Fair Value of Financial Instr37

Fair Value of Financial Instruments - Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 3,910,976	$ 3,469,475
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	608,510	0
Financial Liabilities	360,000	360,000
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	610,994	0
Financial Liabilities	379,860	381,727
Senior Notes [Member] | Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | MHNA - 8.25% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 107,500	107,500
Stated interest rate	8.25%
Senior Notes [Member] | Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | MHNB - 8.00% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 100,000	100,000
Stated interest rate	8.00%
Senior Notes [Member] | Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | MHNC - 7.75% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 152,500	152,500
Stated interest rate	7.75%
Senior Notes [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | MHNA - 8.25% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 109,865	113,391
Senior Notes [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | MHNB - 8.00% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	105,600	106,320
Senior Notes [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | MHNC - 7.75% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	164,395	162,016
Corporate bonds [Member] | Held-to-maturity securities [Member] | Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	608,510	0
Corporate bonds [Member] | Held-to-maturity securities [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 610,994	$ 0

Related Party Transactions - Am

Related Party Transactions - AmTrust (Details)	Mar. 07, 2013	Jan. 02, 2013	Sep. 01, 2012	Apr. 01, 2012USD ($)	Jan. 01, 2012EUR (€)	Apr. 01, 2011EUR (€)	Mar. 01, 2011	Sep. 01, 2010	Feb. 09, 2009USD ($)	Jun. 11, 2008USD ($)	Jun. 01, 2008	Jul. 01, 2007USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2011	Sep. 30, 2014	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Unearned premiums													$ 1,439,637,000		$ 1,439,637,000				$ 1,207,757,000
Net premiums earned													658,520,000	$ 592,442,000	1,845,259,000	$ 1,643,568,000
Loan to related party													$ 167,975,000		$ 167,975,000				167,975,000
Founding Shareholders [Member]
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage													20.30%		20.30%
AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Loan to related party													$ 167,975,000		$ 167,975,000				167,975,000
Loan to related party, LIBOR basis spread assessment period															360 days
AmTrust Financial Services, Inc. [Member] | AmTrust Quota Share Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party										100.00%		40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party		40.00%										40.00%
Covered business threshold									$ 5,000,000
Premiums and losses related to covered business to cede											40.00%
Unearned premiums										$ 82,200,000
Commission rate, percent of ceded written premiums		31.00%									34.375%	31.00%					30.00%	31.00%
Commission rate, adjustment to percent of ceded written premiums																		1.00%
Commission rate, adjusted percent of ceded written premiums																		30.00%
Commission rate, adjustment criteria, threshold percent of specialty risk and extended warranty to covered business																		42.00%
Commission rate, adjustment criteria 2, floor percent of specialty risk and extended warranty to covered business																		38.00%
Commission rate, reduced adjustment to percent of ceded written premiums																		0.50%
Commission rate, reduced adjustment to percent of ceded written premiums																		30.50%
Contract extension	3 years
Cancellation notice period	9 months
Cancellation notice period upon the occurrence of certain early termination events	30 days
Early termination events, reduction threshold of stockholders' equity	50.00%
AmTrust Financial Services, Inc. [Member] | AmTrust Quota Share Reinsurance Agreement [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor		81.50%
AmTrust Financial Services, Inc. [Member] | AmTrust Quota Share Reinsurance Agreement [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling		95.00%
AmTrust Financial Services, Inc. [Member] | AmTrust European Hospital Liability Quota Share Agreement [Member]
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums						5.00%
Premiums and losses related to policies						40.00%
Maximum limit of liability attaching | €					€ 10,000,000	€ 5,000,000
Percent basis currency equivalent of maximum limit of liability attaching						100.00%
AmTrust Financial Services, Inc. [Member] | AmTrust Technology Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums								5.00%
Agreement period								3 years
Percent of credit insurance business to cede								90.00%
Percent of general liability business to cede								100.00%
AmTrust Financial Services, Inc. [Member] | Southern General Agency Program Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party			100.00%
Commission rate, percent of ceded written premiums								5.00%
Percent of gross liabilities, from related party			100.00%					80.00%
Net premiums earned														40,000		1,796,000
Percent of gross liabilities, from third party								20.00%
AmTrust Financial Services, Inc. [Member] | AmTrust NA Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Agreement period				1 year
Net premiums earned													154,000	300,000	$ 35,000	950,000
Reinsurance coverage threshold				$ 1,000,000
AmTrust Financial Services, Inc. [Member] | AmTrust NA Reinsurance Agreement [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums				10.00%
AmTrust Financial Services, Inc. [Member] | AmTrust NA Reinsurance Agreement [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums				27.50%
AmTrust Financial Services, Inc. [Member] | Reinsurer Trust Assets Collateral Agreement [Member]
Related Party Transaction [Line Items]
Collateral held by related party													2,339,081,000		2,339,081,000				1,691,970,000
Accrued interest on collateral held by related party													$ 14,672,000		$ 14,672,000				10,413,000
AmTrust Financial Services, Inc. [Member] | Reinsurance Brokerage Agreements [Member]
Related Party Transaction [Line Items]
Cancellation notice period						30 days
Brokerage fee, percent of premium assumed						1.25%
AmTrust Financial Services, Inc. [Member] | Asset Management Agreement [Member]
Related Party Transaction [Line Items]
Cancellation notice period												30 days
Quarterly brokerage fee, portfolio threshold												$ 1,000,000,000
Quarterly brokerage fee, above portfolio threshold, percent of average holdings												0.0375%
AmTrust Financial Services, Inc. [Member] | AmTrust Time Sharing Agreement [Member]
Related Party Transaction [Line Items]
Contract extension							1 year
AmTrust Financial Services, Inc. [Member] | Founding Shareholders [Member]
Related Party Transaction [Line Items]
Controlling Interest, Ownership Percentage													51.20%		51.20%
National General Holdings Corp. [Member] | AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage													11.70%		11.70%
National General Holdings Corp. [Member] | Michael Karfunkel 2005 Grantor Retained Annuity Trust [Member]
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage													43.20%		43.20%
London Interbank Offered Rate (LIBOR) [Member] | AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Loan to related party, Basis spread on LIBOR													0.90%		0.90%
Aircraft Expenses [Member] | AmTrust Financial Services, Inc. [Member] | AmTrust Time Sharing Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions													$ 20,000	36,000	$ 70,000	60,000
Investment Management Fees [Member] | AmTrust Financial Services, Inc. [Member] | Asset Management Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions													1,518,000	1,325,000	4,455,000	3,814,000
Brokerage Expense [Member] | AmTrust Financial Services, Inc. [Member] | Reinsurance Brokerage Agreements [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions													5,854,000	4,488,000	16,161,000	12,361,000
Reserve for loss and loss adjustment expenses													14,037,000		14,037,000				$ 11,423,000
Premiums Earned [Member] | AmTrust Financial Services, Inc. [Member] | AmTrust Technology Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Revenue from related parties													14,000	66,000	59,000	151,000
Commission Expense [Member] | AmTrust Financial Services, Inc. [Member] | Quota Share Reinsurance Agreements [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions													141,348,000	104,753,000	389,501,000	285,875,000
Commission Expense [Member] | AmTrust Financial Services, Inc. [Member] | AmTrust Technology Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions													0	5,000	3,000	9,000
Commission Expense [Member] | AmTrust Financial Services, Inc. [Member] | Southern General Agency Program Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Revenue from related parties														2,000		90,000
Commission Expense [Member] | AmTrust Financial Services, Inc. [Member] | AmTrust NA Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions													$ 483,000	$ 54,000	$ 117,000	$ 180,000

