Maiden (MHLD) 10-K 10 Mar 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Mar. 03, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34042
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0570192
Entity Address, Address Line One	48 Par-la-Ville Road, Suite 1141
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	298-4900
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	MHLD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 163.4
Entity Common Stock, Shares Outstanding		99,039,253
Documents Incorporated by Reference	Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K will be incorporated by reference from the proxy statement for the registrant's annual meeting of shareholders or a Form 10-K/A to be filed with the Securities and Exchange Commission.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001412100

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2024 - $236,788; 2023 - $258,536)	$ 232,613	$ 250,601
Equity securities, at fair value (Cost: 2024 - $13,436; 2023 - $39,889)	13,147	41,722
Equity method investments	81,287	80,929
Other investments (Allowance for expected credit losses: 2024 - $1,023; 2023 - $1,023)	157,016	186,388
Total investments	484,063	559,640
Cash and cash equivalents	25,651	35,412
Restricted cash and cash equivalents	9,084	7,266
Accrued investment income	3,346	4,532
Reinsurance balances receivable, net (includes $5,171 and $9,201 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $169; 2023 - $187)	8,159	12,450
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,963; 2023 - $3,240)	571,331	564,331
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $7,553 and $16,605 from related parties in 2024 and 2023, respectively)	8,102	17,566
Funds withheld receivable (includes $0 and $128,451 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $8; 2023 - $19)	12,650	143,985
Other assets	4,830	5,777
Assets held for sale	20,815	0
Total assets	1,316,006	1,518,934
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $687,274 and $752,991 from related parties in 2024 and 2023, respectively)	793,679	867,433
Unearned premiums (includes $29,204 and $44,577 from related parties in 2024 and 2023, respectively)	29,793	46,260
Deferred gain on retroactive reinsurance	107,255	73,240
Liability for securities purchased	6,480	0
Accrued expenses and other liabilities (includes $59,096 and $10,781 from related parties in 2024 and 2023, respectively)	77,966	28,244
Senior notes - principal amount	262,361	262,361
Less: unamortized issuance costs	7,604	7,764
Senior notes, net	254,757	254,597
Liabilities held for sale	883	0
Total liabilities	1,270,813	1,269,774
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; shares issued 2024 - 150,298,798; 2023 - 149,732,355; shares outstanding 2024 - 99,039,253; 2023 - 100,472,120)	1,503	1,497
Additional paid-in capital	888,067	886,072
Accumulated other comprehensive loss	(32,733)	(31,469)
Accumulated deficit	(687,914)	(486,945)
Treasury shares, at cost (2024 - 51,259,545 shares; 2023 - 49,260,235 shares )	(123,730)	(119,995)
Total Maiden shareholders’ equity	45,193	249,160
Total liabilities and equity	$ 1,316,006	$ 1,518,934

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	May 03, 2023	May 02, 2023	Dec. 31, 2022
Total fixed maturities	$ 236,788	$ 258,536
Cost	13,436	39,889
Allowance for expected credit losses, other investments	1,023	1,023
Reinsurance balances receivable, net	8,159	12,450
Premium receivable, allowance for credit loss	169	187
Allowance for expected credit losses, receivables	2,963	3,240
Deferred commission and other acquisition expenses	8,102	17,566
Funds withheld receivable	12,650	143,985
Reverse for loss and loss adjustment expenses	793,679	867,433			$ 1,131,408
Unearned premiums	29,793	46,260
Accrued expenses and other liabilities	$ 77,966	$ 28,244
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common shares, issued (in shares)	150,298,798	149,732,355
Common shares, outstanding (in shares)	99,039,253	100,472,120			101,532,151
Treasury shares (in shares)	51,259,545	49,260,235
Affiliated Entity
Reinsurance balances receivable, net	$ 5,171	$ 9,201
Allowance for expected credit losses, receivables	8	19
Deferred commission and other acquisition expenses	7,553	16,605
Funds withheld receivable	0	128,451
Reverse for loss and loss adjustment expenses	687,274	752,991
Unearned premiums	29,204	44,577
Accrued expenses and other liabilities	$ 59,096	$ 10,781

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues
Gross premiums written	$ 33,196	$ 23,466
Net premiums written	33,063	23,168
Change in unearned premiums	16,411	20,801
Net premiums earned	49,474	43,969
Other insurance (expense) revenue, net	(24,194)	39
Net investment income	25,546	37,378
Net realized and unrealized investment gains	5,610	7,848
Total revenues	56,436	89,234
Expenses
Net loss and loss adjustment expenses	186,127	61,228
Commission and other acquisition expenses	24,310	19,462
General and administrative expenses	35,348	30,796
Interest and amortization expenses	19,266	18,226
Foreign exchange and other (gains) losses	(7,001)	5,741
Total expenses	258,050	135,453
Loss before income taxes and interest in income of equity method investments	(201,614)	(46,219)
Less: Income tax expense	1,055	196
Interest in income of equity method investments	1,700	7,846
Net loss	$ (200,969)	$ (38,569)
Basic loss per share attributable to common shareholders (in dollars per share)	$ (2.01)	$ (0.38)
Diluted loss per share attributable to common shareholders (in dollars per share)	$ (2.01)	$ (0.38)
Weighted average number of common shares - basic (in shares)	99,902,695	101,382,606
Weighted average number of common shares - diluted (in shares)	99,902,695	101,382,606

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (200,969)	$ (38,569)
