Maiden (MHLD) 10-K 15 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 08, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34042
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0570192
Entity Address, Address Line One	94 Pitts Bay Road, 1st Floor
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	298-4900
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	MHLD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 134.3
Entity Common Stock, Shares Outstanding		101,532,151
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A with respect to the annual general meeting of the shareholders of the registrant scheduled to be held on May 3, 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001412100

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, NY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost 2022 - $330,439; 2021 - $595,344)	$ 314,527	$ 597,145
Equity securities, at fair value (cost 2022 - $40,509; 2021 - $23,228))	43,621	24,003
Equity method investments	80,159	83,742
Other investments	148,753	117,722
Total investments	587,060	822,612
Cash and cash equivalents	30,986	26,668
Restricted cash and cash equivalents	15,638	39,419
Accrued investment income	4,122	5,695
Reinsurance balances receivable, net (includes $8,395 and $17,471 from related parties in 2022 and 2021, respectively)	10,707	19,507
Reinsurance recoverable on unpaid losses	556,116	562,845
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $23,632 and $34,170 from related parties in 2022 and 2021, respectively)	24,976	36,703
Funds withheld receivable (includes $416,835 and $601,460 from related parties in 2022 and 2021, respectively)	441,412	636,412
Other assets	7,874	4,774
Total assets	1,846,866	2,322,610
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $988,684 and $1,338,269 from related parties in 2022 and 2021, respectively)	1,131,408	1,489,373
Unearned premiums (includes $63,443 and $91,730 from related parties in 2022 and 2021, respectively)	67,081	100,131
Deferred gain on retroactive reinsurance	47,708	48,960
Accrued expenses and other liabilities (includes $33,278 and $29,408 from related parties in 2022 and 2021, respectively)	60,518	44,542
Senior notes - principal amount	262,500	262,500
Less: unamortized issuance costs	6,928	7,153
Senior notes, net	255,572	255,347
Total liabilities	1,562,287	1,938,353
Commitments and Contingencies
EQUITY
Preference shares	0	159,210
Common shares ($0.01 par value; 149,224,080 and 92,316,107 shares issued in 2022 and 2021, respectively; 101,532,151 and 86,467,242 shares outstanding in 2022 and 2021, respectively)	1,492	923
Additional paid-in capital	884,259	768,650
Accumulated other comprehensive loss	(41,234)	(12,215)
Accumulated deficit	(442,863)	(498,295)
Treasury shares, at cost (47,691,929 and 5,848,865 shares in 2022 and 2021, respectively)	(117,075)	(34,016)
Total Maiden shareholders’ equity	284,579	384,257
Total liabilities and equity	$ 1,846,866	$ 2,322,610

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Total fixed maturities	$ 330,439	$ 595,344
Cost	40,509	23,228
Reinsurance balances receivable, net	10,707	19,507
Deferred commission and other acquisition expenses	24,976	36,703
Funds withheld receivable	441,412	636,412
Reverse for loss and loss adjustment expenses	1,131,408	1,489,373
Unearned premiums	67,081	100,131
Accrued expenses and other liabilities	$ 60,518	$ 44,542
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, issued (in shares)	149,224,080	92,316,107
Common shares, outstanding (in shares)	101,532,151	86,467,242
Treasury shares (in shares)	47,691,929	5,848,865
Affiliated Entity
Reinsurance balances receivable, net	$ 8,395
Deferred commission and other acquisition expenses	23,632	$ 34,170
Funds withheld receivable	416,835	601,460
Reverse for loss and loss adjustment expenses	988,684	1,338,269
Unearned premiums	63,443	91,730
Accrued expenses and other liabilities	$ 33,278	$ 29,408

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues
Gross premiums written	$ 5,479	$ 10,938
Net premiums written	5,082	10,403
Change in unearned premiums	32,650	42,590
Net premiums earned	37,732	52,993
Other insurance (expense) revenue, net	(4,530)	1,067
Net investment income	30,070	32,013
Net realized and unrealized investment (losses) gains	(5,140)	12,648
Total revenues	58,132	98,721
Expenses
Net loss and loss adjustment expenses	57,991	7,307
Commission and other acquisition expenses	18,511	24,840
General and administrative expenses	30,947	36,020
Interest and amortization expenses	19,331	19,327
Foreign exchange and other gains, net	(8,255)	(7,685)
Total expenses	118,525	79,809
(Loss) income before income taxes and interest in (loss) income of equity method investments	(60,393)	18,912
Income tax (benefit) expense	(557)	15
Interest in (loss) income in equity method investments	(205)	7,748
Net (loss) income	(60,041)	26,645
Gain from repurchase and exchange of preference shares	115,473	90,998
Net income available to Maiden common shareholders, basic	55,432	117,643
Net income available to Maiden common shareholders, diluted	$ 55,432	$ 117,643
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.63	$ 1.35
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.63	$ 1.35
Weighted average number of common shares - basic (in shares)	87,112,711	86,068,278
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	87,113,974	86,072,667

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (60,041)	$ 26,645
Other comprehensive loss
Net unrealized holdings losses on fixed maturity investments arising during the year	(10,906)	(28,900)
Net unrealized holdings gains (losses) on equity method investments arising during the year	4,414	(4,414)
Adjustment for reclassification of net realized gains recognized in net (loss) income	(6,807)	(18,787)
Foreign currency translation adjustment	(16,044)	15,978
Other comprehensive loss, before tax	(29,343)	(36,123)
Income tax benefit related to components of other comprehensive loss	324	51
Other comprehensive loss, after tax	(29,019)	(36,072)
Comprehensive loss	$ (89,060)	$ (9,427)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preference shares – Series A, C and D	Preference shares – Series A, C and D Preference Shares - Series A	Preference shares – Series A, C and D Preference shares - Series C	Preference shares – Series A, C and D Preference shares - Series D	Common shares	Additional paid-in capital	Accumulated other comprehensive (loss) income	Accumulated deficit	Treasury shares
Beginning balance at Dec. 31, 2020		$ 394,310				$ 898	$ 756,122	$ 23,857	$ (615,837)	$ (31,534)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (87,977)	$ (75,669)	$ (71,454)
Issuance of common shares from vesting of share-based compensation						25	(25)
Share-based compensation expense							4,771
Repurchase and exchange of preference shares							7,847
Cash settlement of restricted shares granted							(65)
Issuance of common shares due to exchange of preference shares						0	0
Change in net unrealized losses on investment	$ (52,050)							(52,050)
Foreign currency translation adjustment								15,978
Cash settlement of restricted shares granted									(101)
Net (loss) income	26,645								26,645
Gain on repurchase and exchange of preference shares	90,998								90,998
Shares held by Maiden Reinsurance Ltd.										0
Shares repurchased for tax purposes										(2,482)
Ending balance at Dec. 31, 2021	384,257	159,210				923	768,650	(12,215)	(498,295)	(34,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (48,392)	$ (59,245)	$ (51,573)
Issuance of common shares from vesting of share-based compensation						11	(11)
Share-based compensation expense							2,740
Repurchase and exchange of preference shares							5,319
Cash settlement of restricted shares granted							10
Issuance of common shares due to exchange of preference shares	28,434					558	107,551
Change in net unrealized losses on investment	(12,975)							(12,975)
Foreign currency translation adjustment								(16,044)
Cash settlement of restricted shares granted									0
Net (loss) income	(60,041)								(60,041)
Gain on repurchase and exchange of preference shares	28,233								115,473
Shares held by Maiden Reinsurance Ltd.										(82,050)
Shares repurchased for tax purposes										(1,009)
Ending balance at Dec. 31, 2022	$ 284,579	$ 0				$ 1,492	$ 884,259	$ (41,234)	$ (442,863)	$ (117,075)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (60,041)	$ 26,645
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation, amortization and share-based compensation	(112)	8,224
Interest in (loss) income in equity method investments	205	(7,748)
Net realized and unrealized losses (gains) on investment	5,140	(12,648)
Foreign exchange and other gains, net	(8,255)	(7,685)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	8,530	(11,577)
Reinsurance recoverable on unpaid losses	10,822	594
Accrued investment income	1,245	5,390
Deferred commission and other acquisition expenses	11,601	15,013
Funds withheld receivable	3,926	15,749
Other assets	(1,915)	(1,834)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(154,974)	(377,706)
Unearned premiums	(32,655)	(43,416)
Deferred gain on retroactive reinsurance	2,335	3,100
Accrued expenses and other liabilities	18,220	(6,531)
Net cash used in operating activities	(195,928)	(394,430)
Cash flows from investing activities:
Purchases of fixed maturities	(79,027)	(247,553)
Purchases of other investments	(39,928)	(55,165)
Purchases of equity method investments	(55,629)	(44,050)
Purchases of equity securities	(17,281)	(20,523)
Proceeds from sales of fixed maturities	213,944	477,920
Proceeds from maturities, paydowns and calls of fixed maturities	98,462	344,989
Proceeds from sale and redemption of other investments	4,403	832
Proceeds from sale and redemption of equity method investments	61,209	6,777
Proceeds from sale and redemption of equity securities	0	441
Net proceeds from acquisition of a subsidiary	2,725	421
Others, net	(88)	(25)
Net cash provided by investing activities	188,790	464,064
Cash flows from financing activities:
Repurchase of preference shares	(9,984)	(136,255)
Cash settlement of restricted shares granted and options exercised	10	(166)
Repurchase of common shares	(1,009)	(2,482)
Net cash used in financing activities	(10,983)	(138,903)
Effect of exchange rate changes on foreign currency cash	(1,342)	(470)
Net decrease in cash, cash equivalents and restricted cash	(19,463)	(69,739)
Cash, cash equivalents and restricted cash - beginning of year	66,087	135,826
Cash and restricted cash and equivalents of continuing operations, end of year	46,624	66,087
Reconciliation of cash and restricted cash reported within Consolidated Balance Sheets:
Cash and cash equivalents, end of year	30,986	26,668
Restricted cash and cash equivalents, end of year	15,638	39,419
Total cash and cash equivalents and restricted cash and equivalents, end of year	46,624	66,087
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	19,106	19,106
Cash paid for income taxes	$ 1,149	$ 109

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as "Maiden Holdings" or "Parent Company") is a Bermuda-based holding company. Together with its subsidiaries (collectively referred to as the "Company", "we" or "Maiden"), Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. We are currently underwriting reinsurance risks on a retroactive basis through our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which provides a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core to those companies operations. GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives. We expect this legacy solutions business to contribute to our active asset and capital management strategies. The Company does not presently underwrite prospective reinsurance risks. Short-term income protection business is written on a primary basis by our wholly owned subsidiaries Maiden Life Försäkrings AB ("Maiden LF") and Maiden General Försäkrings AB ("Maiden GF") in the Scandinavian and Northern European markets. Insurance support services are provided to Maiden LF and Maiden GF by our wholly owned subsidiary services company, Maiden Global Holdings Ltd. (“Maiden Global”), which is also a licensed intermediary in the United Kingdom. Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in the European Union ("EU") and other global markets ("IIS business"). These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance Ltd. (“Maiden Reinsurance”). We also have various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust Financial Services, Inc. ("AmTrust") reinsurance agreements which were terminated in 2019 as discussed in "Note 10 — Related Party Transactions" . In addition, we have a retroactive reinsurance agreement and a commutation agreement that further reduces our exposure and limits the potential volatility related to AmTrust liabilities, which are discussed in " Note 8 — Reinsurance " of the Notes to Consolidated Financial Statements. Genesis Legacy Solutions Effective October 1, 2021, GLS completed its first loss portfolio transfer transaction which included an adverse development cover. GLS continues to write additional retroactive reinsurance transactions and in 2022 has acquired insurance companies for run-off purposes, both consistent with its business plan. As of December 31, 2022, GLS related companies and its subsidiaries have insurance liabilities that it assumed through retroactive reinsurance contracts of $45,089 which included total reserves of $28,230, an underwriting-related derivative liability of $14,559, and deferred gains on retroactive reinsurance of $2,300. In addition to producing returns that exceed the target cost of capital, on a longer-term basis we expect business produced through GLS to further enhance our ability to pursue the asset and capital management pillars of our business strategy. Exchange of Preference Shares On December 27, 2022 (the "Exchange Date"), the Company exchanged all of its outstanding 8.250% Non-Cumulative Preference Shares, Series A (the “Series A Preference Shares”), 7.125% Non-Cumulative Preference Shares, Series C (the “Series C Preference Shares”) and 6.700% Non-Cumulative Preference Shares, Series D (the “Series D Preference Shares” and, together with the Series A Preference Shares and the Series C Preference Shares, the “Preference Shares”) for its common shares, $0.01 par value per share (the "Exchange"). To effectuate the Exchange under the terms of each series of the Preference Shares, the affirmative vote of holders of two-thirds of the issued shares of each series of Preference Shares was required. Maiden Reinsurance, which owned approximately 74% of each series of Preference Shares immediately preceding the Exchange Date, consented to the variation in order to effectuate the Exchange. The Exchange was approved by a special committee of the Board of the Company consisting of disinterested directors and, upon advice of the special committee's financial advisor, approved a conversion ratio of three common shares per preference share for record holders of the Preference Shares. Under the terms of the Exchange, preference shareholders received common shares of the Company having a fair value that meets the “Minimum Price” as determined in accordance with the rules of the Nasdaq and as described in an information statement that the Company filed with the Securities and Exchange Commission (the “SEC”) and distributed to preference shareholders. As a result of the Exchange, the Preference Shares were delisted and no longer trade on the New York Stock Exchange, and there are no remaining issued and outstanding Preference Shares as at December 31, 2022. All rights of the former holders related to ownership of the Preference Shares terminated upon completion of the Exchange. As of December 27, 2022, Maiden Reinsurance owns 29% of the Company's total outstanding common shares as described above, which is eliminated for accounting and financial reporting purposes on the Company’s consolidated financial statements. The voting power of Maiden Reinsurance, with respect to its common shares, will be capped at 9.5% pursuant to the bye-laws of the Company. The Exchange and the ownership of the common shares by Maiden Reinsurance was made in compliance with Maiden Reinsurance's investment policy which was approved by the Vermont Department of Financial Regulation ("Vermont DFR"). The Vermont DFR additionally specifically approved the ownership of the Company's common shares by Maiden Reinsurance related to the Exchange. The Company recorded a gain of approximately $87,240 as a result of the Exchange. Please see "Note 6 — Shareholders' Equity" for further discussion.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), deferred gain on retroactive reinsurance; recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld and deferred commission and other acquisition expenses; valuation of financial instruments and deferred tax assets; and the determination of other-than-temporary impairment ("OTTI") of investments. Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of accumulated other comprehensive income ("AOCI") in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments - These investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2022 and 2021. Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks. The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using a combination of observable and unobservable inputs including but not limited to market pricing data and quarterly financial statements. Any unrealized gains or losses on the investment, including the portion attributable to changes in foreign exchange rates, are recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine their fair values. Other investments — The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944-325, "Financial Services - Insurance - Investments - Other" ("ASC 944-325"). Other investments are comprised of the following types of investments: • Privately held investments: These are direct equity investments in common and preferred stock of privately held entities. The fair values are estimated using guideline public company data to determine a price-to-book ratio trading multiple which was applied to book values shown on the quarterly financial statements as well as recent private market transactions. These investments are also comprised of investments in insurtech and other insurance focused companies. The fair value of start-up insurance entities are determined using recent private market transactions where applicable. Any changes in fair value are reported in net realized and unrealized gains (losses) and recognized in net earnings. • Private credit funds: These are privately held equity investments in limited partnerships or common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. • Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures . The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. • Investments in direct lending entities: These investments are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. The valuation of other investments is further described in Note 5 — Fair Value Measurements . Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss, net of any contributions and distributions received. 2. Significant Accounting Policies (continued) Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of these investments are recorded in net income (loss) as the interest in income (loss) of equity method investments. The Company records its share of the investee’s other comprehensive income ("OCI") activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's AOCI. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the constant yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. On a quarterly basis, all potentially impaired securities are reviewed to determine whether the impairment is temporary or OTTI. OTTI assessments are inherently judgmental, especially where securities have experienced severe declines in fair value over a short period. The Company's review process begins with a quantitative analysis to identify securities to be further evaluated for potential classification as OTTI. For all identified securities, further fundamental analysis is performed that considers, but is not limited to, the following quantitative and qualitative factors: historic and implied volatility of the security; length of time and extent to which the fair value has been less than amortized cost; adverse conditions specifically related to the security or to specific conditions in an industry or geographic area; failure, if any, of the issuer of the security to make scheduled payments; and recoveries or additional declines in fair value subsequent to the balance sheet date. The Company recognizes OTTI losses within earnings for its impaired fixed maturity securities (i) for which the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery and (iii) for those securities which have a credit loss. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security with the amortized cost basis of the security. In instances in which a determination is made that an impairment exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the impairment is separated into (i) the amount of the total impairment related to the credit loss and (ii) the amount of the total impairment related to all other factors. The amount of the total OTTI related to the credit loss is recognized in earnings. The amount of the total OTTI related to all other factors is recognized in OCI. In periods after the recognition of OTTI on the fixed maturity securities, the Company accounts for such securities as if they had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. For fixed maturity securities in which an OTTI loss was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be amortized into net investment income. As the Company's fixed maturity investment portfolio is one of the largest component of its consolidated assets, any OTTI on fixed maturity securities could be material to the Company's financial condition and results particularly during periods of dislocation in the financial markets. Fair Value Measurements — 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 in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: • Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; • Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and • Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use, developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. 2. Significant Accounting Policies (continued) To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy. The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause a financial instrument to be reclassified between hierarchy levels. For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives quoted market prices from a third party nationally recognized Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that investment being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas. Please see " Note 4. (e) Investments " for further details. Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2022 and 2021. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceed unearned premiums. Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development. Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. 2. Significant Accounting Policies (continued) Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. Retroactive Reinsurance - Retroactive reinsurance agreements are those in which a reinsurer agrees to reimburse the ceding company for liabilities incurred as a result of past insurable loss events. We do not record any income or expense on recognition of the reinsurance contract's assets and liabilities at inception, except for any gains realized as a result of bargain purchase acquisitions which are recorded as part of foreign exchange and other gains (losses) immediately in income. Any subsequent remeasurement of the value of liabilities is recorded to net loss and LAE within the Consolidated Statements of Income. For ceded retroactive agreement, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately. At the inception of a run-off retroactive reinsurance contract, if the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we do not record any gain or loss at the inception of these retroactive reinsurance contracts. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from cedents at the inception of the contract, we invest the premium received over an extended period of time, thereby generating investment income. We expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. Deferred charge assets will be recorded in other assets (if and when applicable), and deferred gain liabilities are shown separately in the Consolidated Balance Sheets, and amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in income as a component of net loss and LAE. The amortization of deferred charge assets and deferred gain liabilities is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated amount and timing of payments of unpaid losses may have an effect on the unamortized deferred charge assets and deferred gain liabilities and the amount of periodic amortization. Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the contractual life of the debt. The amortization of these costs are included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of issuance costs is presented as a deduction from the related principal liability for senior notes in the Consolidated Balance Sheets. Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 10%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the lease term in the Company's Consolidated Statements of Income. Derivative Instruments — The Company has certain reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of the underwriting-related derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contract. The fair value changes in underwriting-related derivative instruments is included within other insurance (expense) revenue. The underwriting-related derivative liability is presented as part of accrued expenses and other liabilities in the Consolidated Balance Sheets and adjusted as a non-cash item in net cash flows from operating activities in the Consolidated Statement of Cash Flows. Income Taxes — The Company accounts for income taxes using ASC Topic 740 " Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. 2. Significant Accounting Policies (continued) In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2022 and 2021. Share-Based Compensation Expense — Pursuant to the 2019 Omnibus Incentive Plan, the Company is authorized to issue restricted share awards and performance-based restricted shares, share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options and restricted share grants based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for if and when they occur. The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in the Consolidated Shareholders’ Equity. Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of share options, and unvested restricted shares units. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain employees and directors is considered a participating security and the two-class method is used to calculate net income attributable to Maiden common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities. Net income available to Maiden common shareholders per common share – basic and diluted is also adjusted for any gain or loss from the redemption or extinguishment of the Company's preference shares. The gain on the repurchase and exchange of preference shares had an impact of $1.33 per common share for the year ended December 31, 2022. Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholding in respect of tax obligations on the vesting of restricted shares and performance based shares. Treasury shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets. Treasury shares also include common shares owned by Maiden Reinsurance due to the Exchange which are eliminated for accounting and financial reporting purposes in the Company’s consolidated financial statements. The common shares held by Maiden Reinsurance are presented as treasury shares on the Consolidated Balance Sheet at December 31, 2022. Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share. Common share issuance costs incurred directly as a result of the Exchange have been deferred and offset against additional paid-in capital of the new common shares issued to non-affiliates. Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued. Assets and liabilities of foreign subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the foreign currency translation adjustment for foreign entities are included in AOCI. The amount of the cumul

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe. This segment also includes transactions entered into by GLS which was formed in November 2020 as described in " Note 1 — Organization". Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”), and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), which are both in run-off effective January 1, 2019. Please refer to " Note 10 — Related Party Transactions " for additional information regarding the AmTrust Reinsurance segment. The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the reportable segments on an actual basis except salaries and benefits where management’s judgment is applied; however general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, funds withheld receivable, loan to related party, and restricted cash and investments. All remaining assets are allocated to Corporate. The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net income: For the Year Ended December 31, 2022 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 24,017 $ (18,538) $ 5,479 Net premiums written $ 23,620 $ (18,538) $ 5,082 Net premiums earned $ 27,983 $ 9,749 $ 37,732 Other insurance expense (4,530) — (4,530) Net loss and LAE (12,483) (45,508) (57,991) Commission and other acquisition expenses (14,164) (4,347) (18,511) General and administrative expenses (8,857) (2,777) (11,634) Underwriting loss $ (12,051) $ (42,883) (54,934) Reconciliation to net loss Net investment income and net realized and unrealized losses on investment 24,930 Interest and amortization expenses (19,331) Foreign exchange and other gains, net 8,255 Other general and administrative expenses (19,313) Income tax expense 557 Interest in loss from equity method investments (205) Net loss $ (60,041) 3. Segment Information (continued) For the Year Ended December 31, 2021 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 16,633 $ (5,695) $ 10,938 Net premiums written $ 16,098 $ (5,695) $ 10,403 Net premiums earned $ 27,681 $ 25,312 $ 52,993 Other insurance revenue 1,067 — 1,067 Net loss and LAE (4,286) (3,021) (7,307) Commission and other acquisition expenses (15,093) (9,747) (24,840) General and administrative expenses (7,827) (2,514) (10,341) Underwriting income $ 1,542 $ 10,030 11,572 Reconciliation to net income Net investment income and net realized and unrealized gains on investment 44,661 Interest and amortization expenses (19,327) Foreign exchange and other gains, net 7,685 Other general and administrative expenses (25,679) Income tax expense (15) Interest in income from equity method investments 7,748 Net income $ 26,645 3. Segment Information (continued) The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2022 and 2021: December 31, 2022 Diversified Reinsurance AmTrust Reinsurance Total Reinsurance balances receivable, net $ 2,213 $ 8,395 $ 10,608 Reinsurance recoverable on unpaid losses 5,596 490,408 496,004 Deferred commission and other acquisition expenses 1,344 23,632 24,976 Loan to related party — 167,975 167,975 Restricted cash and cash equivalents and investments 61,223 235,607 296,830 Funds withheld receivable 24,577 416,835 441,412 Other assets 2,337 — 2,337 Total assets - reportable segments 97,290 1,342,852 1,440,142 Corporate assets — — 406,724 Total Assets $ 97,290 $ 1,342,852 $ 1,846,866 December 31, 2021 Diversified Reinsurance AmTrust Reinsurance Total Reinsurance balances receivable, net $ 1,927 $ 17,471 $ 19,398 Reinsurance recoverable on unpaid losses 2,979 490,860 493,839 Deferred commission and other acquisition expenses 2,533 34,170 36,703 Loan to related party — 167,975 167,975 Restricted cash and cash equivalents and investments 83,143 499,004 582,147 Funds withheld receivable 34,952 601,460 636,412 Other assets 582 — 582 Total assets - reportable segments 126,116 1,810,940 1,937,056 Corporate assets — — 385,554 Total Assets $ 126,116 $ 1,810,940 $ 2,322,610 The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2022 and 2021. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries. For the Year Ended December 31, 2022 2021 Gross premiums written – North America $ (14,600) $ (7,649) Gross premiums written – Other (predominantly Europe) 20,079 18,587 Gross premiums written – Total $ 5,479 $ 10,938 Net premiums written – North America $ (14,396) $ (7,320) Net premiums written – Other (predominantly Europe) 19,478 17,723 Net premiums written – Total $ 5,082 $ 10,403 Net premiums earned – North America $ (14,383) $ (6,948) Net premiums earned – Other (predominantly Europe) 52,115 59,941 Net premiums earned – Total $ 37,732 $ 52,993 3. Segment Information (continued) The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Diversified Reinsurance International $ 23,620 $ 16,098 Total Diversified Reinsurance 23,620 16,098 AmTrust Reinsurance Small Commercial Business (15,143) (6,445) Specialty Program 747 (876) Specialty Risk and Extended Warranty (4,142) 1,626 Total AmTrust Reinsurance (18,538) (5,695) Total Net Premiums Written $ 5,082 $ 10,403 The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Total % of Total Total % of Total Diversified Reinsurance International $ 27,983 74.2 % $ 27,681 52.2 % Total Diversified Reinsurance 27,983 74.2 % 27,681 52.2 % AmTrust Reinsurance Small Commercial Business (15,131) (40.1) % (6,095) (11.5) % Specialty Program 748 2.0 % (853) (1.6) % Specialty Risk and Extended Warranty 24,132 63.9 % 32,260 60.9 % Total AmTrust Reinsurance 9,749 25.8 % 25,312 47.8 % Total Net Premiums Earned $ 37,732 100.0 % $ 52,993 100.0 %

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Schedule of Investments [Abstract]
Investments	Investments As discussed in Note 2 — Significant Accounting Policies, the Company holds: (i) AFS portfolios of fixed maturity securities, carried at fair value; (ii) other investments, of which certain investments are carried at fair value and investments in direct lending entities are carried at cost less impairment; (iii) equity method investments; and (iv) funds held - directly managed. a) Fixed Maturities The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2022 and 2021 are as follows: December 31, 2022 Original or Gross Gross Fair value U.S. treasury bonds $ 55,647 $ 1 $ (116) $ 55,532 U.S. agency bonds – mortgage-backed 38,767 — (4,402) 34,365 Collateralized mortgage-backed securities 7,199 — (432) 6,767 Non-U.S. government bonds 12,643 — (825) 11,818 Collateralized loan obligations 119,120 — (5,028) 114,092 Corporate bonds 97,063 — (5,110) 91,953 Total fixed maturity investments $ 330,439 $ 1 $ (15,913) $ 314,527 December 31, 2021 Original or Gross Gross Fair value U.S. treasury bonds $ 59,989 $ — $ (110) $ 59,879 U.S. agency bonds – mortgage-backed 96,554 2,429 (193) 98,790 Collateralized mortgage-backed securities 14,972 565 — 15,537 Non-U.S. government bonds 3,163 113 — 3,276 Collateralized loan obligations 183,974 140 (5,093) 179,021 Corporate bonds 236,692 10,094 (6,144) 240,642 Total fixed maturity investments $ 595,344 $ 13,341 $ (11,540) $ 597,145 The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities December 31, 2022 Amortized cost Fair value Maturity Due in one year or less $ 72,870 $ 72,571 Due after one year through five years 76,439 72,883 Due after five years through ten years 16,044 13,849 165,353 159,303 U.S. agency bonds – mortgage-backed 38,767 34,365 Collateralized mortgage-backed securities 7,199 6,767 Collateralized loan obligations 119,120 114,092 Total fixed maturities $ 330,439 $ 314,527 4. Investments (continued) The following tables summarize fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: Less than 12 Months 12 Months or More Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury bonds $ 53,094 $ (114) $ 148 $ (2) $ 53,242 $ (116) U.S. agency bonds – mortgage-backed 31,394 (3,697) 2,971 (705) 34,365 (4,402) Collateralized mortgage-backed securities 6,768 (432) — — 6,768 (432) Non-U.S. government bonds 11,818 (825) — — 11,818 (825) Collateralized loan obligations 17,959 (1,032) 96,133 (3,996) 114,092 (5,028) Corporate bonds 87,212 (4,325) 4,740 (785) 91,952 (5,110) Total temporarily impaired fixed maturity securities $ 208,245 $ (10,425) $ 103,992 $ (5,488) $ 312,237 $ (15,913) At December 31, 2022, there were 88 securities in an unrealized loss position with a fair value of $312,237 and unrealized losses of $15,913. Of these securities in an unrealized loss position, there were 26 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $103,992 and unrealized losses of $5,488. Less than 12 Months 12 Months or More Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury bonds $ 59,879 $ (110) $ — $ — $ 59,879 $ (110) U.S. agency bonds – mortgage-backed 4,415 (193) — — 4,415 (193) Collateralized loan obligations 117,148 (5,057) 5,064 (36) 122,212 (5,093) Corporate bonds 38,537 (2,775) 27,852 (3,369) 66,389 (6,144) Total temporarily impaired fixed maturity securities $ 219,979 $ (8,135) $ 32,916 $ (3,405) $ 252,895 $ (11,540) At December 31, 2021, there were 44 securities in an unrealized loss position with a fair value of $252,895 and unrealized losses of $11,540. Of these securities in an unrealized loss position, there were 8 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $32,916 and unrealized losses of $3,405. OTTI The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At December 31, 2022, we determined that unrealized losses on fixed maturities were primarily due to changes in interest rates since their date of purchase. All fixed maturity securities continue to pay the expected coupon payments under the contractual terms of the securities. Any credit-related impairment related to fixed maturity securities that the Company does not intend to sell or is not more likely than not that the Company will be required to sell before its anticipated recovery of their amortized cost basis is recognized in net income, with the non-credit related impairment recognized in comprehensive income. Based on the Company's analysis, our fixed maturity portfolio is of high credit quality and we believe the amortized cost basis of the securities will ultimately be recovered. The Company continually monitors the credit quality of the fixed maturity investments to assess if it is probable that it will receive the contractual or estimated cash flows in the form of principal and interest. For the years ended December 31, 2022 and 2021, there was no impairment recognized on the Company's portfolio of fixed maturity securities. 4. Investments (continued) The following tables summarize the credit ratings of our fixed maturity securities as at December 31, 2022 and 2021: December 31, 2022 Amortized cost Fair value % of Total U.S. treasury bonds $ 55,647 $ 55,532 17.7 % U.S. agency bonds 38,767 34,365 10.9 % AAA 112,775 108,136 34.4 % AA+, AA, AA- 23,974 22,640 7.2 % A+, A, A- 38,549 35,996 11.4 % BBB+, BBB, BBB- 55,374 53,094 16.9 % BB+ or lower 5,353 4,764 1.5 % Total fixed maturities (1) $ 330,439 $ 314,527 100.0 % December 31, 2021 Amortized cost Fair value % of Total U.S. treasury bonds $ 59,989 $ 59,879 10.0 % U.S. agency bonds 96,554 98,790 16.6 % AAA 161,179 156,706 26.2 % AA+, AA, AA- 38,999 39,140 6.6 % A+, A, A- 99,748 99,962 16.7 % BBB+, BBB, BBB- 126,770 129,618 21.7 % BB+ or lower 12,105 13,050 2.2 % Total fixed maturities (1) $ 595,344 $ 597,145 100.0 % (1) Based on Standard & Poor’s ("S&P"), or equivalent, ratings b) Other Investments, Equity Securities and Equity Method Investments Certain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no assurance that we will be able to execute a sale in a timely manner. In addition, even if certain other investments and equity method investments are not eligible for redemption or sales are restricted, the Company may still receive income distributions from those investments. Other investments The table below shows the composition of the Company's other investments as at December 31, 2022 and 2021: December 31, 2022 2021 Carrying Value % of Total Carrying Value % of Total Privately held equity investments $ 34,014 22.9 % $ 30,500 25.9 % Private credit funds 24,374 16.4 % 20,922 17.8 % Private equity funds 34,278 23.0 % 23,324 19.8 % Total other investments at fair value 92,666 62.3 % 74,746 63.5 % Investments in direct lending entities (at cost) 56,087 37.7 % 42,976 36.5 % Total other investments $ 148,753 100.0 % $ 117,722 100.0 % The Company's investments in direct lending entities of $56,087 at December 31, 2022 (2021 - $42,976) are carried at cost less impairment, if any, with any indication of impairment recognized in net income when determined. No impairment was recognized for the year ended December 31, 2022 and 2021. Please see "Note 5(d) - Fair Value Measurements" for additional information regarding this investment. 4. Investments (continued) Equity Securities Equity securities include publicly traded equity investments in common stocks and privately held equity investments in common and preferred stocks. The Company's publicly traded equity investments in common stocks trade on major exchanges. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments. The following table provides the cost and fair values of the equity securities held at December 31, 2022 and 2021: December 31, 2022 2021 Cost Fair Value Cost Fair Value Publicly traded equity investments in common stocks $ 559 $ 386 $ 559 $ 1,174 Privately held common stocks 32,775 32,290 21,869 22,029 Privately held preferred stocks 7,175 10,945 800 800 Total equity securities $ 40,509 $ 43,621 $ 23,228 $ 24,003 Equity Method Investments The equity method investments include real estate investments, hedge fund investments and other investments. The table below shows the carrying value of the Company's equity method investments as of December 31, 2022 and 2021: December 31, 2022 2021 Carrying Value % of Total Carrying Value % of Total Real estate investments $ 40,944 51.1 % $ 44,050 52.6 % Hedge fund investments 5,376 6.7 % 32,929 39.3 % Other investments 33,839 42.2 % 6,763 8.1 % Total equity method investments $ 80,159 100.0 % $ 83,742 100.0 % The equity method investments above include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs, therefore, the Company is not the primary beneficiary of these VIEs. T he Company is deemed to have limited influence over the operating and financial policies of the investee and accordingly, these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these consolidated financial statements. c) Net Investment Income Net investment income was derived from the following sources for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Fixed maturities $ 9,736 $ 19,146 Income on funds withheld 11,117 10,623 Interest income from loan to related party 6,202 3,492 Cash and cash equivalents and other investments 3,415 1,100 30,470 34,361 Investment expenses (400) (2,348) Net investment income $ 30,070 $ 32,013 d) Net Realized and Unrealized Investment Gains (Losses) Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized and unrealized investment gains (losses) included in the Consolidated Statements of Income for the years ended December 31, 2022 and 2021: 4. Investments (continued) For the Year Ended December 31, 2022 Gross gains Gross losses Net Fixed maturities $ 1,829 $ (4,812) $ (2,983) Equity securities 3,770 (1,434) 2,336 Other investments 1,543 (6,036) (4,493) Net realized and unrealized investment gains (losses) $ 7,142 $ (12,282) $ (5,140) For the Year Ended December 31, 2021 Gross gains Gross losses Net Fixed maturities $ 9,838 $ (741) $ 9,097 Equity securities 5,168 (4,392) 776 Other investments 3,002 (227) 2,775 Net realized and unrealized investment gains (losses) $ 18,008 $ (5,360) $ 12,648 Realized and unrealized investment gains and losses from equity securities detailed above include both sales of equity securities and unrealized gains and losses stemming from fair value changes. The unrealized gains recognized in net income for investments still held at December 31, 2022 and 2021, respectively, were as follows: For the Year Ended December 31, 2022 2021 Net gains recognized for equity securities $ 2,336 $ 776 Net gains recognized for equity securities divested (111) (441) Net unrealized gains recognized for equity securities still held at reporting date $ 2,225 $ 335 Proceeds from sales of fixed maturities were $213,944 and $477,920 for the years ended December 31, 2022, and 2021, respectively. Net unrealized gains (losses) included in AOCI were as follows at December 31, 2022 and 2021, respectively: December 31, 2022 2021 Fixed maturity investments $ (15,912) $ 1,801 Equity method investments — (4,414) Total net unrealized losses (15,912) (2,613) Deferred income tax 244 (80) Net unrealized losses, net of deferred income tax $ (15,668) $ (2,693) Change in net unrealized losses, net of deferred income tax $ (12,975) $ (52,050) e) Restricted Cash and Cash Equivalents and Investments The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of restricted assets were as follows at December 31, 2022 and 2021: December 31, 2022 2021 Restricted cash – third party agreements $ 13,122 $ 19,177 Restricted cash – related party agreements 2,516 20,242 Total restricted cash 15,638 39,419 Restricted investments – in trust for third party agreements at fair value (amortized cost: 2022 – $48,181; 2021 – $48,860) 48,101 48,845 Restricted investments – in trust for related party agreements at fair value (amortized cost: 2022 – $246,325; 2021 – $493,128) 233,091 493,883 Total restricted investments 281,192 542,728 Total restricted cash and investments $ 296,830 $ 582,147

