Maiden (MHLD) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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
Entity Address, City or Town	Pembroke
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM08
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,939,240
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2023 - $270,900; 2022 - $330,439)	$ 258,106	$ 314,527
Equity securities, at fair value (cost: 2023 - $41,488; 2022 - $40,509)	45,647	43,621
Equity method investments	79,400	80,159
Other investments (Allowance for expected credit losses: 2023 - $1,023)	166,222	148,753
Total investments	549,375	587,060
Cash and cash equivalents	17,930	30,986
Restricted cash and cash equivalents	11,600	15,638
Accrued investment income	5,486	4,122
Reinsurance balances receivable, net: (includes $7,366 and $8,395 from related parties in 2023 and 2022, respectively. Allowance for expected credit losses: 2023 - $158)	10,416	10,707
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $4,289)	558,777	556,116
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $18,220 and $23,632 from related parties in 2023 and 2022, respectively)	19,122	24,976
Funds withheld receivable: (includes $213,051 and $416,835 from related parties in 2023 and 2022, respectively. Allowance for expected credit losses: 2023 - $17)	229,568	441,412
Other assets	7,214	7,874
Total assets	1,577,463	1,846,866
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $783,595 and $988,684 from related parties in 2023 and 2022, respectively)	911,475	1,131,408
Unearned premiums (includes $48,914 and $63,443 from related parties in 2023 and 2022, respectively)	50,691	67,081
Deferred gain on retroactive reinsurance	58,837	47,708
Accrued expenses and other liabilities (includes $21,960 and $33,278 from related parties in 2023 and 2022, respectively)	38,664	60,518
Senior notes - principal amount	262,361	262,500
Less: unamortized debt issuance costs	7,802	6,928
Senior notes, net	254,559	255,572
Total liabilities	1,314,226	1,562,287
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; 2023: 149,726,105 and 2022: 149,224,080 shares issued; 2023: 101,085,340 and 2022: 101,532,151 shares outstanding)	1,497	1,492
Additional paid-in capital	885,748	884,259
Accumulated other comprehensive loss	(38,893)	(41,234)
Accumulated deficit	(466,164)	(442,863)
Treasury shares, at cost (2023: 48,640,765 shares and 2022: 47,691,929 shares)	(118,951)	(117,075)
Total shareholders’ equity	263,237	284,579
Total liabilities and equity	$ 1,577,463	$ 1,846,866

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Dec. 31, 2022 USD ($) $ / shares shares
Total fixed maturities	$ 330,439
Cost	40,509
Reinsurance balance receivable, net	10,707
Deferred commission and other acquisition expenses	24,976
Funds withheld receivable	441,412
Reserve for loss and loss adjustment expenses	1,131,408
Unearned premiums	67,081
Accrued expenses and other liabilities	$ 60,518
Common shares, par value (in dollars per share) | $ / shares	$ 0.01
Common shares, issued (in shares) | shares	149,224,080
Common shares, outstanding (in shares) | shares	101,532,151
Treasury shares (in shares) | shares	47,691,929
Affiliated Entity
Reinsurance balance receivable, net	$ 8,395
Deferred commission and other acquisition expenses	23,632
Funds withheld receivable	416,835
Reserve for loss and loss adjustment expenses	988,684
Unearned premiums	63,443
Accrued expenses and other liabilities	$ 33,278

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Gross premiums written	$ 8,660	$ 5,380	$ 16,371	$ (1,451)
Net premiums written	8,625	5,222	16,260	(1,915)
Change in unearned premiums	3,854	7,029	16,260	25,731
Net premiums earned	12,479	12,251	32,520	23,816
Other insurance (expense) revenue, net	(16)	368	3	888
Net investment income	9,048	6,637	29,111	20,871
Net realized and unrealized investment gains (losses)	244	(1,572)	2,394	2,848
Total revenues	21,755	17,684	64,028	48,423
Expenses
Net loss and loss adjustment expenses	15,156	17,426	36,503	22,017
Commission and other acquisition expenses	5,340	5,398	14,520	12,811
General and administrative expenses	6,787	6,491	23,734	24,671
Interest and amortization expenses	4,814	4,833	13,411	14,498
Foreign exchange and other (gains) losses	(4,594)	(8,586)	843	(19,121)
Total expenses	27,503	25,562	89,011	54,876
Loss before income taxes and interest in income (loss) of equity method investments	(5,748)	(7,878)	(24,983)	(6,453)
Less: income tax (benefit) expense	(31)	(91)	(253)	451
Interest in income (loss) of equity method investments	2,190	(373)	6,942	(2,143)
Net loss	(3,527)	(8,160)	(17,788)	(9,047)
Gain from repurchase of preference shares	0	0	0	28,233
Net (loss) income (attributable) available to Maiden common shareholders, basic	(3,527)	(8,160)	(17,788)	19,186
Net (loss) income (attributable) available to Maiden common shareholders, diluted	$ (3,527)	$ (8,160)	$ (17,788)	$ 19,186
Basic (loss) earnings per share (attributable) available to common shareholders (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.18)	$ 0.22
Diluted (loss) earnings per share (attributable) available to common shareholders (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.18)	$ 0.22
Weighted average number of common shares - basic (in shares)	101,454,767	87,161,499	101,586,759	86,935,823
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	101,454,767	87,161,499	101,586,759	86,937,552

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,527)	$ (8,160)	$ (17,788)	$ (9,047)
Other comprehensive income (loss)
Net unrealized holdings gains (losses) on AFS securities arising during period	338	(14,864)	3,121	(56,446)
Net unrealized holdings gains on equity method investments arising during period	0	0	0	4,414
Adjustment for reclassification of net realized gains recognized in net loss	(3)	(48)	(3)	(5,696)
Foreign currency translation adjustment	(2,075)	2,246	(741)	18,094
Other comprehensive (loss) income, before tax	(1,740)	(12,666)	2,377	(39,634)
Income tax (expense) benefit related to components of other comprehensive (loss) income	(17)	53	(36)	296
Other comprehensive (loss) income, after tax	(1,757)	(12,613)	2,341	(39,338)
Comprehensive loss	$ (5,284)	$ (20,773)	$ (15,447)	$ (48,385)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preference shares - Series A, C and D	Preference shares - Series A, C and D Repurchase of Preference Shares – Series A	Preference shares - Series A, C and D Repurchase of Preference Shares – Series C	Preference shares - Series A, C and D Repurchase of Preference Shares – Series D	Common shares	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Treasury shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses		$ 159,210				$ 923	$ 768,650	$ (12,215)	$ (498,295)		$ (34,016)
Beginning balance at Dec. 31, 2021		159,210				923	768,650	(12,215)	(498,295)		(34,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (10,891)	$ (15,644)	$ (13,003)
Issuance of common shares from vesting of stock based compensation						11	(11)
Share-based compensation expense							2,504
Repurchase of preference shares							1,321
Cash settlement of restricted shares/options granted							10
Change in net unrealized investment gains (losses)								(57,432)
Foreign currency translation adjustment								18,094
Net loss	$ (9,047)								(9,047)
Gain from repurchase of preference shares	28,233								28,233
Shares repurchased											(1,009)
Ending balance at Sep. 30, 2022	327,393	119,672				934	772,474	(51,553)	(479,109)	$ 0	(35,025)
Beginning balance at Dec. 31, 2021		159,210				923	768,650	(12,215)	(498,295)		(34,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in net unrealized investment gains (losses)	(12,975)
Ending balance at Dec. 31, 2022	284,579	0				1,492	884,259	(41,234)	(442,863)		(117,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses		119,672				934	772,241	(38,940)	(470,949)		(35,025)
Beginning balance at Jun. 30, 2022		119,672				934	772,241	(38,940)	(470,949)		(35,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			0	0	0
Issuance of common shares from vesting of stock based compensation						0
Share-based compensation expense							233
Repurchase of preference shares							0
Cash settlement of restricted shares/options granted							0
Change in net unrealized investment gains (losses)								(14,859)
Foreign currency translation adjustment								2,246
Net loss	(8,160)								(8,160)
Gain from repurchase of preference shares	0
Shares repurchased											0
Ending balance at Sep. 30, 2022	327,393	119,672				934	772,474	(51,553)	(479,109)	0	(35,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses	327,393	119,672				934	772,474	(51,553)	(479,109)	0	(35,025)
Opening allowance for expected credit losses	284,579	0				1,492	884,259	(41,234)	(442,863)		(117,075)
Beginning balance at Dec. 31, 2022	284,579	0				1,492	884,259	(41,234)	(442,863)		(117,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			0	0	0
Issuance of common shares from vesting of stock based compensation						5	(5)
Share-based compensation expense							1,401
Repurchase of preference shares							93
Cash settlement of restricted shares/options granted							0
Change in net unrealized investment gains (losses)	3,082							3,082
Foreign currency translation adjustment								(741)
Net loss	(17,788)								(17,788)
Gain from repurchase of preference shares	0								0
Shares repurchased											(1,876)
Ending balance at Sep. 30, 2023	263,237	0				1,497	885,748	(38,893)	(466,164)	(5,513)	(118,951)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses						1,497	885,462	(37,136)	(462,637)		(117,896)
Beginning balance at Jun. 30, 2023						1,497	885,462	(37,136)	(462,637)		(117,896)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ 0	$ 0	$ 0
Issuance of common shares from vesting of stock based compensation						0
Share-based compensation expense							286
Repurchase of preference shares							0
Cash settlement of restricted shares/options granted							0
Change in net unrealized investment gains (losses)								318
Foreign currency translation adjustment								(2,075)
Net loss	(3,527)								(3,527)
Gain from repurchase of preference shares	0								0
Shares repurchased											(1,055)
Ending balance at Sep. 30, 2023	263,237	0				1,497	885,748	(38,893)	(466,164)	(5,513)	(118,951)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses	$ 263,237	$ 0				$ 1,497	$ 885,748	$ (38,893)	$ (466,164)	$ (5,513)	$ (118,951)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (17,788)	$ (9,047)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation, amortization and share-based compensation	(890)	1,628
Interest in (income) loss of equity method investments	(6,942)	2,143
Net realized and unrealized investment gains	(2,394)	(2,848)
Change in allowance for expected credit losses	(23)	0
Foreign exchange and other losses (gains)	843	(19,121)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	177	6,163
Reinsurance recoverable on unpaid losses	4,060	6,238
Accrued investment income	(1,391)	635
Deferred commission and other acquisition expenses	5,797	9,192
Funds withheld receivable	1,683	1,037
Other assets	411	(235)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(9,086)	(179,627)
Unearned premiums	(16,264)	(25,725)
Deferred gain on retroactive reinsurance	0	(270)
Accrued expenses and other liabilities	(24,190)	110,004
Net cash used in operating activities	(65,997)	(99,833)
Cash flows from investing activities:
Purchases of fixed maturities	(47,373)	(34,022)
Purchases of other investments	(33,287)	(28,225)
Purchases of equity method investments	(10,288)	(26,483)
Purchases of equity securities	(1,448)	(15,592)
Proceeds from sales of fixed maturities	64,126	139,645
Proceeds from maturities, paydowns and calls of fixed maturities	43,903	48,003
Proceeds from sale and redemption of other investments	17,229	3,794
Proceeds from sale and redemption of equity method investments	17,843	32,332
Proceeds from sale and redemption of equity securities	469	0
Others, net	(37)	(73)
Net cash provided by investing activities	51,137	119,379
Cash flows from financing activities:
Repurchase of common shares	(1,876)	(1,009)
Repurchase of preference shares	0	(9,984)
Repurchase of senior notes	(95)	0
Cash settlement of restricted shares granted and options exercised	0	10
Net cash used in financing activities	(1,971)	(10,983)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents	(263)	(2,152)
Net (decrease) increase in cash, restricted cash and cash equivalents	(17,094)	6,411
Cash, restricted cash and cash equivalents, beginning of period	46,624	66,087
Cash, restricted cash and cash equivalents, end of period	29,530	72,498
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period	17,930	24,376
Restricted cash and cash equivalents, end of period	11,600	48,122
Total cash, restricted cash and cash equivalents, end of period	$ 29,530	$ 72,498

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Parent Company" or "Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Certain prior year comparatives have been reclassified to conform to the current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. 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 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”). The Company also has 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, the Company has a retroactive reinsurance agreement and a commutation agreement that further reduces its exposure and limits the potential volatility related to AmTrust liabilities, which are discussed in " Note 8. Reinsurance