Related Party Transactions - NG

Related Party Transactions - NGHC (Details) - USD ($)	May. 01, 2015	Apr. 01, 2014	Oct. 01, 2012	Mar. 01, 2010	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Premiums earned					$ 658,520,000	$ 592,442,000	$ 1,845,259,000	$ 1,643,568,000
National General Holdings Corp. [Member] | NGHC Quota Share Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Percent of net premiums of personal lines business reinsured				25.00%
Percent participation in quota share by subsidiary				50.00%
Percent of net premiums of personal lines business received by subsidiary				25.00%
Percent of net losses related to premiums of personal lines business assumed by reinsurers				25.00%
Commission rate, percent of ceded written premiums			32.00%	32.50%
Commission rate, adjusted percent of ceded written premiums				34.50%
Commission rate, adjustment criteria, loss ratio ceiling				60.00%
Commission rate, reduced adjustment to percent of ceded written premiums			30.00%	30.50%
Commission rate, adjustment criteria, loss ratio floor			64.50%	64.50%
National General Holdings Corp. [Member] | NGHC Subsidiaries Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Premiums earned					19,000		22,000
Commission Expense [Member] | National General Holdings Corp. [Member] | NGHC Quota Share Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions					0	95,000		6,513,000
Medical Excess of Loss Reinsurance Agreement [Member] | National General Holdings Corp. [Member] | NGHC Subsidiaries Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	$ 1,000,000
Reinsurance coverage limit	4,000,000
Maximum limit of liability	2,000,000	$ 2,000,000
Premiums earned					$ 218,000	$ 43,000	328,000	132,000
Medical Excess of Loss Reinsurance Agreement [Member] | National General Holdings Corp. [Member] | NGHC Subsidiaries Reinsurance Agreement [Member] | Layer One [Member]
Related Party Transaction [Line Items]
Liability percentage		100.00%
Reinsurance coverage threshold	1,000,000						1,175,000	1,100,000
Reinsurance coverage limit	1,000,000						$ 8,825,000	$ 8,900,000
Medical Excess of Loss Reinsurance Agreement [Member] | National General Holdings Corp. [Member] | NGHC Subsidiaries Reinsurance Agreement [Member] | Layer Two [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	2,000,000
Reinsurance coverage limit	3,000,000
Medical Excess of Loss Reinsurance Agreement [Member] | National General Holdings Corp. [Member] | NGHC Subsidiaries Reinsurance Agreement [Member] | Layer Three [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	5,000,000
Reinsurance coverage limit	$ 5,000,000