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements a) Fair Values of Financial Instruments measured at fair value ASC 825, "Disclosure About Fair Value of Financial Instruments" , requires all entities to disclose the fair value of their financial instruments for both assets and liabilities recognized and not recognized within the balance sheet, and 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 measured at fair value held at December 31, 2022 and 2021. U.S. government and U.S. agency bonds — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy. Non-U.S. government bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government bonds are observable market inputs, the fair values of non-U.S. government and bonds are included in the Level 2 fair value hierarchy. Collateralized loan obligations ("CLO") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Commercial mortgage-backed securities ("CMBS") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies. that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy. Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks. The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy. Other investments — These investments are comprised of the following types of investments: • Privately held investments: These are direct equity investments in common and preferred shares of privately held entities. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation. • Private credit funds: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly NAV statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient. • Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures . The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values are therefore measured using the NAV as a practical expedient. Derivative Instruments - The Company has recently entered into retroactive reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. 5. Fair Value Measurements (continued) T he fair value changes in underwriting-related derivative instruments is included within other insurance revenue (expense), net. The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities. A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3 in the fair value hierarchy. b) Fair Value Hierarchy The Company’s estimates of fair value for its financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuation methodology whenever available. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active trading markets and the lowest priority to unobservable inputs that reflect significant market assumptions. At December 31, 2022 and 2021, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: December 31, 2022 Quoted Prices Significant Significant Fair Value Based on NAV Practical Expedient Total Fair Fixed maturities U.S. treasury bonds $ 55,532 $ — $ — $ — $ 55,532 U.S. agency bonds – mortgage-backed — 34,365 — — 34,365 Collateralized mortgage-backed bonds — 6,767 — — 6,767 Non-U.S. government bonds — 11,818 — — 11,818 Collateralized loan obligations — 114,092 — — 114,092 Corporate bonds — 91,953 — — 91,953 Equity securities 386 — 17,806 25,429 43,621 Other investments — 1,000 1,000 90,666 92,666 Total $ 55,918 $ 259,995 $ 18,806 $ 116,095 $ 450,814 As a percentage of total assets 3.0 % 14.1 % 1.0 % 6.3 % 24.4 % Underwriting-related derivative liability $ — $ — $ 14,559 $ — $ 14,559 December 31, 2021 Quoted Prices Significant Significant Fair Value Based on NAV Practical Expedient Total Fair Fixed maturities U.S. treasury bonds $ 59,879 $ — $ — $ — $ 59,879 U.S. agency bonds – mortgage-backed — 98,790 — — 98,790 Collateralized mortgage-backed bonds — 15,537 — — 15,537 Non-U.S. government bonds — 3,276 — — 3,276 Collateralized loan obligations — 179,021 — — 179,021 Corporate bonds — 240,642 — — 240,642 Equity investments 1,174 — 5,094 17,735 24,003 Other investments — — 2,000 72,746 74,746 Total $ 61,053 $ 537,266 $ 7,094 $ 90,481 $ 695,894 As a percentage of total assets 2.6 % 23.1 % 0.3 % 3.9 % 29.9 % The Company utilizes the Pricing Service to assist in determining the fair value of its investments; however, management is ultimately responsible for all fair values presented in the Company’s financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices, and pricing of assets and liabilities and use of pricing sources. The Company analyzes and reviews the information and prices received from the Pricing Service to ensure that the prices provided represent a reasonable estimate of fair value. 5. Fair Value Measurements (continued) The Pricing Service was utilized to estimate fair value measurements for 98.5% and 99.0% of our fixed maturities at December 31, 2022 and 2021, respectively. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury bonds generally do not trade actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2 within the fair value hierarchy. At December 31, 2022 and 2021, approximately 1.5% and 1.0%, respectively, of our fixed maturities were valued using the market approach. At December 31, 2022, one security or $4,764 (2021 - one security or $6,225) of fixed maturities classified as Level 2 was priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At December 31, 2022 and 2021, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers. During the year ended December 31, 2021, the Company transferred its equity investment in an insurtech start-up company focused on technological advancement in the automobile insurance industry out of Level 3 within the fair value hierarchy and into Level 1 due to the recent completion of its initial public offering. There were no transfers to or from Level 3 during the year ended December 31, 2022. c) Level 3 Financial Instruments At December 31, 2022, the Company holds Level 3 financial instruments which include privately held equity investments of $18,806 (2021 - $7,094) which are included in total investments and an underwriting-related derivative liability of $14,559 on a reinsurance contract written by GLS which is included in accrued expenses and other liabilities. The fair value of privately held equity securities are estimated using quarterly unaudited capital or financial statements provided by the investee or recent private market transactions, where applicable. Any changes to the financial information provided by the investee could result in a significantly higher or lower valuation at the reporting date. The fair value of underwriting-related derivative instruments is determined using a discounted cash flow model in which the Company examines current market conditions, historical results as well as contract specific information that may impact future cash flows in order to assess the reasonableness of inputs used in the valuation model . Due to significant unobservable inputs in these valuations, the Company classifies the fair values as Level 3 within the fair value hierarchy . The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at December 31, 2022: Fair Value Valuation Technique Unobservable Inputs Range of Unobservable Inputs Privately held equity securities - common shares $ 6,861 Quarterly financial statements Price/book ratios of comparable public companies Privately held equity securities - preferred shares 11,945 Quarterly financial statements Privately calculated enterprise valuations Total Level 3 investments $ 18,806 Underwriting-related derivative liability $ 14,559 Discounted cash flows Duration matched discount rates 2.0% to 3.0% The following table shows the reconciliation of the beginning and ending balances for other investments measured at fair value on a recurring basis using Level 3 inputs for the years ended December 31, 2022 and 2021. The Company includes any related interest and dividend income in net investment income and thus, are excluded from the reconciliation in the table below: For the Year Ended December 31, 2022 2021 Balance - beginning of period $ 7,094 $ 2,844 Sales (2,000) — Net unrealized gains recognized in the statement of income 3,770 — Purchases 9,942 5,250 Transfers out of Level 3 — (1,000) Total Level 3 investments - end of period $ 18,806 $ 7,094 5. Fair Value Measurements (continued) d) Financial Instruments Disclosed, But Not Carried, at Fair Value The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried at fair value, except for certain financial instruments related to insurance contracts. At December 31, 2022, the carrying values of cash and cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, loan to related party and certain other assets and liabilities approximate their fair values due to their inherent short duration. As these financial instruments are not actively traded, the fair values of these financial instruments are classified as Level 2. The investments made by direct lending entities are carried at cost less impairment, if any, which approximates fair value. The fair value estimates of these investments are not based on observable market data and, as a result, have been categorized as Level 3. The fair values of the Senior Notes (as defined in Note 7 — Long-Term Debt ) are based on indicative market pricing obtained from a third-party pricing service which uses observable market inputs, and therefore the fair values of these liabilities are classified as Level 2. The following table presents the respective carrying value and fair value for the Senior Notes as at December 31, 2022 and 2021: December 31, 2022 2021 Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes – 6.625% $ 110,000 $ 76,560 $ 110,000 $ 94,820 2013 Senior Notes – 7.75% 152,500 113,826 152,500 140,300 Total Senior Notes $ 262,500 $ 190,386 $ 262,500 $ 235,120

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity At December 31, 2022, the aggregate authorized share capital of the Company is 150,000,000 shares from which 149,224,080 common shares were issued, of which 101,532,151 common shares are outstanding, and 47,691,929 shares are treasury shares. Included in treasury shares are 41,439,348 common shares issued to Maiden Reinsurance in the Exchange which are not treated as outstanding shares on the Consolidated Balance Sheet on December 31, 2022. The remaining 775,920 shares are undesignated at December 31, 2022. At December 31, 2022, 492,463 common shares will be issued and outstanding upon vesting of restricted shares. a) Common shares The Company's common shares have a par value of $0.01 per share. Our common shareholders are entitled to receive dividends and allocated one vote per common share subject to downward adjustment under certain circumstances. For the years ended December 31, 2022 and 2021, the Company's Board of Directors did not declare any dividends to common shareholders. The following table shows the summary of changes in the Company's common shares outstanding for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Outstanding shares – January 1 86,467,242 84,801,161 Shares issued pursuant to the Exchange 55,800,000 — Issuance of vested restricted shares and exercised common share options 1,107,973 2,500,932 Shares repurchased for tax purposes (403,716) (834,851) Less: Common shares held by Maiden Reinsurance as treasury shares (41,439,348) — Outstanding shares – December 31 (1) 101,532,151 86,467,242 (1) Outstanding shares at December 31, 2022 exclude 41,439,348 common shares issued to Maiden Reinsurance in exchange for the preference shares previously held which are reflected as treasury shares on the Consolidated Balance Sheet and are not treated as outstanding common shares. b) Preference shares Exchange of Preference Shares On December 27, 2022, the Company completed the Exchange, as fully described in "Note 1. Organization" , with record holders of the Series A, C and D Preference Shares. The Company offered three common shares as consideration for each share of the Series A, C and D Preferred Shares tendered. 6. Shareholders’ Equity (continued) A total of 1,500,050 shares of Series A Preference Shares, 1,744,028 shares of Series C Preference Shares, and 1,542,806 shares of Series D Preference Shares were accepted, resulting in the issuance of 14,360,652 common shares to non-affiliates at a fair value of $28,434. The Exchange was accounted for as an extinguishment resulting in derecognition of the $119,672 carrying amount of Series A, C and D Preference Shares tendered, elimination of $3,998 of original issuance costs, recognition of the $25,915 excess of the fair value of the common shares issued over par value, net of $2,375 issuance costs, as additional paid in capital, and recognition of the $87,240 excess of the carrying amount of the Preference Shares extinguished over the fair value of the common shares issued as an increase to retained earnings. The number of the Company's Series A, C and D Preference Shares held by Maiden Reinsurance pursuant to the 2020 Tender Offer and the 2021 Preference Share Repurchase Program was 13,813,116 at the Exchange Date. Therefore, 41,439,348 common shares were issued to Maiden Reinsurance in exchange for the Preference Shares held which are reflected as treasury shares on the Consolidated Balance Sheet and are not treated as outstanding common shares on December 31, 2022. As a result of the Exchange, the Preference Shares were delisted from and no longer trade on the New York Stock Exchange as of the Exchange Date. No Preference Shares are issued or outstanding, and the Preference Shares were deregistered under the Securities Exchange Act of 1934, as amended. In addition, all rights of the former holders related to ownership of the Preference Shares have terminated. Prior to the Exchange, on March 3, 2021 and May 6, 2021, the Company's Board of Directors approved the repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $100,000 and $50,000, respectively, of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated. The authorizations are collectively referred to as the "2021 Preference Share Repurchase Program". The following table shows the summary of the Company's preference shares repurchases made during the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Number of shares purchased Average price of shares purchased Number of shares purchased Average price of shares purchased Series A 435,639 $ 5.27 3,519,093 $ 14.74 Series C 625,742 7.08 3,026,764 14.36 Series D 520,128 6.26 2,858,155 14.27 Total 1,581,509 6.31 9,404,012 14.48 Total price paid for preference shares $ 9,983 $ 136,155 Gain on purchase of preference shares $ 28,233 $ 90,998 The following table shows the Company's preference shares (including the total preference shares previously held by Maiden Reinsurance pursuant to the 2020 Tender Offer and the 2021 Preference Share Repurchase Program) prior to the Exchange that occurred on December 27, 2022: Series A Series C Series D Total Outstanding shares issued by Maiden Holdings 6,000,000 6,600,000 6,000,000 18,600,000 Less: Total shares previously held by Maiden Reinsurance 4,499,950 4,855,972 4,457,194 13,813,116 Total shares previously held by non-affiliates 1,500,050 1,744,028 1,542,806 4,786,884 Percentage previously held by Maiden Reinsurance 75.0 % 73.6 % 74.3 % 74.3 % c) Treasury Shares On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100,000 of the Company's common shares from time to time at market prices. At December 31, 2022 and 2021, the Company has a remaining authorization of $74,245 for common share repurchases. No repurchases were made during the years ended December 31, 2022 and 2021 under the common share repurchase plan. During the year ended December 31, 2022, the Company repurchased 403,716 (2021 - 834,851) common shares at an average price per share of $2.50 (2021 - $2.97) from employees which represent tax withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares. The 41,439,348 common shares issued to Maiden Reinsurance as part of the Exchange are reflected as treasury shares and are not treated as outstanding common shares at December 31, 2022. 6. Shareholders’ Equity (continued) The table below includes the total number of treasury shares outstanding at December 31, 2022 and 2021: December 31, 2022 2021 Number of treasury shares held by Maiden Reinsurance due to the Exchange 41,439,348 — Number of treasury shares due to common share repurchases for tax purposes 6,252,581 5,848,865 Total number of treasury shares at the end of the reporting period 47,691,929 5,848,865 d) Accumulated Other Comprehensive Income (Loss) The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 Change in net unrealized gains on investment Foreign currency translation adjustments Total Beginning balance $ (2,693) $ (9,522) $ (12,215) Other comprehensive loss before reclassifications (6,168) (16,044) (22,212) Amounts reclassified from AOCI to net income, net of tax (6,807) — (6,807) Net current period other comprehensive loss (12,975) (16,044) (29,019) Ending balance, Maiden shareholders $ (15,668) $ (25,566) $ (41,234) For the Year Ended December 31, 2021 Change in net unrealized gains on investment Foreign currency translation adjustments Total Beginning balance $ 49,357 $ (25,500) $ 23,857 Other comprehensive (loss) income before reclassifications (33,263) 15,978 (17,285) Amounts reclassified from AOCI to net income, net of tax (18,787) — (18,787) Net current period other comprehensive (loss) income (52,050) 15,978 (36,072) Ending balance, Maiden shareholders $ (2,693) $ (9,522) $ (12,215)

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Senior Notes At December 31, 2022 and 2021, Maiden Holdings had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and its wholly owned subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA") had outstanding publicly-traded senior notes which were issued in 2013 ("2013 Senior Notes"(collectively "Senior Notes"). The 2013 Senior Notes issued by Maiden NA are fully and unconditionally guaranteed by Maiden Holdings. The Senior Notes are unsecured and unsubordinated obligations of the Company. The following tables detail the issuances outstanding at December 31, 2022 and 2021: December 31, 2022 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,500 $ 262,500 Less: unamortized issuance costs 3,406 3,522 6,928 Carrying value $ 106,594 $ 148,978 $ 255,572 December 31, 2021 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,500 $ 262,500 Less: unamortized issuance costs 3,463 3,690 7,153 Carrying value $ 106,537 $ 148,810 $ 255,347 Other details: Original debt issuance costs $ 3,715 $ 5,054 Maturity date June 14, 2046 December 1, 2043 Earliest redeemable date (for cash) June 14, 2021 December 1, 2018 Coupon rate 6.625 % 7.75 % Effective interest rate 7.07 % 8.04 % The interest expense incurred on the Senior Notes for the year ended December 31, 2022 was $19,106 (2021 - $19,106), of which $1,342 was accrued at both December 31, 2022 and 2021, respectively. The issuance costs related to the Senior Notes were capitalized and are being amortized over the effective life of the Senior Notes. The amortization expense was $225 for the year ended December 31, 2022 (2021 - $221). Under the terms of the 2013 Senior Notes, the 2013 Senior Notes can be redeemed, in whole or in part, at Maiden NA's option at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Maiden NA is required to give at least thirty days and not more than sixty days' notice prior to the redemption date. Under the terms of the 2016 Senior Notes, the 2016 Senior Notes can be redeemed, in whole or in part, at Maiden Holdings' option at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Maiden Holdings is required to give at least thirty days and not more than sixty days notice prior to the redemption date.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company uses reinsurance and retrocessional agreements ("ceded reinsurance") to mitigate volatility, reduce its exposure to certain risks and provide capital support. Ceded reinsurance provides for the recovery of a portion of loss and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any of its reinsurers or retrocessionaires fails to meet their obligations. Loss and LAE incurred and premiums earned are reported after deduction for ceded reinsurance. In the event that one or more of our reinsurers or retrocessionaires are unable to meet their obligations under these agreements, the Company would not realize the full value of the reinsurance recoverable balances. The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2022 and 2021 was as follows: For the Year Ended December 31, 2022 2021 Premiums written Direct $ 24,553 $ 21,866 Assumed (19,074) (10,928) Ceded (397) (535) Net $ 5,082 $ 10,403 Premiums earned Direct $ 24,534 $ 22,857 Assumed 13,599 31,497 Ceded (401) (1,361) Net $ 37,732 $ 52,993 Loss and LAE Gross loss and LAE $ 53,508 $ 9,344 Loss and LAE ceded 4,483 (2,037) Net $ 57,991 $ 7,307 The Company's reinsurance recoverable on unpaid losses balance as at December 31, 2022 was $556,116 (2021 - $562,845) presented in the Consolidated Balance Sheets. At December 31, 2022 and 2021, the Company had no valuation allowance against reinsurance recoverable on unpaid losses. On December 27, 2018, Cavello Bay Reinsurance Limited ("Cavello") and Maiden Reinsurance entered into a retrocession agreement pursuant to which certain assets and liabilities associated with the U.S. treaty reinsurance business held by Maiden Reinsurance were 100.0% retroceded to Cavello in exchange for a ceding commission. The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $60,112 at December 31, 2022 (2021 - $69,006). On July 31, 2019, Maiden Reinsurance and Cavello entered into a Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC Agreement"), pursuant to which Cavello assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share in excess of a $2,178,535 retention up to $600,000, in exchange for a retrocession premium of $445,000. The $2,178,535 retention is subject to adjustment for paid losses subsequent to December 31, 2018. The LPT/ADC Agreement provides Maiden Reinsurance with $155,000 in adverse development cover over its carried AmTrust Quota Share loss reserves at December 31, 2018. The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance. Cumulative ceded losses exceeding $445,000 are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. The amount of the deferral is recalculated each period based on loss payments and updated estimates. Consequently, cumulative adverse development subsequent to December 31, 2018 may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings. As of December 31, 2022, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $490,408 while the deferred gain liability under the LPT/ADC Agreement was $45,408 (December 31, 2021 - $490,860 and $45,860, respectively). Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is presently estimated to be in 2025. Cavello provided collateral in the form of a letter of credit in the amount of $445,000 to AmTrust under the LPT/ADC Agreement. Cavello is subject to additional collateral funding requirements as explained in "Note 10 — Related Party Transactions" . As of December 31, 2022, the amount of collateral required was $461,563. Under the terms of the LPT/ADC Agreement, the covered losses associated with the Commutation and Release Agreement with AmTrust are eligible to be covered but recoverable only when such losses are paid or settled by AII or its affiliates, provided such losses and other related amounts shall not exceed $312,786. Cavello's parent company, Enstar Group Limited ("Enstar"), has credit ratings of BBB from both Standard & Poor's and Fitch Ratings at December 31, 2022.