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, except for the following: Recently Adopted Accounting Standards Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. ASU 2016-13 also modified the accounting for available-for-sale ("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 previous other-than-temporarily-impaired ("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. Topic 326 was adopted by the Company on January 1, 2023 and an opening allowance for expected credit losses of $5,513 was recognized by the Company in the beginning retained earnings on January 1, 2023. Credit Losses - AFS Fixed Maturity Securities An AFS fixed maturity security is considered impaired if the fair value of the investment is below its amortized cost. On a quarterly basis, the Company evaluates all AFS fixed maturities for impairment losses. If an AFS fixed maturity security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged immediately to net income (loss) and is included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the impaired security before its anticipated recovery, the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss impairment or other factors. If the Company does not anticipate to fully recover the amortized cost, an allowance for expected credit losses is established. The allowance for expected credit losses is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). On a quarterly basis, the Company assesses whether unrealized losses on its AFS fixed maturity securities represent credit impairments by considering the following factors: the extent to which its fair value is less than its amortized cost; adverse conditions related to the specific security, industry, or geographical area; any recent downgrades in the security's credit rating by a credit rating agency; and if failure of the issuer to make scheduled principal or interest payments exists. The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss impairment exists. If a security is assessed to be credit impaired, it is subject to discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, then a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss related to changes in interest rates and market conditions is recognized in other comprehensive income. The Company reports accrued interest receivable related to AFS securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. Based on the Company's analysis, there was no allowance for expected credit losses recognized on AFS securities held at September 30, 2023. Credit Losses - Other Investments The Company's investments in direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income or loss when determined to be needed from the Company's analysis of expected future cash flows. As of September 30, 2023, the total allowance for expected credit losses on the Company's investment in direct lending entities was $1,023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment. 2. Significant Accounting Policies (continued) Credit Losses - Reinsurance Recoverable on Unpaid Losses Reinsurance recoverable balances are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that the Company deems unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers both current and forecasted economic conditions in the determination of the credit loss allowance. The Company records credit loss expenses related to reinsurance recoverable in net incurred losses and loss adjustment expenses in the Company’s condensed consolidated statements of income. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of September 30, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $4,289 which is discussed in more detail in "Note 8. Reinsurance" . Credit Losses - Reinsurance Balances Receivable Reinsurance balances receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of premium balances receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of September 30, 2023, the total allowance for expected credit losses on the Company's reinsurance balances receivable was $158. Credit Losses - Funds Withheld Receivable Funds withheld receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of funds withheld receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of September 30, 2023, the total allowance for expected credit losses on the Company's funds withheld receivable was $17.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
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 as described in " Note 1. Basis of Presentation. 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 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 loss for the three months ended September 30, 2023 and 2022, respectively: For the Three Months Ended September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 6,762 $ 1,898 $ 8,660 Net premiums written $ 6,727 $ 1,898 $ 8,625 Net premiums earned $ 7,207 $ 5,272 $ 12,479 Other insurance expense (16) — (16) Net loss and LAE (4,142) (11,014) (15,156) Commission and other acquisition expenses (3,374) (1,966) (5,340) General and administrative expenses (2,216) (661) (2,877) Underwriting loss $ (2,541) $ (8,369) (10,910) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 9,292 Interest and amortization expenses (4,814) Foreign exchange and other gains, net 4,594 Other general and administrative expenses (3,910) Income tax benefit 31 Interest in income of equity method investments 2,190 Net loss $ (3,527) 3. Segment Information (continued) For the Three Months Ended September 30, 2022 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 6,185 $ (805) $ 5,380 Net premiums written $ 6,027 $ (805) $ 5,222 Net premiums earned $ 6,932 $ 5,319 $ 12,251 Other insurance revenue 368 — 368 Net loss and LAE (1,965) (15,461) (17,426) Commission and other acquisition expenses (3,394) (2,004) (5,398) General and administrative expenses (1,901) (521) (2,422) Underwriting income (loss) $ 40 $ (12,667) (12,627) Reconciliation to net loss Net investment income and net realized and unrealized investment losses 5,065 Interest and amortization expenses (4,833) Foreign exchange and other gains, net 8,586 Other general and administrative expenses (4,069) Income tax benefit 91 Interest in loss from equity method investments (373) Net loss $ (8,160) The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the nine months ended September 30, 2023 and 2022, respectively: For the Nine Months Ended September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 20,263 $ (3,892) $ 16,371 Net premiums written $ 20,152 $ (3,892) $ 16,260 Net premiums earned $ 21,882 $ 10,638 $ 32,520 Other insurance revenue 3 — 3 Net loss and LAE (11,126) (25,377) (36,503) Commission and other acquisition expenses (10,544) (3,976) (14,520) General and administrative expenses (7,863) (2,062) (9,925) Underwriting loss $ (7,648) $ (20,777) (28,425) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 31,505 Interest and amortization expenses (13,411) Foreign exchange and other losses, net (843) Other general and administrative expenses (13,809) Income tax benefit 253 Interest in income from equity method investments 6,942 Net loss $ (17,788) 3. Segment Information (continued) For the Nine Months Ended September 30, 2022 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 17,069 $ (18,520) $ (1,451) Net premiums written $ 16,605 $ (18,520) $ (1,915) Net premiums earned $ 20,012 $ 3,804 $ 23,816 Other insurance revenue 888 — 888 Net loss and LAE (2,945) (19,072) (22,017) Commission and other acquisition expenses (10,684) (2,127) (12,811) General and administrative expenses (7,007) (2,281) (9,288) Underwriting income (loss) $ 264 $ (19,676) (19,412) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 23,719 Interest and amortization expenses (14,498) Foreign exchange and other gains, net 19,121 Other general and administrative expenses (15,383) Income tax expense (451) Interest in loss from equity method investments (2,143) Net loss $ (9,047) The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at September 30, 2023 and December 31, 2022: September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total Total assets - reportable segments $ 84,773 $ 1,067,057 $ 1,151,830 Corporate assets — — 425,633 Total Assets $ 84,773 $ 1,067,057 $ 1,577,463 December 31, 2022 Diversified Reinsurance AmTrust Reinsurance Total 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 3. Segment Information (continued) The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, 2023 2022 Net premiums written Total Total Diversified Reinsurance International $ 6,727 $ 6,027 Total Diversified Reinsurance 6,727 6,027 AmTrust Reinsurance Small Commercial Business (160) (636) Specialty Program — (43) Specialty Risk and Extended Warranty 2,058 (126) Total AmTrust Reinsurance 1,898 (805) Total Net Premiums Written $ 8,625 $ 5,222 For the Nine Months Ended September 30, 2023 2022 Net premiums written Total Total Diversified Reinsurance International $ 20,152 $ 16,605 Total Diversified Reinsurance 20,152 16,605 AmTrust Reinsurance Small Commercial Business (318) (15,007) Specialty Program 157 732 Specialty Risk and Extended Warranty (3,731) (4,245) Total AmTrust Reinsurance (3,892) (18,520) Total Net Premiums Written $ 16,260 $ (1,915) 3. Segment Information (continued) The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, 2023 2022 Net premiums earned Total Total Diversified Reinsurance International $ 7,207 $ 6,932 Total Diversified Reinsurance 7,207 6,932 AmTrust Reinsurance Small Commercial Business (160) (636) Specialty Program — (43) Specialty Risk and Extended Warranty 5,432 5,998 Total AmTrust Reinsurance 5,272 5,319 Total Net Premiums Earned $ 12,479 $ 12,251 For the Nine Months Ended September 30, 2023 2022 Net premiums earned Total Total Diversified Reinsurance International $ 21,882 $ 20,012 Total Diversified Reinsurance 21,882 20,012 AmTrust Reinsurance Small Commercial Business (318) (14,995) Specialty Program 157 733 Specialty Risk and Extended Warranty 10,799 18,066 Total AmTrust Reinsurance 10,638 3,804 Total Net Premiums Earned $ 32,520 $ 23,816

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Investments	Investments The Company holds: (i) available-for-sale ("AFS") portfolios of fixed maturity and equity 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 September 30, 2023 and December 31, 2022 are as follows: September 30, 2023 Original or amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury bonds $ 47,633 $ 2 $ (23) $ 47,612 U.S. agency bonds – mortgage-backed 36,009 — (5,602) 30,407 Collateralized mortgage-backed securities 6,199 — (360) 5,839 Non-U.S. government bonds 14,551 — (729) 13,822 Collateralized loan obligations 89,346 — (2,374) 86,972 Corporate bonds 77,162 — (3,708) 73,454 Total fixed maturity investments $ 270,900 $ 2 $ (12,796) $ 258,106 December 31, 2022 Original or amortized cost Gross unrealized gains Gross unrealized losses 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 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. September 30, 2023 Amortized cost Fair value Due in one year or less $ 80,291 $ 79,644 Due after one year through five years 50,293 47,306 Due after five years through ten years 8,762 7,938 139,346 134,888 U.S. agency bonds – mortgage-backed 36,009 30,407 Collateralized mortgage-backed securities 6,199 5,839 Collateralized loan obligations 89,346 86,972 Total fixed maturity investments $ 270,900 $ 258,106 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 September 30, 2023 Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury bonds $ 2,648 $ (7) $ 984 $ (16) $ 3,632 $ (23) U.S. agency bonds – mortgage-backed — — 30,407 (5,602) 30,407 (5,602) Collateralized mortgage-backed securities — — 5,839 (360) 5,839 (360) Non-U.S. government bonds 2,078 — 11,744 (729) 13,822 (729) Collateralized loan obligations — — 86,972 (2,374) 86,972 (2,374) Corporate bonds — — 73,454 (3,708) 73,454 (3,708) Total temporarily impaired fixed maturities $ 4,726 $ (7) $ 209,400 $ (12,789) $ 214,126 $ (12,796) At September 30, 2023, there were 75 securities in an unrealized loss position with a fair value of $214,126 and unrealized losses of $12,796. Of these securities in an unrealized loss position, there were 70 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $209,400 and unrealized losses of $12,789. 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 6,767 (432) — — 6,767 (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 87,213 (4,325) 4,740 (785) 91,953 (5,110) Total temporarily impaired fixed maturities $ 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. Allowance for Expected Credit Losses & Non-Credit Related Impairment Costs The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income. To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell. Based on the Company's analysis at September 30, 2023 and 2022, respectively, the Company did not recognize any impairment on its AFS fixed maturity securities as the Company expects the amortized cost basis will ultimately be recovered based on projected cash flows as the related securities approach maturity. The Company continues to monitor the credit quality of the AFS securities to assess if it is probable that it will receive contractual or estimated cash flows in the form of principal and interest. Therefore, as the unrealized losses were due to non-credit factors, there was no allowance recorded for expected credit losses on AFS securities for the three and nine months ended September 30, 2023. 4. Investments (continued) The following tables summarize the credit ratings of our fixed maturities as at September 30, 2023 and December 31, 2022: September 30, 2023 Amortized cost Fair value % of Total U.S. treasury bonds $ 47,633 $ 47,612 18.4 % U.S. agency bonds 36,009 30,407 11.8 % AAA 90,382 87,844 34.1 % AA+, AA, AA- 20,257 19,302 7.5 % A+, A, A- 32,769 30,884 12.0 % BBB+, BBB, BBB- 38,563 37,035 14.3 % BB+ or lower 5,287 5,022 1.9 % Total fixed maturities (1) $ 270,900 $ 258,106 100.0 % 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 % (1) Ratings above are 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 guarantee 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 shows the composition of the Company's other investments as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying value % of Total Carrying value % of Total Private equity funds $ 43,710 26.3 % $ 32,298 21.7 % Private credit funds 22,734 13.7 % 26,354 17.7 % Privately held equity investments 34,778 20.9 % 34,014 22.9 % Total other investments at fair value 101,222 60.9 % 92,666 62.3 % Investments in direct lending entities (at cost) 65,000 39.1 % 56,087 37.7 % Total other investments $ 166,222 100.0 % $ 148,753 100.0 % The Company's investments in direct lending entities of $65,000 at September 30, 2023 (December 31, 2022 - $56,087) are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined. An allowance for expected credit losses of $1,023 was reported on the investments in direct lending entities as at September 30, 2023 and recorded in opening retained earnings on January 1, 2023. 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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Cost Fair Value Cost Fair Value Privately held common stocks $ 33,223 $ 32,636 $ 32,775 $ 32,290 Privately held preferred stocks 8,175 12,953 7,175 10,945 Publicly traded equity investments in common stocks 90 58 559 386 Total equity securities $ 41,488 $ 45,647 $ 40,509 $ 43,621 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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Value % of Total Carrying Value % of Total Real estate investments $ 48,524 61.1 % $ 40,944 51.1 % Hedge fund investments — — % 5,376 6.7 % Other investments 30,876 38.9 % 33,839 42.2 % Total equity method investments $ 79,400 100.0 % $ 80,159 100.0 % 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 condensed consolidated financial statements. c) Net Investment Income Net investment income was derived from the following sources for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Fixed maturities $ 2,522 $ 2,259 $ 7,720 $ 7,074 Income on funds withheld 2,307 2,616 8,829 8,753 Interest income from loan to related party 3,073 1,771 8,698 3,808 Cash and cash equivalents and other investments 1,244 930 4,250 2,292 9,146 7,576 29,497 21,927 Investment expenses (98) (939) (386) (1,056) Net investment income $ 9,048 $ 6,637 $ 29,111 $ 20,871 4. Investments (continued) 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 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, 2023 Gross gains Gross losses Net Fixed maturities $ — $ (301) $ (301) Equity securities — (52) (52) Other investments 1,393 (796) 597 Net realized and unrealized investment gains (losses) $ 1,393 $ (1,149) $ 244 For the Three Months Ended September 30, 2022 Gross gains Gross losses Net Fixed maturities $ 591 $ (495) $ 96 Equity securities 217 (63) 154 Other investments 393 (2,215) (1,822) Net realized and unrealized investment gains (losses) $ 1,201 $ (2,773) $ (1,572) For the Nine Months Ended September 30, 2023 Gross gains Gross losses Net Fixed maturities $ — $ (1,087) $ (1,087) Equity securities 1,478 (431) 1,047 Other investments 5,268 (2,834) 2,434 Net realized and unrealized investment gains (losses) $ 6,746 $ (4,352) $ 2,394 For the Nine Months Ended September 30, 2022 Gross gains Gross losses Net Fixed maturities $ 1,829 $ (637) $ 1,192 Equity securities 3,876 (871) 3,005 Other investments 2,825 (4,174) (1,349) Net realized and unrealized investment gains (losses) $ 8,530 $ (5,682) $ 2,848 Realized and unrealized gains and losses from equity securities detailed above include both sales and distributions of equity securities and unrealized gains and losses coming from fair value changes. Unrealized (losses) gains recognized for equity securities still held at reporting date for the three and nine months ended September 30, 2023 and 2022, respectively, included: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net (losses) gains recognized for equity securities $ (52) $ 154 $ 1,047 $ 3,005 Net gains recognized for equity securities divested — (111) (186) (111) Unrealized (losses) gains recognized for equity securities still held at reporting date $ (52) $ 43 $ 861 $ 2,894 Proceeds from sales of fixed maturity investments were $19,343 and $64,126 for the three and nine months ended September 30, 2023 (2022 - $35,107 and $139,645, respectively). Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at September 30, 2023 and December 31, 2022, respectively: September 30, 2023 December 31, 2022 Net unrealized losses on fixed maturity investments $ (12,794) $ (15,912) Deferred income tax 208 244 Net unrealized losses, net of deferred income tax $ (12,586) $ (15,668) Change, net of deferred income tax $ 3,082 $ (12,975) 4. Investments (continued) 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 at September 30, 2023 and December 31, 2022 are: September 30, 2023 December 31, 2022 Restricted cash – third party agreements $ 5,561 $ 13,122 Restricted cash – related party agreements 6,039 2,516 Total restricted cash 11,600 15,638 Restricted investments – in trust for third party agreements at fair value (amortized cost: 2023 – $55,547; 2022 – $48,181) 53,408 48,101 Restricted investments – in trust for related party agreements at fair value (amortized cost: 2023 – $159,278; 2022 – $246,325) 153,382 233,091 Total restricted investments 206,790 281,192 Total restricted cash and investments $ 218,390 $ 296,830