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Maiden shareholders	$ 28,584	$ 33,883	$ 93,676	$ 67,793
Dividends on preference shares	(6,085)	(6,085)	(18,253)	(18,253)
Amount allocated to participating common shareholders	(17)	(33)	(59)	(62)
Numerator for basic EPS - net income allocated to Maiden common shareholders	22,482	27,765	75,364	49,478
Dividends on convertible preference shares- Series B	2,991	2,991	8,971	0
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$ 25,473	$ 30,756	$ 84,335	$ 49,478
Weighted average number of common shares outstanding – basic (in shares)	73,638,980	72,888,024	73,403,998	72,819,452
Potentially dilutive securities:
Share options and restricted share units (in shares)	1,294,767	1,335,888	1,272,746	1,213,828
Convertible preference shares (in shares)	10,809,258	10,699,884	10,809,258	0
Adjusted weighted average number of common shares and assumed conversions – diluted (in shares)	85,743,005	84,923,796	85,486,002	74,033,280
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.31	$ 0.38	$ 1.03	$ 0.68
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.30	$ 0.36	$ 0.99	$ 0.67
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares	$ (3,094)	$ (3,094)	$ (9,282)	$ (9,282)
Series B Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares	$ (2,991)	$ (2,991)	$ (8,971)	$ (8,971)

Earnings per Common Share - Ant

Earnings per Common Share - Anti-dilutive Securities (Details)	3 Months Ended
	Sep. 30, 2015shares
Earnings Per Share [Abstract]
Incremental common shares attributable to contingent conversion of preferred stock	195,456
Incremental common shares attributable to contingent conversion of preferred stock, increase (decrease) in period	31,359

Shareholders' Equity - Reclassi

Shareholders' Equity - Reclassification of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	$ (368)	$ (486)	$ (1,636)	$ (1,907)
Net income attributable to Maiden shareholders	28,584	33,883	93,676	67,793
Change in net unrealized gains on investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investment	86	147	5	(421)
Net impairment losses recognized in earnings	(75)	(173)	0	(102)
Total before tax	11	(26)	5	(523)
Income tax expense	0	0	0	(15)
Net income attributable to Maiden shareholders	$ 11	$ (26)	$ 5	$ (538)

Shareholders' Equity - AOCI Com

Shareholders' Equity - AOCI Components (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 05, 2015	Feb. 19, 2015	Jan. 01, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				150,000,000		150,000,000
Common stock, shares issued (in shares)				74,705,285		74,705,285		73,900,889
Common stock, shares outstanding (in shares)				73,690,640		73,690,640		72,932,702
Preference shares issued (in shares)				9,300,000		9,300,000
Undesignated shares (in shares)				65,994,715		65,994,715
Shares repurchased (in shares)	33,846	7,658	4,954
Shares repurchased, price per share (in dollars per share)	$ 14.21	$ 14.40	$ 12.79
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 95,244	$ 40,837	$ 117,964	$ 95,244	$ 25,801
Other comprehensive (loss) income before reclassifications				(17,914)	(30,775)	(72,327)	60,876
Amounts reclassified from AOCI to net income, net of tax				(11)	26	(5)	538
Net current period other comprehensive (loss) income				(17,925)	(30,749)	(72,332)	61,414
Ending balance				22,912	87,215	22,912	87,215
Less: AOCI attributable to non controlling interest				(95)	(28)	(95)	(28)
Ending balance, Maiden shareholders				23,007	87,243	23,007	87,243	$ 95,293
Change in net unrealized gains on investments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			78,579	15,115	126,414	78,579	34,728
Other comprehensive (loss) income before reclassifications				(17,173)	(47,728)	(80,643)	43,446
Amounts reclassified from AOCI to net income, net of tax				(11)	26	(5)	538
Net current period other comprehensive (loss) income				(17,184)	(47,702)	(80,648)	43,984
Ending balance				(2,069)	78,712	(2,069)	78,712
Less: AOCI attributable to non controlling interest				0	0	0	0
Ending balance, Maiden shareholders				(2,069)	78,712	(2,069)	78,712
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 16,665	25,722	(8,450)	16,665	(8,927)
Other comprehensive (loss) income before reclassifications				(741)	16,953	8,316	17,430
Amounts reclassified from AOCI to net income, net of tax				0	0	0	0
Net current period other comprehensive (loss) income				(741)	16,953	8,316	17,430
Ending balance				24,981	8,503	24,981	8,503
Less: AOCI attributable to non controlling interest				(95)	(28)	(95)	(28)
Ending balance, Maiden shareholders				$ 25,076	$ 8,531	$ 25,076	$ 8,531

Commitments and Contingencies (

Commitments and Contingencies (Details) - $ / shares	Jul. 28, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.39	$ 0.33

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Nov. 04, 2015	Jul. 28, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.13	$ 0.13	$ 0.11	$ 0.39	$ 0.33
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.14
Subsequent Event [Member] | Preference Shares - Series A [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.515625
Subsequent Event [Member] | Preference Shares - Series B [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	$ 0.90625