Reserve for Loss and Loss Adjus

Reserve for Loss and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2022
Insurance [Abstract]
Reserve for Loss and Loss Adjustment Expenses	Reserve for Loss and Loss Adjustment Expenses General The Company uses both historical experience and industry-wide loss development factors to provide a reasonable basis for estimating future losses. In the future, certain events may be beyond the control of management, such as changes in law, judicial interpretations of law, and rates of inflation, which may favorably or unfavorably impact the ultimate settlement of the Company’s loss and LAE reserves. The anticipated effect of inflation is implicitly considered when estimating liabilities for loss and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in the average severity of claims are caused by a number of factors that vary with the individual type of policy written. Ultimate losses are projected based on historical trends adjusted for implemented changes in underwriting standards, claims handling, policy provisions, and general economic trends. Those anticipated trends are monitored based on actual development and are modified if necessary. The reserving process begins with the collection and analysis of paid losses and incurred claims data for each of the Company's contracts. While reserves are mostly reviewed on a contract by contract basis, paid loss and incurred claims data is also aggregated into reserving segments. The segmental data is disaggregated by reserving class and further disaggregated by either accident year (i.e. the year in which the loss event occurred) or by underwriting year (i.e. the year in which the contract generating the premium and losses incepted). In cases where the Company uses underwriting year information, reserves are subsequently allocated to the respective accident year. The reserve for loss and LAE comprises: December 31, 2022 2021 Reserve for reported loss and LAE $ 702,691 $ 851,950 Reserve for losses incurred but not reported ("IBNR") 428,717 637,423 Reserve for loss and LAE $ 1,131,408 $ 1,489,373 The following table represents a reconciliation of the beginning and ending gross and net loss and LAE reserves: For the Year Ended December 31, 2022 2021 Gross loss and LAE reserves, January 1 $ 1,489,373 $ 1,893,299 Less: reinsurance recoverable on unpaid losses, January 1 562,845 592,571 Net loss and LAE reserves, January 1 926,528 1,300,728 Net incurred losses related to: Current year 25,355 34,912 Prior years 32,636 (27,605) 57,991 7,307 Net paid losses related to: Current year (701) (10,026) Prior years (398,499) (389,231) (399,200) (399,257) Change in deferred gain on retroactive reinsurance 3,587 29,081 GLS run-off business acquired or assumed 10,905 14,825 Effect of foreign exchange rate movements (24,519) (26,156) Net loss and LAE reserves, December 31 575,292 926,528 Reinsurance recoverable on unpaid losses, December 31 556,116 562,845 Gross loss and LAE reserves, December 31 $ 1,131,408 $ 1,489,373 Actuarial Methods Used to Estimate Loss and LAE Reserves The Company utilizes a variety of standard actuarial methods in its analysis of loss reserves. The selections from these various methods are based on the loss development characteristics of the specific line of business and significant actuarial judgment. The actuarial methods utilized include: The Expected Loss Ratio ("ELR") method is a technique that is multiplicative and applies an expected loss ratio to premium earned to yield the estimated ultimate losses. The ELR assumption is generally derived from pricing information and historical experience of the business. This method is frequently used for the purpose of stability in the early valuations of an underwriting year with large and uncertain loss development factors. This technique does not take into account actual loss emergence for the underwriting year being projected. As an underwriting year matures and actual loss experience becomes more credible, other methods may be applied in determining the estimated ultimate losses. 9. Reserve for Loss and Loss Adjustment Expenses (continued) The Loss Development ("LD") method is a reserving method in which ultimate losses are estimated by applying a loss development factor to actual reported (or paid) loss experience. This method fully utilizes actual experience. Multiplication of underwriting year actual reported (or paid) losses by its respective development factor produces the estimated ultimate losses. The LD method is based upon the assumption that the relative change in a given underwriting year’s losses from one evaluation point to the next is similar to the relative change in prior underwriting years’ losses at similar evaluation points. In addition, this method is based on the assumption that the reserving and payment patterns as well as the claim handling procedures have not changed substantially over time. In the case where changes to the payment patterns or the claim handling procedures are identified, historical losses are adjusted to the current basis, and development factors are selected based on the relative change of the adjusted losses (the Berquist Sherman method is one example of this approach). When a company has a sufficiently reliable loss development history, a development pattern based on the company’s historical indications may be used to develop losses to ultimate values. The Bornhuetter-Ferguson ("BF") reserving technique is used for long-tailed or lower frequency, more volatile lines. It is also useful in situations where the reported loss experience is relatively immature and/or lacks sufficient credibility for the application of methods that are more heavily reliant on emerged experience. The BF method is an additive IBNR method that combines the ELR and LD techniques by splitting the expected loss into two pieces - expected reported (or paid) losses and expected unreported (or unpaid) losses. Expected unreported (unpaid) losses, estimated by the use of loss development factors, are added to the current actual reported (or paid) losses to produce an estimate of ultimate losses by underwriting year. The BF method introduces an element of stability that moderates the impact of inconsistent changes in paid and reported losses. The average frequency and severity ("FS") reserving technique is used for lines where claim count is available, and the estimate of loss development factors is more difficult due to volatility in historical data. The available data for such lines is usually more volatile in the estimation of future losses using the LD and BF reserving methods. The FS method uses historical data to estimate the average number of ultimate claims (frequency) and the average costs of closed claims (severity). The estimate of ultimate losses by underwriting year is the result of the multiplication of the ultimate number of claims and the average cost of a claim. With the guidance of the methods above, actuarial judgment is applied in the determination of ultimate losses. In general, the Company’s segments have varying levels of seasoning with which the Company has direct experience and as a result, differing methods are utilized to estimate loss and LAE reserves in each segment. In the Diversified Reinsurance segment, the Company utilizes the ELR approach at the onset of reserving an account, the BF method for business with less but maturing loss experience, and as the experience matures the LD method. For proportional or pro-rata business, the Company typically relies heavily on the actual historical contract experience to estimate reserving parameters such as loss development factors, whereas for excess of loss business there will be more usage of industry and/or Company benchmark assumptions. The Company underwrote the AmTrust Reinsurance segment from July 1, 2007 until January 30, 2019, when Maiden Reinsurance and AII agreed to terminate the remaining business subject to the AmTrust Quota Share on a run-off basis effective as of January 1, 2019, and Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019. A large proportion of the exposure in the underlying book of business has significant seasoning, and allows for a significant amount of credibility in using parameters derived from historical experience to calculate reserve estimates. Some segments of the book are a result of recent acquisitions or newer markets for AmTrust. These segments require a greater level of assumptions and professional judgment in deriving ultimate losses, which inherently implies a wider range of reasonable estimates. As a result, the Company has tended to rely on a weighted approach which primarily employs the LD method for aspects of the segment with ample historical data, while also considering the ELR or BF method for exposure resulting from recent acquisitions, or a relative business with a more limited level of experience. The FS method is also considered for segments of the AmTrust Reinsurance book of business for which claim count information is available. Additional data detailing items such as class of business, state, claim counts, frequency and severity is available, further enhancing the reserve analysis. Prior Year Development Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments. The following table summarizes the (adverse) favorable prior period development experienced in each of our reportable segments for the years ended December 31, 2022 and 2021: For the Year Ended Diversified Reinsurance AmTrust Reinsurance Total December 31, 2022 $ (4,552) $ (28,084) $ (32,636) December 31, 2021 3,561 24,044 27,605 9. Reserve for Loss and Loss Adjustment Expenses (continued) During 2022, the Company's incurred losses increased for 2021 and prior accident years by $32,636 or 3.5% of prior year net loss and LAE reserves. The Company had decreased incurred losses for 2020 and prior accident years of $27,605 or 2.1% during 2021. The net adverse prior year loss development of $32,636 for the year ended December 31, 2022 was primarily driven by adverse loss development of $28,084 in the AmTrust Reinsurance segment and net adverse loss development of $4,552 in the Diversified Reinsurance segment. In the Diversified Reinsurance segment, net adverse prior year loss development of $4,552 for the year ended December 31, 2022 (2021 - favorable $3,561) was due to adverse development in GLS, European Capital Solutions and facultative reinsurance run-off business partly offset by favorable reserve development in German Auto Programs. The net favorable prior year loss development of $3,561 for the year ended December 31, 2021 was due to favorable development in facultative reinsurance run-off lines as well as auto programs in Australia, the U.K. and Germany. The table below details prior year loss development by line of business for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Prior Year Loss Development adverse (favorable) IIS business $ (1,683) $ (2,044) GLS 1,825 — Other run-off lines 4,410 (1,517) Total Diversified Reinsurance Prior Year Development $ 4,552 $ (3,561) In the AmTrust Reinsurance segment, net adverse prior year development was $28,084 for the year ended December 31, 2022 (2021 - favorable $24,044). Net adverse prior year loss development of $28,084 during the year ended December 31, 2022 is driven by unfavorable movements in Commercial Auto Liability, General Liability, Other Specialty Risk & Extended Warranty and European Hospital Liability, partly offset by favorable development in Workers Compensation. European Hospital Liability was due in part to higher than expected loss emergence in Italian Hospital Liability policies as well as the agreed exit cost of $3,666 (€3,444) for the commutation of French Hospital Liability policies as described in "Note 10. Related Party Transactions". Net favorable prior year loss development in 2021 was largely due to Workers Compensation and Commercial Auto Liability partly offset by adverse development in General Liability and European Hospital Liability. The table below details prior year loss development by lines of business for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Prior Year Loss Development adverse (favorable) before impact of LPT/ADC Agreement Workers Compensation $ (38,131) $ (22,242) Commercial Auto Liability 19,088 (29,918) General Liability 18,452 20,868 European Hospital Liability 13,247 7,885 Other Lines (1,685) (637) Other Specialty Risk & Extended Warranty 17,113 — Total AmTrust Reinsurance Prior Year Development $ 28,084 $ (24,044) The change in the deferred gain on retroactive reinsurance of $3,587 for the year ended December 31, 2022 (2021 - $29,081) relates to retroactive reinsurance in GLS and the LPT/ADC Agreement in the AmTrust Reinsurance Segment. The decrease in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello was $452 in the year ended December 31, 2022 (2021 - $29,081) due to favorable development on loss reserves covered under the LPT/ADC Agreement, specifically Workers Compensation. The deferred gain on retroactive reinsurance under the LPT/ADC Agreement represents the cumulative adverse development for covered risks under the AmTrust Quota Share as of December 31, 2022 and 2021. Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in 2025. 9. Reserve for Loss and Loss Adjustment Expenses (continued) a) Claims Development The following is a summary of the Company's incurred and paid loss development by accident year, net of reinsurance, from the last ten calendar years including the total reserve for losses, IBNR, plus development on reported loss and LAE for specific lines of business in our reportable segments, Diversified Reinsurance and AmTrust Reinsurance, as of December 31, 2022. Information prior to 2022 is included as unaudited supplementary information. The incurred and paid amounts have been translated from the local currency to U.S. dollars using the December 31, 2022 spot rate for all years presented in the table below in order to isolate changes in foreign exchange rates from loss development. As a reinsurer of primarily quota share contracts, claim counts are available on a very limited basis. Therefore claim counts have not been provided in the tables below as it is impractical to do so. Diversified Reinsurance segment incurred and paid losses are analyzed by following lines of business: (1) International; (2) GLS and (3) Other run-off lines. Loss development tables have not been presented for GLS and other run-off lines as loss development tables are not required for currently insignificant categories, therefore the GLS contracts and other run-off lines have been aggregated into two separate categories and included in the reconciliation disclosure only. AmTrust Reinsurance segment incurred and paid losses are analyzed by the following lines of business: (1) Workers’ Compensation; (2) Commercial Auto Liability; (3) General Liability; (4) European Hospital Liability; and (5) All Other Lines. There are a number of factors to consider when evaluating the information in these tables: • In the Diversified Reinsurance segment, contracts in the International business are written on both an accident year and underwriting year basis, some are multi-line and the majority of the premium is associated with proportional contracts. Many proportional treaty reinsurance contracts are submitted using quarterly bordereau reporting by underwriting year. However, the remaining losses can generally only be allocated to accident years based on estimated premium earning and loss reporting patterns. Further estimates are required to allocate losses to line of business. Multi-line accounts are generally analyzed on an individual basis by line of business, but are booked in the Company’s records to a contract, rather than to each individual line of business within a contract. For the purpose of this disclosure allocations are made to the various lines of business. Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter; • The AmTrust Reinsurance segment consists primarily of two contracts, the European Hospital Liability Quota Share and a much larger quota share that includes all other covered business, the AmTrust Quota Share. There is also a small amount of excess of loss business that has not been written since 2009 which is included as a reconciling item. Maiden receives several cession statements and uses these to report premiums in three categories - Small Business Commercial, Specialty Program and Specialty Risk and Extended Warranty in Note 3. Segment Information . The tables provided include allocations of IBNR reserves to line of business by accident year. • Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter; and • For both segments, the premium and exposure for prior accident years is often reported to us in subsequent periods, as reporting lags exist from an insurer to a reinsurer. This leads to increases in the provision for loss and LAE in prior years, but does not reduce expected income (and in many cases can result in additional income). Diversified Reinsurance Segment: GLS GLS provides a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations. GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives. Loss development tables have not been presented for GLS as the loss reserves and paid claims for each individual contract is currently insignificant, therefore the loss reserves for all the GLS contracts have been aggregated into a separate category and included in the reconciliation disclosure only. For GLS exposure, loss reserves are calculated primarily from utilizing the LD or FS methods. As the exposure being reinsured is typically retroactive in nature and covers more mature portfolios, the ELR or BF approach is not highly relied upon. As of December 31, 2022, GLS related companies and its subsidiaries have insurance liabilities assumed primarily through a few retroactive reinsurance contracts which included total loss reserves of $28,230 and a loss recoverable of $4,669. Losses incurred for the year ended December 31, 2022 include paid losses of $7,129 and total loss reserves include IBNR reserves of $14,595 at December 31, 2022. Also, please see "Note 5 — Fair Value Measurements" for the derivative liability of $14,559 on a reinsurance contract written by GLS which is included in accrued expenses and other liabilities. The fair value of this derivative instrument is determined using a discounted cash flow model in which the Company examines current market conditions, historical results as well as contract specific information that may impact future cash flows to assess the reasonableness of inputs used in the valuation model . 9. Reserve for Loss and Loss Adjustment Expenses (continued) Diversified Reinsurance Segment: IIS Business The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, since 2013 for the Company's IIS business in the Diversified Reinsurance segment. The development tables below included reserves acquired from the loss portfolio transfer agreement associated with the GMAC International Insurance Services ("IIS") business as at November 30, 2010 of $98,827. For the purposes of disclosure, the reserves from the loss portfolio transfer was allocated to the original accident year. Many pro-rata contracts are big enough that specific company development patterns are used. The ELR from the pricing of the account is typically used for the first year or more until the data suggests an alternative result is likely. Use of the ELR method transitions to the BF and then the LD method. For smaller contracts, benchmark development patterns may be used in both the pricing to establish the ELR and the reserving. The use of benchmark patterns is more prevalent in excess of loss business and the movement to experience based methods is slower. The IIS business written by the Company's IIS team is mainly proportional treaty business, a significant portion of which is Personal Auto quota share but also comprises credit life quota share. Life and personal accident business is also written on a direct basis by Maiden LF. The IIS business team works with insurance partners, automobile manufacturers and their related credit providers and other organizations to design and implement insurance programs in both auto distribution-related and other consumer insurance products. For the auto quota share exposure, initial underwriting year loss projections are generally based on the ELR method, derived from account pricing analyses. Payment and reporting patterns are predominantly short-tailed, and the movement away from the ELR to BF or LD methods typically happens very rapidly. Credit life reserves are primarily a function of reporting lag, typically only one or several months on average. The reserves are calculated using a FS methodology, where the frequency is a function of the average claims lag and the average per claims severity. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Diversified Reinsurance - IIS business Incurred loss and LAE, net of reinsurance At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2010 $ 74,743 $ 74,417 $ 72,469 $ 74,544 $ 76,544 $ 76,259 77,255 $ 77,373 $ 77,666 $ 77,870 $ (583) 2011 45,794 45,974 45,931 45,762 46,140 46,391 46,349 46,310 46,310 46,422 109 2012 45,177 45,443 45,547 45,630 45,891 45,612 45,559 45,491 45,590 45,626 296 2013 42,423 47,521 48,835 48,337 48,937 48,770 49,138 49,073 49,173 49,219 (115) 2014 42,353 48,084 47,947 47,843 47,641 47,705 47,464 47,354 47,401 63 2015 42,615 44,026 44,510 44,183 44,219 44,080 43,821 43,842 (122) 2016 38,500 40,487 39,874 39,860 40,239 39,953 40,044 (68) 2017 36,543 37,344 36,275 35,413 35,432 35,239 120 2018 41,124 39,484 39,659 39,689 39,854 (311) 2019 34,665 36,632 35,713 35,869 1,477 2020 23,417 22,584 21,528 1,778 2021 6,337 6,433 58 2022 7,383 1,713 Total $ 496,730 $ 4,415 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2010 $ 45,531 $ 47,263 $ 48,852 $ 50,367 $ 51,847 $ 53,423 $ 54,794 $ 55,834 $ 56,888 $ 57,801 2011 44,406 45,638 46,055 46,287 46,428 46,534 46,597 46,677 46,727 46,719 2012 38,237 40,608 41,692 42,017 42,599 42,706 42,719 42,799 42,891 42,808 2013 22,864 42,125 44,599 45,940 46,408 46,608 46,683 46,985 47,393 47,460 2014 23,559 41,807 44,070 45,292 45,531 45,632 45,742 45,801 45,800 2015 21,584 39,143 41,199 42,137 42,525 42,787 42,988 42,988 2016 22,112 36,206 37,912 38,612 39,199 39,685 40,466 2017 18,824 32,343 33,993 34,764 35,007 35,044 2018 19,613 35,506 37,472 38,454 38,999 2019 16,250 29,408 31,986 32,464 2020 11,192 18,898 19,848 2021 5,693 10,122 2022 1,175 Total 461,694 Total net reserves $ 35,036 9. Reserve for Loss and Loss Adjustment Expenses (continued) The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, by significant line of business since 2011 for our AmTrust Reinsurance segment. All data shown for the AmTrust Reinsurance segment in the tables that follow are from the Company’s quota share contracts with AmTrust, both the multi-year AmTrust Quota Share and European Hospital Liability Quota Share. AmTrust purchases significant reinsurance for losses above $10 million covered by the AmTrust Quota Share. The Company’s share of AmTrust’s losses net of reinsurance in the AmTrust Quota Share is generally 40%. Additionally, for the Specialty Program portion of Covered Business only, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance has reinsured losses at its proportional 40% share per the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. As of December 31, 2022, the projected amount subject to the Loss Corridor is $52,950 which exceeds the maximum amount covered. Any further development above this amount will be subject to the coverage of the LPT/ADC Agreement. Recoverables from the LPT/ADC Agreement are displayed in the column " Impact of LPT/ADC " in the tables below. Amounts have been allocated to Accident Year and line of business according to the timing of the respective losses, based on the currently projected payout patterns. These allocations may shift over time as actual payments are made and payout patterns are re–estimated. Please refer to "Note 8 — Reinsurance" for additional information regarding the LPT/ADC Agreement. AmTrust Reinsurance: Workers’ Compensation This reserve class consists of the Workers’ Compensation portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller, niche workers' compensation exposures in generally low-hazard occupations. Workers’ Compensation business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business. The business is produced by managing general agents with AmTrust regularly adding new programs and terminating or renegotiating unprofitable ones. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. Since it is proportional exposure, and due to the size and the classes of business insured by AmTrust, this reserving class is much shorter tailed than a traditional workers compensation book, and the transition to the BF and the LD methods happens relatively quickly, within the first several years. This line of business is covered under the LPT/ADC Agreement pursuant to which Cavello has assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share and therefore any adverse development will be recoverable as per terms of the agreement. Recoverables from the LPT/ADC Agreement are displayed in the column " Impact of LPT/ADC " in the loss triangle tables below. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Workers' Compensation Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 82,438 $ 81,240 $ 82,301 $ 83,039 $ 83,622 $ 84,710 $ 83,952 $ 86,117 $ 86,292 $ 86,415 $ 2,351 $ 3,388 2009 103,864 109,213 106,204 105,901 107,165 110,175 109,664 109,021 110,207 109,384 1,899 3,846 2010 118,209 120,243 125,020 124,073 123,968 127,215 127,381 126,621 126,516 126,308 6,848 5,672 2011 130,712 132,728 133,995 133,916 135,379 138,600 139,685 141,272 137,355 140,257 5,193 7,479 2012 168,016 173,946 171,040 172,692 181,616 192,087 188,879 192,263 187,089 189,114 8,935 11,453 2013 237,019 245,765 238,392 242,447 261,915 276,249 273,571 281,580 277,365 277,226 10,213 16,426 2014 379,589 365,515 382,260 419,748 457,363 455,521 449,374 445,258 441,185 21,099 32,018 2015 474,140 474,212 526,269 551,145 545,271 549,857 547,439 537,963 28,451 45,036 2016 528,906 568,006 627,728 603,529 579,849 568,791 559,440 40,851 54,400 2017 615,957 654,362 613,577 593,920 591,122 580,155 30,646 70,284 2018 592,566 580,528 575,765 585,009 577,485 32,953 84,446 2019 12,751 9,945 10,871 10,152 (1,534) — Total $ 3,635,084 $ 187,905 $ 334,448 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 76,018 $ 77,370 $ 78,161 $ 79,230 $ 81,159 $ 82,436 $ 82,709 $ 82,286 $ 82,676 $ 82,761 2009 89,462 93,425 96,396 98,811 100,103 101,823 102,877 103,771 104,205 104,434 2010 95,120 103,280 108,171 114,639 115,014 115,959 116,332 114,730 115,508 115,765 2011 91,414 105,584 114,107 115,966 122,579 124,315 125,843 129,408 130,413 130,958 2012 88,382 119,059 138,706 150,543 158,807 164,512 168,154 172,251 174,436 175,021 2013 56,249 121,182 168,785 199,300 216,527 227,502 234,342 248,103 252,506 255,720 2014 69,512 189,954 268,467 321,258 355,414 370,176 383,529 392,101 398,441 2015 86,695 246,616 338,642 388,640 417,736 448,867 466,868 476,769 2016 110,051 284,501 380,602 428,651 449,347 471,382 484,367 2017 111,508 274,596 448,551 485,611 507,903 520,180 2018 110,954 409,986 465,762 499,349 515,459 2019 3,907 5,821 8,070 9,024 Total 3,268,899 All outstanding liabilities prior to 2008, net of reinsurance 364 Total net reserves excluding impact of LPT/ADC Agreement 366,549 Less: Impact of LPT/ADC Agreement (334,448) Total net reserves including impact of LPT/ADC Agreement $ 32,101 9. Reserve for Loss and Loss Adjustment Expenses (continued) AmTrust Reinsurance: General Liability This reserve class consists of the General Liability portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller niche business, typically under-served by the broader insurance market, which typically have limits of $1,000. General Liability business written in the Small Commercial Business unit grew substantially following AmTrust’s renewal rights acquisition in 2014. Specialty Program business may contain a mix of exposures from retail operations, contractors, manufacturers, and other premises. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is medium tailed, and the IBNR is typically derived from the use of the initial ELR, or the FS method as claim counts emerge, for the first several years following the earning of the exposure, followed by a transition to the BF and the LD methods. 9. Reserve for Loss and Loss Adjustment Expenses (continued) General Liability Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 33,051 $ 33,792 $ 34,169 $ 35,985 $ 36,627 $ 37,605 $ 36,996 $ 40,398 $ 40,381 $ 40,017 $ 3,036 $ 121 2009 29,123 30,902 32,418 34,040 34,863 35,138 35,410 36,228 35,733 35,495 431 143 2010 34,761 36,455 38,536 38,298 41,597 42,884 43,062 45,490 44,778 44,856 330 340 2011 35,628 40,557 42,100 45,303 49,338 52,746 53,499 55,607 54,683 54,288 278 600 2012 33,445 42,450 48,851 50,800 55,991 59,948 63,429 63,704 64,052 63,615 3,450 1,426 2013 42,021 43,116 66,869 68,641 79,731 89,204 92,0

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Founding Shareholders of the Company were Michael Karfunkel, George Karfunkel and Barry Zyskind. Based on each individual's most recent public filing, Leah Karfunkel (wife of the late Michael Karfunkel), George Karfunkel and Barry Zyskind (the Company's non-executive chairman) each own or control less than 5.0% of the Company's outstanding common shares. Leah Karfunkel and George Karfunkel are directors of AmTrust, and Barry Zyskind is the chief executive officer and chairman of AmTrust. Leah Karfunkel, George Karfunkel and Barry Zyskind own or control approximately 55.2% of the ownership interests of Evergreen Parent, L.P., the ultimate parent of AmTrust. The following describes transactions that have transpired between the Company and AmTrust: AmTrust Quota Share Effective July 1, 2007, the Company and AmTrust entered into a master agreement, as amended ("Master Agreement"), by which they caused Maiden Reinsurance and AII to enter into the AmTrust Quota Share by which AII retroceded to Maiden Reinsurance an amount equal to 40% of the premium written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance and 40% of losses. The Master Agreement further provided that AII receive a ceding commission of 31% of ceded written premiums. On June 11, 2008, Maiden Reinsurance and AII amended the AmTrust Quota Share to add Retail Commercial Package Business to the Covered Business (as defined in the AmTrust Quota Share). AII receives a ceding commission of 34.375% on Retail Commercial Package Business. On July 1, 2016, the agreement was renewed through June 30, 2019. Effective July 1, 2018, the amount AEL ceded to Maiden Reinsurance was reduced to 20%. Effective July 1, 2013, for the Specialty Program portion of Covered Business only, AII was responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95%. Above and below the Loss Corridor, Maiden Reinsurance continued to reinsure losses at its proportional 40% share of the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. Any development above this maximum amount will be subject to the coverage of the LPT/ADC Agreement. Effective January 1, 2019, Maiden Reinsurance and AII entered into a partial termination amendment ("Partial Termination Amendment") which amended the AmTrust Quota Share. The Partial Termination Amendment provided for the cut-off of the ongoing and unearned premium of AmTrust’s Small Commercial Business, comprising workers’ compensation, general liability, umbrella liability, professional liability (including cyber liability) insurance coverages, and U.S. Specialty Risk and Extended Warranty ("Terminated Business") as of December 31, 2018. Under the Partial Termination Amendment, the ceding commission payable by Maiden Reinsurance for its remaining in-force business immediately prior to January 1, 2019 increased by five percentage points with respect to in-force remaining business (excluding Terminated Business) and related unearned premium as of January 1, 2019. The Partial Termination Amendment resulted in Maiden Reinsurance returning $647,980 in unearned premium to AII, or $436,760 net of applicable ceding commission and brokerage as calculated during the second quarter of 2019. Subsequently, on January 30, 2019, Maiden Reinsurance and AII agreed to terminate the remaining business subject to the AmTrust Quota Share on a run-off basis effective as of January 1, 2019. Effective July 31, 2019, Maiden Reinsurance and AII entered into a Commutation and Release Agreement which provided for AII to assume all reserves ceded by AII to Maiden Reinsurance with respect to its proportional 40% share of the ultimate net loss under the AmTrust Quota Share related to the commuted business including: (a) all losses incurred in Accident Year 2017 and Accident Year 2018 under California workers' compensation policies and as defined in the AmTrust Quota Share ("Commuted California Business"); and (b) all losses incurred in Accident Year 2018 under New York workers' compensation policies ("Commuted New York Business"), and together with the Commuted California Business ("Commuted Business") in exchange for the release and full discharge of Maiden Reinsurance's obligations to AII with respect to the Commuted Business. The Commuted Business excludes any business classified by AII as Specialty Program or Specialty Risk business. Maiden Reinsurance paid $312,786 ("Commutation Payment"), which is the sum of the net ceded reserves in the amount of $330,682 with respect to the Commuted Business as of December 31, 2018 less payments in the amount of $17,896 made by Maiden Reinsurance with respect to the Commuted Business from January 1, 2019 through July 31, 2019. The Commutation Payment was settled on August 12, 2019 and Maiden Reinsurance paid AII approximately $6,335 in interest related to the Commutation Payment premium, calculated at the rate of 3.30% per annum from January 1, 2019 through August 12, 2019. AII and Maiden Reinsurance also agreed that as of July 31, 2019, the AmTrust Quota Share was deemed amended as applicable so that the Commuted Business is no longer included as part of Covered Business under the AmTrust Quota Share. On January 30, 2019, in connection with the termination of the reinsurance agreement described above, the Company and AmTrust entered into a second amendment to the Master Agreement between the parties, originally entered into on July 3, 2007, to remove the provisions requiring AmTrust to reinsure business with the Company. European Hospital Liability Quota Share Effective April 1, 2011, Maiden Reinsurance entered into the European Hospital Liability Quota Share with AEL and AIU DAC. Pursuant to the terms of the European Hospital Liability Quota Share, Maiden Reinsurance assumed 40% of the premiums and losses related to policies classified as European Hospital Liability, including associated liability coverages and policies covering physician defense costs, written or renewed on or after April 1, 2011. 10. Related Party Transactions (continued) The European Hospital Liability Quota Share also covers policies written or renewed on or before March 31, 2011, but only with respect to losses that occur, accrue or arise on or after April 1, 2011. The maximum limit of liability attaching shall be €5,000 (€10,000 effective January 1, 2012) or currency equivalent (on a 100% basis) per original claim for any one original policy. Maiden Reinsurance paid a ceding commission of 5% on contracts assumed under the European Hospital Liability Quota Share. Effective July 1, 2016, the European Hospital Liability Quota Share was amended such that Maiden Reinsurance assumes from AEL 32.5% of the premiums and losses of all policies written or renewed on or after July 1, 2016 until June 30, 2017 and 20% of all policies written or renewed on or after July 1, 2017. Thereafter, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019. Effective July 1, 2022, Maiden Reinsurance and AIU DAC entered into an agreement ("Commutation Agreement") which provided for AIU DAC to assume all reserves ceded by AIU DAC to Maiden Reinsurance with respect to AIU DAC’s French Medical Malpractice exposures for underwriting years 2012 through 2018 reinsured by Maiden Reinsurance under the European Hospital Liability Quota Share. In accordance with the Commutation Agreement, Maiden Reinsurance paid $31,291 (€29,401) to AIU DAC, which is the sum of net ceded reserves of $27,625 (€25,956) and an agreed exit cost of $3,666 (€3,444). As a result of the Commutation Agreement, Maiden Reinsurance reduced its exposure to AmTrust's Hospital Liability business, however, it continues to have exposure to Italian medical malpractice liabilities under the European Hospital Liability Quota Share. The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Income Statements for the years ended December 31, 2022 and 2021, respectively: For the Year Ended December 31, 2022 2021 Gross and net premiums written $ (18,538) $ (5,695) Net premiums earned 9,749 25,312 Net loss and loss adjustment expenses (45,508) (3,438) Commission and other acquisition expenses (4,347) (9,747) Collateral provided to AmTrust a) AmTrust Quota Share To provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit. Maiden Reinsurance has provided appropriate collateral to secure its proportional share under the AmTrust Quota Share of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral which can include (a) assets loaned by Maiden Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts, or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf. Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share. The collateral requirements under the AmTrust Quota Share with AII was satisfied as follows: •. by lending funds of $167,975 at December 31, 2022 and 2021 pursuant to a loan agreement entered into between those parties. Advances under the loan are secured by promissory notes. This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost. Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum. The interest income on the loan was $6,202 for the year ended December 31, 2022 (2021 - $3,492) and the effective yield was 3.7% (2021 - 2.1%). •. on January 30, 2019, in connection with the termination of the reinsurance agreements described above, the Company and AmTrust amended the Loan Agreement between Maiden Reinsurance, AmTrust and AII, originally entered into on November 16, 2007, by extending the maturity date to January 1, 2025 and specifies that due to the termination of the AmTrust Quota Share, no further loans or advances may be made pursuant to the Loan Agreement; •. 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 December 31, 2022 was approximately $42,305 (2021 - $246,874) and the accrued interest was $224 (2021 - $1,171). Please refer to " Note 4. (e) Investments " for additional information. •. on January 11, 2019, a portion of the existing Trust Accounts used for collateral on the AmTrust Quota Share were converted to a funds withheld arrangement. The Company transferred $575,000 to AmTrust as a funds withheld receivable which had an annual interest rate for 2022 of 2.1%, subject to annual adjustment (2021 - 1.8%). At December 31, 2022, the balance of funds withheld was $416,835 (2021 - $575,000) and the accrued interest was $2,359 (2021 - $2,609). The interest income on the funds withheld receivable was $10,791 for the year ended December 31, 2022 (2021 - $10,350). 10. Related Party Transactions (continued) Pursuant to the terms of the LPT/ADC Agreement, Maiden Reinsurance, Cavello and AmTrust and certain of its affiliated companies entered into a Master Collateral Agreement (“MCA”) to define and enable the operation of collateral provided under the AmTrust Quota Share. Under the MCA, Cavello provided letters of credit on behalf of Maiden Reinsurance to AmTrust in an amount representing Cavello's obligations under the LPT/ADC Agreement. Because these letters of credit replaced other collateral previously provided directly by Maiden Reinsurance to AmTrust, the MCA coordinates the collateral protection that will be provided to AmTrust to ensure that no gaps in collateral funding occur by operation of the LPT/ADC Agreement and related MCA. As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required. Effective July 31, 2019, the PTEs: i) enable the operation of both the LPT/ADC Agreement and MCA by making provision for certain forms of collateral, including letters of credit provided by Cavello on Maiden Reinsurance’s behalf, and further defines the permitted use and return of collateral; and ii) increase the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to 105% of its obligations, subject to a minimum excess funding requirement of $54,000, as may be mutually amended by the parties from time to time. Under certain defined conditions, Maiden Reinsurance may be required to increase this funding percentage to 110%. Effective March 16, 2020, Maiden Reinsurance discontinued as a Bermuda company and completed its re-domestication to the State of Vermont. Bermuda is a Solvency II equivalent jurisdiction and the State of Vermont is not such a jurisdiction; therefore, the collateral provided under the respective agreements with AmTrust subsidiaries was strengthened to reflect the impact of the re-domestication concurrent with the date of Maiden Reinsurance’s re-domestication to Vermont. Maiden Reinsurance and AmTrust agreed to: 1) amend the AmTrust Quota Share pursuant to Post Termination Endorsement No. 2 effective March 16, 2020; and 2) amend the European Hospital Liability Quota Share pursuant to Post Termination Endorsement No. 1 effective March 16, 2020. Pursuant to the terms of Post Termination Endorsement No. 2 to the AmTrust Quota Share, Maiden Reinsurance strengthened the collateral protection provided by Maiden Reinsurance to AII by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to 110% of its obligations, subject to a minimum excess funding requirement of $54,000, as may be mutually amended by the parties from time to time. Post Termination Endorsement No. 2 also sets forth conditions by which the funding percentage will be reduced and the sequence of how collateral will be utilized as obligations as defined under the AmTrust Quota Share are satisfied. Pursuant to the terms of Post Termination Endorsement No. 2, Maiden Reinsurance anticipates that the funding percentage will be reduced to 107.5% no later than the first quarter of 2023. Pursuant to the terms of Post Termination Endorsement No. 1 to the European Hospital Liability Quota Share, Maiden Reinsurance strengthened the collateral protection provided by Maiden Reinsurance to AEL and AIU DAC by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to the greater of 120% of the Exposure (as defined therein) and the amount of security required to offset the increase in the Solvency Capital Requirement (“SCR”) that results from the changes in the SCR which arise out of Maiden Reinsurance's re-domestication as compared to the SCR calculation if Maiden Reinsurance had remained domesticated in a Solvency II equivalent jurisdiction with a solvency ratio above 100% and provided collateral equivalent to 100% of the Exposure. b) European Hospital Liability Quota Share Collateral has been provided to both AEL and AIU DAC under the European Hospital Liability Quota Share. For AEL, the amount of collateral held in reinsurance trust accounts at December 31, 2022 was $188,473 (2021 - $244,488) and the accrued interest was $966 (2021 - $1,273). For AIU DAC, the Company utilized funds withheld to satisfy its collateral requirements which was used to settle the Commutation Agreement on September 12, 2022. Therefore, at December 31, 2022, the funds withheld balance was $0 (2021 - $26,460) and the accrued interest was $0 (2021 - $141). AIU DAC paid Maiden Reinsurance a fixed annual interest rate of 0.5% on the average daily funds withheld balance. The interest income on the funds withheld receivable was $59 for the year ended December 31, 2022 (2021 - $147). Asset Management Agreement Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM"), a wholly owned subsidiary of AmTrust, pursuant to which AIIM agreed to provide investment management services to the Company. Effective January 1, 2018, AIIM provides investment management services for a quarterly fee of 0.02125% of the average value of the account. The agreement may be terminated upon 30 days written notice by either party. The Company recorded $417 of investment management fees for the year ended December 31, 2022 (2021 - $846) under this agreement. On September 9, 2020, Maiden Reinsurance, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden Reinsurance and AIIM, and the release by Maiden Reinsurance of AIIM's obligations under the asset management agreement. The novation mandates that AmTrust is to be bound by the terms of the asset management agreement in place of AIIM and AmTrust agrees to perform any and all past, present and future obligations of AIIM under the asset management agreement. On November 13, 2020, Maiden LF, Maiden GF, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden LF, Maiden GF and AIIM, and the release by Maiden LF and Maiden GF of AIIM's obligations under the asset management agreement. The novation mandates that AmTrust is to be bound by the terms of the asset management agreement in place of AIIM and AmTrust agrees to perform any and all past, present and future obligations of AIIM under the asset management agreement.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees a) Concentrations of Credit Risk At December 31, 2022 and 2021, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance recoverable on unpaid losses and funds withheld receivable. Please refer to " Note 8 — Reinsurance " for additional information regarding the Company's credit risk exposure on its reinsurance counterparties including the impact of the LPT/ADC Agreement effective January 1, 2019. The Company requires its reinsurers to have adequate financial strength. The Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk on an ongoing basis. Provisions are made for amounts considered potentially uncollectible. Letters of credit are provided by its reinsurers for material amounts recoverable as discussed in "Note 8 — Reinsurance". The Company manages the concentration of credit risk in its investment portfolio through issuer and sector exposure limitations. The Company believes it bears minimal credit risk in its cash on deposit. The Company also monitors the credit risk related to the loan to related party and funds withheld receivable, within which the largest balances are due from AmTrust. AmTrust has a financial strength/credit rating of A- (Excellent) from A.M. Best at December 31, 2022. To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable. The Company believes these balances as at December 31, 2022 will be fully collectible. b) Concentrations of Revenue During the year ended December 31, 2022, net premiums earned from AmTrust accounted for $9,749 or 25.8% of total net premiums earned (2021 – $25,312 or 47.8%). c) Brokers The Company formerly marketed its Diversified Reinsurance segment through third-party intermediaries as well as directly through its own marketing efforts. The majority of business within the Diversified Reinsurance segment was marketed directly through our own efforts with no significant reliance on brokers for the years ended December 31, 2022 and 2021. d) Letters of Credit At December 31, 2022, the Company had letters of credit outstanding of $40,319 (2021 - $53,566) for collateral purposes which are secured by cash and fixed maturities with a fair value of $47,110 at December 31, 2022 (2021 - $72,823). e) Employment Agreements The Company has entered into employment agreements with certain individuals. The employment agreements provide for executive benefits and severance payments under certain circumstances. f) Operating Lease Commitments The Company leases office spaces, housing, office equipment and company vehicles under various operating leases expiring in various years through 2024. The Company's leases are currently classified as operating leases and none of them have any non-lease components. For operating leases that have a lease term of more than twelve months, and whose lease payments are above a certain threshold, the Company recognizes a lease liability and a right-of-use asset in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 10%, representing its secured incremental borrowing rate, in calculating the present value of the lease liability. At December 31, 2022, the Company's future lease obligations of $300 (2021 - $473) were calculated based on the present value of future annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases discounted using its secured incremental borrowing rate. This amount has been recognized on the Consolidated Balance Sheets as a lease liability within accrued expenses and other liabilities other assets The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's weighted-average remaining lease term is 1.8 years at December 31, 2022. Under Topic 842, Leases , the Company continues to recognize the related leasing expense on a straight-line basis over the lease term on the Consolidated Statements of Income. The Company's total lease expense for the year ended December 31, 2022 was $375 (2021 - $613) recognized within net income consistent with the prior accounting treatment under Topic 840. 11. Commitments, Contingencies and Guarantees (continued) g) Investment Commitments and Related Financial Guarantees The Company had total unfunded commitments on alternative investments of $112,989 at December 31, 2022 (2021 - $121,627) which included commitments for other investments, private equity securities and equity method investments. The table below shows the total unfunded commitments by type of investment as at December 31, 2022 and 2021: December 31, 2022 2021 Fair Value % of Total Fair Value % of Total Private equity funds $ 54,996 48.7 % $ 46,149 37.9 % Private credit funds 13,906 12.3 % 4,897 4.0 % Investments in direct lending entities — — % 13,216 10.9 % Other privately held investments 705 0.6 % 4,000 3.3 % Total unfunded commitments on other investments 69,607 61.6 % 68,262 56.1 % Total unfunded commitments on equity securities 16,509 14.6 % 27,415 22.6 % Total unfunded commitments on equity method investments 26,873 23.8 % 25,950 21.3 % Total unfunded commitments on alternative investments $ 112,989 100.0 % $ 121,627 100.0 % Certain of the Company's investments in limited partnerships are related to real estate joint ventures with interests in multi-property projects with varying strategies ranging from the development of properties to the ownership of income-producing properties. In certain of these joint ventures, the Company has provided certain indemnities, guarantees and commitments to certain parties such that it may be required to make payments now or in the future. Any loss for which the Company could be liable would be contingent on the default of a loan by the real estate joint venture entity for which the Company provided a financial guarantee to a lender. While the Company has committed to aggregate limits as to the amount of guarantees it will provide as part of its limited partnerships, guarantees are only provided on an individual transaction basis and are subject to the terms and conditions of each transaction mutually agreed by the parties involved. The Company is not bound to such guarantees without its express authorization. As discussed above, at December 31, 2022, guarantees of $42,141 (2021 - $33,305) were provided to lenders by the Company on behalf of real estate joint ventures, however, the likelihood of the Company incurring any losses pertaining to project level financing guarantees was determined to be remote. Therefore, no liability has been accrued under ASC 450-20. h) Other Collateral In the ordinary course of business, the Company enters into reinsurance agreements that may include terms which could require the Company to collateralize certain of its obligations as further discussed in Note 8 — Reinsurance and Note 10 — Related Party Transactions . i) Deposit Insurance The Company maintains cash and cash equivalents balances at financial institutions in the U.S., Bermuda and other international jurisdictions. In the U.S., the Federal Deposit Insurance Corporation secures accounts up to $250. In certain other international jurisdictions, there exist similar protections. Management monitors balances in excess of insured limits and believes they do not represent a significant credit risk to the Company. j) Legal Proceedings Except as noted below, the Company is not a party to any material legal proceedings. The Company may become involved in various claims and legal proceedings, including arbitrations, that arise in the normal course of its business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Based on the Company's opinion, the eventual outcome of these legal proceedings are not likely to have a material adverse effect on its financial condition, results of operations or liquidity. In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistleblowing in violation of the whistleblower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged that he was terminated for raising concerns regarding corporate governance with respect to the negotiation of the terms of the Trust Preferred Securities Offering. He seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, back pay and legal fees incurred. 11. Commitments, Contingencies and Guarantees (continued) 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. On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge. The administrative hearing began in September 2014 and concluded in November 2018. On September 2, 2021, Administrative Law Judge Theresa C. Timlin of the U.S. Department of Labor issued a decision and order which denied Mr. Turin’s complaint in full. On September 16, 2021, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. The Company believes that it had good and sufficient reasons for terminating Mr. Turin's employment and that the claim is without merit. The Company will continue to vigorously defend itself against this claim. A putative class action complaint was filed against Maiden Holdings, Arturo M. Raschbaum, Karen L. Schmitt, and John M. Marshaleck in the United States District Court for the District of New Jersey on February 11, 2019. On February 19, 2020, the Court appointed lead plaintiffs, and on May 1, 2020, lead plaintiffs filed an amended class action complaint (the “Amended Complaint”).The Amended Complaint asserts violations of Section 10(b) of the Exchange Act and Rule 10b-5 (and Section 20(a) for control person liability) arising in large part from allegations that Maiden failed to take adequate loss reserves in connection with reinsurance provided to AmTrust. Plaintiffs further claim that certain of Maiden Holdings’ representations concerning its business, underwriting and financial statements were rendered false by the allegedly inadequate loss reserves, that these misrepresentations inflated the price of Maiden Holdings' common stock, and that when the truth about the misrepresentations was revealed, the Company’s stock price fell, causing Plaintiffs to incur losses. On September 11, 2020, a motion to dismiss was filed on behalf of all Defendants. On August 6, 2021, the Court issued an order denying, in part, Defendants’ motion to dismiss, ordering Plaintiffs to file a shorter amended complaint no later than August 20, 2021, and permitting discovery to proceed on a limited basis. On February 7, 2023, the District Court denied Plaintiffs’ motion for reconsideration of the District Court’s decision denying Plaintiffs’ objection to the Magistrate Judge’s December 2021 ruling on discovery. The Company expects to file a dispositive motion in the near future. We believe the claims are without merit and we intend to vigorously defend ourselves. It is possible that additional lawsuits will be filed against the Company, its subsidiaries and its respective officers due to the diminution in value of our securities as a result of our operating results and financial condition. It is currently uncertain as to the effect of such litigation on our business, operating results and financial condition.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2022
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 Year Ended December 31, 2022 2021 Numerator: Net (loss) income $ (60,041) $ 26,645 Gain from exchange of preference shares – Series A, C and D 87,240 — Gain from repurchase of preference shares – Series A, C and D 28,233 90,998 Amount allocated to participating common shareholders (1) (314) (1,021) Net income allocated to Maiden common shareholders $ 55,118 $ 116,622 Denominator: Weighted average number of common shares – basic 87,112,711 86,068,278 Potentially dilutive securities: Share options and restricted share units (2) 1,263 4,389 Adjusted weighted average common shares – diluted 87,113,974 86,072,667 Basic and diluted earnings per share attributable to Maiden common shareholders $ 0.63 $ 1.35 (1) This represents the share in net income using the two-class method for holders of non-vested restricted shares issued to the Company's employees under the 2019 Omnibus Incentive Plan. (2) Please refer to "Note 6 — Shareholders' Equity" and "Note 14 — Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements for the terms and conditions of securities that could potentially be dilutive in the future. For the year ended December 31, 2022, there were 1,263 potentially dilutive securities (2021 - 4,389).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Under current Bermuda law, Maiden Holdings received an undertaking from the Bermuda government exempting them from all local income, withholding and capital gains taxes until March 31, 2035. At the present time, no such taxes are levied in Bermuda. Maiden Holdings believes that they operate in a manner such that they will not be considered to be engaged in a trade or business in the U.S. Accordingly, Maiden Holdings has not recorded any provision for U.S. taxation. Maiden NA files a consolidated federal income tax return for the Company’s U.S. based subsidiaries, including Maiden Reinsurance, which re-domesticated to Vermont on March 16, 2020 and, as a result, became subject to U.S. taxes. Maiden NA has Net Operating Loss carry-forwards ("NOL") and other Deferred Tax Assets (“DTA”) and Deferred Tax Liabilities (“DTL”) that are not presently recognized as a net DTA because a full valuation allowance is currently carried against them. Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes was determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should our U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Tax years 2019 to 2021 are subject to examination in the U.S by the Internal Revenue Service. The Company has subsidiary operations in various other locations around the world, including Canada, Ireland, Sweden and the United Kingdom, that are subject to relevant taxes in those jurisdictions. These subsidiaries are not under examination but generally remain subject to examination in all applicable jurisdictions for tax years from 2018 through 2022. Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries as it is the intention that such earnings will remain reinvested or will not be taxable. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding tax in the country of the paying entity. Currently, however, no withholding taxes have been accrued. There were no unrecognized tax benefits at December 31, 2022 and 2021. Total (loss) income before income taxes and total income tax (benefit) expense for the years ended December 31, 2022 and 2021 are as follows: For the Year Ended December 31, 2022 2021 Loss before income taxes – Domestic (Bermuda) $ (20,509) $ (23,345) (Loss) income before income taxes – Foreign (U.S. and others) (40,089) 50,005 Total (loss) income before income taxes $ (60,598) $ 26,660 Current tax expense – Domestic (Bermuda) $ — $ — Current tax (benefit) expense – Foreign (U.S. and others) (478) 244 Total current tax (benefit) expense (478) 244 Deferred tax expense – Domestic (Bermuda) — — Deferred tax benefit – Foreign (U.S. and others) (79) (229) Total deferred tax benefit (79) (229) Total income tax (benefit) expense $ (557) $ 15 The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2022 and 2021 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to the Company's loss before income taxes: For the Year Ended December 31, 2022 2021 (Loss) income before income taxes $ (60,598) $ 26,660 Less: income tax (benefit) expense (557) 15 Net (loss) income $ (60,041) $ 26,645 Reconciliation of effective tax rate (% of income before income taxes) Bermuda tax rate — % — % U.S. taxes at statutory rates 36.5 % 24.3 % Valuation allowance in respect of U.S. taxes (36.5) % (22.3) % Other jurisdictions 0.9 % (1.9) % Actual tax rate 0.9 % 0.1 % 13. Income Taxes (continued) Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of the Company's deferred tax assets and liabilities at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Deferred tax assets: Net operating losses $ 58,939 $ 48,346 Unearned premiums 2,813 4,202 Capital loss carry-forward 3,036 2,831 Net unrealized losses on investments 23,276 2,236 Discounting of net loss and LAE reserves 22,964 30,423 Interest limitation — 11 Deferred gain on retroactive reinsurance 11,032 10,282 Others 1,175 840 Deferred tax assets before valuation allowance 123,235 99,171 Valuation allowance 116,237 90,077 Deferred tax assets, net 6,998 9,094 Deferred tax liabilities: Deferred commission and other acquisition expenses 5,767 8,201 Others 56 53 Deferred tax liabilities 5,823 8,254 Net deferred tax asset $ 1,175 $ 840 The net deferred tax asset at December 31, 2022 was $1,175 (2021 - $840). A valuation allowance has been established against the net U.S. deferred tax assets which is primarily attributable to net operating losses and capital losses. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. net deferred tax assets as more evidence is needed regarding the utilization of these losses. During 2022, the Company recorded an increase in the valuation allowance of $26,160 (2021 - decrease of $6,337). At December 31, 2022, the Company has available net operating loss carry-forwards of $280,664 (2021 - $230,220) for income tax purposes which expire beginning in 2029. At December 31, 2022, the Company also has a capital loss carry-forward of $14,458 (2021 - $13,483) which will expire in beginning in 2023.