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments (a) Fair Values of Financial Instruments Fair Value Measurements — Accounting Standards Codification 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; and publicly traded equity securities; • 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. 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 an 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 the quoted market prices from a third party nationally recognized provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be 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 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. 5. Fair Value of Financial Instruments (continued) ASC 825, "Disclosure About Fair Value of Financial Instruments" , requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at September 30, 2023 and December 31, 2022. 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 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 — Includes unquoted investments 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 are 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 net asset value ("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 entered into 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. T he fair value changes in underwriting-related derivative instruments is included within other insurance revenue (expense), net. 5. Fair Value of Financial Instruments (continued) 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 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 September 30, 2023 and December 31, 2022, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value Fixed maturities U.S. treasury bonds $ 47,612 $ — $ — $ — $ 47,612 U.S. agency bonds – mortgage-backed — 30,407 — — 30,407 Collateralized mortgage-backed bonds — 5,839 — — 5,839 Non-U.S. government bonds — 13,822 — — 13,822 Collateralized loan obligations — 86,972 — — 86,972 Corporate bonds — 73,454 — — 73,454 Equity securities 58 — 20,013 25,576 45,647 Other investments — — 2,985 98,237 101,222 Total investments $ 47,670 $ 210,494 $ 22,998 $ 123,813 $ 404,975 As a percentage of total assets 3.0% 13.3% 1.5% 7.8% 25.6% Underwriting-related derivative liability $ — $ — $ 3,984 $ — $ 3,984 December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value 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 investments $ 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 5. Fair Value of Financial Instruments (continued) 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 consolidated 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. The Pricing Service was utilized to estimate fair value measurements for 98.1% and 98.5% of our fixed maturities at September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, approximately 1.9% and 1.5%, respectively, of our fixed maturities were valued using the market approach. At September 30, 2023, one security or $5,022 (December 31, 2022 - one security or $4,764) of our fixed maturity investment portfolio classified as Level 2 in the table above was priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At September 30, 2023 and December 31, 2022, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers. There were no transfers to or from Level 3 during the nine months ended September 30, 2023 and 2022. (c) Level 3 Financial Instruments At September 30, 2023, the Company holds Level 3 financial instruments which consist of privately held investments of $22,998 (December 31, 2022 - $18,806) and an underwriting-related derivative liability of $3,984 (December 31, 2022 - $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 September 30, 2023: Fair Value Valuation Technique Unobservable Inputs Range Privately held equity securities - common shares $ 10,045 Quarterly financial statements Price/book ratios of comparable public companies Privately held equity securities - preferred shares 12,953 Quarterly financial statements Privately calculated enterprise valuations Total Level 3 investments $ 22,998 Underwriting-related derivative liability $ 3,984 Discounted cash flows Duration matched discount rates 5.0% to 6.0% The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2023 and 2022. The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Balance - beginning of period $ 21,398 $ 16,194 $ 18,806 $ 7,094 Sales — — — (1,000) Net realized and unrealized gains recognized in the statement of income — 111 1,592 3,770 Purchases 1,600 2,000 2,600 8,441 Total Level 3 investments - end of period $ 22,998 $ 18,305 $ 22,998 $ 18,305 5. Fair Value of Financial Instruments (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 September 30, 2023, the carrying values of cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, loan to related party, and certain other assets and liabilities approximate 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 an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined. The net carrying value of which approximates fair value. The fair value estimates of these investments are not based on observable market data and, as a result, are classified 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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Senior Notes - MHLA – 6.625% $ 110,000 $ 69,080 $ 110,000 $ 76,560 Senior Notes - MHNC – 7.75% 152,361 107,506 152,500 113,826 Total Senior Notes $ 262,361 $ 176,586 $ 262,500 $ 190,386

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity a) Common Shares On May 3, 2023 at its Annual General Meeting of Shareholders, the Company's common shareholders approved the increase in the authorized share capital of the Company from $1,500 divided into 150,000,000 shares of par value $0.01 each, to $2,000 divided into 200,000,000 shares of par value $0.01 each. At September 30, 2023, the aggregate authorized share capital of the Company is 200,000,000 shares from which 149,726,105 common shares were issued, of which 101,085,340 common shares are outstanding, and 48,640,765 shares are treasury shares (please see Note 6. (b) Treasury Shares below for additional information). The remaining 50,273,895 shares are undesignated at September 30, 2023. At September 30, 2023, 981,277 common shares will be issued and outstanding upon vesting of restricted shares. b) 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. During the three and nine months ended September 30, 2023, Maiden Reinsurance repurchased 520,475 and 820,105 common shares, respectively, at an average price per share of $1.86 and $1.93, respectively, under the Company's share repurchase plan (2022 - none). The Company has a remaining authorization of $72,659 for common share repurchases at September 30, 2023 (December 31, 2022 - $74,245). During the nine months ended September 30, 2023, the Company also repurchased 128,731 common shares (2022 - 403,716) at an average price per share of $2.25 (2022 - $2.50) 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. Treasury shares include 42,259,453 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 820,105 shares directly purchased on the open market by Maiden Reinsurance which are not treated as outstanding common shares on the Condensed Consolidated Balance Sheet at September 30, 2023. Please see further information on the Exchange and related preference share repurchases in the Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023. The table below includes the total number of treasury shares outstanding at September 30, 2023 and December 31, 2022, respectively: September 30, 2023 December 31, 2022 Number of shares held by Maiden Reinsurance treated as treasury shares 42,259,453 41,439,348 Number of treasury shares due to common share repurchases by Maiden Holdings 6,381,312 6,252,581 Total number of treasury shares at the end of the reporting period 48,640,765 47,691,929 6. Shareholders' Equity (continued) c) AOCI The following tables set forth financial information regarding the changes in the balances of each component of AOCI: For the Three Months Ended September 30, 2023 Change in net unrealized gains on investment Foreign currency translation Total Beginning balance $ (12,904) $ (24,232) $ (37,136) Other comprehensive income (loss) before reclassifications 321 (2,075) (1,754) Amounts reclassified from AOCI to net income, net of tax (3) — (3) Net current period other comprehensive income (loss) 318 (2,075) (1,757) Ending balance, Maiden shareholders $ (12,586) $ (26,307) $ (38,893) For the Three Months Ended September 30, 2022 Change in net unrealized gains on investment Foreign currency translation Total Beginning balance $ (45,266) $ 6,326 $ (38,940) Other comprehensive (loss) income before reclassifications (14,811) 2,246 (12,565) Amounts reclassified from AOCI to net income, net of tax (48) — (48) Net current period other comprehensive (loss) income (14,859) 2,246 (12,613) Ending balance, Maiden shareholders $ (60,125) $ 8,572 $ (51,553) For the Nine Months Ended September 30, 2023 Change in net unrealized gains on investment Foreign currency translation Total Beginning balance $ (15,668) $ (25,566) $ (41,234) Other comprehensive income (loss) before reclassifications 3,085 (741) 2,344 Amounts reclassified from AOCI to net income, net of tax (3) — (3) Net current period other comprehensive income (loss) 3,082 (741) 2,341 Ending balance, Maiden shareholders $ (12,586) $ (26,307) $ (38,893) For the Nine Months Ended September 30, 2022 Change in net unrealized gains on investment Foreign currency translation Total Beginning balance $ (2,693) $ (9,522) $ (12,215) Other comprehensive (loss) income before reclassifications (51,736) 18,094 (33,642) Amounts reclassified from AOCI to net income, net of tax (5,696) — (5,696) Net current period other comprehensive (loss) income (57,432) 18,094 (39,338) Ending balance, Maiden shareholders $ (60,125) $ 8,572 $ (51,553)

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Senior Notes At September 30, 2023 and December 31, 2022, 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 of Senior Notes outstanding at September 30, 2023 and December 31, 2022: September 30, 2023 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,361 $ 262,361 Less: unamortized issuance costs 3,360 4,442 7,802 Carrying value $ 106,640 $ 147,919 $ 254,559 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 Other details: Original debt issuance costs pertaining to remaining outstanding principal amount $ 3,715 $ 5,050 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 % Total interest and amortization expense incurred on the Senior Notes for the three and nine months ended September 30, 2023 was $4,814 and $13,451, respectively (2022 - $4,833 and $14,498, respectively), of which $1,342 was accrued as interest payable at both September 30, 2023 and December 31, 2022, respectively. The issuance costs related to the Senior Notes were capitalized and are amortized over the effective life of the Senior Notes using the effective interest method of amortization. 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. On May 3, 2023, 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 of the Company's Senior Notes from time to time at market prices in open market purchases or as may be privately negotiated. During the nine months ended September 30, 2023, the Company repurchased 5,567 notes of the 2013 Senior Notes at an average price per unit of $17.10 for a total cost of $95. Total interest and amortization expenses were partly offset by a gain of $40 that was realized on the repurchase of the 2013 Senior Notes during the nine months ended September 30, 2023. The Company has a remaining authorization of $99,905 for Senior Notes repurchases at September 30, 2023.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 was as follows: For the Nine Months Ended September 30, 2023 2022 Premiums written Direct $ 20,283 $ 17,383 Assumed (3,912) (18,834) Ceded (111) (464) Net $ 16,260 $ (1,915) Premiums earned Direct $ 20,141 $ 17,332 Assumed 12,494 6,942 Ceded (115) (458) Net $ 32,520 $ 23,816 Loss and LAE Gross loss and LAE $ 36,397 $ 22,511 Loss and LAE ceded 106 (494) Net $ 36,503 $ 22,017 The Company's reinsurance recoverable on unpaid losses balance as at September 30, 2023 was $558,777 (December 31, 2022 - $556,116) presented in the Condensed Consolidated Balance Sheets. As of September 30, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $4,289. The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the three and nine months ended September 30, 2023: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2023 Allowance for expected credit losses on reinsurance recoverable, beginning of period $ 4,530 $ 4,277 (Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized (241) 12 Allowance for expected credit losses on reinsurance recoverable, end of period $ 4,289 $ 4,289 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 $53,943 at September 30, 2023 (December 31, 2022 - $60,112). The recoverable due from Cavello is net of an allowance for expected credit losses of $3,783 as at September 30, 2023. 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. 8. Reinsurance (continued) As of September 30, 2023, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $501,023 while the deferred gain liability under the LPT/ADC Agreement was $56,516 (December 31, 2022 - $490,408 and $45,408, respectively). The recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $493 as at September 30, 2023. 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. 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".