Other comprehensive (loss) gain
Net unrealized holdings gains on fixed maturity investments arising during the year	3,760	7,977
Net unrealized losses on held for sale AFS investments	(453)	0
Foreign currency translation adjustment	(4,420)	1,881
Other comprehensive (loss) gain, before tax	(1,113)	9,858
Income tax expense related to components of other comprehensive gain	(151)	(93)
Other comprehensive (loss) gain, after tax	(1,264)	9,765
Comprehensive loss	$ (202,233)	$ (28,804)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common shares	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Treasury shares
Beginning balance at Dec. 31, 2022		$ 1,492	$ 884,259	$ (41,234)	$ (442,863)		$ (117,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from vesting of share-based compensation		5	(5)
Share-based compensation expense			1,725
Repurchase and exchange of preference shares			93
Change in net unrealized gains on investment	$ 7,884			7,884
Foreign currency translation adjustment				1,881
Net loss	(38,569)				(38,569)
Shares repurchased							(2,920)
Ending balance at Dec. 31, 2023	249,160	1,497	886,072	(31,469)	(486,945)	$ (5,513)	(119,995)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from vesting of share-based compensation		6	(6)
Share-based compensation expense			2,001
Change in net unrealized gains on investment	3,156			3,156
Foreign currency translation adjustment				(4,420)
Net loss	(200,969)				(200,969)
Shares repurchased							(3,735)
Ending balance at Dec. 31, 2024	$ 45,193	$ 1,503	$ 888,067	$ (32,733)	$ (687,914)		$ (123,730)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (200,969)	$ (38,569)
Adjustments to reconcile net loss to net cash flows from operating activities:
Non-cash expenses including depreciation, amortization and share-based compensation	(5,260)	(1,020)
Interest in income of equity method investments	(1,700)	(7,846)
Net realized and unrealized investment gains	(5,610)	(7,848)
Change in allowance for expected credit losses	(296)	(1,049)
Foreign exchange and other (gains) losses	(7,001)	5,741
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	3,858	(1,494)
Reinsurance recoverable on unpaid losses	11,942	14,088
Accrued investment income	981	(387)
Deferred commission and other acquisition expenses	9,397	7,404
Funds withheld receivable	15,637	27,444
Other assets	1,820	1,866
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	76,233	(4,189)
Unearned premiums	(16,387)	(20,785)
Accrued expenses and other liabilities	49,906	(33,134)
Net cash used in operating activities	(67,449)	(59,778)
Cash flows from investing activities:
Purchases of fixed maturities	(527,375)	(183,575)
Purchases of other investments	(28,000)	(48,874)
Purchases of equity method investments	(9,772)	(12,616)
Purchases of equity securities	0	(2,774)
Proceeds from sales of fixed maturities	62,452	98,993
Proceeds from maturities, paydowns and calls of fixed maturities	479,820	161,551
Proceeds from sale and redemption of other investments	68,895	17,570
Proceeds from sale and redemption of equity method investments	8,656	20,200
Proceeds from sale and redemption of equity securities	23,392	8,138
Others, net	(328)	(101)
Net cash provided by investing activities	77,740	58,512
Cash flows from financing activities:
Repurchase of senior notes	0	(95)
Repurchase of common shares	(3,735)	(2,920)
Net cash used in financing activities	(3,735)	(3,015)
Effect of exchange rate changes on foreign currency cash	(1,150)	335
Net increase (decrease) in cash, restricted cash and cash equivalents	5,406	(3,946)
Cash, cash equivalents and restricted cash - beginning of year	42,678	46,624
Cash, cash equivalents and restricted cash - end of year	48,084	42,678
Less: cash and cash equivalents held for sale, end of year	(13,349)	0
Cash and restricted cash and equivalents, end of year, excluding held-for-sale	34,735	42,678
Reconciliation of cash and restricted cash reported within Consolidated Balance Sheets:
Cash and cash equivalents, end of year	25,651	35,412
Restricted cash and cash equivalents, end of year	9,084	7,266
Total cash and cash equivalents and restricted cash and equivalents, end of year	34,735	42,678
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	19,106	19,106
Cash paid for income taxes	$ 189	$ 147

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as "Maiden Holdings" or "Parent Company") is a Bermuda-based holding company. Together with its subsidiaries (collectively referred to as the "Company", "we" or "Maiden"), Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. As of December 31, 2024, Maiden Reinsurance Ltd. (“Maiden Reinsurance”) owns 31.1% of the Company's total outstanding common shares which is eliminated for accounting and financial reporting purposes on the Company's consolidated financial statements. The voting power of Maiden Reinsurance, with respect to its common shares, is capped at 9.5% pursuant to the bye-laws of the Company. The ownership of the common shares by Maiden Reinsurance was made in compliance with Maiden Reinsurance's investment policy and approved by the Vermont Department of Financial Regulation ("Vermont DFR"). Current Operations 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. Our wholly owned subsidiary, Maiden Global Holdings Ltd. (“Maiden Global”) is 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 Europe and other global markets ("IIS business"). These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary 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 ". The Company is also running off certain business related to its Genesis Legacy Solutions ("GLS") platform. In November 2020, the Company formed our indirect wholly owned subsidiary GLS which specialized in providing