Share Compensation and Pension

Share Compensation and Pension Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share Compensation and Pension Plans	Share Compensation and Pension Plans The Company’s Amended and Restated 2007 Share Incentive Plan ("2007 Plan") provided for grants of options, restricted shares and restricted share units. New shares were issued upon exercise of options and vesting of restricted shares and share units. The total number of common shares currently reserved for issuance under the Plan was 10,000,000. The 2007 Plan was administered by the Compensation Committee of the Board of Directors (the "Compensation Committee"). 2019 Omnibus Incentive Plan During the 2019 Annual General Meeting of Shareholders of the Company held on December 10, 2019, the 2007 Plan was terminated, assumed by and replaced with the 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"). The Company filed the Form S-8 "Securities offered to employees pursuant to employee benefit plans" with the SEC on January 20, 2020, which covers the offer and resale of up to 11,289,956 of the Company's common shares. Such shares may be offered and sold from time to time by certain officers and directors of the Company who have acquired or will acquire shares pursuant to the 2019 Omnibus Plan. The 2019 Omnibus Plan is administered by the Compensation Committee. Share Options Exercise prices of options are established at or above the fair market value of the Company’s common shares at the date of grant. Under the 2019 Omnibus Plan, unless otherwise determined by the Committee and provided in an award agreement, 25% of the options will become exercisable on the first anniversary of the grant date, with an additional 6.25% of the options vesting each quarter thereafter based on the grantee’s continued employment over a four-year period, and will expire ten years after grant date. The fair value of each option grant is separately estimated for each vesting date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company has estimated the fair value of all share option awards on the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. This table shows all share option activity under the 2019 Omnibus Plan for the years ended December 31, 2022 and 2021: Number of Weighted Weighted Aggregate Range of Option Exercise Prices (Low to High) Outstanding, December 31, 2020 264,500 $ 9.22 4.72 years $ — $1.31 $13.98 Expired (49,500) 10.57 Outstanding, December 31, 2021 215,000 8.91 4.28 years 13 1.31 13.98 Exercised (7,500) 1.31 7 Expired (57,250) 7.20 Forfeited (6,250) 7.20 Outstanding, December 31, 2022 144,000 9.72 3.40 years — 3.24 13.98 Total exercisable, December 31, 2022 144,000 9.72 3.40 years — 3.24 13.98 The weighted average grant date fair value is $2.29 (2021 - $2.13) for all options outstanding at December 31, 2022. There was $0 (2021 - $1) of total unrecognized compensation cost related to non-vested options outstanding at December 31, 2022. There were 7,500 share options exercised during the year ended December 31, 2022 (2021 - zero). Restricted Shares The fair value of each restricted share is determined based on the market value of the Company's common shares on the date of grant. The total estimated fair value is amortized as an expense on a straight-line basis over the requisite service period as determined by the Committee, which varies between zero Non-Performance-Based ("NPB") Restricted Shares It is the Company's intention that annually, on or around June 1, each non-employee director will receive a grant of $65 worth of compensation which, if non-cash compensation, will vest on the first anniversary of the grant. On an annual basis, the Company grants each non-employee director $65 worth of compensation in the form of either restricted shares, which vest on the first anniversary of the grant, share options or cash. For the year ended December 31, 2022, the Company issued a total of 382,436 (2021 - 238,750) restricted shares to non-employee directors as well as employees for compensation related to their services. The restricted shares for non-employee directors were issued on June 1, 2022 pursuant to the 2019 Omnibus Plan and vest in full on June 1, 2023. The restricted shares issued to other employees will vest after two years of service. The total fair value of NPB Restricted Shares that vested during the year ended December 31, 2022 was $455 (2021 - $1,442). 14. Share Compensation and Pension Plans (continued) Discretionary Performance-Based ("PB") Restricted Shares During the year ended December 31, 2022, a total of 724,702 (2021 - 1,322,410) restricted shares were granted to senior management and employees pursuant to the 2019 Omnibus Plan, of which 724,702 (2021 - 1,322,410) restricted shares vested immediately. The remaining restricted shares issued to other senior employees vested within two years of service. The total fair value of PB Restricted Shares that vested during the year ended December 31, 2022 was $2,148 (2021 - $3,623). The following table shows the summary of activity for the Company's restricted share awards: Non-Performance-Based Restricted Shares Discretionary Performance-Based Restricted Shares Number of Weighted Average Grant-Date Fair Value Number of Weighted Average Grant-Date Fair Value Non-vested at December 31, 2020 1,243,270 $ 1.22 238,294 $ 1.26 Awards granted 238,750 3.44 1,322,410 2.74 Awards vested (1,178,522) 1.22 (1,322,410) 2.74 Awards forfeited (54,166) 1.20 (200) 1.26 Non-vested at December 31, 2021 249,332 3.35 238,094 1.26 Awards granted 382,436 2.51 724,702 2.55 Awards vested (137,677) 3.30 (962,796) 2.23 Awards forfeited (1,628) 3.07 — — Non-vested at December 31, 2022 492,463 2.71 — — Total unrecognized compensation cost of $567 related to restricted shares at December 31, 2022, which will be recognized during the next 0.90 years. Total share-based expense for the year ended December 31, 2022 was $2,740 (2021 - $4,771). Pension Plans The Company provides pension benefits to eligible employees principally through its sponsorship of various defined contribution plans which vary by subsidiary. The Company’s total expenses for its defined contribution pension plans for the year ended December 31, 2022 was $707 (2021 - $764).

Statutory Requirements and Divi

Statutory Requirements and Dividend Restrictions	12 Months Ended
	Dec. 31, 2022
Statutory Financial Information [Abstract]
Statutory Requirements and Dividend Restrictions	Statutory Requirements and Dividend Restrictions Our insurance and reinsurance operations are subject to insurance and/or reinsurance laws and regulations in the jurisdictions in which they operate. These regulations include certain liquidity and solvency requirements whereby restrictions are imposed on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities. The statutory capital and surplus and statutory net (loss) income of our principal operating subsidiaries in their respective jurisdictions were as follows: Maiden Reinsurance (a) Maiden LF (b) Maiden GF (b) Statutory Capital and Surplus December 31, 2022 $ 898,137 $ 7,807 $ 8,471 December 31, 2021 999,843 8,250 9,972 Statutory Net Income (Loss) For the Year Ended December 31, 2022 $ (88,240) $ (507) $ (289) For the Year Ended December 31, 2021 36,309 (899) (1,018) a) United States of America Under Vermont statutory regulations, no captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the Commissioner. Notwithstanding the provisions of 11B Vermont Statutes Annotated chapter 13, a captive insurance may make such distributions as are in conformity with its purposes and approved by the Commissioner. In the second quarter of 2022, the Vermont DFR approved an annual dividend program to be paid by Maiden Reinsurance to Maiden NA, with notification to the Vermont DFR as dividends are paid. Subsequent to that approval, Maiden Reinsurance paid $18,750 in dividends to Maiden NA during the year ended December 31, 2022. Maiden Reinsurance is also required to maintain minimum levels of solvency and liquidity as determined by Vermont law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as specified by the National Association of Insurance Commissioners ("NAIC"). RBC is used to evaluate the adequacy of capital and surplus maintained by Maiden Reinsurance in relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate risk and (iv) business risk. At December 31, 2022, Maiden Reinsurance's statutory capital and surplus exceeded the amount required to be maintained of $106,976 as of that date. b) Sweden The Company has two Swedish domiciled insurance subsidiaries in Sweden, Maiden LF and Maiden GF, both regulated by the Swedish Finansinspektionen ("Swedish FSA"). Maiden LF was required to maintain a minimum level of statutory capital and surplus of $4,341 at December 31, 2022 (2021 - $4,207). This requirement was met by Maiden LF throughout the respective years. LF's statutory assets were $15,812 at December 31, 2022 (2021 - $17,545) and its statutory capital and surplus was $7,807 at December 31, 2022 (2021 - $8,250). Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to Maiden Holdings. As of December 31, 2022 and 2021, Maiden LF was not allowed to pay dividends or distributions without the permission of the Swedish FSA. No dividends were paid during the years ended December 31, 2022 and 2021. Maiden GF was required to maintain a minimum level of statutory capital and surplus of $5,616 at December 31, 2022 (2021 - $5,059). This requirement was met by Maiden GF throughout the respective years. GF's statutory assets were $13,500 at December 31, 2022 (2021 - $15,573) and its statutory capital and surplus was $8,471 at December 31, 2022 (2021 - $9,972). Maiden GF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden GF to Maiden Holdings. As of December 31, 2022, Maiden GF was not allowed to pay dividends or distributions without the permission of the Swedish FSA. No dividends were paid during the years ended December 31, 2022 and 2021.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Reporting and Consolidation	Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.
Estimates	Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), deferred gain on retroactive reinsurance; recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld and deferred commission and other acquisition expenses; valuation of financial instruments and deferred tax assets; and the determination of other-than-temporary impairment ("OTTI") of investments.
Investments	Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of accumulated other comprehensive income ("AOCI") in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments - These investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2022 and 2021. Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks. The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using a combination of observable and unobservable inputs including but not limited to market pricing data and quarterly financial statements. Any unrealized gains or losses on the investment, including the portion attributable to changes in foreign exchange rates, are recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine their fair values. Other investments — The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944-325, "Financial Services - Insurance - Investments - Other" ("ASC 944-325"). Other investments are comprised of the following types of investments: • Privately held investments: These are direct equity investments in common and preferred stock of privately held entities. The fair values are estimated using guideline public company data to determine a price-to-book ratio trading multiple which was applied to book values shown on the quarterly financial statements as well as recent private market transactions. These investments are also comprised of investments in insurtech and other insurance focused companies. The fair value of start-up insurance entities are determined using recent private market transactions where applicable. Any changes in fair value are reported in net realized and unrealized gains (losses) and recognized in net earnings. • Private credit funds: These are privately held equity investments in limited partnerships or common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. • Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures . The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. • Investments in direct lending entities: These investments are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. The valuation of other investments is further described in Note 5 — Fair Value Measurements . Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss, net of any contributions and distributions received. 2. Significant Accounting Policies (continued) Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of these investments are recorded in net income (loss) as the interest in income (loss) of equity method investments. The Company records its share of the investee’s other comprehensive income ("OCI") activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's AOCI. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the constant yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. On a quarterly basis, all potentially impaired securities are reviewed to determine whether the impairment is temporary or OTTI. OTTI assessments are inherently judgmental, especially where securities have experienced severe declines in fair value over a short period. The Company's review process begins with a quantitative analysis to identify securities to be further evaluated for potential classification as OTTI. For all identified securities, further fundamental analysis is performed that considers, but is not limited to, the following quantitative and qualitative factors: historic and implied volatility of the security; length of time and extent to which the fair value has been less than amortized cost; adverse conditions specifically related to the security or to specific conditions in an industry or geographic area; failure, if any, of the issuer of the security to make scheduled payments; and recoveries or additional declines in fair value subsequent to the balance sheet date. The Company recognizes OTTI losses within earnings for its impaired fixed maturity securities (i) for which the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery and (iii) for those securities which have a credit loss. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security with the amortized cost basis of the security. In instances in which a determination is made that an impairment exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the impairment is separated into (i) the amount of the total impairment related to the credit loss and (ii) the amount of the total impairment related to all other factors. The amount of the total OTTI related to the credit loss is recognized in earnings. The amount of the total OTTI related to all other factors is recognized in OCI. In periods after the recognition of OTTI on the fixed maturity securities, the Company accounts for such securities as if they had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. For fixed maturity securities in which an OTTI loss was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be amortized into net investment income.
Fair Value Measurements	Fair Value Measurements — 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 in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: • Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; • Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and • Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use, developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. 2. Significant Accounting Policies (continued) To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy. The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause a financial instrument to be reclassified between hierarchy levels. For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives quoted market prices from a third party nationally recognized Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that investment being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas.
Premiums and Related Expenses	Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2022 and 2021. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned.
Loss and LAE	Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development.
Reinsurance and Retroactive Reinsurance	Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. 2. Significant Accounting Policies (continued) Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. Retroactive Reinsurance - Retroactive reinsurance agreements are those in which a reinsurer agrees to reimburse the ceding company for liabilities incurred as a result of past insurable loss events. We do not record any income or expense on recognition of the reinsurance contract's assets and liabilities at inception, except for any gains realized as a result of bargain purchase acquisitions which are recorded as part of foreign exchange and other gains (losses) immediately in income. Any subsequent remeasurement of the value of liabilities is recorded to net loss and LAE within the Consolidated Statements of Income. For ceded retroactive agreement, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately.
Debt Obligations and Deferred Debt Issuance Costs	Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the contractual life of the debt. The amortization of these costs are included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of issuance costs is presented as a deduction from the related principal liability for senior notes in the Consolidated Balance Sheets.
Leases	Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 10%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the lease term in the Company's Consolidated Statements of Income. Derivative Instruments — The Company has certain reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of the underwriting-related derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contract. The fair value changes in underwriting-related derivative instruments is included within other insurance (expense) revenue. The underwriting-related derivative liability is presented as part of accrued expenses and other liabilities in the Consolidated Balance Sheets and adjusted as a non-cash item in net cash flows from operating activities in the Consolidated Statement of Cash Flows.
Income Taxes	Income Taxes — The Company accounts for income taxes using ASC Topic 740 " Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. 2. Significant Accounting Policies (continued) In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2022 and 2021.
Share-Based Compensation Expense	Share-Based Compensation Expense — Pursuant to the 2019 Omnibus Incentive Plan, the Company is authorized to issue restricted share awards and performance-based restricted shares, share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options and restricted share grants based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for if and when they occur. The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in the Consolidated Shareholders’ Equity.
Earnings Per Share	Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of share options, and unvested restricted shares units. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain employees and directors is considered a participating security and the two-class method is used to calculate net income attributable to Maiden common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities.
Treasury Shares	Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholding in respect of tax obligations on the vesting of restricted shares and performance based shares. Treasury shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets. Treasury shares also include common shares owned by Maiden Reinsurance due to the Exchange which are eliminated for accounting and financial reporting purposes in the Company’s consolidated financial statements. The common shares held by Maiden Reinsurance are presented as treasury shares on the Consolidated Balance Sheet at December 31, 2022. Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share. Common share issuance costs incurred directly as a result of the Exchange have been deferred and offset against additional paid-in capital of the new common shares issued to non-affiliates.
Foreign Currency Transactions	Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards Updates No new accounting standards have been recently adopted for the year ended December 31, 2022. Recently Issued Accounting Standards Not Yet Adopted Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13 "Financial Instruments: Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. 2. Significant Accounting Policies (continued) ASU 2016-13 also modified the accounting for AFS debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities . Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the current OTTI methodology. In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20 , regardless of the measurement basis of those recoverables. The Company's reinsurance recoverable on unpaid losses is currently the most significant financial asset within the scope of ASU 2016-13. The guidance is effective for public business entities, excluding entities eligible to be smaller reporting companies ("SRCs") as defined by the SEC, for annual periods beginning after December 15, 2019, and interim periods therein. The guidance is effective for all other entities, including public entities eligible to be SRCs, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As of December 31, 2022, the Company qualified for SRC status, as determined on the last business day of its most recent second quarter, and thus remains eligible to follow the reporting deadlines and effective dates applicable to SRCs. Therefore, Topic 326 will be adopted by the Company on January 1, 2023. The Company has evaluated the impact of this guidance on its results of operations, financial condition and liquidity and has determined that a $5,586 allowance for expected credit losses will be necessary on the reinsurance recoverable on unpaid losses and other investments held at the time of adoption on January 1, 2023. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, FASB issued Accounting Standards Update ("ASU") 2022-03 " Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820). The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restrictions; and any circumstances that could cause a lapse in the restrictions. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Certain of the Company's equity securities are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods as described in " Note 4. (b) Investments". The Company is currently assessing the required disclosures for equity securities that may be subject to contractual sales restrictions. These amendments only impact disclosures made in "Note 4. Investments" therefore, the adoption of this standard will not impact the Company’s consolidated balance sheets, results of operations or statement of cash flows.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Underwriting results and reconciliation from reportable segments and other's category net income (loss) to consolidated	The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net income: For the Year Ended December 31, 2022 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 24,017 $ (18,538) $ 5,479 Net premiums written $ 23,620 $ (18,538) $ 5,082 Net premiums earned $ 27,983 $ 9,749 $ 37,732 Other insurance expense (4,530) — (4,530) Net loss and LAE (12,483) (45,508) (57,991) Commission and other acquisition expenses (14,164) (4,347) (18,511) General and administrative expenses (8,857) (2,777) (11,634) Underwriting loss $ (12,051) $ (42,883) (54,934) Reconciliation to net loss Net investment income and net realized and unrealized losses on investment 24,930 Interest and amortization expenses (19,331) Foreign exchange and other gains, net 8,255 Other general and administrative expenses (19,313) Income tax expense 557 Interest in loss from equity method investments (205) Net loss $ (60,041) For the Year Ended December 31, 2021 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 16,633 $ (5,695) $ 10,938 Net premiums written $ 16,098 $ (5,695) $ 10,403 Net premiums earned $ 27,681 $ 25,312 $ 52,993 Other insurance revenue 1,067 — 1,067 Net loss and LAE (4,286) (3,021) (7,307) Commission and other acquisition expenses (15,093) (9,747) (24,840) General and administrative expenses (7,827) (2,514) (10,341) Underwriting income $ 1,542 $ 10,030 11,572 Reconciliation to net income Net investment income and net realized and unrealized gains on investment 44,661 Interest and amortization expenses (19,327) Foreign exchange and other gains, net 7,685 Other general and administrative expenses (25,679) Income tax expense (15) Interest in income from equity method investments 7,748 Net income $ 26,645
Reconciliation of assets from segment to consolidated	The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2022 and 2021: December 31, 2022 Diversified Reinsurance AmTrust Reinsurance Total Reinsurance balances receivable, net $ 2,213 $ 8,395 $ 10,608 Reinsurance recoverable on unpaid losses 5,596 490,408 496,004 Deferred commission and other acquisition expenses 1,344 23,632 24,976 Loan to related party — 167,975 167,975 Restricted cash and cash equivalents and investments 61,223 235,607 296,830 Funds withheld receivable 24,577 416,835 441,412 Other assets 2,337 — 2,337 Total assets - reportable segments 97,290 1,342,852 1,440,142 Corporate assets — — 406,724 Total Assets $ 97,290 $ 1,342,852 $ 1,846,866 December 31, 2021 Diversified Reinsurance AmTrust Reinsurance Total Reinsurance balances receivable, net $ 1,927 $ 17,471 $ 19,398 Reinsurance recoverable on unpaid losses 2,979 490,860 493,839 Deferred commission and other acquisition expenses 2,533 34,170 36,703 Loan to related party — 167,975 167,975 Restricted cash and cash equivalents and investments 83,143 499,004 582,147 Funds withheld receivable 34,952 601,460 636,412 Other assets 582 — 582 Total assets - reportable segments 126,116 1,810,940 1,937,056 Corporate assets — — 385,554 Total Assets $ 126,116 $ 1,810,940 $ 2,322,610
Schedule of gross and net premiums written and net premiums earned by geographic location	The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2022 and 2021. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries. For the Year Ended December 31, 2022 2021 Gross premiums written – North America $ (14,600) $ (7,649) Gross premiums written – Other (predominantly Europe) 20,079 18,587 Gross premiums written – Total $ 5,479 $ 10,938 Net premiums written – North America $ (14,396) $ (7,320) Net premiums written – Other (predominantly Europe) 19,478 17,723 Net premiums written – Total $ 5,082 $ 10,403 Net premiums earned – North America $ (14,383) $ (6,948) Net premiums earned – Other (predominantly Europe) 52,115 59,941 Net premiums earned – Total $ 37,732 $ 52,993
Schedule of net premiums by major line of business	The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Diversified Reinsurance International $ 23,620 $ 16,098 Total Diversified Reinsurance 23,620 16,098 AmTrust Reinsurance Small Commercial Business (15,143) (6,445) Specialty Program 747 (876) Specialty Risk and Extended Warranty (4,142) 1,626 Total AmTrust Reinsurance (18,538) (5,695) Total Net Premiums Written $ 5,082 $ 10,403 The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Total % of Total Total % of Total Diversified Reinsurance International $ 27,983 74.2 % $ 27,681 52.2 % Total Diversified Reinsurance 27,983 74.2 % 27,681 52.2 % AmTrust Reinsurance Small Commercial Business (15,131) (40.1) % (6,095) (11.5) % Specialty Program 748 2.0 % (853) (1.6) % Specialty Risk and Extended Warranty 24,132 63.9 % 32,260 60.9 % Total AmTrust Reinsurance 9,749 25.8 % 25,312 47.8 % Total Net Premiums Earned $ 37,732 100.0 % $ 52,993 100.0 %