Reserve for Loss and Loss Adjus

Reserve for Loss and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Reserve for Loss and Loss Adjustment Expenses	Reserve for Loss and Loss Adjustment Expenses 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 consists of: September 30, 2023 December 31, 2022 Reserve for reported loss and LAE $ 585,535 $ 702,691 Reserve for losses incurred but not reported ("IBNR") 325,940 428,717 Reserve for loss and LAE $ 911,475 $ 1,131,408 The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves: For the Nine Months Ended September 30, 2023 2022 Gross loss and LAE reserves, January 1 $ 1,131,408 $ 1,489,373 Less: reinsurance recoverable on unpaid losses, January 1 556,116 562,845 Net loss and LAE reserves, January 1 575,292 926,528 Net incurred losses related to: Current year 20,519 27,510 Prior years 15,984 (5,493) 36,503 22,017 Net paid losses related to: Current year (448) (334) Prior years (249,965) (319,132) (250,413) (319,466) Change in deferred gain on retroactive reinsurance (11,129) 12,024 GLS run-off business acquired or assumed 767 7,580 Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses 4,277 — Effect of foreign exchange rate movements (2,599) (50,574) Net loss and LAE reserves, September 30 352,698 598,109 Reinsurance recoverable on unpaid losses, September 30 558,777 547,975 Gross loss and LAE reserves, September 30 $ 911,475 $ 1,146,084 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 Company recognized net adverse prior year loss development of $7,834 and $15,984 for the three and nine months ended September 30, 2023, respectively (2022 - adverse $834 and favorable $5,493, respectively). In the Diversified Reinsurance segment, there was adverse prior year loss development of $1,864 and $3,938 for the three and nine months ended September 30, 2023, respectively (2022 - favorable $590 and $1,975, respectively). Prior year loss development for the three and nine months ended September 30, 2023 was driven by adverse development primarily due to a German auto program in run-off from the International unit along with development from other runoff business lines and also included the recognition of expected credit losses on reinsurance recoverable on unpaid losses for the year-to-date period. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Prior year loss development for the three and nine months ended September 30, 2022 was primarily due to favorable reserve development in German Auto Programs and GLS reinsurance contracts partly offset by adverse development in European Capital Solutions. In the AmTrust Reinsurance segment, net adverse prior year loss development was $5,970 and $12,046 during the three and nine months ended September 30, 2023, respectively (2022 - adverse $1,424 and favorable $3,518, respectively). Net adverse prior year loss development for the three and nine months ended September 30, 2023 was primarily from European Hospital Liability for the three months ended September 30, 2023, and European Hospital Liability and the AmTrust Quota Share (General Liability and Commercial Auto Liability partly offset by continued favorable development in Workers Compensation) for the nine months ended September 30, 2023. Net adverse loss development on European Hospital Liability was primarily driven by emergence of loss data during 2023 on underwriting years 2011 to 2016. Net adverse prior year loss development for the three months ended September 30, 2022 was driven by unfavorable movements in European Hospital Liability due 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" ; partly offset by favorable runoff of Workers Compensation business. The net favorable prior year loss development for the nine months ended September 30, 2022 included $5,346 of favorable reserve adjustments for estimated surcharges on Workers' Compensation policies and inuring AmTrust reinsurance for programs in Specialty Risk and Extended Warranty cessions ("AmTrust Cession Adjustments"). Excluding AmTrust Cession Adjustments, there was adverse development of $1,828 for the nine months ended September 30, 2022 driven by unfavorable movements in European Hospital Liability due to higher than expected loss emergence in Italian Hospital Liability policies as well as the agreed exit cost of $3,666 (€3,444 for commutation of French Hospital Liability policies as described in "Note 10. Related Party Transactions" ; partly offset by favorable runoff of Workers Compensation business. The increase in the deferred gain on retroactive reinsurance was $11,129 for the nine months ended September 30, 2023 (2022 - $12,024 decrease). This included an increase in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $11,108 for the nine months ended September 30, 2023 (2022 - $10,722 decrease) caused by adverse development on loss reserves covered under the LPT/ADC Agreement (2022 - favorable). The deferred gain on retroactive reinsurance under the LPT/ADC Agreement represents the cumulative adverse development for covered risks in the AmTrust Quota Share as of September 30, 2023 and December 31, 2022. 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
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% ("Loss Corridor"). 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 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. 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. 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. Please refer to " Note 10. Related Party Transactions" in the Annual Report on Form 10-K for the year ended December 31, 2022 for further details. 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. 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. 10. Related Party Transactions (continued) 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, but still has 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 Condensed Consolidated Income Statements for the three and nine months ended September 30, 2023 and 2022, respectively: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Gross and net premiums written $ 1,898 $ (805) $ (3,892) $ (18,520) Net premiums earned 5,272 5,319 10,638 3,804 Net loss and LAE (11,034) (15,461) (25,737) (19,072) Commission and other acquisition expenses (1,966) (2,004) (3,976) (2,127) 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 any of the following: (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 September 30, 2023 and December 31, 2022 pursuant to a loan agreement entered into between those parties. Advances under the loan are secured by promissory notes and was assigned by AII to AmTrust effective December 31, 2014 and carried at cost. Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum. Interest income on the loan • 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 collateral remaining at September 30, 2023 was $0 (December 31, 2022 - $42,305) and the accrued interest was $0 (December 31, 2022 - $224). Please refer to "Note 4. (e) Investments" for additional information; • on January 11, 2019, the Company transferred $575,000 to AmTrust as a portion of the existing Trust Accounts used for collateral on the AmTrust Quota Share was converted to a funds withheld arrangement. The funds withheld receivable earns an annual interest rate of 3.5% for 2023, which is subject to annual adjustment (2.1% for 2022). At September 30, 2023, the funds withheld balance was $213,051 (December 31, 2022 - $416,835) and accrued interest was $2,474 (December 31, 2022 - $2,359). Interest income on the funds withheld receivable was $2,227 and $8,569 for the three and nine months ended September 30, 2023, respectively (2022 - $2,597 and $8,585, respectively). 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. 10. Related Party Transactions (continued) 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, the funding percentage was reduced to 107.5% during 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 the collateral held in reinsurance trust accounts at September 30, 2023 was $154,653 (December 31, 2022 - $188,473) and the accrued interest was $1,085 (December 31, 2022 - $966). 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 $61 and $206 of investment management fees for the three and nine months ended September 30, 2023, respectively (2022 - $99 and $329, respectively) 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	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees There are no material changes from the commitments, contingencies and concentrations previously disclosed in the Company’s Form 10-K for the year ended December 31, 2022. a) Concentrations of Credit Risk At September 30, 2023 and December 31, 2022, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance balances receivable, reinsurance recoverable on paid and 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 that are 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, reinsurance balances receivable 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 September 30, 2023. 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 September 30, 2023 will be fully collectible. Please refer to " Note 2. Significant Accounting Polices " for additional information on the Company's credit loss allowances as at September 30, 2023 regarding other investments, reinsurance recoverable on unpaid losses, reinsurance balances receivable and funds withheld receivable that were recorded under Topic 326 which was adopted effective January 1, 2023. b) Investment Commitments and Related Financial Guarantees The Company had total unfunded commitments on alternative investments of $105,844 at September 30, 2023 (December 31, 2022 - $112,989) 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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Fair Value % of Total Fair Value % of Total Private equity funds $ 51,761 48.9 % $ 54,996 48.7 % Private credit funds 16,244 15.3 % 13,906 12.3 % Privately held equity investments 705 0.7 % 705 0.6 % Total unfunded commitments on other investments $ 68,710 64.9 % $ 69,607 61.6 % Total unfunded commitments on equity securities $ 16,061 15.2 % $ 16,509 14.6 % Total unfunded commitments on equity method investments $ 21,073 19.9 % $ 26,873 23.8 % Total unfunded commitments on alternative investments $ 105,844 100.0 % $ 112,989 100.0 % 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 September 30, 2023, guarantees of $55,109 (December 31, 2022 - $42,141) 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. 11. Commitments, Contingencies and Guarantees (continued) c) Operating Lease Commitments The Company leases office spaces and equipment under various operating leases expiring in various years through 2025. The Company's leases are 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, and whose lease payments are above a certain threshold, the Company recognizes a lease liability and a right-of-use asset in the Condensed 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 September 30, 2023, the Company's future lease obligations of $272 (December 31, 2022 - $300) 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 Sheet 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 approximately 1.4 years at September 30, 2023. 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 was $119 and $374 for three and nine months ended September 30, 2023, respectively (2022 - $101 and $260, respectively) recognized within general and administrative expenses consistent with the prior accounting treatment under Topic 840. d) Legal Proceedings Except as noted below, the Company is not a party to any material legal proceedings. From time to time, the Company is subject to routine legal proceedings, including arbitration, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of insurance or reinsurance operations. Based on the Company's opinion, the eventual outcome of these legal proceedings is not expected to have a material adverse effect on its financial condition or results of operations. In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle-blowing in violation of the whistle-blower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged 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. 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. On June 29, 2023, the Administrative Review Board issued a decision and order which summarily affirmed the September 2, 2021 decision and order of the Administrative Law Judge. The decision and order of the Administrative Review Board became the final order of the Secretary of Labor on July 27, 2023. On July 28, 2023, Mr. Turin filed a petition for review of the final order of the Secretary of Labor in the United States Court of Appeals for the Second Circuit. The Secretary of Labor is the respondent before the Second Circuit and the Court granted the Company's petition to intervene in order to present its position to the Court. The parties are awaiting a briefing order. 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. 11. Commitments, Contingencies and Guarantees (continued) 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. On May 26, 2023, the Company filed a Renewed Motion to Dismiss the Second Amended Complaint or, in the Alternative, for Summary Judgment, which has been fully briefed and is now under consideration by the Court. 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	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ (3,527) $ (8,160) $ (17,788) $ (9,047) Gain from repurchase of preference shares — — — 28,233 Amount allocated to participating common shareholders (1) — — — (109) Net (loss) income (attributable) available to Maiden common shareholders $ (3,527) $ (8,160) $ (17,788) $ 19,077 Denominator: Weighted average number of common shares – basic 101,454,767 87,161,499 101,586,759 86,935,823 Potentially dilutive securities: Share options and restricted share units (2) — — — 1,729 Adjusted weighted average number of common shares – diluted (2) 101,454,767 87,161,499 101,586,759 86,937,552 Basic and diluted (loss) earnings per share (attributable) available to common shareholders $ (0.03) $ (0.09) $ (0.18) $ 0.22 (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 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for the terms and conditions of securities that could potentially be dilutive in the future. There were no potentially dilutive securities for the three and nine months ended September 30, 2023 (2022 - 0 and 1,729, respectively).

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recognized an income tax benefit of $31 and $253 for the three and nine months ended September 30, 2023, respectively, compared to an income tax benefit of $91 and an income tax expense of $451 for the same respective periods in 2022. The effective tax rate on the Company's net loss differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S. and Sweden. A valuation allowance has been established against the net U.S. deferred tax assets which are primarily attributable to net operating losses and discounting of loss reserves for tax purposes. At this time, the Company believes it is necessary to establish a full valuation allowance against the U.S. net deferred tax assets as more evidence is needed regarding the utilization of these tax benefits in the future.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events a) Common Share Repurchases Subsequent to September 30, 2023 and through the period ended November 7, 2023, the Company repurchased 226,250 additional common shares at an average price per share of $1.67 under the Company's authorized common share repurchase plan pursuant to Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934. The Company's remaining share repurchase authorization was $72,281 at November 7, 2023. b) Insider Trading Arrangements and Policies During the three months ended September 30, 2023, the Company adopted a Rule 10b5-1(c)(1) trading arrangement as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended. On September 29, 2023, an agreement was signed between Maiden Holdings and a financial intermediary, who was authorized to begin purchasing common shares on October 30, 2023 until the close of business on September 29, 2024, subject to certain conditions set forth in the agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (3,527)	$ (8,160)	$ (17,788)	$ (9,047)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Parent Company" or "Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Certain prior year comparatives have been reclassified to conform to the current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. 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 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”). The Company also has 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, the Company has a retroactive reinsurance agreement and a commutation agreement that further reduces its exposure and limits the potential volatility related to AmTrust liabilities, which are discussed in " Note 8. Reinsurance
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. ASU 2016-13 also modified the accounting for available-for-sale ("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 previous other-than-temporarily-impaired ("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. Topic 326 was adopted by the Company on January 1, 2023 and an opening allowance for expected credit losses of $5,513 was recognized by the Company in the beginning retained earnings on January 1, 2023. Credit Losses - AFS Fixed Maturity Securities An AFS fixed maturity security is considered impaired if the fair value of the investment is below its amortized cost. On a quarterly basis, the Company evaluates all AFS fixed maturities for impairment losses. If an AFS fixed maturity security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged immediately to net income (loss) and is included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the impaired security before its anticipated recovery, the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss impairment or other factors. If the Company does not anticipate to fully recover the amortized cost, an allowance for expected credit losses is established. The allowance for expected credit losses is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). On a quarterly basis, the Company assesses whether unrealized losses on its AFS fixed maturity securities represent credit impairments by considering the following factors: the extent to which its fair value is less than its amortized cost; adverse conditions related to the specific security, industry, or geographical area; any recent downgrades in the security's credit rating by a credit rating agency; and if failure of the issuer to make scheduled principal or interest payments exists. The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss impairment exists. If a security is assessed to be credit impaired, it is subject to discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, then a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss related to changes in interest rates and market conditions is recognized in other comprehensive income. The Company reports accrued interest receivable related to AFS securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. Based on the Company's analysis, there was no allowance for expected credit losses recognized on AFS securities held at September 30, 2023. Credit Losses - Other Investments The Company's investments in direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income or loss when determined to be needed from the Company's analysis of expected future cash flows. As of September 30, 2023, the total allowance for expected credit losses on the Company's investment in direct lending entities was $1,023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment. 2. Significant Accounting Policies (continued) Credit Losses - Reinsurance Recoverable on Unpaid Losses Reinsurance recoverable balances are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that the Company deems unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers both current and forecasted economic conditions in the determination of the credit loss allowance.
Fair Value of Financial Instruments	Fair Values of Financial Instruments Fair Value Measurements — Accounting Standards Codification 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; and publicly traded equity securities; • 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. 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 an 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 the quoted market prices from a third party nationally recognized provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be 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 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. 5. Fair Value of Financial Instruments (continued) ASC 825, "Disclosure About Fair Value of Financial Instruments" , requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at September 30, 2023 and December 31, 2022. 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 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 — Includes unquoted investments 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 are 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 net asset value ("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 entered into 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. T he fair value changes in underwriting-related derivative instruments is included within other insurance revenue (expense), net. 5. Fair Value of Financial Instruments (continued) 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.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net loss Income 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 loss for the three months ended September 30, 2023 and 2022, respectively: For the Three Months Ended September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 6,762 $ 1,898 $ 8,660 Net premiums written $ 6,727 $ 1,898 $ 8,625 Net premiums earned $ 7,207 $ 5,272 $ 12,479 Other insurance expense (16) — (16) Net loss and LAE (4,142) (11,014) (15,156) Commission and other acquisition expenses (3,374) (1,966) (5,340) General and administrative expenses (2,216) (661) (2,877) Underwriting loss $ (2,541) $ (8,369) (10,910) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 9,292 Interest and amortization expenses (4,814) Foreign exchange and other gains, net 4,594 Other general and administrative expenses (3,910) Income tax benefit 31 Interest in income of equity method investments 2,190 Net loss $ (3,527) 3. Segment Information (continued) For the Three Months Ended September 30, 2022 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 6,185 $ (805) $ 5,380 Net premiums written $ 6,027 $ (805) $ 5,222 Net premiums earned $ 6,932 $ 5,319 $ 12,251 Other insurance revenue 368 — 368 Net loss and LAE (1,965) (15,461) (17,426) Commission and other acquisition expenses (3,394) (2,004) (5,398) General and administrative expenses (1,901) (521) (2,422) Underwriting income (loss) $ 40 $ (12,667) (12,627) Reconciliation to net loss Net investment income and net realized and unrealized investment losses 5,065 Interest and amortization expenses (4,833) Foreign exchange and other gains, net 8,586 Other general and administrative expenses (4,069) Income tax benefit 91 Interest in loss from equity method investments (373) Net loss $ (8,160) The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the nine months ended September 30, 2023 and 2022, respectively: For the Nine Months Ended September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 20,263 $ (3,892) $ 16,371 Net premiums written $ 20,152 $ (3,892) $ 16,260 Net premiums earned $ 21,882 $ 10,638 $ 32,520 Other insurance revenue 3 — 3 Net loss and LAE (11,126) (25,377) (36,503) Commission and other acquisition expenses (10,544) (3,976) (14,520) General and administrative expenses (7,863) (2,062) (9,925) Underwriting loss $ (7,648) $ (20,777) (28,425) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 31,505 Interest and amortization expenses (13,411) Foreign exchange and other losses, net (843) Other general and administrative expenses (13,809) Income tax benefit 253 Interest in income from equity method investments 6,942 Net loss $ (17,788) 3. Segment Information (continued) For the Nine Months Ended September 30, 2022 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 17,069 $ (18,520) $ (1,451) Net premiums written $ 16,605 $ (18,520) $ (1,915) Net premiums earned $ 20,012 $ 3,804 $ 23,816 Other insurance revenue 888 — 888 Net loss and LAE (2,945) (19,072) (22,017) Commission and other acquisition expenses (10,684) (2,127) (12,811) General and administrative expenses (7,007) (2,281) (9,288) Underwriting income (loss) $ 264 $ (19,676) (19,412) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 23,719 Interest and amortization expenses (14,498) Foreign exchange and other gains, net 19,121 Other general and administrative expenses (15,383) Income tax expense (451) Interest in loss from equity method investments (2,143) Net loss $ (9,047)
Schedule of Reconciliation of Assets from Reportable Segments to Consolidated	The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at September 30, 2023 and December 31, 2022: September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total Total assets - reportable segments $ 84,773 $ 1,067,057 $ 1,151,830 Corporate assets — — 425,633 Total Assets $ 84,773 $ 1,067,057 $ 1,577,463 December 31, 2022 Diversified Reinsurance AmTrust Reinsurance Total 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
Schedule of Net Premiums by Major Line of Business	The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, 2023 2022 Net premiums written Total Total Diversified Reinsurance International $ 6,727 $ 6,027 Total Diversified Reinsurance 6,727 6,027 AmTrust Reinsurance Small Commercial Business (160) (636) Specialty Program — (43) Specialty Risk and Extended Warranty 2,058 (126) Total AmTrust Reinsurance 1,898 (805) Total Net Premiums Written $ 8,625 $ 5,222 For the Nine Months Ended September 30, 2023 2022 Net premiums written Total Total Diversified Reinsurance International $ 20,152 $ 16,605 Total Diversified Reinsurance 20,152 16,605 AmTrust Reinsurance Small Commercial Business (318) (15,007) Specialty Program 157 732 Specialty Risk and Extended Warranty (3,731) (4,245) Total AmTrust Reinsurance (3,892) (18,520) Total Net Premiums Written $ 16,260 $ (1,915) 3. Segment Information (continued) The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, 2023 2022 Net premiums earned Total Total Diversified Reinsurance International $ 7,207 $ 6,932 Total Diversified Reinsurance 7,207 6,932 AmTrust Reinsurance Small Commercial Business (160) (636) Specialty Program — (43) Specialty Risk and Extended Warranty 5,432 5,998 Total AmTrust Reinsurance 5,272 5,319 Total Net Premiums Earned $ 12,479 $ 12,251 For the Nine Months Ended September 30, 2023 2022 Net premiums earned Total Total Diversified Reinsurance International $ 21,882 $ 20,012 Total Diversified Reinsurance 21,882 20,012 AmTrust Reinsurance Small Commercial Business (318) (14,995) Specialty Program 157 733 Specialty Risk and Extended Warranty 10,799 18,066 Total AmTrust Reinsurance 10,638 3,804 Total Net Premiums Earned $ 32,520 $ 23,816