a full range of legacy services to small insurance entities, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations, working with clients to develop and implement finality solutions including acquiring entire companies. The Company believed the formation of GLS was highly complementary to its overall longer-term strategy. However, a combination of factors, including market conditions in the sector GLS focuses on, resulted in an inability for GLS to gain sufficient scale to achieve its objectives or earn a profit, and GLS results did not reach the objectives the Company expected it to over time. Having completed the capital commitment made to GLS in November 2020, the Company has determined to not commit any additional capital to new opportunities and to run-off the existing accounts underwritten by GLS. During 2024, the Company entered into a series of strategic transactions that, upon completion, it expects will substantially transform its business plan and operations, which are described below. Divestiture of IIS Business and Swedish Subsidiaries During 2024, we conducted and completed a strategic review of our IIS Business. The purpose of that review was to evaluate the strategic value of this business, including the operations of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of the Company's target return on capital levels. As a result of that review, we concluded that divesting this business was in the best interests of shareholders and subsequently entered into the following transactions to accomplish that objective: 1) two Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB (“AmTrust Renewal Rights Agreements”); and 2) a Stock Purchase Agreement to sell Maiden LF and Maiden GF (“Swedish Subsidiaries Sale”). As part of these transactions, Maiden LF and Maiden GF are no longer writing new business and their non-underwriting related assets and liabilities are represented as held-for-sale in our consolidated financial statements. Please see Note 10 — Related Party Transactions for details regarding the AmTrust Renewal Rights Agreement and Note 16 — Assets Held for Sale for further information on the Swedish Subsidiaries Sale. AmTrust Renewal Rights Agreements On May 3, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB, a Swedish unit of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries. On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), both wholly owned subsidiaries of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland. 1. Organization (continued) Under these agreements, those AmTrust subsidiaries in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed. All programs written by Maiden LF and GF, including those covered by the AmTrust Renewal Rights Agreements, are in the process of being cancelled in accordance with the requirements of the AmTrust Renewal Rights Agreements, or their contractual terms. Swedish Subsidiaries Sale On November 29, 2024, the Company entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF to an expanding group of international insurance and reinsurance companies headquartered in the United Kingdom. Such transaction is subject to customary regulatory approvals. The sale is an all-cash transaction and pursuant to the terms of the agreement, existing staff of both Maiden LF and Maiden GF will transition to the new ownership group. Combination Agreement with Kestrel Group On December 29, 2024, the Company entered into a combination agreement with Kestrel Group LLC (“Kestrel”), all of the equityholders of Kestrel, Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd., Ranger Bermuda Topco Ltd. ("Bermuda NewCo") and Ranger Merger Sub 2 LLC to combine and form a new, publicly listed specialty program group (the "transaction"). AmTrust is a significant shareholder of Kestrel. Please see Note 10 — Related Party Transactions for further information regarding the Company's relationship with AmTrust. Pursuant to the terms of the combination agreement, at the closing of the transaction, each issued and outstanding common share of Maiden will be converted into the right to receive one common share in Bermuda NewCo, a newly formed Bermuda company that will acquire both Maiden and Kestrel (the “combined company”). The transaction values Kestrel at up to $167,500, consisting of upfront cash of $40,000, 55 million common shares of the combined company valued at $82,500 and contingent consideration of up to $45,000 payable in common shares of the combined company upon the achievement of certain financial milestones. At the closing of the transaction, the combined company will be rebranded as Kestrel Group and expects that its common shares will be listed on the NASDAQ Capital Market ("Nasdaq"). Following closing of the transaction, Kestrel will continue to write business through its use of A.M. Best A- FSC XV insurance carriers including Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company, and Republic Fire and Casualty Insurance Company (collectively, the “Insurers”), all subsidiaries of AmTrust. In connection with the transaction, the combined company will have the option to acquire the Insurers from AmTrust. Following completion of the transaction, the board of directors of the combined company will consist of seven directors, made up of four directors selected by an affiliate of Kestrel Intermediate Ledbetter Holdings LLC, two of whom will be independent under applicable securities laws and stock exchange rules, and three directors selected by AmTrust, two of whom will be independent under applicable securities laws and stock exchange rules. The transaction is subject to certain closing conditions, including the approval of Maiden’s shareholders, the approval of listing of the shares of the combined company on the Nasdaq (subject to official notice of issuance) and the receipt of certain other regulatory approvals. Closing is expected to occur in the first half of 2025.