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of Investments [Abstract]
Amortized cost, gross unrealized gains and losses and fair value on fixed maturities	The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2022 and 2021 are as follows: December 31, 2022 Original or Gross Gross Fair value U.S. treasury bonds $ 55,647 $ 1 $ (116) $ 55,532 U.S. agency bonds – mortgage-backed 38,767 — (4,402) 34,365 Collateralized mortgage-backed securities 7,199 — (432) 6,767 Non-U.S. government bonds 12,643 — (825) 11,818 Collateralized loan obligations 119,120 — (5,028) 114,092 Corporate bonds 97,063 — (5,110) 91,953 Total fixed maturity investments $ 330,439 $ 1 $ (15,913) $ 314,527 December 31, 2021 Original or Gross Gross Fair value U.S. treasury bonds $ 59,989 $ — $ (110) $ 59,879 U.S. agency bonds – mortgage-backed 96,554 2,429 (193) 98,790 Collateralized mortgage-backed securities 14,972 565 — 15,537 Non-U.S. government bonds 3,163 113 — 3,276 Collateralized loan obligations 183,974 140 (5,093) 179,021 Corporate bonds 236,692 10,094 (6,144) 240,642 Total fixed maturity investments $ 595,344 $ 13,341 $ (11,540) $ 597,145
Contractual maturities of fixed maturities	The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities December 31, 2022 Amortized cost Fair value Maturity Due in one year or less $ 72,870 $ 72,571 Due after one year through five years 76,439 72,883 Due after five years through ten years 16,044 13,849 165,353 159,303 U.S. agency bonds – mortgage-backed 38,767 34,365 Collateralized mortgage-backed securities 7,199 6,767 Collateralized loan obligations 119,120 114,092 Total fixed maturities $ 330,439 $ 314,527
Schedule of fixed maturities in an unrealized loss position and aggregate fair value	The following tables summarize fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: Less than 12 Months 12 Months or More Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury bonds $ 53,094 $ (114) $ 148 $ (2) $ 53,242 $ (116) U.S. agency bonds – mortgage-backed 31,394 (3,697) 2,971 (705) 34,365 (4,402) Collateralized mortgage-backed securities 6,768 (432) — — 6,768 (432) Non-U.S. government bonds 11,818 (825) — — 11,818 (825) Collateralized loan obligations 17,959 (1,032) 96,133 (3,996) 114,092 (5,028) Corporate bonds 87,212 (4,325) 4,740 (785) 91,952 (5,110) Total temporarily impaired fixed maturity securities $ 208,245 $ (10,425) $ 103,992 $ (5,488) $ 312,237 $ (15,913) Less than 12 Months 12 Months or More Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury bonds $ 59,879 $ (110) $ — $ — $ 59,879 $ (110) U.S. agency bonds – mortgage-backed 4,415 (193) — — 4,415 (193) Collateralized loan obligations 117,148 (5,057) 5,064 (36) 122,212 (5,093) Corporate bonds 38,537 (2,775) 27,852 (3,369) 66,389 (6,144) Total temporarily impaired fixed maturity securities $ 219,979 $ (8,135) $ 32,916 $ (3,405) $ 252,895 $ (11,540)
Summary of the credit ratings of fixed maturities	The following tables summarize the credit ratings of our fixed maturity securities as at December 31, 2022 and 2021: December 31, 2022 Amortized cost Fair value % of Total U.S. treasury bonds $ 55,647 $ 55,532 17.7 % U.S. agency bonds 38,767 34,365 10.9 % AAA 112,775 108,136 34.4 % AA+, AA, AA- 23,974 22,640 7.2 % A+, A, A- 38,549 35,996 11.4 % BBB+, BBB, BBB- 55,374 53,094 16.9 % BB+ or lower 5,353 4,764 1.5 % Total fixed maturities (1) $ 330,439 $ 314,527 100.0 % December 31, 2021 Amortized cost Fair value % of Total U.S. treasury bonds $ 59,989 $ 59,879 10.0 % U.S. agency bonds 96,554 98,790 16.6 % AAA 161,179 156,706 26.2 % AA+, AA, AA- 38,999 39,140 6.6 % A+, A, A- 99,748 99,962 16.7 % BBB+, BBB, BBB- 126,770 129,618 21.7 % BB+ or lower 12,105 13,050 2.2 % Total fixed maturities (1) $ 595,344 $ 597,145 100.0 %
Portfolio of other investments	The table below shows the composition of the Company's other investments as at December 31, 2022 and 2021: December 31, 2022 2021 Carrying Value % of Total Carrying Value % of Total Privately held equity investments $ 34,014 22.9 % $ 30,500 25.9 % Private credit funds 24,374 16.4 % 20,922 17.8 % Private equity funds 34,278 23.0 % 23,324 19.8 % Total other investments at fair value 92,666 62.3 % 74,746 63.5 % Investments in direct lending entities (at cost) 56,087 37.7 % 42,976 36.5 % Total other investments $ 148,753 100.0 % $ 117,722 100.0 %
Schedule of cost and fair values of the equity securities	The following table provides the cost and fair values of the equity securities held at December 31, 2022 and 2021: December 31, 2022 2021 Cost Fair Value Cost Fair Value Publicly traded equity investments in common stocks $ 559 $ 386 $ 559 $ 1,174 Privately held common stocks 32,775 32,290 21,869 22,029 Privately held preferred stocks 7,175 10,945 800 800 Total equity securities $ 40,509 $ 43,621 $ 23,228 $ 24,003
Equity method investments	The table below shows the carrying value of the Company's equity method investments as of December 31, 2022 and 2021: December 31, 2022 2021 Carrying Value % of Total Carrying Value % of Total Real estate investments $ 40,944 51.1 % $ 44,050 52.6 % Hedge fund investments 5,376 6.7 % 32,929 39.3 % Other investments 33,839 42.2 % 6,763 8.1 % Total equity method investments $ 80,159 100.0 % $ 83,742 100.0 %
Net investment income	Net investment income was derived from the following sources for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Fixed maturities $ 9,736 $ 19,146 Income on funds withheld 11,117 10,623 Interest income from loan to related party 6,202 3,492 Cash and cash equivalents and other investments 3,415 1,100 30,470 34,361 Investment expenses (400) (2,348) Net investment income $ 30,070 $ 32,013
Analysis of realized and unrealized gains (losses) on investment	Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized and unrealized investment gains (losses) included in the Consolidated Statements of Income for the years ended December 31, 2022 and 2021: 4. Investments (continued) For the Year Ended December 31, 2022 Gross gains Gross losses Net Fixed maturities $ 1,829 $ (4,812) $ (2,983) Equity securities 3,770 (1,434) 2,336 Other investments 1,543 (6,036) (4,493) Net realized and unrealized investment gains (losses) $ 7,142 $ (12,282) $ (5,140) For the Year Ended December 31, 2021 Gross gains Gross losses Net Fixed maturities $ 9,838 $ (741) $ 9,097 Equity securities 5,168 (4,392) 776 Other investments 3,002 (227) 2,775 Net realized and unrealized investment gains (losses) $ 18,008 $ (5,360) $ 12,648 Realized and unrealized investment gains and losses from equity securities detailed above include both sales of equity securities and unrealized gains and losses stemming from fair value changes. The unrealized gains recognized in net income for investments still held at December 31, 2022 and 2021, respectively, were as follows: For the Year Ended December 31, 2022 2021 Net gains recognized for equity securities $ 2,336 $ 776 Net gains recognized for equity securities divested (111) (441) Net unrealized gains recognized for equity securities still held at reporting date $ 2,225 $ 335
Net unrealized gains on fixed maturity investments	Net unrealized gains (losses) included in AOCI were as follows at December 31, 2022 and 2021, respectively: December 31, 2022 2021 Fixed maturity investments $ (15,912) $ 1,801 Equity method investments — (4,414) Total net unrealized losses (15,912) (2,613) Deferred income tax 244 (80) Net unrealized losses, net of deferred income tax $ (15,668) $ (2,693) Change in net unrealized losses, net of deferred income tax $ (12,975) $ (52,050)
Fair value of restricted assets	The fair values of restricted assets were as follows at December 31, 2022 and 2021: December 31, 2022 2021 Restricted cash – third party agreements $ 13,122 $ 19,177 Restricted cash – related party agreements 2,516 20,242 Total restricted cash 15,638 39,419 Restricted investments – in trust for third party agreements at fair value (amortized cost: 2022 – $48,181; 2021 – $48,860) 48,101 48,845 Restricted investments – in trust for related party agreements at fair value (amortized cost: 2022 – $246,325; 2021 – $493,128) 233,091 493,883 Total restricted investments 281,192 542,728 Total restricted cash and investments $ 296,830 $ 582,147

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value hierarchy of financial assets and financial liabilities measured on a recurring basis	At December 31, 2022 and 2021, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: December 31, 2022 Quoted Prices Significant Significant Fair Value Based on NAV Practical Expedient Total Fair Fixed maturities U.S. treasury bonds $ 55,532 $ — $ — $ — $ 55,532 U.S. agency bonds – mortgage-backed — 34,365 — — 34,365 Collateralized mortgage-backed bonds — 6,767 — — 6,767 Non-U.S. government bonds — 11,818 — — 11,818 Collateralized loan obligations — 114,092 — — 114,092 Corporate bonds — 91,953 — — 91,953 Equity securities 386 — 17,806 25,429 43,621 Other investments — 1,000 1,000 90,666 92,666 Total $ 55,918 $ 259,995 $ 18,806 $ 116,095 $ 450,814 As a percentage of total assets 3.0 % 14.1 % 1.0 % 6.3 % 24.4 % Underwriting-related derivative liability $ — $ — $ 14,559 $ — $ 14,559 December 31, 2021 Quoted Prices Significant Significant Fair Value Based on NAV Practical Expedient Total Fair Fixed maturities U.S. treasury bonds $ 59,879 $ — $ — $ — $ 59,879 U.S. agency bonds – mortgage-backed — 98,790 — — 98,790 Collateralized mortgage-backed bonds — 15,537 — — 15,537 Non-U.S. government bonds — 3,276 — — 3,276 Collateralized loan obligations — 179,021 — — 179,021 Corporate bonds — 240,642 — — 240,642 Equity investments 1,174 — 5,094 17,735 24,003 Other investments — — 2,000 72,746 74,746 Total $ 61,053 $ 537,266 $ 7,094 $ 90,481 $ 695,894 As a percentage of total assets 2.6 % 23.1 % 0.3 % 3.9 % 29.9 %
Significant unobservable inputs for determining fair value of other investments	The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at December 31, 2022: Fair Value Valuation Technique Unobservable Inputs Range of Unobservable Inputs Privately held equity securities - common shares $ 6,861 Quarterly financial statements Price/book ratios of comparable public companies Privately held equity securities - preferred shares 11,945 Quarterly financial statements Privately calculated enterprise valuations Total Level 3 investments $ 18,806 Underwriting-related derivative liability $ 14,559 Discounted cash flows Duration matched discount rates 2.0% to 3.0%
Reconciliation of other investments measured at fair value on a recurring basis using Level 3 inputs	The following table shows the reconciliation of the beginning and ending balances for other investments measured at fair value on a recurring basis using Level 3 inputs for the years ended December 31, 2022 and 2021. The Company includes any related interest and dividend income in net investment income and thus, are excluded from the reconciliation in the table below: For the Year Ended December 31, 2022 2021 Balance - beginning of period $ 7,094 $ 2,844 Sales (2,000) — Net unrealized gains recognized in the statement of income 3,770 — Purchases 9,942 5,250 Transfers out of Level 3 — (1,000) Total Level 3 investments - end of period $ 18,806 $ 7,094
Carrying values and fair values of financial instruments not measured at fair value	The following table presents the respective carrying value and fair value for the Senior Notes as at December 31, 2022 and 2021: December 31, 2022 2021 Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes – 6.625% $ 110,000 $ 76,560 $ 110,000 $ 94,820 2013 Senior Notes – 7.75% 152,500 113,826 152,500 140,300 Total Senior Notes $ 262,500 $ 190,386 $ 262,500 $ 235,120

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of changes in common shares outstanding	The following table shows the summary of changes in the Company's common shares outstanding for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Outstanding shares – January 1 86,467,242 84,801,161 Shares issued pursuant to the Exchange 55,800,000 — Issuance of vested restricted shares and exercised common share options 1,107,973 2,500,932 Shares repurchased for tax purposes (403,716) (834,851) Less: Common shares held by Maiden Reinsurance as treasury shares (41,439,348) — Outstanding shares – December 31 (1) 101,532,151 86,467,242 (1) Outstanding shares at December 31, 2022 exclude 41,439,348 common shares issued to Maiden Reinsurance in exchange for the preference shares previously held which are reflected as treasury shares on the Consolidated Balance Sheet and are not treated as outstanding common shares.
Schedule of preference shares and treasury shares repurchased and outstanding	The following table shows the summary of the Company's preference shares repurchases made during the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Number of shares purchased Average price of shares purchased Number of shares purchased Average price of shares purchased Series A 435,639 $ 5.27 3,519,093 $ 14.74 Series C 625,742 7.08 3,026,764 14.36 Series D 520,128 6.26 2,858,155 14.27 Total 1,581,509 6.31 9,404,012 14.48 Total price paid for preference shares $ 9,983 $ 136,155 Gain on purchase of preference shares $ 28,233 $ 90,998 The following table shows the Company's preference shares (including the total preference shares previously held by Maiden Reinsurance pursuant to the 2020 Tender Offer and the 2021 Preference Share Repurchase Program) prior to the Exchange that occurred on December 27, 2022: Series A Series C Series D Total Outstanding shares issued by Maiden Holdings 6,000,000 6,600,000 6,000,000 18,600,000 Less: Total shares previously held by Maiden Reinsurance 4,499,950 4,855,972 4,457,194 13,813,116 Total shares previously held by non-affiliates 1,500,050 1,744,028 1,542,806 4,786,884 Percentage previously held by Maiden Reinsurance 75.0 % 73.6 % 74.3 % 74.3 %
Schedule of class of treasury stock	The table below includes the total number of treasury shares outstanding at December 31, 2022 and 2021: December 31, 2022 2021 Number of treasury shares held by Maiden Reinsurance due to the Exchange 41,439,348 — Number of treasury shares due to common share repurchases for tax purposes 6,252,581 5,848,865 Total number of treasury shares at the end of the reporting period 47,691,929 5,848,865
Schedule of accumulated other comprehensive income (loss)	The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 Change in net unrealized gains on investment Foreign currency translation adjustments Total Beginning balance $ (2,693) $ (9,522) $ (12,215) Other comprehensive loss before reclassifications (6,168) (16,044) (22,212) Amounts reclassified from AOCI to net income, net of tax (6,807) — (6,807) Net current period other comprehensive loss (12,975) (16,044) (29,019) Ending balance, Maiden shareholders $ (15,668) $ (25,566) $ (41,234) For the Year Ended December 31, 2021 Change in net unrealized gains on investment Foreign currency translation adjustments Total Beginning balance $ 49,357 $ (25,500) $ 23,857 Other comprehensive (loss) income before reclassifications (33,263) 15,978 (17,285) Amounts reclassified from AOCI to net income, net of tax (18,787) — (18,787) Net current period other comprehensive (loss) income (52,050) 15,978 (36,072) Ending balance, Maiden shareholders $ (2,693) $ (9,522) $ (12,215)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of outstanding senior notes issuances	The following tables detail the issuances outstanding at December 31, 2022 and 2021: December 31, 2022 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,500 $ 262,500 Less: unamortized issuance costs 3,406 3,522 6,928 Carrying value $ 106,594 $ 148,978 $ 255,572 December 31, 2021 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,500 $ 262,500 Less: unamortized issuance costs 3,463 3,690 7,153 Carrying value $ 106,537 $ 148,810 $ 255,347 Other details: Original debt issuance costs $ 3,715 $ 5,054 Maturity date June 14, 2046 December 1, 2043 Earliest redeemable date (for cash) June 14, 2021 December 1, 2018 Coupon rate 6.625 % 7.75 % Effective interest rate 7.07 % 8.04 %

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Schedule of effects of reinsurance on premiums written and earned and on net loss and LAE	The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2022 and 2021 was as follows: For the Year Ended December 31, 2022 2021 Premiums written Direct $ 24,553 $ 21,866 Assumed (19,074) (10,928) Ceded (397) (535) Net $ 5,082 $ 10,403 Premiums earned Direct $ 24,534 $ 22,857 Assumed 13,599 31,497 Ceded (401) (1,361) Net $ 37,732 $ 52,993 Loss and LAE Gross loss and LAE $ 53,508 $ 9,344 Loss and LAE ceded 4,483 (2,037) Net $ 57,991 $ 7,307

Reserve for Loss and Loss Adj_2

Reserve for Loss and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Insurance [Abstract]
Schedule of liability for unpaid claims and claims adjustment expense	The reserve for loss and LAE comprises: December 31, 2022 2021 Reserve for reported loss and LAE $ 702,691 $ 851,950 Reserve for losses incurred but not reported ("IBNR") 428,717 637,423 Reserve for loss and LAE $ 1,131,408 $ 1,489,373 The following table represents a reconciliation of the beginning and ending gross and net loss and LAE reserves: For the Year Ended December 31, 2022 2021 Gross loss and LAE reserves, January 1 $ 1,489,373 $ 1,893,299 Less: reinsurance recoverable on unpaid losses, January 1 562,845 592,571 Net loss and LAE reserves, January 1 926,528 1,300,728 Net incurred losses related to: Current year 25,355 34,912 Prior years 32,636 (27,605) 57,991 7,307 Net paid losses related to: Current year (701) (10,026) Prior years (398,499) (389,231) (399,200) (399,257) Change in deferred gain on retroactive reinsurance 3,587 29,081 GLS run-off business acquired or assumed 10,905 14,825 Effect of foreign exchange rate movements (24,519) (26,156) Net loss and LAE reserves, December 31 575,292 926,528 Reinsurance recoverable on unpaid losses, December 31 556,116 562,845 Gross loss and LAE reserves, December 31 $ 1,131,408 $ 1,489,373 For the Year Ended Diversified Reinsurance AmTrust Reinsurance Total December 31, 2022 $ (4,552) $ (28,084) $ (32,636) December 31, 2021 3,561 24,044 27,605
Schedule of prior year loss development by line of business	The table below details prior year loss development by line of business for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Prior Year Loss Development adverse (favorable) IIS business $ (1,683) $ (2,044) GLS 1,825 — Other run-off lines 4,410 (1,517) Total Diversified Reinsurance Prior Year Development $ 4,552 $ (3,561) For the Year Ended December 31, 2022 2021 Prior Year Loss Development adverse (favorable) before impact of LPT/ADC Agreement Workers Compensation $ (38,131) $ (22,242) Commercial Auto Liability 19,088 (29,918) General Liability 18,452 20,868 European Hospital Liability 13,247 7,885 Other Lines (1,685) (637) Other Specialty Risk & Extended Warranty 17,113 — Total AmTrust Reinsurance Prior Year Development $ 28,084 $ (24,044)
Schedule of incurred losses and LAE and cumulative paid losses and LAE	The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, since 2013 for the Company's IIS business in the Diversified Reinsurance segment. The development tables below included reserves acquired from the loss portfolio transfer agreement associated with the GMAC International Insurance Services ("IIS") business as at November 30, 2010 of $98,827. For the purposes of disclosure, the reserves from the loss portfolio transfer was allocated to the original accident year. Many pro-rata contracts are big enough that specific company development patterns are used. The ELR from the pricing of the account is typically used for the first year or more until the data suggests an alternative result is likely. Use of the ELR method transitions to the BF and then the LD method. For smaller contracts, benchmark development patterns may be used in both the pricing to establish the ELR and the reserving. The use of benchmark patterns is more prevalent in excess of loss business and the movement to experience based methods is slower. The IIS business written by the Company's IIS team is mainly proportional treaty business, a significant portion of which is Personal Auto quota share but also comprises credit life quota share. Life and personal accident business is also written on a direct basis by Maiden LF. The IIS business team works with insurance partners, automobile manufacturers and their related credit providers and other organizations to design and implement insurance programs in both auto distribution-related and other consumer insurance products. For the auto quota share exposure, initial underwriting year loss projections are generally based on the ELR method, derived from account pricing analyses. Payment and reporting patterns are predominantly short-tailed, and the movement away from the ELR to BF or LD methods typically happens very rapidly. Credit life reserves are primarily a function of reporting lag, typically only one or several months on average. The reserves are calculated using a FS methodology, where the frequency is a function of the average claims lag and the average per claims severity. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Diversified Reinsurance - IIS business Incurred loss and LAE, net of reinsurance At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2010 $ 74,743 $ 74,417 $ 72,469 $ 74,544 $ 76,544 $ 76,259 77,255 $ 77,373 $ 77,666 $ 77,870 $ (583) 2011 45,794 45,974 45,931 45,762 46,140 46,391 46,349 46,310 46,310 46,422 109 2012 45,177 45,443 45,547 45,630 45,891 45,612 45,559 45,491 45,590 45,626 296 2013 42,423 47,521 48,835 48,337 48,937 48,770 49,138 49,073 49,173 49,219 (115) 2014 42,353 48,084 47,947 47,843 47,641 47,705 47,464 47,354 47,401 63 2015 42,615 44,026 44,510 44,183 44,219 44,080 43,821 43,842 (122) 2016 38,500 40,487 39,874 39,860 40,239 39,953 40,044 (68) 2017 36,543 37,344 36,275 35,413 35,432 35,239 120 2018 41,124 39,484 39,659 39,689 39,854 (311) 2019 34,665 36,632 35,713 35,869 1,477 2020 23,417 22,584 21,528 1,778 2021 6,337 6,433 58 2022 7,383 1,713 Total $ 496,730 $ 4,415 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2010 $ 45,531 $ 47,263 $ 48,852 $ 50,367 $ 51,847 $ 53,423 $ 54,794 $ 55,834 $ 56,888 $ 57,801 2011 44,406 45,638 46,055 46,287 46,428 46,534 46,597 46,677 46,727 46,719 2012 38,237 40,608 41,692 42,017 42,599 42,706 42,719 42,799 42,891 42,808 2013 22,864 42,125 44,599 45,940 46,408 46,608 46,683 46,985 47,393 47,460 2014 23,559 41,807 44,070 45,292 45,531 45,632 45,742 45,801 45,800 2015 21,584 39,143 41,199 42,137 42,525 42,787 42,988 42,988 2016 22,112 36,206 37,912 38,612 39,199 39,685 40,466 2017 18,824 32,343 33,993 34,764 35,007 35,044 2018 19,613 35,506 37,472 38,454 38,999 2019 16,250 29,408 31,986 32,464 2020 11,192 18,898 19,848 2021 5,693 10,122 2022 1,175 Total 461,694 Total net reserves $ 35,036 The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, by significant line of business since 2011 for our AmTrust Reinsurance segment. All data shown for the AmTrust Reinsurance segment in the tables that follow are from the Company’s quota share contracts with AmTrust, both the multi-year AmTrust Quota Share and European Hospital Liability Quota Share. AmTrust purchases significant reinsurance for losses above $10 million covered by the AmTrust Quota Share. The Company’s share of AmTrust’s losses net of reinsurance in the AmTrust Quota Share is generally 40%. Additionally, for the Specialty Program portion of Covered Business only, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance has reinsured losses at its proportional 40% share per the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. As of December 31, 2022, the projected amount subject to the Loss Corridor is $52,950 which exceeds the maximum amount covered. Any further development above this amount will be subject to the coverage of the LPT/ADC Agreement. Recoverables from the LPT/ADC Agreement are displayed in the column " Impact of LPT/ADC " in the tables below. Amounts have been allocated to Accident Year and line of business according to the timing of the respective losses, based on the currently projected payout patterns. These allocations may shift over time as actual payments are made and payout patterns are re–estimated. Please refer to "Note 8 — Reinsurance" for additional information regarding the LPT/ADC Agreement. AmTrust Reinsurance: Workers’ Compensation This reserve class consists of the Workers’ Compensation portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller, niche workers' compensation exposures in generally low-hazard occupations. Workers’ Compensation business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business. The business is produced by managing general agents with AmTrust regularly adding new programs and terminating or renegotiating unprofitable ones. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. Since it is proportional exposure, and due to the size and the classes of business insured by AmTrust, this reserving class is much shorter tailed than a traditional workers compensation book, and the transition to the BF and the LD methods happens relatively quickly, within the first several years. This line of business is covered under the LPT/ADC Agreement pursuant to which Cavello has assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share and therefore any adverse development will be recoverable as per terms of the agreement. Recoverables from the LPT/ADC Agreement are displayed in the column " Impact of LPT/ADC " in the loss triangle tables below. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Workers' Compensation Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 82,438 $ 81,240 $ 82,301 $ 83,039 $ 83,622 $ 84,710 $ 83,952 $ 86,117 $ 86,292 $ 86,415 $ 2,351 $ 3,388 2009 103,864 109,213 106,204 105,901 107,165 110,175 109,664 109,021 110,207 109,384 1,899 3,846 2010 118,209 120,243 125,020 124,073 123,968 127,215 127,381 126,621 126,516 126,308 6,848 5,672 2011 130,712 132,728 133,995 133,916 135,379 138,600 139,685 141,272 137,355 140,257 5,193 7,479 2012 168,016 173,946 171,040 172,692 181,616 192,087 188,879 192,263 187,089 189,114 8,935 11,453 2013 237,019 245,765 238,392 242,447 261,915 276,249 273,571 281,580 277,365 277,226 10,213 16,426 2014 379,589 365,515 382,260 419,748 457,363 455,521 449,374 445,258 441,185 21,099 32,018 2015 474,140 474,212 526,269 551,145 545,271 549,857 547,439 537,963 28,451 45,036 2016 528,906 568,006 627,728 603,529 579,849 568,791 559,440 40,851 54,400 2017 615,957 654,362 613,577 593,920 591,122 580,155 30,646 70,284 2018 592,566 580,528 575,765 585,009 577,485 32,953 84,446 2019 12,751 9,945 10,871 10,152 (1,534) — Total $ 3,635,084 $ 187,905 $ 334,448 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 76,018 $ 77,370 $ 78,161 $ 79,230 $ 81,159 $ 82,436 $ 82,709 $ 82,286 $ 82,676 $ 82,761 2009 89,462 93,425 96,396 98,811 100,103 101,823 102,877 103,771 104,205 104,434 2010 95,120 103,280 108,171 114,639 115,014 115,959 116,332 114,730 115,508 115,765 2011 91,414 105,584 114,107 115,966 122,579 124,315 125,843 129,408 130,413 130,958 2012 88,382 119,059 138,706 150,543 158,807 164,512 168,154 172,251 174,436 175,021 2013 56,249 121,182 168,785 199,300 216,527 227,502 234,342 248,103 252,506 255,720 2014 69,512 189,954 268,467 321,258 355,414 370,176 383,529 392,101 398,441 2015 86,695 246,616 338,642 388,640 417,736 448,867 466,868 476,769 2016 110,051 284,501 380,602 428,651 449,347 471,382 484,367 2017 111,508 274,596 448,551 485,611 507,903 520,180 2018 110,954 409,986 465,762 499,349 515,459 2019 3,907 5,821 8,070 9,024 Total 3,268,899 All outstanding liabilities prior to 2008, net of reinsurance 364 Total net reserves excluding impact of LPT/ADC Agreement 366,549 Less: Impact of LPT/ADC Agreement (334,448) Total net reserves including impact of LPT/ADC Agreement $ 32,101 AmTrust Reinsurance: General Liability This reserve class consists of the General Liability portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller niche business, typically under-served by the broader insurance market, which typically have limits of $1,000. General Liability business written in the Small Commercial Business unit grew substantially following AmTrust’s renewal rights acquisition in 2014. Specialty Program business may contain a mix of exposures from retail operations, contractors, manufacturers, and other premises. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is medium tailed, and the IBNR is typically derived from the use of the initial ELR, or the FS method as claim counts emerge, for the first several years following the earning of the exposure, followed by a transition to the BF and the LD methods. General Liability Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 33,051 $ 33,792 $ 34,169 $ 35,985 $ 36,627 $ 37,605 $ 36,996 $ 40,398 $ 40,381 $ 40,017 $ 3,036 $ 121 2009 29,123 30,902 32,418 34,040 34,863 35,138 35,410 36,228 35,733 35,495 431 143 2010 34,761 36,455 38,536 38,298 41,597 42,884 43,062 45,490 44,778 44,856 330 340 2011 35,628 40,557 42,100 45,303 49,338 52,746 53,499 55,607 54,683 54,288 278 600 2012 33,445 42,450 48,851 50,800 55,991 59,948 63,429 63,704 64,052 63,615 3,450 1,426 2013 42,021 43,116 66,869 68,641 79,731 89,204 92,032 95,050 96,342 96,388 2,159 3,606 2014 65,469 66,558 77,930 99,873 111,970 116,085 119,367 119,782 119,413 6,211 7,612 2015 118,111 95,766 122,942 139,518 154,071 154,529 154,939 155,234 7,150 13,950 2016 98,149 114,864 120,911 148,371 147,858 147,996 150,019 11,764 20,042 2017 116,158 133,533 165,268 161,354 162,856 167,257 18,159 29,737 2018 121,991 153,822 148,817 148,295 151,791 18,617 35,974 2019 5,427 6,017 5,981 3,906 1,962 — Total $ 1,082,279 $ 73,547 $ 113,551 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 29,384 $ 32,849 $ 32,423 $ 32,765 $ 34,935 $ 36,699 $ 34,893 $ 37,253 $ 37,278 $ 37,473 2009 19,727 24,298 28,312 30,924 32,878 33,473 32,487 34,984 34,999 35,093 2010 19,010 26,429 30,948 34,125 37,317 39,214 39,888 42,509 43,076 44,040 2011 12,158 22,963 31,619 39,350 41,257 47,141 49,178 51,492 52,592 53,064 2012 13,224 18,020 29,752 40,864 45,775 53,526 56,538 55,350 57,913 58,889 2013 4,996 10,226 32,249 44,698 58,377 70,074 76,996 83,571 87,178 89,473 2014 3,503 24,581 36,026 57,678 77,259 86,101 92,861 96,521 102,290 2015 20,849 33,963 52,350 79,291 98,278 112,542 120,546 131,224 2016 6,402 21,959 45,855 67,064 88,627 101,764 114,422 2017 6,967 27,001 51,545 79,531 97,356 119,417 2018 7,907 24,618 42,792 65,947 90,841 2019 27 314 717 1,218 Total 877,444 All outstanding liabilities prior to 2008, net of reinsurance 16 Total net reserves excluding impact of LPT/ADC Agreement 204,851 Less: Impact of LPT/ADC Agreement (113,551) Total net reserves including impact of LPT/ADC Agreement $ 91,300 Commercial Auto Liability Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 33,700 $ 34,522 $ 34,584 $ 35,975 $ 35,521 $ 35,382 $ 35,542 $ 37,746 $ 37,854 $ 37,885 $ 2,063 $ 13 2009 28,551 30,812 31,024 30,468 30,919 31,033 31,064 31,082 31,019 30,979 397 50 2010 37,154 38,043 40,193 40,523 42,146 41,996 42,070 40,637 40,631 40,608 192 32 2011 29,577 32,578 33,839 34,790 36,149 36,065 34,643 34,707 34,690 34,633 476 — 2012 32,691 40,076 44,812 48,116 46,150 45,753 45,917 45,902 45,753 45,860 (41) 4 2013 33,473 44,771 50,647 59,702 63,162 62,163 63,620 63,532 63,589 63,500 249 79 2014 47,525 55,023 73,966 82,427 89,299 92,572 94,238 93,208 93,164 818 462 2015 66,967 92,955 106,560 119,141 127,560 129,849 129,082 129,632 492 848 2016 121,828 118,210 144,077 171,504 170,275 167,479 170,221 588 2,658 2017 156,575 189,257 220,457 230,972 220,471 224,132 5,775 6,907 2018 177,150 224,780 230,200 219,800 230,516 12,231 14,413 2019 79,172 77,371 73,023 74,553 9,976 — 2020 — (7) — Total $ 1,175,683 $ 33,209 $ 25,466 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 30,975 $ 32,643 $ 33,536 $ 34,074 $ 34,803 $ 35,284 $ 36,968 $ 34,982 $ 35,013 $ 35,339 2009 22,959 26,975 29,226 29,829 29,842 30,204 31,194 30,337 30,340 30,341 2010 28,602 34,855 37,734 39,413 39,750 40,282 40,395 40,407 40,411 40,416 2011 18,813 25,808 29,769 32,362 33,130 33,155 33,451 33,872 34,005 34,158 2012 14,979 26,508 35,460 43,745 44,165 45,555 45,751 45,819 45,812 45,825 2013 8,267 19,865 34,379 48,122 57,349 59,600 62,331 62,562 62,968 63,070 2014 8,450 22,858 42,960 64,459 79,766 87,458 90,761 91,000 91,115 2015 13,102 39,179 62,945 86,433 107,707 118,753 121,605 125,415 2016 19,071 48,595 76,635 113,174 133,826 145,727 158,822 2017 26,863 69,657 115,623 154,600 176,863 197,857 2018 30,018 67,080 107,184 138,770 178,479 2019 9,456 22,799 34,365 49,073 2020 7 7 7 Total 1,049,917 All outstanding liabilities prior to 2008, net of reinsurance 59 Total net reserves excluding impact of LPT/ADC Agreement 125,825 Less: Impact of LPT/ADC Agreement (25,466) Total net reserves including impact of LPT/ADC Agreement $ 100,359 AmTrust Reinsurance: European Hospital Liability AmTrust entered this line of business in Italy in 2010 when it believed there were significant opportunities in what had traditionally been an under-performing market. European Hospital Liability policies are written on a claim made basis. Maiden wrote a separate annually renewable contract covering this exposure in 2011 which is not part of the AmTrust Quota Share. Currently, most exposure remains in Italy with a modest amount of exposure to other European nations. The European Hospital Liability Quota Share is a claims made exposure, and in many instances claims are eventually closed with no liability. This phenomena is estimated during the reserving process, and can result in a provision for pure IBNR (reserves for claims which have not yet been reported) which is minimal or negative. This estimate will vary as the exposure matures which could result in changes to the level of reserves. Also, severity for known claims and expenses can increase over time, which requires a provision for IBNR. The net result is a relatively small amount of IBNR. European Hospital Liability business is not covered under the LPT/ADC Agreement, therefore any adverse development in this line of business may result in significant losses. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. As the exposure matures, the projection methodology transitions to the LD method. The underlying policies assumed are subject to deductibles on both a per claim and aggregate basis. The LD method is applied to both the net of deductible data, as well as individually to gross and deductible protections, with a final estimate made by evaluating both methodologies. European Hospital Liability Incurred loss and LAE, net of reinsurance At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2011 $ 34,017 $ 46,998 $ 44,705 $ 61,558 $ 59,690 $ 57,234 $ 59,387 $ 59,656 $ 60,384 $ 67,547 $ 72 2012 76,985 76,239 97,757 87,448 82,802 107,010 111,624 112,513 113,902 117,038 (958) 2013 46,409 58,306 60,822 79,904 73,060 93,646 99,193 100,519 102,074 104,022 (15) 2014 48,283 50,843 54,459 60,595 76,408 81,397 82,391 83,677 83,496 (68) 2015 45,015 43,704 56,903 62,565 65,550 65,776 67,979 69,511 3,215 2016 42,146 48,519 63,503 65,905 64,463 65,746 65,220 3,414 2017 38,800 49,435 51,452 50,078 48,183 47,010 3,472 2018 42,238 29,957 30,843 30,234 32,374 241 2019 15,049 13,930 14,854 14,800 650 Total $ 601,018 $ 10,023 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2011 $ 12,141 $ 22,279 $ 27,253 $ 33,862 $ 39,178 $ 43,149 $ 46,731 $ 51,046 $ 53,859 $ 57,899 2012 14,556 33,129 43,149 55,476 65,413 73,016 78,817 88,334 93,133 99,707 2013 2,829 14,230 24,483 37,356 46,959 52,626 59,493 72,015 77,288 84,916 2014 3,982 11,216 23,314 33,182 37,234 43,920 55,203 58,012 67,693 2015 3,288 10,456 21,587 27,550 33,086 43,398 42,931 52,110 2016 3,393 10,079 16,700 22,214 32,971 35,440 44,924 2017 1,211 4,181 7,167 13,910 19,172 28,407 2018 872 2,147 5,114 7,359 20,980 2019 10,856 1,517 2,865 9,973 Total 466,609 Total net reserves $ 134,409 AmTrust Reinsurance: All Other Lines Includes all lines except Workers' Compensation, General Liability, and Commercial Auto from Small Commercial Business and Specialty Program Divisions. The predominant exposures include property and auto physical damage. All Other Lines Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2022 For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 28,715 $ 29,149 $ 29,237 $ 29,070 $ 29,576 $ 29,574 $ 29,519 $ 24,045 $ 24,016 $ 24,013 $ (4,931) $ — 2009 11,959 13,329 14,309 14,492 16,088 15,653 14,617 15,750 15,373 15,373 373 — 2010 24,718 15,484 16,078 16,105 17,071 17,059 15,438 15,905 15,905 15,905 52 — 2011 26,343 27,509 22,359 22,616 23,376 23,506 21,469 21,515 21,500 21,496 151 — 2012 18,443 19,426 21,898 18,673 19,850 20,260 19,578 17,969 17,811 17,819 (260) 152 2013 17,806 17,630 28,058 22,918 21,313 21,669 21,735 20,644 20,639 20,637 1,174 247 2014 20,597 25,268 26,021 24,958 26,278 24,929 21,496 21,491 21,493 (17) 122 2015 52,706 54,857 49,631 49,463 47,882 44,939 44,749 44,456 711 50 2016 79,654 74,948 72,384 73,602 67,060 66,944 66,791 6,512 113 2017 104,637 96,812 92,904 96,196 96,104 96,267 1,507 173 2018 96,910 103,489 101,553 101,913 102,061 (1,546) 275 2019 37,945 43,146 43,554 42,003 1,025 — 2020 — (103) — 2021 — (66) — Total $ 488,314 $ 4,582 $ 1,132 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 29,900 $ 31,217 $ 29,388 $ 29,177 $ 30,833 $ 30,683 $ 29,234 $ 24,706 $ 28,850 $ 28,850 2009 8,743 11,093 13,105 13,870 15,224 15,051 14,009 14,954 14,986 14,986 2010 13,012 15,375 15,748 16,058 16,919 16,786 15,285 15,853 15,854 15,854 2011 17,571 21,279 22,044 22,715 23,892 23,661 21,481 21,343 21,339 21,334 2012 14,031 16,033 16,936 17,946 18,205 18,685 17,559 18,071 18,077 18,077 2013 11,877 15,997 17,509 20,258 20,456 20,447 19,343 20,146 19,465 19,463 2014 12,028 20,277 20,940 22,018 26,194 21,405 21,497 21,493 21,509 2015 28,929 45,208 42,631 41,962 44,179 43,622 43,895 43,742 2016 42,795 69,805 65,452 63,234 63,450 60,008 59,967 2017 48,903 80,726 80,735 93,212 93,541 94,206 2018 56,539 86,455 98,386 101,158 102,587 2019 22,095 38,793 40,427 40,670 2020 4 103 103 2021 66 66 Total 481,414 All outstanding liabilities prior to 2008, net of reinsurance (5) Total net reserves excluding impact of LPT/ADC Agreement 6,895 Less: Impact of LPT/ADC Agreement (1,132) Total net reserves including impact of LPT/ADC Agreement $ 5,763
Schedule of reconciliation of claims development to liability	The following table represents a reconciliation of the net incurred and paid loss development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2022: December 31, 2022 Total Net Reserves (including impact of ADC) Reinsurance Recoverables on unpaid claims Total Gross Reserves Diversified Reinsurance IIS business $ 35,036 $ 927 $ 35,963 Other reconciling items excluded from loss development tables GLS 23,561 4,669 28,230 Other run-off lines 18,419 — 18,419 Total Diversified Reinsurance 77,016 5,596 82,612 AmTrust Reinsurance Workers' Compensation 32,101 334,448 366,549 General Liability 91,300 113,551 204,851 Commercial Auto Liability 100,359 25,466 125,825 European Hospital Liability 134,409 — 134,409 All Other Lines 5,763 1,132 6,895 Total 363,932 474,597 838,529 Other reconciling items excluded from loss development tables 134,344 15,811 150,155 Total AmTrust Reinsurance 498,276 490,408 988,684 US Treaty business ceded to Cavello — 60,112 60,112 Total reserves for loss and LAE $ 575,292 $ 556,116 $ 1,131,408
Schedule of average annual payout of net loss and LAE	The following unaudited supplementary information represents the average annual percentage payout of net loss and LAE by age, net of reinsurance, for both our reportable segments at December 31, 2022: Average annual payout of incurred claims by age, net of reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Diversified Reinsurance International 49.7 % 39.4 % 3.8 % 2.3 % 1.4 % 0.5 % 0.2 % (0.5) % — % 0.2 % AmTrust Reinsurance Workers' Compensation 18.9 % 32.1 % 18.1 % 8.7 % 4.8 % 3.7 % 3.0 % 2.4 % 1.6 % 1.5 % General Liability 6.1 % 10.8 % 13.5 % 16.3 % 14.2 % 10.3 % 6.9 % 6.1 % 3.1 % 3.3 % Commercial Auto Liability 12.0 % 17.8 % 19.0 % 18.4 % 14.2 % 7.5 % 4.5 % 1.2 % 0.4 % 0.4 % European Hospital Liability 3.5 % 7.8 % 11.4 % 14.9 % 10.0 % 7.5 % 7.2 % 6.6 % 6.0 % 3.9 % All other lines 57.1 % 32.4 % 2.8 % 4.9 % 2.6 % (2.5) % 0.5 % (0.6) % (2.9) % (0.2) %