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Schedule of 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 September 30, 2023 and December 31, 2022 are as follows: September 30, 2023 Original or amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. treasury bonds $ 47,633 $ 2 $ (23) $ 47,612 U.S. agency bonds – mortgage-backed 36,009 — (5,602) 30,407 Collateralized mortgage-backed securities 6,199 — (360) 5,839 Non-U.S. government bonds 14,551 — (729) 13,822 Collateralized loan obligations 89,346 — (2,374) 86,972 Corporate bonds 77,162 — (3,708) 73,454 Total fixed maturity investments $ 270,900 $ 2 $ (12,796) $ 258,106 December 31, 2022 Original or amortized cost Gross unrealized gains Gross unrealized losses 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
Schedule of 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. September 30, 2023 Amortized cost Fair value Due in one year or less $ 80,291 $ 79,644 Due after one year through five years 50,293 47,306 Due after five years through ten years 8,762 7,938 139,346 134,888 U.S. agency bonds – mortgage-backed 36,009 30,407 Collateralized mortgage-backed securities 6,199 5,839 Collateralized loan obligations 89,346 86,972 Total fixed maturity investments $ 270,900 $ 258,106
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 September 30, 2023 Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury bonds $ 2,648 $ (7) $ 984 $ (16) $ 3,632 $ (23) U.S. agency bonds – mortgage-backed — — 30,407 (5,602) 30,407 (5,602) Collateralized mortgage-backed securities — — 5,839 (360) 5,839 (360) Non-U.S. government bonds 2,078 — 11,744 (729) 13,822 (729) Collateralized loan obligations — — 86,972 (2,374) 86,972 (2,374) Corporate bonds — — 73,454 (3,708) 73,454 (3,708) Total temporarily impaired fixed maturities $ 4,726 $ (7) $ 209,400 $ (12,789) $ 214,126 $ (12,796) 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 6,767 (432) — — 6,767 (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 87,213 (4,325) 4,740 (785) 91,953 (5,110) Total temporarily impaired fixed maturities $ 208,245 $ (10,425) $ 103,992 $ (5,488) $ 312,237 $ (15,913)
Schedule of the Credit Ratings of Fixed Maturities	The following tables summarize the credit ratings of our fixed maturities as at September 30, 2023 and December 31, 2022: September 30, 2023 Amortized cost Fair value % of Total U.S. treasury bonds $ 47,633 $ 47,612 18.4 % U.S. agency bonds 36,009 30,407 11.8 % AAA 90,382 87,844 34.1 % AA+, AA, AA- 20,257 19,302 7.5 % A+, A, A- 32,769 30,884 12.0 % BBB+, BBB, BBB- 38,563 37,035 14.3 % BB+ or lower 5,287 5,022 1.9 % Total fixed maturities (1) $ 270,900 $ 258,106 100.0 % 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 %
Schedule of Portfolio of Other Investments	The table shows the composition of the Company's other investments as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying value % of Total Carrying value % of Total Private equity funds $ 43,710 26.3 % $ 32,298 21.7 % Private credit funds 22,734 13.7 % 26,354 17.7 % Privately held equity investments 34,778 20.9 % 34,014 22.9 % Total other investments at fair value 101,222 60.9 % 92,666 62.3 % Investments in direct lending entities (at cost) 65,000 39.1 % 56,087 37.7 % Total other investments $ 166,222 100.0 % $ 148,753 100.0 %
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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Cost Fair Value Cost Fair Value Privately held common stocks $ 33,223 $ 32,636 $ 32,775 $ 32,290 Privately held preferred stocks 8,175 12,953 7,175 10,945 Publicly traded equity investments in common stocks 90 58 559 386 Total equity securities $ 41,488 $ 45,647 $ 40,509 $ 43,621
Schedule of Equity Method Investments	The table below shows the carrying value of the Company's equity method investments as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Value % of Total Carrying Value % of Total Real estate investments $ 48,524 61.1 % $ 40,944 51.1 % Hedge fund investments — — % 5,376 6.7 % Other investments 30,876 38.9 % 33,839 42.2 % Total equity method investments $ 79,400 100.0 % $ 80,159 100.0 %
Schedule of Net Investment Income	Net investment income was derived from the following sources for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Fixed maturities $ 2,522 $ 2,259 $ 7,720 $ 7,074 Income on funds withheld 2,307 2,616 8,829 8,753 Interest income from loan to related party 3,073 1,771 8,698 3,808 Cash and cash equivalents and other investments 1,244 930 4,250 2,292 9,146 7,576 29,497 21,927 Investment expenses (98) (939) (386) (1,056) Net investment income $ 9,048 $ 6,637 $ 29,111 $ 20,871
Schedule of 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 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, 2023 Gross gains Gross losses Net Fixed maturities $ — $ (301) $ (301) Equity securities — (52) (52) Other investments 1,393 (796) 597 Net realized and unrealized investment gains (losses) $ 1,393 $ (1,149) $ 244 For the Three Months Ended September 30, 2022 Gross gains Gross losses Net Fixed maturities $ 591 $ (495) $ 96 Equity securities 217 (63) 154 Other investments 393 (2,215) (1,822) Net realized and unrealized investment gains (losses) $ 1,201 $ (2,773) $ (1,572) For the Nine Months Ended September 30, 2023 Gross gains Gross losses Net Fixed maturities $ — $ (1,087) $ (1,087) Equity securities 1,478 (431) 1,047 Other investments 5,268 (2,834) 2,434 Net realized and unrealized investment gains (losses) $ 6,746 $ (4,352) $ 2,394 For the Nine Months Ended September 30, 2022 Gross gains Gross losses Net Fixed maturities $ 1,829 $ (637) $ 1,192 Equity securities 3,876 (871) 3,005 Other investments 2,825 (4,174) (1,349) Net realized and unrealized investment gains (losses) $ 8,530 $ (5,682) $ 2,848 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net (losses) gains recognized for equity securities $ (52) $ 154 $ 1,047 $ 3,005 Net gains recognized for equity securities divested — (111) (186) (111) Unrealized (losses) gains recognized for equity securities still held at reporting date $ (52) $ 43 $ 861 $ 2,894
Schedule of Net Unrealized Gains on Fixed Maturity Investments	Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at September 30, 2023 and December 31, 2022, respectively: September 30, 2023 December 31, 2022 Net unrealized losses on fixed maturity investments $ (12,794) $ (15,912) Deferred income tax 208 244 Net unrealized losses, net of deferred income tax $ (12,586) $ (15,668) Change, net of deferred income tax $ 3,082 $ (12,975)
Schedule of Fair Value of Restricted Assets	The fair values of restricted assets at September 30, 2023 and December 31, 2022 are: September 30, 2023 December 31, 2022 Restricted cash – third party agreements $ 5,561 $ 13,122 Restricted cash – related party agreements 6,039 2,516 Total restricted cash 11,600 15,638 Restricted investments – in trust for third party agreements at fair value (amortized cost: 2023 – $55,547; 2022 – $48,181) 53,408 48,101 Restricted investments – in trust for related party agreements at fair value (amortized cost: 2023 – $159,278; 2022 – $246,325) 153,382 233,091 Total restricted investments 206,790 281,192 Total restricted cash and investments $ 218,390 $ 296,830

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair value Hierarchy of Financial Assets and Financial Liabilities Measured on a Recurring Basis	At September 30, 2023 and December 31, 2022, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value Fixed maturities U.S. treasury bonds $ 47,612 $ — $ — $ — $ 47,612 U.S. agency bonds – mortgage-backed — 30,407 — — 30,407 Collateralized mortgage-backed bonds — 5,839 — — 5,839 Non-U.S. government bonds — 13,822 — — 13,822 Collateralized loan obligations — 86,972 — — 86,972 Corporate bonds — 73,454 — — 73,454 Equity securities 58 — 20,013 25,576 45,647 Other investments — — 2,985 98,237 101,222 Total investments $ 47,670 $ 210,494 $ 22,998 $ 123,813 $ 404,975 As a percentage of total assets 3.0% 13.3% 1.5% 7.8% 25.6% Underwriting-related derivative liability $ — $ — $ 3,984 $ — $ 3,984 December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value 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 investments $ 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
Schedule of 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 September 30, 2023: Fair Value Valuation Technique Unobservable Inputs Range Privately held equity securities - common shares $ 10,045 Quarterly financial statements Price/book ratios of comparable public companies Privately held equity securities - preferred shares 12,953 Quarterly financial statements Privately calculated enterprise valuations Total Level 3 investments $ 22,998 Underwriting-related derivative liability $ 3,984 Discounted cash flows Duration matched discount rates 5.0% to 6.0%
Schedule of Reconciliation of Other Investments Measured at Fair value on a Recurring Basis Using Level 3 Inputs	The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2023 and 2022. The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Balance - beginning of period $ 21,398 $ 16,194 $ 18,806 $ 7,094 Sales — — — (1,000) Net realized and unrealized gains recognized in the statement of income — 111 1,592 3,770 Purchases 1,600 2,000 2,600 8,441 Total Level 3 investments - end of period $ 22,998 $ 18,305 $ 22,998 $ 18,305
Schedule of 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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Senior Notes - MHLA – 6.625% $ 110,000 $ 69,080 $ 110,000 $ 76,560 Senior Notes - MHNC – 7.75% 152,361 107,506 152,500 113,826 Total Senior Notes $ 262,361 $ 176,586 $ 262,500 $ 190,386