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), deferred gain on retroactive reinsurance; unearned premium for AmTrust, recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld and deferred commission and other acquisition expenses; valuation of financial instruments and deferred tax assets; and the determination of an allowance for estimated credit losses on certain types of financial instruments which requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Short-term investments - These investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2024 and 2023. Equity securities - Equity securities include publicly traded common stocks, and privately held common and preferred stocks. The fair value of publicly traded common stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using a combination of observable and unobservable inputs including but not limited to market pricing data and quarterly financial statements. Any unrealized gains or losses on the investment, including the portion attributable to changes in foreign exchange rates, are recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine their fair values. For investments without a readily determinable fair value, the measurement alternative can be elected to report the qualifying investment at cost, less impairment if any, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. Other investments — The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC 321 , Investments – Equity Securities ("ASC 321"). Other investments are comprised of the following types of investments: • Privately held equity investments: These are direct equity investments in common and preferred stock of privately held entities. The fair values are estimated using guideline public company data to determine a price-to-book ratio trading multiple which was applied to book values shown on the quarterly financial statements as well as recent private market transactions. These investments are also comprised of investments in insurtech and other insurance focused companies. The fair value of start-up insurance entities are determined using recent private market transactions where applicable. Any changes in fair value are reported in net realized and unrealized gains (losses) and recognized in net earnings. • Private credit funds: These are privately held equity investments in limited partnerships or common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. • Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures . The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. • Investments in direct lending entities: These investments are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. The valuation of other investments is further described in Note 5 — Fair Value Measurements . Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss, net of any contributions and distributions received. Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of equity method investments are recorded in net income (loss) as the interest in income (loss) of equity method investments. 2. Significant Accounting Policies (continued) The Company records its share of the investee’s other comprehensive income ("OCI") activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's accumulated other comprehensive income ("AOCI"). Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of AOCI in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the constant yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. 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 to sell requirement. As the Company's fixed maturity investment portfolio is one of the largest component of its consolidated assets, any impairment of fixed maturity securities could be material to the Company's financial condition and results particularly during periods of dislocation in the financial markets. Fair Value Measurements — ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: • Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; • Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and • Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use, developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the applicable 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. 2. Significant Accounting Policies (continued) The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause a financial instrument to be reclassified between hierarchy levels. For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives quoted market prices from a third party nationally recognized Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that investment being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas. Please see " Note 4. (e) Investments " for further details. Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2024 and 2023. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceed unearned premiums. At December 31, 2024, a premium deficiency of $3,325 was recognized for liabilities associated with AmTrust reinsurance agreements, therefore, the amortization of deferred acquisition costs was accelerated during the year (2023 - $0). Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development. Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. 