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of quota share arrangements with AmTrust	The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Income Statements for the years ended December 31, 2022 and 2021, respectively: For the Year Ended December 31, 2022 2021 Gross and net premiums written $ (18,538) $ (5,695) Net premiums earned 9,749 25,312 Net loss and loss adjustment expenses (45,508) (3,438) Commission and other acquisition expenses (4,347) (9,747)

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	and 2021: December 31, 2022 2021 Fair Value % of Total Fair Value % of Total Private equity funds $ 54,996 48.7 % $ 46,149 37.9 % Private credit funds 13,906 12.3 % 4,897 4.0 % Investments in direct lending entities — — % 13,216 10.9 % Other privately held investments 705 0.6 % 4,000 3.3 % Total unfunded commitments on other investments 69,607 61.6 % 68,262 56.1 % Total unfunded commitments on equity securities 16,509 14.6 % 27,415 22.6 % Total unfunded commitments on equity method investments 26,873 23.8 % 25,950 21.3 % Total unfunded commitments on alternative investments $ 112,989 100.0 % $ 121,627 100.0 %

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
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 Year Ended December 31, 2022 2021 Numerator: Net (loss) income $ (60,041) $ 26,645 Gain from exchange of preference shares – Series A, C and D 87,240 — Gain from repurchase of preference shares – Series A, C and D 28,233 90,998 Amount allocated to participating common shareholders (1) (314) (1,021) Net income allocated to Maiden common shareholders $ 55,118 $ 116,622 Denominator: Weighted average number of common shares – basic 87,112,711 86,068,278 Potentially dilutive securities: Share options and restricted share units (2) 1,263 4,389 Adjusted weighted average common shares – diluted 87,113,974 86,072,667 Basic and diluted earnings per share attributable to Maiden common shareholders $ 0.63 $ 1.35 (1) This represents the share in net income using the two-class method for holders of non-vested restricted shares issued to the Company's employees under the 2019 Omnibus Incentive Plan. (2) Please refer to "Note 6 — Shareholders' Equity" and "Note 14 — Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements for the terms and conditions of securities that could potentially be dilutive in the future. For the year ended December 31, 2022, there were 1,263 potentially dilutive securities (2021 - 4,389).

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of (loss) income before taxes and income tax expense	Total (loss) income before income taxes and total income tax (benefit) expense for the years ended December 31, 2022 and 2021 are as follows: For the Year Ended December 31, 2022 2021 Loss before income taxes – Domestic (Bermuda) $ (20,509) $ (23,345) (Loss) income before income taxes – Foreign (U.S. and others) (40,089) 50,005 Total (loss) income before income taxes $ (60,598) $ 26,660 Current tax expense – Domestic (Bermuda) $ — $ — Current tax (benefit) expense – Foreign (U.S. and others) (478) 244 Total current tax (benefit) expense (478) 244 Deferred tax expense – Domestic (Bermuda) — — Deferred tax benefit – Foreign (U.S. and others) (79) (229) Total deferred tax benefit (79) (229) Total income tax (benefit) expense $ (557) $ 15
Schedule of effective income tax rate reconciliation	The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2022 and 2021 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to the Company's loss before income taxes: For the Year Ended December 31, 2022 2021 (Loss) income before income taxes $ (60,598) $ 26,660 Less: income tax (benefit) expense (557) 15 Net (loss) income $ (60,041) $ 26,645 Reconciliation of effective tax rate (% of income before income taxes) Bermuda tax rate — % — % U.S. taxes at statutory rates 36.5 % 24.3 % Valuation allowance in respect of U.S. taxes (36.5) % (22.3) % Other jurisdictions 0.9 % (1.9) % Actual tax rate 0.9 % 0.1 %
Schedule of deferred tax assets and liabilities	The significant components of the Company's deferred tax assets and liabilities at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Deferred tax assets: Net operating losses $ 58,939 $ 48,346 Unearned premiums 2,813 4,202 Capital loss carry-forward 3,036 2,831 Net unrealized losses on investments 23,276 2,236 Discounting of net loss and LAE reserves 22,964 30,423 Interest limitation — 11 Deferred gain on retroactive reinsurance 11,032 10,282 Others 1,175 840 Deferred tax assets before valuation allowance 123,235 99,171 Valuation allowance 116,237 90,077 Deferred tax assets, net 6,998 9,094 Deferred tax liabilities: Deferred commission and other acquisition expenses 5,767 8,201 Others 56 53 Deferred tax liabilities 5,823 8,254 Net deferred tax asset $ 1,175 $ 840

Share Compensation and Pensio_2

Share Compensation and Pension Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of all options granted, exercised, expired and forfeited under the Plan	This table shows all share option activity under the 2019 Omnibus Plan for the years ended December 31, 2022 and 2021: Number of Weighted Weighted Aggregate Range of Option Exercise Prices (Low to High) Outstanding, December 31, 2020 264,500 $ 9.22 4.72 years $ — $1.31 $13.98 Expired (49,500) 10.57 Outstanding, December 31, 2021 215,000 8.91 4.28 years 13 1.31 13.98 Exercised (7,500) 1.31 7 Expired (57,250) 7.20 Forfeited (6,250) 7.20 Outstanding, December 31, 2022 144,000 9.72 3.40 years — 3.24 13.98 Total exercisable, December 31, 2022 144,000 9.72 3.40 years — 3.24 13.98
Schedule of based compensation instrument granted, other than share options	The following table shows the summary of activity for the Company's restricted share awards: Non-Performance-Based Restricted Shares Discretionary Performance-Based Restricted Shares Number of Weighted Average Grant-Date Fair Value Number of Weighted Average Grant-Date Fair Value Non-vested at December 31, 2020 1,243,270 $ 1.22 238,294 $ 1.26 Awards granted 238,750 3.44 1,322,410 2.74 Awards vested (1,178,522) 1.22 (1,322,410) 2.74 Awards forfeited (54,166) 1.20 (200) 1.26 Non-vested at December 31, 2021 249,332 3.35 238,094 1.26 Awards granted 382,436 2.51 724,702 2.55 Awards vested (137,677) 3.30 (962,796) 2.23 Awards forfeited (1,628) 3.07 — — Non-vested at December 31, 2022 492,463 2.71 — —

Statutory Requirements and Di_2

Statutory Requirements and Dividend Restrictions (Tables)	12 Months Ended
	Dec. 31, 2022
Statutory Financial Information [Abstract]
Statutory capital and surplus and statutory net (loss) income of principal operating subsidiaries	The statutory capital and surplus and statutory net (loss) income of our principal operating subsidiaries in their respective jurisdictions were as follows: Maiden Reinsurance (a) Maiden LF (b) Maiden GF (b) Statutory Capital and Surplus December 31, 2022 $ 898,137 $ 7,807 $ 8,471 December 31, 2021 999,843 8,250 9,972 Statutory Net Income (Loss) For the Year Ended December 31, 2022 $ (88,240) $ (507) $ (289) For the Year Ended December 31, 2021 36,309 (899) (1,018)

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 27, 2022	Dec. 31, 2022 USD ($) $ / shares	Dec. 26, 2022	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)
Subsidiary or Equity Method Investee [Line Items]
Insurance related liabilities		$ 45,089
Reverse for loss and loss adjustment expenses		$ 1,131,408		$ 1,489,373	$ 1,893,299
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag		derivative liability
Deferred gain on retroactive reinsurance		$ 47,708		$ 48,960
Common shares, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
GLS | Diversified Reinsurance
Subsidiary or Equity Method Investee [Line Items]
Reverse for loss and loss adjustment expenses		$ 28,230
Maiden Reinsurance | Maiden Holdings, Ltd.
Subsidiary or Equity Method Investee [Line Items]
Ownership %	29%
Common shares voting power	9.50%
Series A, C and D preferred stock
Subsidiary or Equity Method Investee [Line Items]
Gain on exchange of preference shares		87,240
Preference shares – Series A
Subsidiary or Equity Method Investee [Line Items]
Dividend rate of preference shares	8.25%
Series C Preference Shares, par value $0.01 per share
Subsidiary or Equity Method Investee [Line Items]
Dividend rate of preference shares	7.125%
Preference shares - Series D
Subsidiary or Equity Method Investee [Line Items]
Dividend rate of preference shares	6.70%
Preference Shares
Subsidiary or Equity Method Investee [Line Items]
Approved conversion ratio of common shares	3
Preference Shares | Maiden Holdings, Ltd.
Subsidiary or Equity Method Investee [Line Items]
Preference shares immediately preceding			74%
Fair Value, Measurements, Recurring
Subsidiary or Equity Method Investee [Line Items]
Underwriting-related derivative liability		14,559
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Subsidiary or Equity Method Investee [Line Items]
Underwriting-related derivative liability		14,559
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Discounted cash flows
Subsidiary or Equity Method Investee [Line Items]
Underwriting-related derivative liability		14,559
Deferred gain on retroactive reinsurance		$ 2,300

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Short-term investments	$ 0	$ 0
Deposit contracts	$ 0	0
Operating lease, weighted average discount rate	10%
Gain on repurchase of preference shares, impact on common stock (in dollars per share)	$ 1.33
Cumulative translation adjustment	$ 284,579,000	384,257,000
Accounting Standards Update 2016-13
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Credit loss reserve	5,586,000
Foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cumulative translation adjustment	$ (25,566,000)	$ (9,522,000)	$ (25,500,000)

Segment Information - Underwrit

Segment Information - Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Income (Loss) to Consolidated (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Income Statement [Abstract]
Gross premiums written	$ 5,479	$ 10,938
Net premiums written	5,082	10,403
Net premiums earned	37,732	52,993
Other insurance expense	(4,530)	1,067
Net loss and LAE	(57,991)	(7,307)
Commission and other acquisition expenses	(18,511)	(24,840)
General and administrative expenses	(11,634)	(10,341)
Underwriting loss	(54,934)	11,572
Reconciliation to net loss
Net investment income and net realized and unrealized losses on investment	24,930	44,661
Interest and amortization expenses	(19,331)	(19,327)
Foreign exchange and other gain (losses), net	8,255	7,685
Other general and administrative expenses	(19,313)	(25,679)
Income tax expense (benefit)	557	(15)
Interest in (loss) income in equity method investments	(205)	7,748
Net (loss) income	(60,041)	26,645
Operating Segments | Diversified Reinsurance
Income Statement [Abstract]
Gross premiums written	24,017	16,633
Net premiums written	23,620	16,098
Net premiums earned	27,983	27,681
Other insurance expense	(4,530)	1,067
Net loss and LAE	(12,483)	(4,286)
Commission and other acquisition expenses	(14,164)	(15,093)
General and administrative expenses	(8,857)	(7,827)
Underwriting loss	(12,051)	1,542
Operating Segments | AmTrust Reinsurance
Income Statement [Abstract]
Gross premiums written	(18,538)	(5,695)
Net premiums written	(18,538)	(5,695)
Net premiums earned	9,749	25,312
Other insurance expense	0	0
Net loss and LAE	(45,508)	(3,021)
Commission and other acquisition expenses	(4,347)	(9,747)
General and administrative expenses	(2,777)	(2,514)
Underwriting loss	$ (42,883)	$ 10,030

Segment Information - Reconcili

Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	$ 10,707	$ 19,507
Reinsurance recoverable on unpaid losses	556,116	562,845
Deferred commission and other acquisition expenses	24,976	36,703
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	296,830	582,147
Funds withheld receivable	441,412	636,412
Other assets	7,874	4,774
Total assets	1,846,866	2,322,610
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance recoverable on unpaid losses	60,112	69,006
Total assets	97,290	126,116
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance recoverable on unpaid losses			$ 445,000
Total assets	1,342,852	1,810,940
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	10,608	19,398
Reinsurance recoverable on unpaid losses	496,004	493,839
Deferred commission and other acquisition expenses	24,976	36,703
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	296,830	582,147
Funds withheld receivable	441,412	636,412
Other assets	2,337	582
Total assets	1,440,142	1,937,056
Operating Segments | Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	2,213	1,927
Reinsurance recoverable on unpaid losses	5,596	2,979
Deferred commission and other acquisition expenses	1,344	2,533
Loan to related party	0	0
Restricted cash and cash equivalents and investments	61,223	83,143
Funds withheld receivable	24,577	34,952
Other assets	2,337	582
Total assets	97,290	126,116
Operating Segments | AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	8,395	17,471
Reinsurance recoverable on unpaid losses	490,408	490,860
Deferred commission and other acquisition expenses	23,632	34,170
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	235,607	499,004
Funds withheld receivable	416,835	601,460
Other assets	0	0
Total assets	1,342,852	1,810,940
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	406,724	385,554
Corporate, Non-Segment | Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	0	0
Corporate, Non-Segment | AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 0	$ 0

Segment Information - Net Premi

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 5,479	$ 10,938
Net premiums written	5,082	10,403
Net premiums earned	$ 37,732	$ 52,993
% of Total Net premiums earned	100%	100%
Operating Segments | Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 24,017	$ 16,633
Net premiums written	23,620	16,098
Net premiums earned	$ 27,983	$ 27,681
% of Total Net premiums earned	74.20%	52.20%
Operating Segments | AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (18,538)	$ (5,695)
Net premiums written	(18,538)	(5,695)
Net premiums earned	$ 9,749	$ 25,312
% of Total Net premiums earned	25.80%	47.80%
Operating Segments | International | Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 23,620	$ 16,098
Net premiums earned	$ 27,983	$ 27,681
% of Total Net premiums earned	74.20%	52.20%
Operating Segments | Small Commercial Business | AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (15,143)	$ (6,445)
Net premiums earned	$ (15,131)	$ (6,095)
% of Total Net premiums earned	(40.10%)	(11.50%)
Operating Segments | Specialty Program | AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 747	$ (876)
Net premiums earned	$ 748	$ (853)
% of Total Net premiums earned	2%	(1.60%)
Operating Segments | Specialty Risk and Extended Warranty | AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (4,142)	$ 1,626
Net premiums earned	$ 24,132	$ 32,260
% of Total Net premiums earned	63.90%	60.90%
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (14,600)	$ (7,649)
Net premiums written	(14,396)	(7,320)
Net premiums earned	(14,383)	(6,948)
Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	20,079	18,587
Net premiums written	19,478	17,723
Net premiums earned	$ 52,115	$ 59,941

Investments - Amortized Cost, G

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Original or amortized cost	$ 330,439	$ 595,344
Gross unrealized gains	1	13,341
Gross unrealized losses	(15,913)	(11,540)
Fair value	314,527	597,145
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	55,647	59,989
Gross unrealized gains	1	0
Gross unrealized losses	(116)	(110)
Fair value	55,532	59,879
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	38,767	96,554
Gross unrealized gains	0	2,429
Gross unrealized losses	(4,402)	(193)
Fair value	34,365	98,790
Collateralized mortgage-backed securities
Schedule of Investments [Line Items]
Original or amortized cost	7,199	14,972
Gross unrealized gains	0	565
Gross unrealized losses	(432)	0
Fair value	6,767	15,537
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	12,643	3,163
Gross unrealized gains	0	113
Gross unrealized losses	(825)	0
Fair value	11,818	3,276
Collateralized loan obligations
Schedule of Investments [Line Items]
Original or amortized cost	119,120	183,974
Gross unrealized gains	0	140
Gross unrealized losses	(5,028)	(5,093)
Fair value	114,092	179,021
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	97,063	236,692
Gross unrealized gains	0	10,094
Gross unrealized losses	(5,110)	(6,144)
Fair value	$ 91,953	$ 240,642

Investments - Contractual Matur

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amortized cost
Due in one year or less	$ 72,870
Due after one year through five years	76,439
Due after five years through ten years	16,044
Total securities with single maturities, amortized cost	165,353
Original or amortized cost	330,439	$ 595,344
Fair value
Due in one year or less	72,571
Due after one year through five years	72,883
Due after five years through ten years	13,849
Total before securities with single maturities, fair value	159,303
Fixed maturities, fair value	314,527	597,145
U.S. agency bonds – mortgage-backed
Amortized cost
Amortized cost of securities without single maturities	38,767
Original or amortized cost	38,767	96,554
Fair value
Fair value of securities without single maturities	34,365
Fixed maturities, fair value	34,365	98,790
Collateralized mortgage-backed securities
Amortized cost
Amortized cost of securities without single maturities	7,199
Original or amortized cost	7,199	14,972
Fair value
Fair value of securities without single maturities	6,767
Fixed maturities, fair value	6,767	15,537
Collateralized loan obligations
Amortized cost
Amortized cost of securities without single maturities	119,120
Original or amortized cost	119,120	183,974
Fair value
Fair value of securities without single maturities	114,092
Fixed maturities, fair value	$ 114,092	$ 179,021

Investments - Fair Value and Un

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Fair value
Less than 12 Months	$ 208,245	$ 219,979
12 Months or More	103,992	32,916
Total	312,237	252,895
Unrealized losses
Less than 12 Months	(10,425)	(8,135)
12 Months or More	(5,488)	(3,405)
Total	$ (15,913)	$ (11,540)
Number of securities in an unrealized loss position | security	88	44
Fair value of unrealized loss positions	$ 312,237	$ 252,895
Unrealized losses of unrealized loss positions	$ 15,913	$ 11,540
Number of securities in unrealized loss position for 12 months or greater | security	26	8
Fair value of securities in loss position for 12 months or greater	$ 103,992	$ 32,916
Unrealized loss of securities in loss position for 12 months or greater	5,488	3,405
U.S. treasury bonds
Fair value
Less than 12 Months	53,094	59,879
12 Months or More	148	0
Total	53,242	59,879
Unrealized losses
Less than 12 Months	(114)	(110)
12 Months or More	(2)	0
Total	(116)	(110)
U.S. agency bonds – mortgage-backed
Fair value
Less than 12 Months	31,394	4,415
12 Months or More	2,971	0
Total	34,365	4,415
Unrealized losses
Less than 12 Months	(3,697)	(193)
12 Months or More	(705)	0
Total	(4,402)	(193)
Collateralized mortgage-backed securities
Fair value
Less than 12 Months	6,768
12 Months or More	0
Total	6,768
Unrealized losses
Less than 12 Months	(432)
12 Months or More	0
Total	(432)
Non-U.S. government bonds
Fair value
Less than 12 Months	11,818
12 Months or More	0
Total	11,818
Unrealized losses
Less than 12 Months	(825)
12 Months or More	0
Total	(825)
Collateralized loan obligations
Fair value
Less than 12 Months	17,959	117,148
12 Months or More	96,133	5,064
Total	114,092	122,212
Unrealized losses
Less than 12 Months	(1,032)	(5,057)
12 Months or More	(3,996)	(36)
Total	(5,028)	(5,093)
Corporate bonds
Fair value
Less than 12 Months	87,212	38,537
12 Months or More	4,740	27,852
Total	91,952	66,389
Unrealized losses
Less than 12 Months	(4,325)	(2,775)
12 Months or More	(785)	(3,369)
Total	$ (5,110)	$ (6,144)

Investments - Other Than Tempor

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Fixed Maturities [Line Items]
Other than temporary impairment losses	$ 0	$ 0
Amortized cost	330,439,000	595,344,000
Fair value	$ 314,527,000	$ 597,145,000
% of Total fair value	100%	100%
AAA
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 112,775,000	$ 161,179,000
Fair value	$ 108,136,000	$ 156,706,000
% of Total fair value	34.40%	26.20%
AA+, AA, AA-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 23,974,000	$ 38,999,000
Fair value	$ 22,640,000	$ 39,140,000
% of Total fair value	7.20%	6.60%
A+, A, A-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 38,549,000	$ 99,748,000
Fair value	$ 35,996,000	$ 99,962,000
% of Total fair value	11.40%	16.70%
BBB+, BBB, BBB-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 55,374,000	$ 126,770,000
Fair value	$ 53,094,000	$ 129,618,000
% of Total fair value	16.90%	21.70%
BB+ or lower
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 5,353,000	$ 12,105,000
Fair value	$ 4,764,000	$ 13,050,000
% of Total fair value	1.50%	2.20%
U.S. treasury bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 55,647,000	$ 59,989,000
Fair value	$ 55,532,000	$ 59,879,000
% of Total fair value	17.70%	10%
U.S. agency bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 38,767,000	$ 96,554,000
Fair value	$ 34,365,000	$ 98,790,000
% of Total fair value	10.90%	16.60%

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Carrying Value	$ 92,666	$ 74,746
% of Total	62.30%	63.50%
Other investments	$ 148,753	$ 117,722
% of Total	100%	100%
Impairment	$ 0	$ 0
Privately held equity investments
Schedule of Investments [Line Items]
Carrying Value	$ 34,014	$ 30,500
% of Total	22.90%	25.90%
Private credit funds
Schedule of Investments [Line Items]
Carrying Value	$ 24,374	$ 20,922
% of Total	16.40%	17.80%
Private equity funds
Schedule of Investments [Line Items]
Carrying Value	$ 34,278	$ 23,324
% of Total	23%	19.80%
Investments in direct lending entities (at cost)
Schedule of Investments [Line Items]
Other investments	$ 56,087	$ 42,976
% of Total	37.70%	36.50%

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 40,509	$ 23,228
Fair Value	43,621	24,003
Publicly traded equity investments in common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	559	559
Fair Value	386	22,029
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	32,775	21,869
Fair Value	32,290	800
Privately held preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	7,175	$ 800
Fair Value	$ 10,945