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Class of Treasury Stock	he table below includes the total number of treasury shares outstanding at September 30, 2023 and December 31, 2022, respectively: September 30, 2023 December 31, 2022 Number of shares held by Maiden Reinsurance treated as treasury shares 42,259,453 41,439,348 Number of treasury shares due to common share repurchases by Maiden Holdings 6,381,312 6,252,581 Total number of treasury shares at the end of the reporting period 48,640,765 47,691,929
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 Three Months Ended September 30, 2023 Change in net unrealized gains on investment Foreign currency translation Total Beginning balance $ (12,904) $ (24,232) $ (37,136) Other comprehensive income (loss) before reclassifications 321 (2,075) (1,754) Amounts reclassified from AOCI to net income, net of tax (3) — (3) Net current period other comprehensive income (loss) 318 (2,075) (1,757) Ending balance, Maiden shareholders $ (12,586) $ (26,307) $ (38,893) For the Three Months Ended September 30, 2022 Change in net unrealized gains on investment Foreign currency translation Total Beginning balance $ (45,266) $ 6,326 $ (38,940) Other comprehensive (loss) income before reclassifications (14,811) 2,246 (12,565) Amounts reclassified from AOCI to net income, net of tax (48) — (48) Net current period other comprehensive (loss) income (14,859) 2,246 (12,613) Ending balance, Maiden shareholders $ (60,125) $ 8,572 $ (51,553) For the Nine Months Ended September 30, 2023 Change in net unrealized gains on investment Foreign currency translation Total Beginning balance $ (15,668) $ (25,566) $ (41,234) Other comprehensive income (loss) before reclassifications 3,085 (741) 2,344 Amounts reclassified from AOCI to net income, net of tax (3) — (3) Net current period other comprehensive income (loss) 3,082 (741) 2,341 Ending balance, Maiden shareholders $ (12,586) $ (26,307) $ (38,893) For the Nine Months Ended September 30, 2022 Change in net unrealized gains on investment Foreign currency translation Total Beginning balance $ (2,693) $ (9,522) $ (12,215) Other comprehensive (loss) income before reclassifications (51,736) 18,094 (33,642) Amounts reclassified from AOCI to net income, net of tax (5,696) — (5,696) Net current period other comprehensive (loss) income (57,432) 18,094 (39,338) Ending balance, Maiden shareholders $ (60,125) $ 8,572 $ (51,553)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Senior Notes Issuances	The following tables detail the issuances of Senior Notes outstanding at September 30, 2023 and December 31, 2022: September 30, 2023 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,361 $ 262,361 Less: unamortized issuance costs 3,360 4,442 7,802 Carrying value $ 106,640 $ 147,919 $ 254,559 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 Other details: Original debt issuance costs pertaining to remaining outstanding principal amount $ 3,715 $ 5,050 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)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 was as follows: For the Nine Months Ended September 30, 2023 2022 Premiums written Direct $ 20,283 $ 17,383 Assumed (3,912) (18,834) Ceded (111) (464) Net $ 16,260 $ (1,915) Premiums earned Direct $ 20,141 $ 17,332 Assumed 12,494 6,942 Ceded (115) (458) Net $ 32,520 $ 23,816 Loss and LAE Gross loss and LAE $ 36,397 $ 22,511 Loss and LAE ceded 106 (494) Net $ 36,503 $ 22,017
Schedule of Reinsurance Recoverable, Allowance for Credit Loss	The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the three and nine months ended September 30, 2023: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2023 Allowance for expected credit losses on reinsurance recoverable, beginning of period $ 4,530 $ 4,277 (Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized (241) 12 Allowance for expected credit losses on reinsurance recoverable, end of period $ 4,289 $ 4,289

Reserve for Loss and Loss Adj_2

Reserve for Loss and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The reserve for loss and LAE consists of: September 30, 2023 December 31, 2022 Reserve for reported loss and LAE $ 585,535 $ 702,691 Reserve for losses incurred but not reported ("IBNR") 325,940 428,717 Reserve for loss and LAE $ 911,475 $ 1,131,408 The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves: For the Nine Months Ended September 30, 2023 2022 Gross loss and LAE reserves, January 1 $ 1,131,408 $ 1,489,373 Less: reinsurance recoverable on unpaid losses, January 1 556,116 562,845 Net loss and LAE reserves, January 1 575,292 926,528 Net incurred losses related to: Current year 20,519 27,510 Prior years 15,984 (5,493) 36,503 22,017 Net paid losses related to: Current year (448) (334) Prior years (249,965) (319,132) (250,413) (319,466) Change in deferred gain on retroactive reinsurance (11,129) 12,024 GLS run-off business acquired or assumed 767 7,580 Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses 4,277 — Effect of foreign exchange rate movements (2,599) (50,574) Net loss and LAE reserves, September 30 352,698 598,109 Reinsurance recoverable on unpaid losses, September 30 558,777 547,975 Gross loss and LAE reserves, September 30 $ 911,475 $ 1,146,084

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
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 Condensed Consolidated Income Statements for the three and nine months ended September 30, 2023 and 2022, respectively: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Gross and net premiums written $ 1,898 $ (805) $ (3,892) $ (18,520) Net premiums earned 5,272 5,319 10,638 3,804 Net loss and LAE (11,034) (15,461) (25,737) (19,072) Commission and other acquisition expenses (1,966) (2,004) (3,976) (2,127)

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Other Commitments	The table below shows the total unfunded commitments by type of investment as at September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Fair Value % of Total Fair Value % of Total Private equity funds $ 51,761 48.9 % $ 54,996 48.7 % Private credit funds 16,244 15.3 % 13,906 12.3 % Privately held equity investments 705 0.7 % 705 0.6 % Total unfunded commitments on other investments $ 68,710 64.9 % $ 69,607 61.6 % Total unfunded commitments on equity securities $ 16,061 15.2 % $ 16,509 14.6 % Total unfunded commitments on equity method investments $ 21,073 19.9 % $ 26,873 23.8 % Total unfunded commitments on alternative investments $ 105,844 100.0 % $ 112,989 100.0 %

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of elements used in calculating basic and diluted earnings per common share	The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ (3,527) $ (8,160) $ (17,788) $ (9,047) Gain from repurchase of preference shares — — — 28,233 Amount allocated to participating common shareholders (1) — — — (109) Net (loss) income (attributable) available to Maiden common shareholders $ (3,527) $ (8,160) $ (17,788) $ 19,077 Denominator: Weighted average number of common shares – basic 101,454,767 87,161,499 101,586,759 86,935,823 Potentially dilutive securities: Share options and restricted share units (2) — — — 1,729 Adjusted weighted average number of common shares – diluted (2) 101,454,767 87,161,499 101,586,759 86,937,552 Basic and diluted (loss) earnings per share (attributable) available to common shareholders $ (0.03) $ (0.09) $ (0.18) $ 0.22 (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 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for the terms and conditions of securities that could potentially be dilutive in the future. There were no potentially dilutive securities for the three and nine months ended September 30, 2023 (2022 - 0 and 1,729, respectively).

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Opening allowance for expected credit losses	$ 263,237,000		$ 284,579,000	$ 327,393,000
Allowance for expected credit losses	0
Reinsurance recoverable, allowance for credit loss	4,289,000	$ 4,530,000	4,277,000
Total allowance for expected credit losses	4,289,000
Affiliated Entity
Defined Benefit Plan Disclosure [Line Items]
Premium receivable, allowance for credit loss	158,000
Total allowance for expected credit losses	17,000
Accumulated deficit
Defined Benefit Plan Disclosure [Line Items]
Opening allowance for expected credit losses	(466,164,000)	$ (462,637,000)	$ (442,863,000)	(479,109,000)	$ (470,949,000)	$ (498,295,000)
Accumulated deficit | Cumulative Effect, Period of Adoption, Adjustment
Defined Benefit Plan Disclosure [Line Items]
Opening allowance for expected credit losses	(5,513,000)			$ 0
Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement
Defined Benefit Plan Disclosure [Line Items]
Allowance for expected credit losses	$ 1,023,000

Segment Information - Underwrit

Segment Information - Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net loss/income to Consolidated (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | segment			2
Net Income (Loss) [Abstract]
Gross premiums written	$ 8,660	$ 5,380	$ 16,371	$ (1,451)
Net premiums written	8,625	5,222	16,260	(1,915)
Net premiums earned	12,479	12,251	32,520	23,816
Other insurance expense	(16)	368	3	888
Net loss and LAE	(15,156)	(17,426)	(36,503)	(22,017)
Commission and other acquisition expenses	(5,340)	(5,398)	(14,520)	(12,811)
General and administrative expenses	(2,877)	(2,422)	(9,925)	(9,288)
Underwriting income (loss)	(10,910)	(12,627)	(28,425)	(19,412)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains	9,292	5,065	31,505	23,719
Interest and amortization expenses	(4,814)	(4,833)	(13,411)	(14,498)
Foreign exchange and other gains, net	4,594	8,586	(843)	19,121
Other general and administrative expenses	(3,910)	(4,069)	(13,809)	(15,383)
Income tax expense (benefit)	31	91	253	(451)
Interest in income (loss) of equity method investments	2,190	(373)	6,942	(2,143)
Net loss	(3,527)	(8,160)	(17,788)	(9,047)
Operating Segments | Diversified Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	6,762	6,185	20,263	17,069
Net premiums written	6,727	6,027	20,152	16,605
Net premiums earned	7,207	6,932	21,882	20,012
Other insurance expense	(16)	368	3	888
Net loss and LAE	(4,142)	(1,965)	(11,126)	(2,945)
Commission and other acquisition expenses	(3,374)	(3,394)	(10,544)	(10,684)
General and administrative expenses	(2,216)	(1,901)	(7,863)	(7,007)
Underwriting income (loss)	(2,541)	40	(7,648)	264
Operating Segments | AmTrust Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	1,898	(805)	(3,892)	(18,520)
Net premiums written	1,898	(805)	(3,892)	(18,520)
Net premiums earned	5,272	5,319	10,638	3,804
Other insurance expense	0	0	0	0
Net loss and LAE	(11,014)	(15,461)	(25,377)	(19,072)
Commission and other acquisition expenses	(1,966)	(2,004)	(3,976)	(2,127)
General and administrative expenses	(661)	(521)	(2,062)	(2,281)
Underwriting income (loss)	$ (8,369)	$ (12,667)	$ (20,777)	$ (19,676)

Segment Information - Reconcili

Segment Information - Reconciliation of Assets from Reportable Segments to Consolidated (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,577,463	$ 1,846,866
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	84,773	97,290
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,067,057	1,342,852
Total assets - reportable segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,151,830	1,440,142
Total assets - reportable segments | Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	84,773	97,290
Total assets - reportable segments | AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,067,057	1,342,852
Corporate assets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	425,633	406,724
Corporate assets | Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	0	0
Corporate assets | AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 0	$ 0

Segment Information - Net Premi

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 8,625	$ 5,222	$ 16,260	$ (1,915)
Net premiums earned	12,479	12,251	32,520	23,816
Diversified Reinsurance | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	6,727	6,027	20,152	16,605
Net premiums earned	7,207	6,932	21,882	20,012
Diversified Reinsurance | International | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	6,727	6,027	20,152	16,605
Net premiums earned	7,207	6,932	21,882	20,012
AmTrust Reinsurance | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	1,898	(805)	(3,892)	(18,520)
Net premiums earned	5,272	5,319	10,638	3,804
AmTrust Reinsurance | Small Commercial Business | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	(160)	(636)	(318)	(15,007)
Net premiums earned	(160)	(636)	(318)	(14,995)
AmTrust Reinsurance | Specialty Program | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	0	(43)	157	732
Net premiums earned	0	(43)	157	733
AmTrust Reinsurance | Specialty Risk and Extended Warranty | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	2,058	(126)	(3,731)	(4,245)
Net premiums earned	$ 5,432	$ 5,998	$ 10,799	$ 18,066

Investments - Amortized Cost, G

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Original or amortized cost	$ 270,900	$ 330,439
Gross unrealized gains	2	1
Gross unrealized losses	(12,796)	(15,913)
Fixed maturities	258,106	314,527
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	47,633	55,647
Gross unrealized gains	2	1
Gross unrealized losses	(23)	(116)
Fixed maturities	47,612	55,532
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	36,009	38,767
Gross unrealized gains	0	0
Gross unrealized losses	(5,602)	(4,402)
Fixed maturities	30,407	34,365
Collateralized mortgage-backed securities
Schedule of Investments [Line Items]
Original or amortized cost	6,199	7,199
Gross unrealized gains	0	0
Gross unrealized losses	(360)	(432)
Fixed maturities	5,839	6,767
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	14,551	12,643
Gross unrealized gains	0	0
Gross unrealized losses	(729)	(825)
Fixed maturities	13,822	11,818
Collateralized loan obligations
Schedule of Investments [Line Items]
Original or amortized cost	89,346	119,120
Gross unrealized gains	0	0
Gross unrealized losses	(2,374)	(5,028)
Fixed maturities	86,972	114,092
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	77,162	97,063
Gross unrealized gains	0	0
Gross unrealized losses	(3,708)	(5,110)
Fixed maturities	$ 73,454	$ 91,953

Investments - Contractual Matur

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized cost
Due in one year or less	$ 80,291
Due after one year through five years	50,293
Due after five years through ten years	8,762
Total securities with single maturities, amortized cost	139,346
Original or amortized cost	270,900	$ 330,439
Fair value
Due in one year or less	79,644
Due after one year through five years	47,306
Due after five years through ten years	7,938
Total before securities with single maturities, fair value	134,888
Fixed maturities, fair value	258,106	314,527
U.S. agency bonds – mortgage-backed
Amortized cost
Amortized cost of securities without single maturities	36,009
Original or amortized cost	36,009	38,767
Fair value
Fair value of securities without single maturities	30,407
Fixed maturities, fair value	30,407	34,365
Collateralized mortgage-backed securities
Amortized cost
Amortized cost of securities without single maturities	6,199
Original or amortized cost	6,199	7,199
Fair value
Fair value of securities without single maturities	5,839
Fixed maturities, fair value	5,839	6,767
Collateralized loan obligations
Amortized cost
Amortized cost of securities without single maturities	89,346
Original or amortized cost	89,346	119,120
Fair value
Fair value of securities without single maturities	86,972
Fixed maturities, fair value	$ 86,972	$ 114,092