2. Significant Accounting Policies (continued) Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. Retroactive Reinsurance - Retroactive reinsurance agreements are those in which a reinsurer agrees to reimburse the ceding company for liabilities incurred as a result of past insurable loss events. We do not record any income or expense on recognition of the reinsurance contract's assets and liabilities at inception, except for any gains realized as a result of bargain purchase acquisitions which are recorded as part of foreign exchange and other gains (losses) immediately in income. Any subsequent remeasurement of the value of liabilities is recorded to net loss and LAE within the Consolidated Statements of Income. For ceded retroactive agreement, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately. At the inception of a run-off retroactive reinsurance contract, if the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we do not record any gain or loss at the inception of these retroactive reinsurance contracts. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from cedents at the inception of the contract, we invest the premium received over an extended period of time, thereby generating investment income. We expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. Deferred charge assets will be recorded in other assets (if and when applicable), and deferred gain liabilities are shown separately in the Consolidated Balance Sheets, and amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in income as a component of net loss and LAE. The amortization of deferred charge assets and deferred gain liabilities is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated amount and timing of payments of unpaid losses may have an effect on the unamortized deferred charge assets and deferred gain liabilities and the amount of periodic amortization. Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the contractual life of the debt. The amortization of these costs are included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of issuance costs is presented as a deduction from the related principal liability for senior notes in the Consolidated Balance Sheets. Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 8.5%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the effective lease term in the Company's Consolidated Statements of Income. Depreciable Fixed Assets - The Company's depreciable fixed assets consist of furniture and equipment, computer hardware and software, including renewals and betterments, which are capitalized at their original cost, while maintenance and repairs are expensed on a current basis. Depreciation on furniture and equipment, computer hardware and software is computed using the straight-line method over the estimated useful life of the asset after provision for salvage value, if any. Leasehold improvements are capitalized and depreciated over the effective lease term or useful life, whichever is shorter, to which the leasehold improvements relate as discussed in Note 11 — Commitments, Contingencies and Guarantees and are shown in the table below. Amortization of computer software and leasehold improvements and depreciation of furniture, equipment and computer hardware are included within general and administrative expenses on the consolidated statements of income. Upon retirement or other disposal of fixed assets, the cost and related accumulated depreciation are removed from the respective fixed asset accounts and any gains or losses are included in the consolidated statements of income. Depreciation and amortization expense for the year ended December 31, 2024 was $233 (2023 - $269). The Company's depreciable fixed assets which are presented in Other Assets on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, are as follows: December 31, 2024 2023 Gross Accumulated Depreciation Net carrying value Gross Accumulated Depreciation Net carrying value Total Fixed Assets (1) $ 2,652 $ (1,882) $ 770 $ 2,656 $ (1,970) $ 686 (1) The building is excluded at December 31, 2024 due to the Swedish Subsidiaries Sale as discussed in Note 16 — Assets Held for Sale . 2. Significant Accounting Policies (continued) Derivative Instruments — The Company has certain reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of the underwriting-related derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contract. The fair value changes in underwriting-related derivative instruments is included within other insurance (expense) revenue. The underwriting-related derivative liability is presented as part of accrued expenses and other liabilities in the Consolidated Balance Sheets and adjusted as a non-cash item in net cash flows from operating activities in the Consolidated Statement of Cash Flows. Income Taxes — The Company accounts for income taxes using ASC Topic 740 " Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2024 and 2023. Share-Based Compensation Expense — Pursuant to the 2019 Omnibus Incentive Plan, the Company is authorized to issue restricted share awards and performance-based restricted shares, share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options and restricted share grants based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for if and when they occur. The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in the Consolidated Shareholders’ Equity. Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of share options, and unvested restricted shares units. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain employees and directors is considered a participating security and the two-class method is used to calculate net income attributable to Maiden common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities. Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholding in respect of tax obligations on the vesting of restricted shares and performance based shares. Treasury shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets. Treasury shares also include common shares owned by Maiden Reinsurance and are eliminated for accounting and financial reporting purposes in the Company’s consolidated financial statements. The common shares held by Maiden Reinsurance are presented as treasury shares on the Consolidated Balance Sheet at December 31, 2024. Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share. On De