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 80,159	$ 83,742
% of Total	100%	100%
Real estate investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 40,944	$ 44,050
% of Total	51.10%	52.60%
Hedge fund investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 5,376	$ 32,929
% of Total	6.70%	39.30%
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 33,839	$ 6,763
% of Total	42.20%	8.10%

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Investment income	$ 30,470	$ 34,361
Investment expenses	(400)	(2,348)
Net investment income	30,070	32,013
Fixed maturities
Schedule of Investments [Line Items]
Investment income	9,736	19,146
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	11,117	10,623
Interest income from loan to related party
Schedule of Investments [Line Items]
Investment income	6,202	3,492
Cash and cash equivalents and other investments
Schedule of Investments [Line Items]
Investment income	$ 3,415	$ 1,100

Investments - Net Realized and

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 3,770	$ 5,168
Equity securities, gross losses	(1,434)	(4,392)
Equity securities, net	2,336	776
Net realized and unrealized gains (losses) on investment, gross gains	7,142	18,008
Net realized and unrealized gains (losses) on investment, gross losses	(12,282)	(5,360)
Net realized and unrealized investment gains (losses)	(5,140)	12,648
Proceeds from sales of fixed maturities classified as available-for-sale	213,944	477,920
Equity method investments	0	(4,414)
Total net unrealized losses	(15,912)	(2,613)
Deferred Tax Assets, Deferred Income	244
Deferred income tax		(80)
Net unrealized losses, net of deferred income tax	(15,668)	(2,693)
Change in net unrealized losses, net of deferred income tax	(12,975)	(52,050)
Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	1,829	9,838
Fixed maturities, gross losses	(4,812)	(741)
Fixed maturities, net	(2,983)	9,097
Fixed maturity investments	(15,912)	1,801
Other investments
Gain (Loss) on Securities [Line Items]
Equity securities, net	2,336	776
Other investments, gross gain	1,543	3,002
Other investments, gross loss	(6,036)	(227)
Other investments, net	(4,493)	2,775
Net gains recognized for equity securities divested	(111)	(441)
Net unrealized gains recognized for equity securities still held at reporting date	$ 2,225	$ 335

Investments - Restricted Cash a

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 15,638	$ 39,419
Restricted investments	281,192	542,728
Total restricted cash and investments	296,830	582,147
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	13,122	19,177
Restricted investments	48,101	48,845
Amortized cost	48,181	48,860
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	2,516	20,242
Restricted investments	233,091	493,883
Amortized cost	$ 246,325	$ 493,128

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 314,527	$ 597,145
Equity securities	43,621	24,003
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	55,532	59,879
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	34,365	98,790
Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	6,767	15,537
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	11,818	3,276
Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	114,092	179,021
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	91,953	240,642
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	43,621	24,003
Other investments	92,666	74,746
Total	$ 450,814	$ 695,894
As a percentage of total assets	24.40%	29.90%
Underwriting-related derivative liability	$ 14,559
Fair Value, Measurements, Recurring | U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	55,532	$ 59,879
Fair Value, Measurements, Recurring | U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	34,365	98,790
Fair Value, Measurements, Recurring | Collateralized mortgage-backed securities | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	6,767	15,537
Fair Value, Measurements, Recurring | Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	11,818	3,276
Fair Value, Measurements, Recurring | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	114,092	179,021
Fair Value, Measurements, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	91,953	240,642
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	386	1,174
Other investments	0	0
Total	$ 55,918	$ 61,053
As a percentage of total assets	3%	2.60%
Underwriting-related derivative liability	$ 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	55,532	$ 59,879
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Other investments	1,000	0
Total	$ 259,995	$ 537,266
As a percentage of total assets	14.10%	23.10%
Underwriting-related derivative liability	$ 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	$ 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	34,365	98,790
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	6,767	15,537
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	11,818	3,276
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	114,092	179,021
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	91,953	240,642
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	17,806	5,094
Other investments	1,000	2,000
Total	$ 18,806	$ 7,094
As a percentage of total assets	1%	0.30%
Underwriting-related derivative liability	$ 14,559
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	$ 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring | Fair Value Based on NAV Practical Expedient
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	25,429	17,735
Other investments	90,666	72,746
Total	$ 116,095	$ 90,481
As a percentage of total assets	6.30%	3.90%
Underwriting-related derivative liability	$ 0

Fair Value Measurements- Narrat

Fair Value Measurements- Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value | security	1	1
Founding shareholders | AmTrust Financial Services, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Controlling interest, ownership percentage	55.20%
AmTrust Financial Services, Inc. | London Interbank Offered Rate (LIBOR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate			2%
AmTrust International Underwriters DAC (AIU) | Accrued Interest On Collateral Provided For Share Under Quota Share Agreement | AmTrust European Hospital Liability Quota Share Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Related party transaction amount (returned)	$ 0	$ 141
Maiden Holdings, Ltd. | George Karfunkel, less than 5% ownership
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest, ownership percentage	5%
Fixed maturities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach	$ 4,764	6,225
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	450,814	695,894
Underwriting-related derivative liability	14,559
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	259,995	537,266
Underwriting-related derivative liability	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	18,806	$ 7,094
Underwriting-related derivative liability	14,559
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability	$ 14,559
Estimate of Fair Value Measurement | Fair Value, Measurements, Recurring | Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued by third party, percentage	98.50%	99%
Assets valued using market approach, percentage	1.50%	1%

Fair Value Measurements - Signi

Fair Value Measurements - Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Duration matched discount rates | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.020
Duration matched discount rates | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.030
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 450,814	$ 695,894
Underwriting-related derivative liability	14,559
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,806	$ 7,094
Underwriting-related derivative liability	14,559
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability	14,559
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Privately held equity investments | Quarterly financial statements | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	6,861
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Privately held equity investments | Quarterly financial statements | Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 11,945

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Other Investments Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 7,094	$ 2,844
Sales	(2,000)	0
Net unrealized gains recognized in the statement of income	$ 3,770	$ 0
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag	Net unrealized gains recognized in the statement of income	Net unrealized gains recognized in the statement of income
Purchases	$ 9,942	$ 5,250
Transfers out of Level 3	0	(1,000)
Total Level 3 investments - end of period	$ 18,806	$ 7,094

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Senior Notes | 2016 Senior Notes – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.625%
Senior Notes | 2013 Senior Notes – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.75%
Significant Other Observable Inputs (Level 2) | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 262,500	$ 262,500
Significant Other Observable Inputs (Level 2) | Carrying Value | Senior Notes | 2016 Senior Notes – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	110,000	110,000
Significant Other Observable Inputs (Level 2) | Carrying Value | Senior Notes | 2013 Senior Notes – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	152,500	152,500
Significant Other Observable Inputs (Level 2) | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	190,386	235,120
Significant Other Observable Inputs (Level 2) | Fair Value | Senior Notes | 2016 Senior Notes – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	76,560	94,820
Significant Other Observable Inputs (Level 2) | Fair Value | Senior Notes | 2013 Senior Notes – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 113,826	$ 140,300

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) period $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 27, 2022	May 06, 2021 USD ($)	Mar. 03, 2021 USD ($)	Dec. 31, 2020 shares	Jun. 15, 2017 shares	Feb. 21, 2017 USD ($)	Nov. 25, 2015 shares	Aug. 22, 2012 shares
Class of Stock [Line Items]
Shares authorized (in shares)	150,000,000
Common shares, issued (in shares)	149,224,080	92,316,107
Common shares, outstanding (in shares)	101,532,151	86,467,242				84,801,161
Shares undesignated (in shares)	775,920
Common shares, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of votes per share | period	1
Preference shares outstanding (in shares)	18,600,000
Shares issued pursuant to the Exchange	55,800,000	0
Issuance of common shares due to exchange of preference shares | $	$ 28,434
Less: Total shares held by Maiden Reinsurance (in shares)	13,813,116
Shares issued held in treasury (in shares)	41,439,348
Shares repurchased for tax withholding (in shares)	403,716	834,851
Shares repurchased for tax withholding for tax withholding (in dollars per share) | $ / shares	$ 2.50	$ 2.97
Preference Shares
Class of Stock [Line Items]
Approved conversion ratio of common shares			3
Preference shares – Series A
Class of Stock [Line Items]
Preference shares outstanding (in shares)	1,500,050									6,000,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,499,950
Series C Preference Shares, par value $0.01 per share
Class of Stock [Line Items]
Preference shares outstanding (in shares)	1,744,028								6,600,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,855,972
Preference shares - Series D
Class of Stock [Line Items]
Preference shares outstanding (in shares)	1,542,806						6,000,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,457,194
Common shares
Class of Stock [Line Items]
Shares issued pursuant to the Exchange	14,360,652
Authorized amount of share repurchase program | $								$ 100,000
Remaining shares authorized | $	$ 74,245	$ 74,245
Shares repurchased (in shares)	0	0
Series A, C and D preferred stock
Class of Stock [Line Items]
Derecognition of preference shares, carrying amount | $	$ 119,672
Increase (decrease) in original issuance costs | $	3,998
Cash settlement of restricted shares granted | $	25,915
Issuance costs, as additional paid in capital | $	2,375
Gain on exchange of preference shares | $	$ 87,240
Preference shares – Series A, C and D
Class of Stock [Line Items]
Authorized amount of share repurchase program | $				$ 50,000	$ 100,000
Non-Performance-Based Restricted Shares
Class of Stock [Line Items]
Issued and outstanding upon vesting of restricted shares (in shares)	492,463	249,332				1,243,270

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Outstanding shares – January 1	86,467,242	84,801,161
Shares issued pursuant to the Exchange	55,800,000	0
Issuance of vested restricted shares and exercised common share options	1,107,973	2,500,932
Shares repurchased for tax purposes	(403,716)	(834,851)
Less: Common shares held by Maiden Reinsurance as treasury shares	(41,439,348)	0
Outstanding shares – December 31	101,532,151	86,467,242
Shares issued held in treasury (in shares)	41,439,348

Shareholders' Equity - Preferen

Shareholders' Equity - Preference Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Number of shares purchased (in shares)	1,581,509	9,404,012
Average price of shares purchased (in dollars per share)	$ 6.31	$ 14.48
Repurchase of preference shares	$ 9,983	$ 136,155
Gain on repurchase and exchange of preference shares	$ 28,233	$ 90,998
Series A
Class of Stock [Line Items]
Number of shares purchased (in shares)	435,639	3,519,093
Average price of shares purchased (in dollars per share)	$ 5.27	$ 14.74
Series C
Class of Stock [Line Items]
Number of shares purchased (in shares)	625,742	3,026,764
Average price of shares purchased (in dollars per share)	$ 7.08	$ 14.36
Series D
Class of Stock [Line Items]
Number of shares purchased (in shares)	520,128	2,858,155
Average price of shares purchased (in dollars per share)	$ 6.26	$ 14.27

Shareholders' Equity - Change_2

Shareholders' Equity - Changes in Preference Shares Outstanding (Details) - shares	Dec. 31, 2022	Jun. 15, 2017	Nov. 25, 2015	Aug. 22, 2012
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	18,600,000
Less: Total shares held by Maiden Reinsurance (in shares)	13,813,116
Total shares held by non-affiliates - end of period (in shares)	4,786,884
Percentage held by Maiden Reinsurance - end of period	74.30%
Series A
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	1,500,050			6,000,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,499,950
Total shares held by non-affiliates - end of period (in shares)	1,500,050
Percentage held by Maiden Reinsurance - end of period	75%
Series C
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	1,744,028		6,600,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,855,972
Total shares held by non-affiliates - end of period (in shares)	1,744,028
Percentage held by Maiden Reinsurance - end of period	73.60%
Series D
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	1,542,806	6,000,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,457,194
Total shares held by non-affiliates - end of period (in shares)	1,542,806
Percentage held by Maiden Reinsurance - end of period	74.30%

Shareholders' Equity - Change_3

Shareholders' Equity - Changes in Treasury Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Number of treasury shares held by Maiden Reinsurance due to the Exchange (in shares)	41,439,348	0
Number of treasury shares due to common share repurchases for tax purposes (in shares)	6,252,581	5,848,865
Total number of treasury shares at the end of the reporting period (in shares)	47,691,929	5,848,865

Shareholders' Equity - AOCI Com

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 384,257
Other comprehensive loss before reclassifications	(22,212)	$ (17,285)
Amounts reclassified from AOCI to net income, net of tax	(6,807)	(18,787)
Other comprehensive loss, after tax	(29,019)	(36,072)
Ending balance	284,579	384,257
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12,215)	23,857
Ending balance	(41,234)	(12,215)
Change in net unrealized gains on investment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,693)	49,357
Other comprehensive loss before reclassifications	(6,168)	(33,263)
Amounts reclassified from AOCI to net income, net of tax	(6,807)	(18,787)
Other comprehensive loss, after tax	(12,975)	(52,050)
Ending balance	(15,668)	(2,693)
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(9,522)	(25,500)
Other comprehensive loss before reclassifications	(16,044)	15,978
Amounts reclassified from AOCI to net income, net of tax	0	0
Other comprehensive loss, after tax	(16,044)	15,978
Ending balance	$ (25,566)	$ (9,522)

Long-Term Debt - Senior Notes I

Long-Term Debt - Senior Notes Issuances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal amount	$ 262,500	$ 262,500
Less: unamortized issuance costs	6,928	7,153
Senior notes, net	255,572	255,347
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,500	262,500
Less: unamortized issuance costs	6,928	7,153
Senior notes, net	255,572	255,347
Senior Notes | 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,406	3,463
Senior notes, net	106,594	106,537
Original debt issuance costs	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes | 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,500	152,500
Less: unamortized issuance costs	3,522	3,690
Senior notes, net	148,978	$ 148,810
Original debt issuance costs	$ 5,054
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest expense	$ 19,331	$ 19,327
Senior Notes
Debt Instrument [Line Items]
Interest expense	19,106	19,106
Accrued interest	1,342	1,342
Amortization expense, debt issuance costs	$ 225	$ 221
Senior Notes | 2013 Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100%
Senior Notes | 2016 Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100%
Senior Notes | Minimum | 2013 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	30 days
Senior Notes | Minimum | 2016 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	30 days
Senior Notes | Maximum | 2013 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	60 days
Senior Notes | Maximum | 2016 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	60 days

Reinsurance - Effects of Reinsu

Reinsurance - Effects of Reinsurance on Premiums Written and Earned and on Net Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Premiums written
Direct	$ 24,553	$ 21,866
Assumed	(19,074)	(10,928)
Ceded	(397)	(535)
Net	5,082	10,403
Premiums earned
Direct	24,534	22,857
Assumed	13,599	31,497
Ceded	(401)	(1,361)
Net premiums earned	37,732	52,993
Loss and LAE
Gross loss and LAE	53,508	9,344
Loss and LAE ceded	4,483	(2,037)
Net loss and loss adjustment expenses	$ 57,991	$ 7,307

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($)	Jul. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 27, 2018
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses		$ 556,116,000	$ 562,845,000
Reinsurance recoverable for unpaid claims and claims adjustments, valuation allowance		0	0
Reinsurance, excess retention, amount reinsured, per policy	$ 2,178,535,000
Reinsurance, amount retained, per policy	600,000,000
Ceded cumulative losses	445,000,000
Reinsurance recoverable for paid and unpaid claims and claims adjustments, adverse development cover					$ 155,000,000
Reinsurance recoverables, including reinsurance premium paid		556,116,000	562,845,000	$ 592,571,000
Deferred gain on retroactive reinsurance		47,708,000	48,960,000
Collateral by third party		461,563,000
Maximum
Concentration Risk [Line Items]
Reinsurance recoverables on paid losses, gross	312,786,000
Diversified Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses		60,112,000	69,006,000
Assets and liabilities associated with reinsurance business retroceded						100%
AmTrust Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses	$ 445,000,000
Reinsurance recoverables, including reinsurance premium paid		490,408,000	490,860,000
Deferred gain on retroactive reinsurance		$ 45,408,000	$ 45,860,000

Reserve for Loss and Loss Adj_3

Reserve for Loss and Loss Adjustment Expenses - Schedule for Reserve for Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Reserve for reported loss and LAE	$ 702,691	$ 851,950
Reserve for losses incurred but not reported ("IBNR")	428,717	637,423
Reserve for loss and LAE	1,131,408	1,489,373
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	1,489,373	1,893,299
Less: reinsurance recoverable on unpaid losses, January 1	562,845	592,571
Net loss and LAE reserves, January 1	926,528	1,300,728
Net incurred losses related to Current year	25,355	34,912
Net incurred losses related to Prior year	32,636	(27,605)
Net loss and loss adjustment expenses	57,991	7,307
Net paid losses related to Current year	(701)	(10,026)
Net paid losses related to Prior years	(398,499)	(389,231)
Net paid losses	(399,200)	(399,257)
Change in deferred gain on retroactive reinsurance	3,587	29,081
GLS run-off business acquired or assumed	10,905	14,825
Effect of foreign exchange rate movements	(24,519)	(26,156)
Net loss and LAE reserves, December 31	575,292	926,528
Reinsurance recoverable on unpaid losses, December 31	556,116	562,845
Gross loss and LAE reserves, December 31	$ 1,131,408	$ 1,489,373

Reserve for Loss and Loss Adj_4

Reserve for Loss and Loss Adjustment Expenses - Prior Year Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ 32,636	$ (27,605)
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	4,552	(3,561)
Diversified Reinsurance | IIS business
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(1,683)	(2,044)
Diversified Reinsurance | GLS
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	1,825	0
Diversified Reinsurance | Other run-off lines
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	4,410	(1,517)
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	28,084	(24,044)
AmTrust Reinsurance | Workers' Compensation
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(38,131)	(22,242)
AmTrust Reinsurance | Commercial Auto Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	19,088	(29,918)
AmTrust Reinsurance | General Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	18,452	20,868
AmTrust Reinsurance | Hospital Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	13,247	7,885
AmTrust Reinsurance | All other lines
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(1,685)	(637)
AmTrust Reinsurance | Other Specialty Risk & Extended Warranty
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ 17,113	$ 0

Reserve for Loss and Loss Adj_5

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details) € in Thousands						12 Months Ended
	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Jul. 31, 2019 USD ($)	Jul. 01, 2013	Jul. 01, 2007	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2010 USD ($)
Segment Reporting Information [Line Items]
Net increase (decrease) incurred losses related to prior years						$ 32,636,000	$ (27,605,000)
Net increase (decrease) incurred losses related to prior years, percentage						3.50%	(2.10%)
Net adverse prior year development (net favorable prior year reserve development)						$ 32,636,000	$ (27,605,000)
Change in deferred gain on retroactive reinsurance						$ 3,587,000	29,081,000
Number of short duration insurance contracts | contract						2
Reverse for loss and loss adjustment expenses						$ 1,131,408,000	1,489,373,000	$ 1,893,299,000
Reinsurance recoverable on unpaid losses						556,116,000	562,845,000
Paid losses						399,200,000	399,257,000
Reserve for losses incurred but not reported ("IBNR")						428,717,000	637,423,000
Reserve acquired from loss portfolio transfer agreement						575,292,000
Typical insurance limit						1,000,000
Fair Value, Measurements, Recurring
Segment Reporting Information [Line Items]
Underwriting-related derivative liability						14,559,000
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Segment Reporting Information [Line Items]
Underwriting-related derivative liability						14,559,000
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Discounted cash flows
Segment Reporting Information [Line Items]
Underwriting-related derivative liability						14,559,000
AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance decrease						452,000
AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party			40%		40%
AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Post-Termination Endorsement, Maximum Loss Corridor
Segment Reporting Information [Line Items]
Related party transaction amount			$ 40,500,000			52,950,000
AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Minimum
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio floor				81.50%
AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Maximum
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling				95%
AmTrust Financial Services, Inc. | European Hospital Liability Quota Share Agreement
Segment Reporting Information [Line Items]
Collaborative arrangement, reserves expected to be commuted, exit cost	$ 3,666,000	€ 3,444
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						28,084,000	(24,044,000)
Reinsurance recoverable on unpaid losses			$ 445,000,000
Purchase significant reinsurance for losses above						$ 10,000,000
Percent share of losses net of reinsurance						40%
AmTrust Reinsurance | Workers' Compensation
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						$ (38,131,000)	(22,242,000)
Reverse for loss and loss adjustment expenses						366,549,000
Reinsurance recoverable on unpaid losses						334,448,000
Reserve acquired from loss portfolio transfer agreement						32,101,000
AmTrust Reinsurance | Commercial Auto Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						19,088,000	(29,918,000)
Reverse for loss and loss adjustment expenses						125,825,000
Reinsurance recoverable on unpaid losses						25,466,000
Reserve acquired from loss portfolio transfer agreement						100,359,000
AmTrust Reinsurance | Hospital Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						13,247,000	7,885,000
AmTrust Reinsurance | General Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						18,452,000	20,868,000
Reverse for loss and loss adjustment expenses						204,851,000
Reinsurance recoverable on unpaid losses						113,551,000
Reserve acquired from loss portfolio transfer agreement						91,300,000
AmTrust Reinsurance | Other lines
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						(1,685,000)	(637,000)
Reverse for loss and loss adjustment expenses						6,895,000
Reinsurance recoverable on unpaid losses						1,132,000
Reserve acquired from loss portfolio transfer agreement						5,763,000
AmTrust Reinsurance | Specialty Risk and Extended Warranty
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						17,113,000	0
AmTrust Reinsurance | Other reconciling items excluded from loss development tables
Segment Reporting Information [Line Items]
Reverse for loss and loss adjustment expenses						150,155,000
Reinsurance recoverable on unpaid losses						15,811,000
Reserve acquired from loss portfolio transfer agreement						134,344,000
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						4,552,000	(3,561,000)
Reinsurance recoverable on unpaid losses						60,112,000	69,006,000
Reserve acquired from loss portfolio transfer agreement									$ 98,827,000
Diversified Reinsurance | GLS
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						1,825,000	$ 0
Reverse for loss and loss adjustment expenses						28,230,000
Reinsurance recoverable on unpaid losses						4,669,000
Paid losses						7,129,000
Reserve for losses incurred but not reported ("IBNR")						14,595,000
Reserve acquired from loss portfolio transfer agreement						23,561,000
Diversified Reinsurance | Other reconciling items excluded from loss development tables
Segment Reporting Information [Line Items]
Reverse for loss and loss adjustment expenses						18,419,000
Reinsurance recoverable on unpaid losses						0
Reserve acquired from loss portfolio transfer agreement						$ 18,419,000