Investments - Fair Value and Un

Investments - Fair Value and Unrealized Losses (Details)	Sep. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Fair value
Less than 12 Months	$ 4,726,000	$ 208,245,000
12 Months or More	209,400,000	103,992,000
Total	214,126,000	312,237,000
Unrealized losses
Less than 12 Months	(7,000)	(10,425,000)
12 Months or More	(12,789,000)	(5,488,000)
Total	$ (12,796,000)	$ (15,913,000)
Number of securities in an unrealized loss position | security	75	88
Fair value of unrealized loss positions	$ 214,126,000	$ 312,237,000
Unrealized losses of unrealized loss positions	$ 12,796,000	$ 15,913,000
Number of securities in an unrealized loss position for 12 months or greater | security	70	26
Fair value of securities in loss position for 12 months or greater	$ 209,400,000	$ 103,992,000
Unrealized loss of securities in loss position for 12 months or greater	12,789,000	5,488,000
Allowance for expected credit losses	0
U.S. treasury bonds
Fair value
Less than 12 Months	2,648,000	53,094,000
12 Months or More	984,000	148,000
Total	3,632,000	53,242,000
Unrealized losses
Less than 12 Months	(7,000)	(114,000)
12 Months or More	(16,000)	(2,000)
Total	(23,000)	(116,000)
U.S. agency bonds – mortgage-backed
Fair value
Less than 12 Months	0	31,394,000
12 Months or More	30,407,000	2,971,000
Total	30,407,000	34,365,000
Unrealized losses
Less than 12 Months	0	(3,697,000)
12 Months or More	(5,602,000)	(705,000)
Total	(5,602,000)	(4,402,000)
Collateralized mortgage-backed securities
Fair value
Less than 12 Months	0	6,767,000
12 Months or More	5,839,000	0
Total	5,839,000	6,767,000
Unrealized losses
Less than 12 Months	0	(432,000)
12 Months or More	(360,000)	0
Total	(360,000)	(432,000)
Non-U.S. government bonds
Fair value
Less than 12 Months	2,078,000	11,818,000
12 Months or More	11,744,000	0
Total	13,822,000	11,818,000
Unrealized losses
Less than 12 Months	0	(825,000)
12 Months or More	(729,000)	0
Total	(729,000)	(825,000)
Collateralized loan obligations
Fair value
Less than 12 Months	0	17,959,000
12 Months or More	86,972,000	96,133,000
Total	86,972,000	114,092,000
Unrealized losses
Less than 12 Months	0	(1,032,000)
12 Months or More	(2,374,000)	(3,996,000)
Total	(2,374,000)	(5,028,000)
Corporate bonds
Fair value
Less than 12 Months	0	87,213,000
12 Months or More	73,454,000	4,740,000
Total	73,454,000	91,953,000
Unrealized losses
Less than 12 Months	0	(4,325,000)
12 Months or More	(3,708,000)	(785,000)
Total	$ (3,708,000)	$ (5,110,000)

Investments - Other Than Tempor

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 270,900	$ 330,439
Fair value	$ 258,106	$ 314,527
% of Total fair value	100%	100%
AAA
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 90,382	$ 112,775
Fair value	$ 87,844	$ 108,136
% of Total fair value	34.10%	34.40%
AA+, AA, AA-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 20,257	$ 23,974
Fair value	$ 19,302	$ 22,640
% of Total fair value	7.50%	7.20%
A+, A, A-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 32,769	$ 38,549
Fair value	$ 30,884	$ 35,996
% of Total fair value	12%	11.40%
BBB+, BBB, BBB-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 38,563	$ 55,374
Fair value	$ 37,035	$ 53,094
% of Total fair value	14.30%	16.90%
BB+ or lower
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 5,287	$ 5,353
Fair value	$ 5,022	$ 4,764
% of Total fair value	1.90%	1.50%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 47,633	$ 55,647
Fair value	$ 47,612	$ 55,532
% of Total fair value	18.40%	17.70%
U.S. agency bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 36,009	$ 38,767
Fair value	$ 30,407	$ 34,365
% of Total fair value	11.80%	10.90%

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Carrying value	$ 101,222	$ 92,666
% of Total	60.90%	62.30%
Investments in direct lending entities (at cost)	$ 166,222	$ 148,753
% of Total	100%	100%
Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement
Schedule of Investments [Line Items]
Allowance for expected credit losses	$ 1,023
Private equity funds
Schedule of Investments [Line Items]
Carrying value	$ 43,710	$ 32,298
% of Total	26.30%	21.70%
Private credit funds
Schedule of Investments [Line Items]
Carrying value	$ 22,734	$ 26,354
% of Total	13.70%	17.70%
Privately held equity investments
Schedule of Investments [Line Items]
Carrying value	$ 34,778	$ 34,014
% of Total	20.90%	22.90%
Investments in direct lending entities (at cost)
Schedule of Investments [Line Items]
Investments in direct lending entities (at cost)	$ 65,000	$ 56,087
% of Total	39.10%	37.70%

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 41,488	$ 40,509
Fair Value	45,647	43,621
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	33,223	32,775
Fair Value	32,636	32,290
Privately held preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	8,175	7,175
Fair Value	12,953	10,945
Publicly traded equity investments in common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	90	559
Fair Value	$ 58	$ 386

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 79,400	$ 80,159
% of Total	100%	100%
Real estate investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 48,524	$ 40,944
% of Total	61.10%	51.10%
Hedge fund investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 0	$ 5,376
% of Total	0%	6.70%
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 30,876	$ 33,839
% of Total	38.90%	42.20%

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Investments [Line Items]
Investment income	$ 9,146	$ 7,576	$ 29,497	$ 21,927
Investment expenses	(98)	(939)	(386)	(1,056)
Net investment income	9,048	6,637	29,111	20,871
Fixed maturities
Schedule of Investments [Line Items]
Investment income	2,522	2,259	7,720	7,074
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	2,307	2,616	8,829	8,753
Interest income from loan to related party
Schedule of Investments [Line Items]
Investment income	3,073	1,771	8,698	3,808
Cash and cash equivalents and other investments
Schedule of Investments [Line Items]
Investment income	$ 1,244	$ 930	$ 4,250	$ 2,292

Investments - Net Realized and

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 0	$ 217	$ 1,478	$ 3,876
Equity securities, gross losses	(52)	(63)	(431)	(871)
Equity securities, net	(52)	154	1,047	3,005
Net realized and unrealized gains (losses) on investment, gross gains	1,393	1,201	6,746	8,530
Net realized and unrealized gains (losses) on investment, gross losses	(1,149)	(2,773)	(4,352)	(5,682)
Net realized and unrealized investment gains (losses)	244	(1,572)	2,394	2,848
Net gains recognized for equity securities divested	0	(111)	(186)	(111)
Unrealized (losses) gains recognized for equity securities still held at reporting date	(52)	43	861	2,894
Proceeds from sales of fixed maturities classified as available-for-sale	19,343	35,107	64,126	139,645
Deferred income tax	208		208		$ 244
Net unrealized losses, net of deferred income tax	(12,586)		(12,586)		(15,668)
Change, net of deferred income tax			3,082		(12,975)
Net unrealized losses on fixed maturity investments
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	0	591	0	1,829
Fixed maturities, gross losses	(301)	(495)	(1,087)	(637)
Fixed maturities, net	(301)	96	(1,087)	1,192
Net unrealized losses on fixed maturity investments	(12,794)		(12,794)		$ (15,912)
Other investments
Gain (Loss) on Securities [Line Items]
Other investments, gross gains	1,393	393	5,268	2,825
Other investments, gross losses	(796)	(2,215)	(2,834)	(4,174)
Other investments, net	$ 597	$ (1,822)	$ 2,434	$ (1,349)

Investments - Restricted Cash a

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 11,600	$ 15,638	$ 48,122
Restricted investments	206,790	281,192
Total restricted cash and investments	218,390	296,830
Third Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	5,561	13,122
Restricted investments	53,408	48,101
Amortized cost	55,547	48,181
Related Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	6,039	2,516
Restricted investments	153,382	233,091
Amortized cost	$ 159,278	$ 246,325

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 258,106	$ 314,527
Equity securities	45,647	43,621
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	47,612	55,532
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	30,407	34,365
Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	5,839	6,767
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	13,822	11,818
Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	86,972	114,092
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	73,454	91,953
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	45,647	43,621
Other investments	101,222	92,666
Total investments	$ 404,975	$ 450,814
As a percentage of total assets	25.60%	24.40%
Underwriting-related derivative liability	$ 3,984	$ 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	47,612	55,532
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	30,407	34,365
Fair Value, Measurements, Recurring | Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	5,839	6,767
Fair Value, Measurements, Recurring | Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	13,822	11,818
Fair Value, Measurements, Recurring | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	86,972	114,092
Fair Value, Measurements, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	73,454	91,953
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	58	386
Other investments	0	0
Total investments	$ 47,670	$ 55,918
As a percentage of total assets	3%	3%
Underwriting-related derivative liability	$ 0	$ 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	47,612	55,532
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	0	1,000
Total investments	$ 210,494	$ 259,995
As a percentage of total assets	13.30%	14.10%
Underwriting-related derivative liability	$ 0	$ 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	30,407	34,365
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	5,839	6,767
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	13,822	11,818
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	86,972	114,092
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	73,454	91,953
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	20,013	17,806
Other investments	2,985	1,000
Total investments	$ 22,998	$ 18,806
As a percentage of total assets	1.50%	1%
Underwriting-related derivative liability	$ 3,984	$ 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	25,576	25,429
Other investments	98,237	90,666
Total investments	$ 123,813	$ 116,095
As a percentage of total assets	7.80%	6.30%
Underwriting-related derivative liability	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value | security	1	1
Net unrealized losses on fixed maturity investments | 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	$ 5,022	$ 4,764
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	404,975	450,814
Underwriting-related derivative liability	3,984	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]
Financial instruments, fair value	210,494	259,995
Underwriting-related derivative liability	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	22,998	18,806
Underwriting-related derivative liability	3,984	$ 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	$ 3,984
Estimate of Fair Value Measurement | Fair Value, Measurements, Recurring | Net unrealized losses on fixed maturity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage	98.10%	98.50%
Assets, valued using market approach, percentage	1.90%	1.50%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Duration matched discount rates | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.050
Duration matched discount rates | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.060
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 404,975	$ 450,814
Underwriting-related derivative liability	3,984	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	22,998	18,806
Underwriting-related derivative liability	3,984	$ 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	3,984
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Privately held equity securities - common shares | Quarterly financial statements | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	10,045
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Privately held equity securities - preferred shares | Quarterly financial statements | Preferred Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 12,953

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Reconciliation of Other Investments Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 21,398	$ 16,194	$ 18,806	$ 7,094
Sales	0	0	0	(1,000)
Net realized and unrealized gains recognized in the statement of income	0	111	1,592	3,770
Purchases	1,600	2,000	2,600	8,441
Total Level 3 investments - end of period	$ 22,998	$ 18,305	$ 22,998	$ 18,305
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag			Net realized and unrealized gains recognized in the statement of income	Net realized and unrealized gains recognized in the statement of income

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value and Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Senior Notes | Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.625%
Senior Notes | Senior Notes - MHNC – 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	$ 262,361	$ 262,500
Significant Other Observable Inputs (Level 2) | Carrying Value | Senior Notes | Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	110,000	152,500
Significant Other Observable Inputs (Level 2) | Carrying Value | Senior Notes | Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	152,361	110,000
Significant Other Observable Inputs (Level 2) | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	176,586	190,386
Significant Other Observable Inputs (Level 2) | Fair Value | Senior Notes | Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	69,080	76,560
Significant Other Observable Inputs (Level 2) | Fair Value | Senior Notes | Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 107,506	$ 113,826

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 03, 2023	May 02, 2023	Dec. 31, 2022	Feb. 21, 2017
Class of Stock [Line Items]
Common stock, authorized share capital					$ 2,000,000	$ 1,500,000
Common stock, shares authorized (in shares)					200,000,000	150,000,000
Common shares, par value (in dollars per share)	$ 0.01		$ 0.01		$ 0.01	$ 0.01	$ 0.01
Shares authorized (in shares)	200,000,000		200,000,000
Common shares, issued (in shares)	149,726,105		149,726,105				149,224,080
Common shares, outstanding (in shares)	101,085,340		101,085,340				101,532,151
Treasury shares (in shares)	48,640,765		48,640,765				47,691,929
Shares undesignated (in shares)	50,273,895		50,273,895
Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)	42,259,453		42,259,453				41,439,348
Share Repurchase Plan
Class of Stock [Line Items]
Treasury shares (in shares)	6,381,312		6,381,312				6,252,581
Shares repurchased (in shares)	520,475	0	820,105	0
Average price per share (in dollars per share)	$ 1.86		$ 1.93
Remaining shares authorized	$ 72,659,000		$ 72,659,000				$ 74,245,000
Employees, Tax Withholding
Class of Stock [Line Items]
Shares repurchased (in shares)			128,731	403,716
Average price per share (in dollars per share)			$ 2.25	$ 2.50
Exchange for preference shares | Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)	41,439,348		41,439,348
Non-Performance-Based Restricted Shares
Class of Stock [Line Items]
Issued and outstanding upon vesting of restricted shares (in shares)	981,277		981,277
Common shares | Share Repurchase Plan
Class of Stock [Line Items]
Stock repurchased, authorized amount (up to)								$ 100,000,000