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe. This segment also includes transactions entered into by GLS which was formed in November 2020 as described in " Note 1 — Organization". Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”), and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AEL and 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 reportable segment performance based on each segment's respective underwriting income or loss separately from the results of our investment portfolio. Underwriting income or loss is calculated as net premiums earned plus other insurance revenue less net loss and LAE, commission and other acquisition expenses. General and administrative expenses are allocated to the reportable segments on an actual basis except salaries and benefits where management’s judgment is applied; however general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, funds withheld receivable, loan to related party, and restricted cash and investments. All remaining assets are allocated to Corporate. The CODM for both the Diversified Reinsurance and the AmTrust Reinsurance segments is the Company's Chief Executive Officer and Chief Financial Officer who has served in that position since May 2023. The significant segment expenses as reported in the computation of underwriting results in the tables below are used by the Company's CODM in assessing segment performance on a quarterly basis and deciding how to allocate resources within the Company. 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 years ended December 31, 2024 and 2023, respectively: For the Year Ended December 31, 2024 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 34,882 $ (1,686) $ 33,196 Net premiums written $ 34,749 $ (1,686) $ 33,063 Net premiums earned $ 35,787 $ 13,687 $ 49,474 Other insurance revenue (expense) 65 (24,259) (24,194) Net loss and LAE (22,583) (163,544) (186,127) Commission and other acquisition expenses (15,266) (9,044) (24,310) General and administrative expenses (9,441) (2,773) (12,214) Underwriting loss $ (11,438) $ (185,933) (197,371) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 31,156 Interest and amortization expenses (19,266) Foreign exchange and other gains, net 7,001 Other general and administrative expenses (23,134) Income tax expense (1,055) Interest in income from equity method investments 1,700 Net loss $ (200,969) Underwriting loss for the AmTrust Reinsurance segment above included unusual items for the year ended December 31, 2024 that were specifically considered by the CODM in assessing segment performance. Commission and other acquisition expenses included accelerated amortization of deferred acquisition costs upon the recognition of a premium deficiency of $3,325 in the AmTrust Quota Share for the year ended December 31, 2024. Other insurance expenses included underwriting related charges of $24,259 incurred in the fourth quarter of 2024 which represents the settlement of a dispute over cessions of ceded uncollected premium made by AII to Maiden Reinsurance. Net loss and LAE was reduced by the amortization of the deferred gain liability of $4,099 on the LPT/ADC Agreement for the year ended December 31, 2024 since cumulative paid losses have now exceeded the minimum retention under the LPT/ADC Agreement starting in the fourth quarter of 2024. Please refer to Note 2 — Significant Accounting Policies, Note 9 — Reserve for Loss and Loss Adjustment Expenses and Note 10 — Related Party Transactions for further information on these items. 3. Segment Information (continued) For the Year Ended December 31, 2023 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 27,402 $ (3,936) $ 23,466 Net premiums written $ 27,104 $ (3,936) $ 23,168 Net premiums earned $ 29,039 $ 14,930 $ 43,969 Other insurance revenue 39 — 39 Net loss and LAE (14,230) (46,998) (61,228) Commission and other acquisition expenses (13,879) (5,583) (19,462) General and administrative expenses (10,110) (2,690) (12,800) Underwriting loss $ (9,141) $ (40,341) (49,482) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 45,226 Interest and amortization expenses (18,226) Foreign exchange and other losses, net (5,741) Other general and administrative expenses (17,996) Income tax expense (196) Interest in income from equity method investments 7,846 Net loss $ (38,569) 3. Segment Information (continued) The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2024 and 2023: December 31, 2024 Diversified Reinsurance AmTrust Reinsurance Total Reinsurance balances receivable, net $ 2,945 $ 5,171 $ 8,116 Reinsurance recoverable on unpaid losses 3,064 532,910 535,974 Deferred commission and other acquisition expenses 549 7,553 8,102 Loan to related party — 167,975 167,975 Restricted cash and cash equivalents and investments 63,456 128,826 192,282 Funds withheld receivable 12,650 — 12,650 Other assets 603 — 603 Total assets - reportable segments 83,267 842,435 925,702 Corporate assets — — 369,489 Assets held for sale — — 20,815 Total Assets $ 83,267 $ 842,435 $ 1,316,006 December 31, 2023 Diversified Reinsurance AmTrust Reinsurance Total Reinsurance balances receivable, net $ 3,108 $ 9,201 $ 12,309 Reinsurance recoverable on unpaid losses 5,692 515,463 521,155 Deferred commission and other acquisition expenses 961 16,605 17,566 Loan to related party — 167,975 167,975 Restricted cash and cash equivalents and investments 67,211 152,663 219,874 Funds withheld receivable 15,534 128,451 143,985 Other assets 685 — 685 Total assets - reportable segments 93,191 990,358 1,083,549 Corporate assets — — 435,385 Total Assets $ 93,191 $ 990,358 $ 1,518,934 The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2024 and 2023. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries. For the Year Ended December 31, 2024 2023 Gross premiums written – North America $ (632) $ (146) Gross premiums written – Other (predominantly Europe) 33,828 23,612 Gross premiums written – Total $ 33,196 $ 23,466 Net premiums written – North America $ (674) $ (309) Net premiums written – Other (predominantly Europe) 33,737 23,477 Net premiums written – Total $ 33,063 $ 23,168 Net premiums earned – North America $ (674) $ (309) Net premiums earned – Other (predominantly Europe) 50,148 44,278 Net premiums earned – Total $ 49,474 $ 43,969 3. Segment Information (continued) The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Diversified Reinsurance International $ 34,749 $ 27,104 Total Diversified Reinsurance 34,749 27,104 AmTrust Reinsurance Small Commercial Business (643) (465) Specialty Program (31) 156 Specialty Risk and Extended Warranty (1,012) (3,627) Total AmTrust Reinsurance (1,686) (3,936) Total Net Premiums Written $ 33,063 $ 23,168 The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Total % of Total Total % of Total Diversified Reinsurance International $ 35,787 72.3 % $ 29,039 66.0 % Total Diversified Reinsurance 35,787 72.3 % 29,039 66.0 % AmTrust Reinsurance Small Commercial Business (643) (1.3) % (465) (1.1) % Specialty Program (31) (0.1) % 156 0.4 % Specialty Risk and Extended Warranty 14,361 29.1 % 15,239 34.7 % Total AmTrust Reinsurance 13,687 27.7 % 14,930 34.0 % Total Net Premiums Earned $ 49,474 100.0 % $ 43,969 100.0 %

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
Investments	Investments As discussed in Note 2 — Significant Accounting Policies, the Company holds: (i) AFS portfolios of fixed maturity securities, carried at fair value; (ii) other investments, of which certain investments are carried at fair value and investments in direct lending entities are carried at cost less impairment; (iii) equity method investments; and (iv) funds held - directly managed. a) Fixed Maturities The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2024 and 2023 are as follows: December 31, 2024 Original or Gross Gross Fair value U.S. treasury bonds $ 84,033 $ 25 $ — $ 84,058 U.S. agency bonds – mortgage-backed 26,841 — (3,485) 23,356 Non-U.S. government bonds 38,496 39 (3) 38,532 Collateralized loan obligations 60,829 4 (130) 60,703 Corporate bonds 26,589 — (625) 25,964 Total fixed maturity investments $ 236,788 $ 68 $ (4,243) $ 232,613 December 31, 2023 Original or Gross Gross Fair value U.S. treasury bonds $ 55,046 $ 8 $ (2) $ 55,052 U.S. agency bonds – mortgage-backed 29,918 — (3,267) 26,651 Non-U.S. government bonds 21,219 — (468) 20,751 Collateralized loan obligations 80,591 — (1,788) 78,803 Corporate bonds 71,762 — (2,418) 69,344 Total fixed maturity investments $ 258,536 $ 8 $ (7,943) $ 250,601 The Company separately presents the accrued interest receivable on its AFS fixed maturity investments on the Consolidated Balance Sheets under accrued investment income. The amount of accrued interest receivable on AFS securities was $1,088 at December 31, 2024 (2023 - $1,418). The Company has elected the practical expedient under Topic 326 to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard adopted on January 1, 2023. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. There was no write-off recognized on the accrued interest receivable during the years ended December 31, 2024 and 2023. The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities December 31, 2024 Amortized cost Fair value Maturity Due in one year or less $ 141,749 $ 141,653 Due after one year through five years 6,849 6,461 Due after five years through ten years 520 440 149,118 148,554 U.S. agency bonds – mortgage-backed 26,841 23,356 Collateralized loan obligations 60,829 60,703 Total fixed maturities $ 236,788 $ 232,613 4. Investments (continued) The following tables summarize fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: Less than 12 Months 12 Months or More Total December 31, 2024 Fair Unrealized Fair Unrealized Fair Unrealized U.S. agency bonds – mortgage-backed $ — $ — $ 23,356 $ (3,485) $ 23,356 $ (3,485) Non-U.S. government bonds 7,389 (3) — — 7,389 (3) Collateralized loan obligations — — 56,242 (130) 56,242 (130) Corporate bonds — — 25,964 (625) 25,964 (625) Total temporarily impaired fixed maturity securities $ 7,389 $ (3) $ 105,562 $ (4,240) $ 112,951 $ (4,243) At December 31, 2024, there were 36 securities in an unrealized loss position with a fair value of $112,951 and unrealized losses of $4,243. Of these securities in an unrealized loss position, there were 35 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $105,562 and unrealized losses of $4,240. Less than 12 Months 12 Months or More Total December 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury bonds $ 518 $ (2) $ — $ — $ 518 $ (2) U.S. agency bonds – mortgage-backed — — 26,651 (3,267) 26,651 (3,267) Non-U.S. government bonds 8,217 (1) 10,343 (467) 18,560 (468) Collateralized loan obligations — — 78,803 (1,788) 78,803 (1,788) Corporate bonds — — 69,344 (2,418) 69,344 (2,418) Total temporarily impaired fixed maturity securities $ 8,735 $ (3) $ 185,141 $ (7,940) $ 193,876 $ (7,943) At December 31, 2023, there were 59 securities in an unrealized loss position with a fair value of $193,876 and unrealized losses of $7,943. Of these securities in an unrealized loss position, there were 56 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $185,141 and unrealized losses of $7,940. 