Reserve for Loss and Loss Adj_6

Reserve for Loss and Loss Adjustment Expenses - Incurred losses and LAE, Net of Reinsurance and Cumulative Paid Losses and LAE, Net of Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2010
Claims Development [Line Items]
Impact of LPT/ADC	$ 556,116	$ 562,845
Reserve for loss and LAE	1,131,408	1,489,373	$ 1,893,299
Total net reserves including impact of LPT/ADC Agreement	575,292
Diversified Reinsurance
Claims Development [Line Items]
Impact of LPT/ADC	60,112	69,006
Total net reserves including impact of LPT/ADC Agreement												$ 98,827
AmTrust Reinsurance
Claims Development [Line Items]
Impact of LPT/ADC					$ 445,000
IIS business | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	496,730
Total IBNR	4,415
Impact of LPT/ADC	927
Cumulative paid loss and LAE, net of reinsurance	461,694
Reserve for loss and LAE	35,963
Total net reserves including impact of LPT/ADC Agreement	35,036
IIS business | 2010 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	77,870	77,666	77,373	$ 77,255		$ 76,259	$ 76,544	$ 74,544	$ 72,469	$ 74,417	$ 74,743
Total IBNR	(583)
Cumulative paid loss and LAE, net of reinsurance	57,801	56,888	55,834	54,794		53,423	51,847	50,367	48,852	47,263	45,531
IIS business | 2011 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	46,422	46,310	46,310	46,349		46,391	46,140	45,762	45,931	45,974	45,794
Total IBNR	109
Cumulative paid loss and LAE, net of reinsurance	46,719	46,727	46,677	46,597		46,534	46,428	46,287	46,055	45,638	44,406
IIS business | 2012 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,626	45,590	45,491	45,559		45,612	45,891	45,630	45,547	45,443	45,177
Total IBNR	296
Cumulative paid loss and LAE, net of reinsurance	42,808	42,891	42,799	42,719		42,706	42,599	42,017	41,692	40,608	38,237
IIS business | 2013 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	49,219	49,173	49,073	49,138		48,770	48,937	48,337	48,835	47,521	42,423
Total IBNR	(115)
Cumulative paid loss and LAE, net of reinsurance	47,460	47,393	46,985	46,683		46,608	46,408	45,940	44,599	42,125	22,864
IIS business | 2014 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	47,401	47,354	47,464	47,705		47,641	47,843	47,947	48,084	42,353
Total IBNR	63
Cumulative paid loss and LAE, net of reinsurance	45,800	45,801	45,742	45,632		45,531	45,292	44,070	41,807	23,559
IIS business | 2015 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	43,842	43,821	44,080	44,219		44,183	44,510	44,026	42,615
Total IBNR	(122)
Cumulative paid loss and LAE, net of reinsurance	42,988	42,988	42,787	42,525		42,137	41,199	39,143	21,584
IIS business | 2016 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,044	39,953	40,239	39,860		39,874	40,487	38,500
Total IBNR	(68)
Cumulative paid loss and LAE, net of reinsurance	40,466	39,685	39,199	38,612		37,912	36,206	22,112
IIS business | 2017 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,239	35,432	35,413	36,275		37,344	36,543
Total IBNR	120
Cumulative paid loss and LAE, net of reinsurance	35,044	35,007	34,764	33,993		32,343	18,824
IIS business | 2018 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	39,854	39,689	39,659	39,484		41,124
Total IBNR	(311)
Cumulative paid loss and LAE, net of reinsurance	38,999	38,454	37,472	35,506		19,613
IIS business | 2019 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,869	35,713	36,632	34,665
Total IBNR	1,477
Cumulative paid loss and LAE, net of reinsurance	32,464	31,986	29,408	16,250
IIS business | 2020 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,528	22,584	23,417
Total IBNR	1,778
Cumulative paid loss and LAE, net of reinsurance	19,848	18,898	11,192
IIS business | 2021 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	6,433	6,337
Total IBNR	58
Cumulative paid loss and LAE, net of reinsurance	10,122	5,693
IIS business | 2022 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	7,383
Total IBNR	1,713
Cumulative paid loss and LAE, net of reinsurance	1,175
Workers' Compensation | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,635,084
Total IBNR	187,905
Impact of LPT/ADC	334,448
Cumulative paid loss and LAE, net of reinsurance	3,268,899
All outstanding liabilities prior to 2008, net of reinsurance	364
Reserve for loss and LAE	366,549
Total net reserves including impact of LPT/ADC Agreement	32,101
Workers' Compensation | 2008 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	86,415	86,292	86,117	83,952		84,710	83,622	83,039	82,301	81,240	82,438
Total IBNR	2,351
Impact of LPT/ADC	3,388
Cumulative paid loss and LAE, net of reinsurance	82,761	82,676	82,286	82,709		82,436	81,159	79,230	78,161	77,370	76,018
Workers' Compensation | 2009 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	109,384	110,207	109,021	109,664		110,175	107,165	105,901	106,204	109,213	103,864
Total IBNR	1,899
Impact of LPT/ADC	3,846
Cumulative paid loss and LAE, net of reinsurance	104,434	104,205	103,771	102,877		101,823	100,103	98,811	96,396	93,425	89,462
Workers' Compensation | 2010 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	126,308	126,516	126,621	127,381		127,215	123,968	124,073	125,020	120,243	118,209
Total IBNR	6,848
Impact of LPT/ADC	5,672
Cumulative paid loss and LAE, net of reinsurance	115,765	115,508	114,730	116,332		115,959	115,014	114,639	108,171	103,280	95,120
Workers' Compensation | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	140,257	137,355	141,272	139,685		138,600	135,379	133,916	133,995	132,728	130,712
Total IBNR	5,193
Impact of LPT/ADC	7,479
Cumulative paid loss and LAE, net of reinsurance	130,958	130,413	129,408	125,843		124,315	122,579	115,966	114,107	105,584	91,414
Workers' Compensation | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	189,114	187,089	192,263	188,879		192,087	181,616	172,692	171,040	173,946	168,016
Total IBNR	8,935
Impact of LPT/ADC	11,453
Cumulative paid loss and LAE, net of reinsurance	175,021	174,436	172,251	168,154		164,512	158,807	150,543	138,706	119,059	88,382
Workers' Compensation | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	277,226	277,365	281,580	273,571		276,249	261,915	242,447	238,392	245,765	237,019
Total IBNR	10,213
Impact of LPT/ADC	16,426
Cumulative paid loss and LAE, net of reinsurance	255,720	252,506	248,103	234,342		227,502	216,527	199,300	168,785	121,182	56,249
Workers' Compensation | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	441,185	445,258	449,374	455,521		457,363	419,748	382,260	365,515	379,589
Total IBNR	21,099
Impact of LPT/ADC	32,018
Cumulative paid loss and LAE, net of reinsurance	398,441	392,101	383,529	370,176		355,414	321,258	268,467	189,954	69,512
Workers' Compensation | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	537,963	547,439	549,857	545,271		551,145	526,269	474,212	474,140
Total IBNR	28,451
Impact of LPT/ADC	45,036
Cumulative paid loss and LAE, net of reinsurance	476,769	466,868	448,867	417,736		388,640	338,642	246,616	86,695
Workers' Compensation | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	559,440	568,791	579,849	603,529		627,728	568,006	528,906
Total IBNR	40,851
Impact of LPT/ADC	54,400
Cumulative paid loss and LAE, net of reinsurance	484,367	471,382	449,347	428,651		380,602	284,501	110,051
Workers' Compensation | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	580,155	591,122	593,920	613,577		654,362	615,957
Total IBNR	30,646
Impact of LPT/ADC	70,284
Cumulative paid loss and LAE, net of reinsurance	520,180	507,903	485,611	448,551		274,596	111,508
Workers' Compensation | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	577,485	585,009	575,765	580,528		592,566
Total IBNR	32,953
Impact of LPT/ADC	84,446
Cumulative paid loss and LAE, net of reinsurance	515,459	499,349	465,762	409,986		110,954
Workers' Compensation | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	10,152	10,871	9,945	12,751
Total IBNR	(1,534)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	9,024	8,070	5,821	3,907
General Liability | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,082,279
Total IBNR	73,547
Impact of LPT/ADC	113,551
Cumulative paid loss and LAE, net of reinsurance	877,444
All outstanding liabilities prior to 2008, net of reinsurance	16
Reserve for loss and LAE	204,851
Total net reserves including impact of LPT/ADC Agreement	91,300
General Liability | 2008 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,017	40,381	40,398	36,996		37,605	36,627	35,985	34,169	33,792	33,051
Total IBNR	3,036
Impact of LPT/ADC	121
Cumulative paid loss and LAE, net of reinsurance	37,473	37,278	37,253	34,893		36,699	34,935	32,765	32,423	32,849	29,384
General Liability | 2009 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,495	35,733	36,228	35,410		35,138	34,863	34,040	32,418	30,902	29,123
Total IBNR	431
Impact of LPT/ADC	143
Cumulative paid loss and LAE, net of reinsurance	35,093	34,999	34,984	32,487		33,473	32,878	30,924	28,312	24,298	19,727
General Liability | 2010 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,856	44,778	45,490	43,062		42,884	41,597	38,298	38,536	36,455	34,761
Total IBNR	330
Impact of LPT/ADC	340
Cumulative paid loss and LAE, net of reinsurance	44,040	43,076	42,509	39,888		39,214	37,317	34,125	30,948	26,429	19,010
General Liability | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	54,288	54,683	55,607	53,499		52,746	49,338	45,303	42,100	40,557	35,628
Total IBNR	278
Impact of LPT/ADC	600
Cumulative paid loss and LAE, net of reinsurance	53,064	52,592	51,492	49,178		47,141	41,257	39,350	31,619	22,963	12,158
General Liability | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,615	64,052	63,704	63,429		59,948	55,991	50,800	48,851	42,450	33,445
Total IBNR	3,450
Impact of LPT/ADC	1,426
Cumulative paid loss and LAE, net of reinsurance	58,889	57,913	55,350	56,538		53,526	45,775	40,864	29,752	18,020	13,224
General Liability | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	96,388	96,342	95,050	92,032		89,204	79,731	68,641	66,869	43,116	42,021
Total IBNR	2,159
Impact of LPT/ADC	3,606
Cumulative paid loss and LAE, net of reinsurance	89,473	87,178	83,571	76,996		70,074	58,377	44,698	32,249	10,226	4,996
General Liability | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	119,413	119,782	119,367	116,085		111,970	99,873	77,930	66,558	65,469
Total IBNR	6,211
Impact of LPT/ADC	7,612
Cumulative paid loss and LAE, net of reinsurance	102,290	96,521	92,861	86,101		77,259	57,678	36,026	24,581	3,503
General Liability | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	155,234	154,939	154,529	154,071		139,518	122,942	95,766	118,111
Total IBNR	7,150
Impact of LPT/ADC	13,950
Cumulative paid loss and LAE, net of reinsurance	131,224	120,546	112,542	98,278		79,291	52,350	33,963	20,849
General Liability | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	150,019	147,996	147,858	148,371		120,911	114,864	98,149
Total IBNR	11,764
Impact of LPT/ADC	20,042
Cumulative paid loss and LAE, net of reinsurance	114,422	101,764	88,627	67,064		45,855	21,959	6,402
General Liability | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	167,257	162,856	161,354	165,268		133,533	116,158
Total IBNR	18,159
Impact of LPT/ADC	29,737
Cumulative paid loss and LAE, net of reinsurance	119,417	97,356	79,531	51,545		27,001	6,967
General Liability | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	151,791	148,295	148,817	153,822		121,991
Total IBNR	18,617
Impact of LPT/ADC	35,974
Cumulative paid loss and LAE, net of reinsurance	90,841	65,947	42,792	24,618		7,907
General Liability | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,906	5,981	6,017	5,427
Total IBNR	1,962
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	1,218	717	314	27
Commercial Auto Liability | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,175,683
Total IBNR	33,209
Impact of LPT/ADC	25,466
Cumulative paid loss and LAE, net of reinsurance	1,049,917
All outstanding liabilities prior to 2008, net of reinsurance	59
Reserve for loss and LAE	125,825
Total net reserves including impact of LPT/ADC Agreement	100,359
Commercial Auto Liability | 2008 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	37,885	37,854	37,746	35,542		35,382	35,521	35,975	34,584	34,522	33,700
Total IBNR	2,063
Impact of LPT/ADC	13
Cumulative paid loss and LAE, net of reinsurance	35,339	35,013	34,982	36,968		35,284	34,803	34,074	33,536	32,643	30,975
Commercial Auto Liability | 2009 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	30,979	31,019	31,082	31,064		31,033	30,919	30,468	31,024	30,812	28,551
Total IBNR	397
Impact of LPT/ADC	50
Cumulative paid loss and LAE, net of reinsurance	30,341	30,340	30,337	31,194		30,204	29,842	29,829	29,226	26,975	22,959
Commercial Auto Liability | 2010 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,608	40,631	40,637	42,070		41,996	42,146	40,523	40,193	38,043	37,154
Total IBNR	192
Impact of LPT/ADC	32
Cumulative paid loss and LAE, net of reinsurance	40,416	40,411	40,407	40,395		40,282	39,750	39,413	37,734	34,855	28,602
Commercial Auto Liability | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,633	34,690	34,707	34,643		36,065	36,149	34,790	33,839	32,578	29,577
Total IBNR	476
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	34,158	34,005	33,872	33,451		33,155	33,130	32,362	29,769	25,808	18,813
Commercial Auto Liability | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,860	45,753	45,902	45,917		45,753	46,150	48,116	44,812	40,076	32,691
Total IBNR	(41)
Impact of LPT/ADC	4
Cumulative paid loss and LAE, net of reinsurance	45,825	45,812	45,819	45,751		45,555	44,165	43,745	35,460	26,508	14,979
Commercial Auto Liability | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,500	63,589	63,532	63,620		62,163	63,162	59,702	50,647	44,771	33,473
Total IBNR	249
Impact of LPT/ADC	79
Cumulative paid loss and LAE, net of reinsurance	63,070	62,968	62,562	62,331		59,600	57,349	48,122	34,379	19,865	8,267
Commercial Auto Liability | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	93,164	93,208	94,238	92,572		89,299	82,427	73,966	55,023	47,525
Total IBNR	818
Impact of LPT/ADC	462
Cumulative paid loss and LAE, net of reinsurance	91,115	91,000	90,761	87,458		79,766	64,459	42,960	22,858	8,450
Commercial Auto Liability | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	129,632	129,082	129,849	127,560		119,141	106,560	92,955	66,967
Total IBNR	492
Impact of LPT/ADC	848
Cumulative paid loss and LAE, net of reinsurance	125,415	121,605	118,753	107,707		86,433	62,945	39,179	13,102
Commercial Auto Liability | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	170,221	167,479	170,275	171,504		144,077	118,210	121,828
Total IBNR	588
Impact of LPT/ADC	2,658
Cumulative paid loss and LAE, net of reinsurance	158,822	145,727	133,826	113,174		76,635	48,595	19,071
Commercial Auto Liability | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	224,132	220,471	230,972	220,457		189,257	156,575
Total IBNR	5,775
Impact of LPT/ADC	6,907
Cumulative paid loss and LAE, net of reinsurance	197,857	176,863	154,600	115,623		69,657	26,863
Commercial Auto Liability | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	230,516	219,800	230,200	224,780		177,150
Total IBNR	12,231
Impact of LPT/ADC	14,413
Cumulative paid loss and LAE, net of reinsurance	178,479	138,770	107,184	67,080		30,018
Commercial Auto Liability | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	74,553	73,023	77,371	79,172
Total IBNR	9,976
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	49,073	34,365	22,799	9,456
Commercial Auto Liability | 2020 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(7)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	7	7	7
European Hospital Liability | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	601,018
Total IBNR	10,023
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	466,609
Reserve for loss and LAE	134,409
Total net reserves including impact of LPT/ADC Agreement	134,409
European Hospital Liability | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	67,547	60,384	59,656	59,387		57,234	59,690	61,558	44,705	46,998	34,017
Total IBNR	72
Cumulative paid loss and LAE, net of reinsurance	57,899	53,859	51,046	46,731		43,149	39,178	33,862	27,253	22,279	12,141
European Hospital Liability | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	117,038	113,902	112,513	111,624		107,010	82,802	87,448	97,757	76,239	76,985
Total IBNR	(958)
Cumulative paid loss and LAE, net of reinsurance	99,707	93,133	88,334	78,817		73,016	65,413	55,476	43,149	33,129	14,556
European Hospital Liability | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	104,022	102,074	100,519	99,193		93,646	73,060	79,904	60,822	58,306	46,409
Total IBNR	(15)
Cumulative paid loss and LAE, net of reinsurance	84,916	77,288	72,015	59,493		52,626	46,959	37,356	24,483	14,230	2,829
European Hospital Liability | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	83,496	83,677	82,391	81,397		76,408	60,595	54,459	50,843	48,283
Total IBNR	(68)
Cumulative paid loss and LAE, net of reinsurance	67,693	58,012	55,203	43,920		37,234	33,182	23,314	11,216	3,982
European Hospital Liability | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	69,511	67,979	65,776	65,550		62,565	56,903	43,704	45,015
Total IBNR	3,215
Cumulative paid loss and LAE, net of reinsurance	52,110	42,931	43,398	33,086		27,550	21,587	10,456	3,288
European Hospital Liability | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	65,220	65,746	64,463	65,905		63,503	48,519	42,146
Total IBNR	3,414
Cumulative paid loss and LAE, net of reinsurance	44,924	35,440	32,971	22,214		16,700	10,079	3,393
European Hospital Liability | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	47,010	48,183	50,078	51,452		49,435	38,800
Total IBNR	3,472
Cumulative paid loss and LAE, net of reinsurance	28,407	19,172	13,910	7,167		4,181	1,211
European Hospital Liability | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	32,374	30,234	30,843	29,957		42,238
Total IBNR	241
Cumulative paid loss and LAE, net of reinsurance	20,980	7,359	5,114	2,147		872
European Hospital Liability | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	14,800	14,854	13,930	15,049
Total IBNR	650
Cumulative paid loss and LAE, net of reinsurance	9,973	2,865	1,517	10,856
All other lines | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	488,314
Total IBNR	4,582
Impact of LPT/ADC	1,132
Cumulative paid loss and LAE, net of reinsurance	481,414
All outstanding liabilities prior to 2008, net of reinsurance	(5)
Reserve for loss and LAE	6,895
Total net reserves including impact of LPT/ADC Agreement	5,763
All other lines | 2008 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	24,013	24,016	24,045	29,519		29,574	29,576	29,070	29,237	29,149	28,715
Total IBNR	(4,931)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	28,850	28,850	24,706	29,234		30,683	30,833	29,177	29,388	31,217	29,900
All other lines | 2009 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,373	15,373	15,750	14,617		15,653	16,088	14,492	14,309	13,329	11,959
Total IBNR	373
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	14,986	14,986	14,954	14,009		15,051	15,224	13,870	13,105	11,093	8,743
All other lines | 2010 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,905	15,905	15,905	15,438		17,059	17,071	16,105	16,078	15,484	24,718
Total IBNR	52
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	15,854	15,854	15,853	15,285		16,786	16,919	16,058	15,748	15,375	13,012
All other lines | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,496	21,500	21,515	21,469		23,506	23,376	22,616	22,359	27,509	26,343
Total IBNR	151
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	21,334	21,339	21,343	21,481		23,661	23,892	22,715	22,044	21,279	17,571
All other lines | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	17,819	17,811	17,969	19,578		20,260	19,850	18,673	21,898	19,426	18,443
Total IBNR	(260)
Impact of LPT/ADC	152
Cumulative paid loss and LAE, net of reinsurance	18,077	18,077	18,071	17,559		18,685	18,205	17,946	16,936	16,033	14,031
All other lines | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	20,637	20,639	20,644	21,735		21,669	21,313	22,918	28,058	17,630	17,806
Total IBNR	1,174
Impact of LPT/ADC	247
Cumulative paid loss and LAE, net of reinsurance	19,463	19,465	20,146	19,343		20,447	20,456	20,258	17,509	15,997	$ 11,877
All other lines | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,493	21,491	21,496	24,929		26,278	24,958	26,021	25,268	20,597
Total IBNR	(17)
Impact of LPT/ADC	122
Cumulative paid loss and LAE, net of reinsurance	21,509	21,493	21,497	21,405		26,194	22,018	20,940	20,277	$ 12,028
All other lines | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,456	44,749	44,939	47,882		49,463	49,631	54,857	52,706
Total IBNR	711
Impact of LPT/ADC	50
Cumulative paid loss and LAE, net of reinsurance	43,742	43,895	43,622	44,179		41,962	42,631	45,208	$ 28,929
All other lines | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	66,791	66,944	67,060	73,602		72,384	74,948	79,654
Total IBNR	6,512
Impact of LPT/ADC	113
Cumulative paid loss and LAE, net of reinsurance	59,967	60,008	63,450	63,234		65,452	69,805	$ 42,795
All other lines | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	96,267	96,104	96,196	92,904		96,812	104,637
Total IBNR	1,507
Impact of LPT/ADC	173
Cumulative paid loss and LAE, net of reinsurance	94,206	93,541	93,212	80,735		80,726	$ 48,903
All other lines | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	102,061	101,913	101,553	103,489		96,910
Total IBNR	(1,546)
Impact of LPT/ADC	275
Cumulative paid loss and LAE, net of reinsurance	102,587	101,158	98,386	86,455		$ 56,539
All other lines | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	42,003	43,554	43,146	37,945
Total IBNR	1,025
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	40,670	40,427	38,793	$ 22,095
All other lines | 2020 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(103)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	103	103	$ 4
All other lines | 2021 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(66)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	$ 66	$ 66

Reserve for Loss and Loss Adj_7

Reserve for Loss and Loss Adjustment Expenses - Reconciliation of loss development to reserve for loss and LAE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2019	Nov. 30, 2010
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	$ 575,292
Reinsurance Recoverables on unpaid claims	556,116	$ 562,845
Total Gross Reserves	1,131,408	1,489,373	$ 1,893,299
Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement					$ 98,827
Reinsurance Recoverables on unpaid claims	60,112	69,006
AmTrust Reinsurance
US Treaty business ceded to Cavello
Reinsurance Recoverables on unpaid claims				$ 445,000
Other Segment
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	0
Total Gross Reserves	60,112
Operating Segments
US Treaty business ceded to Cavello
Reinsurance Recoverables on unpaid claims	496,004	493,839
Operating Segments | Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	77,016
Reinsurance Recoverables on unpaid claims	5,596	2,979
Total Gross Reserves	82,612
Operating Segments | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	498,276
Reinsurance Recoverables on unpaid claims	490,408	$ 490,860
Total Gross Reserves	988,684
IIS business | Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	35,036
Reinsurance Recoverables on unpaid claims	927
Total Gross Reserves	35,963
GLS | Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	23,561
Reinsurance Recoverables on unpaid claims	4,669
Total Gross Reserves	28,230
Workers' Compensation | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	32,101
Reinsurance Recoverables on unpaid claims	334,448
Total Gross Reserves	366,549
General Liability | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	91,300
Reinsurance Recoverables on unpaid claims	113,551
Total Gross Reserves	204,851
Commercial Auto Liability | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	100,359
Reinsurance Recoverables on unpaid claims	25,466
Total Gross Reserves	125,825
European Hospital Liability | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	134,409
Reinsurance Recoverables on unpaid claims	0
Total Gross Reserves	134,409
All other lines | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	5,763
Reinsurance Recoverables on unpaid claims	1,132
Total Gross Reserves	6,895
Total | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	363,932
Reinsurance Recoverables on unpaid claims	474,597
Total Gross Reserves	838,529
Other reconciling items excluded from loss development tables | Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	18,419
Reinsurance Recoverables on unpaid claims	0
Total Gross Reserves	18,419
Other reconciling items excluded from loss development tables | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	134,344
Reinsurance Recoverables on unpaid claims	15,811
Total Gross Reserves	$ 150,155

Reserve for Loss and Loss Adj_8

Reserve for Loss and Loss Adjustment Expenses - Historical average annual payout (Details)	Dec. 31, 2022
IIS business | Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	49.70%
Year 2	39.40%
Year 3	3.80%
Year 4	2.30%
Year 5	1.40%
Year 6	0.50%
Year 7	0.20%
Year 8	(0.50%)
Year 9	0%
Year 10	0.20%
Workers' Compensation | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.90%
Year 2	32.10%
Year 3	18.10%
Year 4	8.70%
Year 5	4.80%
Year 6	3.70%
Year 7	3%
Year 8	2.40%
Year 9	1.60%
Year 10	1.50%
General Liability | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.10%
Year 2	10.80%
Year 3	13.50%
Year 4	16.30%
Year 5	14.20%
Year 6	10.30%
Year 7	6.90%
Year 8	6.10%
Year 9	3.10%
Year 10	3.30%
Commercial Auto Liability | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	12%
Year 2	17.80%
Year 3	19%
Year 4	18.40%
Year 5	14.20%
Year 6	7.50%
Year 7	4.50%
Year 8	1.20%
Year 9	0.40%
Year 10	0.40%
European Hospital Liability | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.50%
Year 2	7.80%
Year 3	11.40%
Year 4	14.90%
Year 5	10%
Year 6	7.50%
Year 7	7.20%
Year 8	6.60%
Year 9	6%
Year 10	3.90%
All other lines | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	57.10%
Year 2	32.40%
Year 3	2.80%
Year 4	4.90%
Year 5	2.60%
Year 6	(2.50%)
Year 7	0.50%
Year 8	(0.60%)
Year 9	(2.90%)
Year 10	(0.20%)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands

3 Months Ended

7 Months Ended

12 Months Ended

Sep. 12, 2022 USD ($)

Sep. 12, 2022 EUR (€)

Jul. 01, 2022 USD ($)

Jul. 01, 2022 EUR (€)

Mar. 16, 2020

Aug. 12, 2019 USD ($)

Jul. 31, 2019 USD ($)

Jan. 11, 2019 USD ($)

Dec. 31, 2018 USD ($)

Jan. 01, 2018

Jul. 01, 2016

Jul. 01, 2013

Jan. 01, 2012 EUR (€)

Apr. 01, 2011 EUR (€)

Jun. 11, 2008

Jul. 01, 2007

Mar. 31, 2023

Jun. 30, 2019 USD ($)

Aug. 12, 2019

Jul. 31, 2019 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Jul. 01, 2022 EUR (€)

Jul. 01, 2018

Related Party Transaction [Line Items]

Loan to related party

$ 167,975

$ 167,975

Investment income

30,470

34,361

Notes Receivable, Related Party

Related Party Transaction [Line Items]

Investment income

$ 6,202

$ 3,492

Effective yield

3.70%

2.10%

AmTrust Financial Services, Inc.

Related Party Transaction [Line Items]

Loan to related party

$ 167,975

$ 167,975

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment

Related Party Transaction [Line Items]

Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party

40%

Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party

40%

40%

Commission rate, percent of ceded written premiums

34.375%

31%

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Post-Termination Endorsement, Maximum Loss Corridor

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 40,500

52,950

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment and Commutation

Related Party Transaction [Line Items]

Percent of ceding commission payable, period increase

5%

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Returned Gross Unearned Premiums

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 647,980

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Returned Unearned Premiums, Net

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 436,760

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Commutation And Release Agreement, Commutation Payment

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 312,786

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Commutation And Release Agreement, Net Ceded Reserves

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 330,682

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Commutation And Release Agreement, Commutation Payment Paid By Entity

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 17,896

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Commutation And Release Agreement, Commutation Payment, Premium Interest

Related Party Transaction [Line Items]

Related party interest expense

$ 6,335

Calculated interest rate with related party

3.30%

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Income on funds withheld

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 575,000

$ 416,835

$ 575,000

Calculated interest rate with related party

2.10%

1.80%

Accrued interest on collateral held by related party

$ 2,359

$ 2,609

Interest income from related party

10,791

10,350

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Post-Termination Endorsement

Related Party Transaction [Line Items]

Related party transaction, percentage of required funding on obligations

105%

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Post-Termination Endorsement, Minimum Excess Funding Requirement

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 54,000

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Post-Termination Endorsement No. 2

Related Party Transaction [Line Items]

Related party transaction, percentage of required funding on obligations

110%

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Post-Termination Endorsement No. 2 | Forecast

Related Party Transaction [Line Items]

Related party transaction, percentage of required funding on obligations

107.50%

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Minimum

Related Party Transaction [Line Items]

Commission rate, adjustment criteria, loss ratio floor

81.50%

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Maximum

Related Party Transaction [Line Items]

Commission rate, adjustment criteria, loss ratio ceiling

95%

AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Maximum | Post-Termination Endorsement

Related Party Transaction [Line Items]

Related party transaction, percentage of required funding on obligations

110%

AmTrust Financial Services, Inc. | European Hospital Liability Quota Share Agreement

Related Party Transaction [Line Items]

Commission rate, percent of ceded written premiums

5%

Premiums and losses related to policies, percentage

32.50%

40%

Maximum limit of liability attaching (in EUR) | €

€ 10,000,000

€ 5,000,000

Percent basis currency equivalent of maximum limit of liability attaching

100%

Future premiums and losses related to policies, percentage

20%

Collaborative arrangement, payment of commuted reserves

$ 31,291

€ 29,401,000

Collaborative arrangement, reserves expected to be commuted

$ 27,625

€ 25,956,000

Collaborative arrangement, reserves expected to be commuted, exit cost

$ 3,666

€ 3,444,000

AmTrust Financial Services, Inc. | European Hospital Liability Quota Share Agreement | Maximum | Post-Termination Endorsement No. 1

Related Party Transaction [Line Items]

Solvency ratio

100%

Collateral on exposure

100%

Related party transaction, percentage of required funding on obligations

120%

AmTrust Financial Services, Inc. | Reinsurer Trust Assets Collateral Agreement

Related Party Transaction [Line Items]

Collateral held by related party

42,305

246,874

Accrued interest on collateral held by related party

224

1,171

AmTrust Financial Services, Inc. | Asset Management Agreement

Related Party Transaction [Line Items]

Quarterly brokerage fee, above portfolio threshold, percent of average holdings

0.02125%

Cancellation notice period

30 days

AmTrust Financial Services, Inc. | Asset Management Agreement | Investment Management Fee

Related Party Transaction [Line Items]

Expenses from related party transactions

417

846

AEL | AmTrust Quota Share Reinsurance Segment

Related Party Transaction [Line Items]

Percentage ceded

20%

AEL | AmTrust European Hospital Liability Quota Share Agreement

Related Party Transaction [Line Items]

Collateral held by related party

188,473

244,488

Accrued interest on collateral held by related party

966

1,273

AmTrust International Underwriters DAC (AIU) | AmTrust European Hospital Liability Quota Share Agreement | Collateral Provided For Share Under Quota Share Agreement

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 0

26,460

Calculated interest rate with related party

0.50%

Interest income from related party

$ 59

$ 147

Related Party Transactions - Sc

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Net premiums earned	$ 37,732	$ 52,993
Net loss and LAE	(57,991)	(7,307)
Commission and other acquisition expenses	(18,511)	(24,840)
Quota Share Reinsurance Agreements | AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(18,538)	(5,695)
Net premiums earned	9,749	25,312
Net loss and LAE	(45,508)	(3,438)
Commission and other acquisition expenses	$ (4,347)	$ (9,747)

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Premiums earned	$ 37,732	$ 52,993
Letters of credit outstanding	$ 40,319	53,566
Operating lease, weighted average discount rate	10%
Operating lease, right-of-use asset	$ 300	473
Operating lease liability	$ 300	$ 473
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities (includes $33,278 and $29,408 from related parties in 2022 and 2021, respectively)	Accrued expenses and other liabilities (includes $33,278 and $29,408 from related parties in 2022 and 2021, respectively)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease, weighted average remaining lease term	1 year 9 months 18 days
Leasing expense	$ 375	$ 613
Fair Value	69,607	68,262
Guarantees provided to lenders on behalf of real estate joint venture	42,141	33,305
Letter of credit
Loss Contingencies [Line Items]
Collateral	$ 47,110	$ 72,823
Segment concentration risk | Gross premiums written | AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage	25.80%	47.80%
AmTrust Financial Services, Inc. | Quota Share Reinsurance Agreements
Loss Contingencies [Line Items]
Premiums earned	$ 9,749	$ 25,312

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gain Contingencies [Line Items]
Fair Value	$ 69,607	$ 68,262
% of Total	61.60%	56.10%
Private equity funds
Gain Contingencies [Line Items]
Fair Value	$ 54,996	$ 46,149
% of Total	48.70%	37.90%
Private credit funds
Gain Contingencies [Line Items]
Fair Value	$ 13,906	$ 4,897
% of Total	12.30%	4%
Investments in direct lending entities (at cost)
Gain Contingencies [Line Items]
Fair Value	$ 0	$ 13,216
% of Total	0%	10.90%
Privately held equity investments
Gain Contingencies [Line Items]
Fair Value	$ 705	$ 4,000
% of Total	0.60%	3.30%
Total unfunded commitments on equity securities
Gain Contingencies [Line Items]
Fair Value	$ 16,509	$ 27,415
% of Total	14.60%	22.60%
Total unfunded commitments on equity method investments
Gain Contingencies [Line Items]
Fair Value	$ 26,873	$ 25,950
% of Total	23.80%	21.30%
Total unfunded commitments on alternative investments
Gain Contingencies [Line Items]
Fair Value	$ 112,989	$ 121,627
% of Total	100%	100%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net (loss) income	$ (60,041)	$ 26,645
Gain from exchange of preference shares – Series A, C and D	87,240	0
Gain from repurchase of preference shares – Series A, C and D	28,233	90,998
Amount allocated to participating common shareholders	(314)	(1,021)
Net income available to Maiden common shareholders, basic	55,118	116,622
Net income available to Maiden common shareholders, diluted	$ 55,118	$ 116,622
Denominator:
Weighted average number of common shares - basic (in shares)	87,112,711	86,068,278
Potentially dilutive securities:
Share options and restricted share units (in shares)	1,263	4,389
Adjusted weighted average number of common shares - diluted (in shares)	87,113,974	86,072,667
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.63	$ 1.35
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.63	$ 1.35

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Bermuda tax rate	0%	0%
Net deferred tax asset	$ 1,175,000	$ 840,000
(Decrease) increase in valuation allowance	26,160,000	(6,337,000)
Capital loss carryforwards	14,458,000	13,483,000
U.S.
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forward	$ 280,664,000	$ 230,220,000

Income Taxes - Income before Ta

Income Taxes - Income before Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Loss before income taxes – Domestic (Bermuda)	$ (20,509)	$ (23,345)
(Loss) income before income taxes – Foreign (U.S. and others)	(40,089)	50,005
(Loss) income before income taxes and interest in (loss) income of equity method investments	(60,598)	26,660
Current tax expense – Domestic (Bermuda)	0	0
Current tax (benefit) expense – Foreign (U.S. and others)	(478)	244
Total current tax (benefit) expense	(478)	244
Deferred tax expense – Domestic (Bermuda)	0	0
Deferred tax benefit – Foreign (U.S. and others)	(79)	(229)
Total deferred tax benefit	(79)	(229)
Total income tax (benefit) expense	$ (557)	$ 15

Income Taxes - Tax Rate Reconci

Income Taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
(Loss) income before income taxes	$ (60,598)	$ 26,660
Less: income tax (benefit) expense	(557)	15
Net (loss) income	$ (60,041)	$ 26,645
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	0%	0%
U.S. taxes at statutory rates	36.50%	24.30%
Valuation allowance in respect of U.S. taxes	(36.50%)	(22.30%)
Other jurisdictions	0.90%	(1.90%)
Actual tax rate	0.90%	0.10%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 58,939	$ 48,346
Unearned premiums	2,813	4,202
Capital loss carry-forward	3,036	2,831
Net unrealized losses on investments	23,276	2,236
Discounting of net loss and LAE reserves	22,964	30,423
Interest limitation	0	11
Deferred gain on retroactive reinsurance	11,032	10,282
Others	1,175	840
Deferred tax assets before valuation allowance	123,235	99,171
Valuation allowance	116,237	90,077
Deferred tax assets, net	6,998	9,094
Deferred tax liabilities:
Deferred commission and other acquisition expenses	5,767	8,201
Others	56	53
Deferred tax liabilities	5,823	8,254
Net deferred tax asset	$ 1,175	$ 840

Share Compensation and Pensio_3

Share Compensation and Pension Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jan. 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)	10,000,000
Weighted average grant date fair value (in dollars per share)	$ 2.29	$ 2.13
Exercised (in shares)	7,500	0
Share-based expense	$ 2,740	$ 4,771
Defined contribution plans expense	$ 707	764
2019 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)			11,289,956
Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period	4 years
Expiration period	10 years
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 0	$ 1
Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Compensation value issued to directors, in form of equity or cash	$ 65
Awards granted (in shares)	382,436	238,750
Fair value of units vested	$ 455	$ 1,442
Awards vested (in shares)	137,677	1,178,522
Discretionary Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Awards granted (in shares)	724,702	1,322,410
Fair value of units vested	$ 2,148	$ 3,623
Awards vested (in shares)	962,796	1,322,410
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 567
Period of recognition	10 months 24 days
Vesting on First Anniversary of Grant Date | Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
Vesting on Each Quarter Following First Anniversary | Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	6.25%
Employee | Minimum | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	0 years
Employee | Maximum | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Director | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Share Compensation and Pensio_4

Share Compensation and Pension Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Share Options
Outstanding, beginning of period (in shares)	215,000	264,500
Expired (in shares)	(57,250)	(49,500)
Exercised (in shares)	(7,500)	0
Forfeited (in shares)	(6,250)
Outstanding, end of period (in shares)	144,000	215,000	264,500
Options Exercised, Aggregate Intrinsic Value	$ 7
Total options exercisable outstanding, Number of Share Options (in shares)	144,000
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 8.91	$ 9.22
Exercised (in dollars per share)	1.31
Expired (in dollars per share)	7.20	10.57
Forfeited (in dollars per share)	7.20
Outstanding, end of period (in dollars per share)	9.72	$ 8.91	$ 9.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 9.72
Weighted Average Remaining Contractual Term	3 years 4 months 24 days	4 years 3 months 10 days	4 years 8 months 19 days
Total options exercisable outstanding, Weighted Average Remaining Contractual Term	3 years 4 months 24 days
Options outstanding, Aggregate Intrinsic Value	$ 0	$ 13	$ 0
Total options exercisable outstanding, Aggregate Intrinsic Value	$ 0
Minimum
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 1.31	$ 1.31
Outstanding, end of period (in dollars per share)	3.24	1.31	$ 1.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	3.24
Maximum
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	13.98	13.98
Outstanding, end of period (in dollars per share)	13.98	$ 13.98	$ 13.98
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.98

Share Compensation and Pensio_5

Share Compensation and Pension Plans - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Non-Performance-Based Restricted Shares
Number of Restricted Units
Beginning balance, Non-vested (in shares)	249,332	1,243,270
Awards granted (in shares)	382,436	238,750
Awards vested (in shares)	(137,677)	(1,178,522)
Awards forfeited (in shares)	(1,628)	(54,166)
Ending balance, Non-vested (in shares)	492,463	249,332
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 3.35	$ 1.22
Awards granted (in dollars per share)	2.51	3.44
Awards vested (in dollars per share)	3.30	1.22
Awards forfeited (in dollars per share)	3.07	1.20
Weighted average grant date fair value, ending balance (in dollars per share)	$ 2.71	$ 3.35
Discretionary Performance-Based Restricted Shares
Number of Restricted Units
Beginning balance, Non-vested (in shares)	238,094	238,294
Awards granted (in shares)	724,702	1,322,410
Awards vested (in shares)	(962,796)	(1,322,410)
Awards forfeited (in shares)	0	(200)
Ending balance, Non-vested (in shares)	0	238,094
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 1.26	$ 1.26
Awards granted (in dollars per share)	2.55	2.74
Awards vested (in dollars per share)	2.23	2.74
Awards forfeited (in dollars per share)	0	1.26
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 1.26

Statutory Requirements and Di_3

Statutory Requirements and Dividend Restrictions - Statutory Capital and Surplus and Statutory Net (Loss) Income of Principal Operating Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Maiden Bermuda
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	$ 898,137	$ 999,843
Statutory Net Income (Loss)	(88,240)	36,309
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	7,807	8,250
Statutory Net Income (Loss)	(507)	(899)
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	8,471	9,972
Statutory Net Income (Loss)	$ (289)	$ (1,018)

Statutory Requirements and Di_4

Statutory Requirements and Dividend Restrictions - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) subsidiary	Dec. 31, 2021 USD ($)
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 7,807,000	$ 8,250,000
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	8,471,000	9,972,000
UNITED STATES | Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Dividends	18,750,000
Minimum solvency margin	$ 106,976,000
SWEDEN
Statutory Accounting Practices [Line Items]
Number of subsidiaries, domiciled insurance | subsidiary	2
SWEDEN | Maiden LF
Statutory Accounting Practices [Line Items]
Dividends	$ 0	0
Minimum solvency margin	4,341,000	4,207,000
Statutory assets	15,812,000	17,545,000
SWEDEN | Maiden GF
Statutory Accounting Practices [Line Items]
Dividends	0	0
Minimum solvency margin	5,616,000	5,059,000
Statutory assets	$ 13,500,000	$ 15,573,000