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Treasury Shares Outstanding (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	48,640,765	47,691,929
Share Repurchase Plan
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	6,381,312	6,252,581
Maiden Reinsurance
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	42,259,453	41,439,348

Shareholders' Equity - AOCI Com

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 284,579
Other comprehensive income (loss) before reclassifications	$ (1,754)	$ (12,565)	2,344	$ (33,642)
Amounts reclassified from AOCI to net income, net of tax	(3)	(48)	(3)	(5,696)
Other comprehensive (loss) income, after tax	(1,757)	(12,613)	2,341	(39,338)
Ending balance	263,237	327,393	263,237	327,393
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(37,136)	(38,940)	(41,234)	(12,215)
Ending balance	(38,893)	(51,553)	(38,893)	(51,553)
Change in net unrealized gains on investment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(12,904)	(45,266)	(15,668)	(2,693)
Other comprehensive income (loss) before reclassifications	321	(14,811)	3,085	(51,736)
Amounts reclassified from AOCI to net income, net of tax	(3)	(48)	(3)	(5,696)
Other comprehensive (loss) income, after tax	318	(14,859)	3,082	(57,432)
Ending balance	(12,586)	(60,125)	(12,586)	(60,125)
Foreign currency translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(24,232)	6,326	(25,566)	(9,522)
Other comprehensive income (loss) before reclassifications	(2,075)	2,246	(741)	18,094
Amounts reclassified from AOCI to net income, net of tax	0	0	0	0
Other comprehensive (loss) income, after tax	(2,075)	2,246	(741)	18,094
Ending balance	$ (26,307)	$ 8,572	$ (26,307)	$ 8,572

Long-Term Debt - Senior Notes I

Long-Term Debt - Senior Notes Issuances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal amount	$ 262,361	$ 262,500
Less: unamortized issuance costs	7,802	6,928
Senior notes, net	254,559	255,572
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,361	262,500
Less: unamortized issuance costs	7,802	6,928
Senior notes, net	254,559	255,572
Senior Notes | 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,360	3,406
Senior notes, net	106,640	106,594
Original debt issuance costs pertaining to remaining outstanding principal amount	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes | 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,361	152,500
Less: unamortized issuance costs	4,442	3,522
Senior notes, net	147,919	$ 148,978
Original debt issuance costs pertaining to remaining outstanding principal amount	$ 5,050
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - Senior Notes	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) perUnit unit	Sep. 30, 2022 USD ($)	May 03, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest and amortization expenses	$ 4,814,000	$ 4,833,000	$ 13,451,000	$ 14,498,000
Accrued interest	1,342,000		1,342,000			$ 1,342,000
Approved debt repurchase amount					$ 100,000,000
Remaining authorized repurchase amount			$ 99,905,000
2013 Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage			100%
Debt instrument, repurchased units | unit			5,567
Debt instrument, repurchased average price per unit | perUnit			17.10
Debt instrument, repurchased face amount	$ 95,000		$ 95,000
Gain (loss) on repurchase of debt instrument			$ 40,000
2016 Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage			100%
Minimum | 2013 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date			30 days
Minimum | 2016 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date			30 days
Maximum | 2013 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date			60 days
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	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Premiums written
Direct			$ 20,283	$ 17,383
Assumed			(3,912)	(18,834)
Ceded			(111)	(464)
Net	$ 8,625	$ 5,222	16,260	(1,915)
Premiums earned
Direct			20,141	17,332
Assumed			12,494	6,942
Ceded			(115)	(458)
Net premiums earned	12,479	12,251	32,520	23,816
Loss and LAE
Gross loss and LAE			36,397	22,511
Loss and LAE ceded			106	(494)
Net loss and loss adjustment expenses	$ 15,156	$ 17,426	$ 36,503	$ 22,017

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2018	Dec. 27, 2018
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $4,289)		$ 558,777		$ 556,116
Reinsurance recoverable, allowance for credit loss		4,289	$ 4,530	4,277
Reinsurance, excess retention, amount reinsured, per policy	$ 2,178,535
Reinsurance, amount retained, per policy	600,000
Ceded cumulative losses	445,000
Reinsurance recoverable for paid and unpaid claims and claims adjustments, adverse development cover							$ 155,000
Reinsurance recoverables, including reinsurance premium paid		558,777		556,116	$ 547,975	$ 562,845
Deferred gain on retroactive reinsurance		58,837		47,708
Collateral by third party		471,636
Maximum
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables on paid losses, gross		312,786
Diversified Reinsurance
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $4,289)		53,943		60,112
Reinsurance recoverable, allowance for credit loss		3,783
Assets and liabilities associated with reinsurance business retroceded								100%
AmTrust Reinsurance
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $4,289)	$ 445,000
Reinsurance recoverable, allowance for credit loss		493
Reinsurance recoverables, including reinsurance premium paid		501,023		490,408
Deferred gain on retroactive reinsurance		$ 56,516		$ 45,408

Reinsurance - Allowance for Cre

Reinsurance - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$ 4,530	$ 4,277
(Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized	(241)	12
Allowance for expected credit losses on reinsurance recoverable, end of period	$ 4,289	$ 4,289

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	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Insurance [Abstract]
Reserve for reported loss and LAE	$ 585,535		$ 585,535		$ 702,691
Reserve for losses incurred but not reported ("IBNR")	325,940		325,940		428,717
Reserve for loss and LAE	911,475	$ 1,146,084	911,475	$ 1,146,084	$ 1,131,408
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1			1,131,408	1,489,373
Less: reinsurance recoverable on unpaid losses, January 1			556,116	562,845
Net loss and LAE reserves, January 1			575,292	926,528
Net incurred losses related to Current year			20,519	27,510
Net incurred losses related to Prior year			15,984	(5,493)
Net loss and loss adjustment expenses	15,156	17,426	36,503	22,017
Net paid losses related to Current year			(448)	(334)
Net paid losses related to Prior years			(249,965)	(319,132)
Net paid losses			(250,413)	(319,466)
Change in deferred gain on retroactive reinsurance			(11,129)	12,024
GLS run-off business acquired or assumed			767	7,580
Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses	4,277	0	4,277	0
Effect of foreign exchange rate movements			(2,599)	(50,574)
Net loss and LAE reserves, September 30	352,698	598,109	352,698	598,109
Reinsurance recoverable on unpaid losses, September 30	558,777	547,975	558,777	547,975
Gross loss and LAE reserves, September 30	$ 911,475	$ 1,146,084	$ 911,475	$ 1,146,084

Reserve for Loss and Loss Adj_4

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details) € in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)			$ 7,834	$ 834	$ 15,984	$ (5,493)
Change in deferred gain on retroactive reinsurance					11,129	(12,024)
Deferred gain on retroactive reinsurance decrease						(10,722)
AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance decrease					11,108
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)			1,864	(590)	3,938	(1,975)
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)			$ 5,970	$ 1,424	$ 12,046	(3,518)
AmTrust Reinsurance | European Hospital Liability Quota Share Agreement
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						1,828
AmTrust Reinsurance | European Hospital Liability Quota Share Agreement | AmTrust Financial Services, Inc.
Segment Reporting Information [Line Items]
Collaborative arrangement, reserves expected to be commuted, exit cost	$ 3,666	€ 3,444
AmTrust Reinsurance | AmTrust Cession Adjustments
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						$ (5,346)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands												3 Months Ended			6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 16, 2020	Jul. 31, 2019 USD ($)	Jan. 11, 2019 USD ($)	Dec. 31, 2018	Jan. 01, 2018	Jul. 01, 2016	Jul. 01, 2013	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Sep. 30, 2023 USD ($)	Mar. 31, 2023	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Jul. 01, 2018	Dec. 31, 2014
Related Party Transaction [Line Items]
Loan to related party												$ 167,975			$ 167,975		$ 167,975		$ 167,975
Interest income												$ 9,146		$ 7,576			$ 29,497	$ 21,927
Effective yield												7.30%		4.20%			6.90%	3%
Investment, Type [Extensible Enumeration]												Interest income from loan to related party		Interest income from loan to related party			Interest income from loan to related party	Interest income from loan to related party
Interest income from loan to related party
Related Party Transaction [Line Items]
Interest income												$ 3,073		$ 1,771			$ 8,698	$ 3,808
Founding shareholders | AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage												55.20%					55.20%
AmTrust Financial Services, Inc. | London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Basis spread on variable rate																							2%
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%				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
AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment | Investments transferred out related to 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 | Income on funds withheld
Related Party Transaction [Line Items]
Related party transaction amount (returned)			$ 575,000														$ 213,051		416,835
Accrued interest on collateral held by related party												$ 2,474			2,359		$ 2,474		$ 2,359
Related party rate																	3.50%		2.10%
Interest income from related party												2,227		2,597			$ 8,569	8,585
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%												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
AmTrust Financial Services, Inc. | European Hospital Liability Quota Share Agreement | Maximum | Post-Termination Endorsement No. 1
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations	120%
Solvency ratio	100%
Collateral on exposure	100%
AmTrust Financial Services, Inc. | Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party												0			42,305		0		$ 42,305
Accrued interest on collateral held by related party												0			224		0		224
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												61		$ 99			206	$ 329
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												154,653			188,473		154,653		188,473
Accrued interest on collateral held by related party												$ 1,085			$ 966		$ 1,085		$ 966
Maiden Holdings, Ltd. | George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage												5%					5%

Related Party Transactions - Sc

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Net premiums earned	$ 12,479	$ 12,251	$ 32,520	$ 23,816
Net loss and LAE	(15,156)	(17,426)	(36,503)	(22,017)
Commission and other acquisition expenses	(5,340)	(5,398)	(14,520)	(12,811)
Quota Share Reinsurance Agreements | AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	1,898	(805)	(3,892)	(18,520)
Net premiums earned	5,272	5,319	10,638	3,804
Net loss and LAE	(11,034)	(15,461)	(25,737)	(19,072)
Commission and other acquisition expenses	$ (1,966)	$ (2,004)	$ (3,976)	$ (2,127)

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Gain Contingencies [Line Items]
Fair Value	$ 68,710		$ 68,710		$ 69,607
Guarantees provided to lenders on behalf of real estate joint venture	$ 55,109		$ 55,109		42,141
Operating lease, weighted average discount rate	10%		10%
Operating lease, liability	$ 272		$ 272		300
Operating lease, right-of-use asset	$ 272		$ 272		$ 300
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities (includes $21,960 and $33,278 from related parties in 2023 and 2022, respectively)		Accrued expenses and other liabilities (includes $21,960 and $33,278 from related parties in 2023 and 2022, respectively)		Accrued expenses and other liabilities (includes $21,960 and $33,278 from related parties in 2023 and 2022, respectively)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets		Other assets
Operating lease, weighted average remaining lease term	1 year 4 months 24 days		1 year 4 months 24 days
Leasing expense	$ 119	$ 101	$ 374	$ 260
Total unfunded commitments on alternative investments
Gain Contingencies [Line Items]
Fair Value	$ 105,844		$ 105,844		$ 112,989

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Unfunded Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Gain Contingencies [Line Items]
Fair Value	$ 68,710	$ 69,607
% of Total	64.90%	61.60%
Private equity funds
Gain Contingencies [Line Items]
Fair Value	$ 51,761	$ 54,996
% of Total	48.90%	48.70%
Private credit funds
Gain Contingencies [Line Items]
Fair Value	$ 16,244	$ 13,906
% of Total	15.30%	12.30%
Privately held equity investments
Gain Contingencies [Line Items]
Fair Value	$ 705	$ 705
% of Total	0.70%	0.60%
Total unfunded commitments on equity securities
Gain Contingencies [Line Items]
Fair Value	$ 16,061	$ 16,509
% of Total	15.20%	14.60%
Total unfunded commitments on equity method investments
Gain Contingencies [Line Items]
Fair Value	$ 21,073	$ 26,873
% of Total	19.90%	23.80%
Total unfunded commitments on alternative investments
Gain Contingencies [Line Items]
Fair Value	$ 105,844	$ 112,989
% of Total	100%	100%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (3,527)	$ (8,160)	$ (17,788)	$ (9,047)
Gain from repurchase of preference shares	0	0	0	28,233
Amount allocated to participating common shareholders	0	0	0	(109)
Net (loss) income (attributable) available to Maiden common shareholders, basic	(3,527)	(8,160)	(17,788)	19,077
Net (loss) income (attributable) available to Maiden common shareholders, diluted	$ (3,527)	$ (8,160)	$ (17,788)	$ 19,077
Denominator:
Weighted average number of common shares - basic (in shares)	101,454,767	87,161,499	101,586,759	86,935,823
Potentially dilutive securities:
Share options and restricted share units (in shares)	0	0	0	1,729
Adjusted weighted average number of common shares - diluted (in shares)	101,454,767	87,161,499	101,586,759	86,937,552
Basic (loss) earnings per share (attributable) available to common shareholders (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.18)	$ 0.22
Diluted (loss) earnings per share (attributable) available to common shareholders (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.18)	$ 0.22

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (31)	$ (91)	$ (253)	$ 451

Subsequent Event (Details)

Subsequent Event (Details) - Share Repurchase Plan - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 07, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Shares repurchased (in shares)		520,475	0	820,105	0
Average price per share (in dollars per share)		$ 1.86		$ 1.93
Remaining shares authorized		$ 72,659		$ 72,659		$ 74,245
Subsequent Event | Common shares
Subsequent Event [Line Items]
Shares repurchased (in shares)	226,250
Average price per share (in dollars per share)	$ 1.67
Remaining shares authorized	$ 72,281