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 OCI. 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 December 31, 2024 and 2023, respectively, the unrealized losses on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At December 31, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs. Therefore, there was no allowance recorded for expected credit losses on AFS securities for the years ended December 31, 2024 and 2023. 4. Investments (continued) The following tables summarize the credit ratings of our fixed maturity securities as at December 31, 2024 and 2023: December 31, 2024 Amortized cost Fair value % of Total U.S. treasury bonds $ 84,033 $ 84,058 36.1 % U.S. agency bonds 26,841 23,356 10.0 % AAA 70,943 70,827 30.5 % AA+, AA, AA- 29,981 29,998 12.9 % A+, A, A- 12,837 12,404 5.3 % BBB+, BBB, BBB- 12,153 11,970 5.2 % Total fixed maturities (1) $ 236,788 $ 232,613 100.0 % December 31, 2023 Amortized cost Fair value % of Total U.S. treasury bonds $ 55,046 $ 55,052 22.0 % U.S. agency bonds 29,918 26,651 10.6 % AAA 84,455 82,703 33.0 % AA+, AA, AA- 18,952 18,372 7.3 % A+, A, A- 33,060 31,810 12.7 % BBB+, BBB, BBB- 31,585 30,631 12.2 % BB+ or lower 5,520 5,382 2.2 % Total fixed maturities (1) $ 258,536 $ 250,601 100.0 % (1) Based on Standard & Poor’s ("S&P"), or equivalent, ratings b) Other Investments, Equity Securities and Equity Method Investments Certain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no assurance that the Company 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, we may still receive income distributions from those investments. Other investments The table below shows the composition of the Company's other investments as at December 31, 2024 and 2023: December 31, 2024 2023 Carrying Value % of Total Carrying Value % of Total Privately held equity investments (1) $ 46,301 29.5 % $ 42,194 22.7 % Private equity funds 25,123 16.0 % 47,383 25.4 % Private credit investments 1,909 1.2 % 27,806 14.9 % Investment in direct lending entities (at cost) 83,683 53.3 % 69,005 37.0 % Total other investments $ 157,016 100.0 % $ 186,388 100.0 % (1) The category for privately held equity investments reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2024 and 2023 due to new information received in the recent reporting period. The Company's collateralized investment in direct lending entities of $83,683 at December 31, 2024 (2023 - $69,005) is 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 December 31, 2024 (2023 - $1,023). Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment. 4. Investments (continued) Equity Securities Equity securities currently include privately held equity investments in common and preferred stocks. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments. The following table provides the cost and fair values of the equity securities held at December 31, 2024 and 2023: December 31, 2024 2023 Cost Fair Value Cost Fair Value Privately held common stocks $ 8,186 $ 6,778 $ 34,549 $ 35,272 Privately held preferred stocks (1) 5,250 6,369 5,250 6,369 Publicly traded equity investments in common stocks — — 90 81 Total equity securities $ 13,436 $ 13,147 $ 39,889 $ 41,722 (1) The category for privately held preferred stocks reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2024 and 2023 due to new information received in the recent reporting period. All of the privately held securities held at December 31, 2024 in the table above are subject to contractual sale restrictions. Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely. The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available. Fair Value Remaining duration of restrictions Nature of contractual sale restrictions Circumstances that could cause a lapse in restrictions Privately held common stocks $ 6,778 Indefinite The Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available Privately held preferred stocks (1) 6,369 Indefinite The Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available Total equity securities subject to contractual sale restrictions $ 13,147 (1) The category for privately held preferred stocks reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2024 and 2023 due to new information received in the recent reporting period. Equity Method Investments The equity method investments currently include real estate investments and other investments. The table below shows the carrying value of the Company's equity method investments as of December 31, 2024 and 2023: December 31, 2024 2023 Carrying Value % of Total Carrying Value % of Total Real estate investments $ 57,541 70.8 % $ 49,897 61.7 % Other investments 23,746 29.2 % 31,032 38.3 % Total equity method investments $ 81,287 100.0 % $ 80,929 100.0 % The equity method investments above include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs, therefore, the Company is not the primary beneficiary of these VIEs. T he Company is deemed to have limited influence over the operating and financial policies of the investee and accordingly, these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these consolidated financial statements. 4. Investments (continued) The table below shows the carrying value and beneficial ownership percentage of the Company's equity method investments as of December 31, 2024, the summarized financial data of each equity method investment for the year ended December 31, 2023, and the Company's interest in income (loss) of equity method investments for the year ended December 31, 2024: December 31, 2024 For the Year Ended December 31, 2023 For the Year Ended December 31, 2024 Carrying Value Beneficial Ownership Investee Revenue (1) Investee net income (loss) (1) Equity in income (loss) of investee USQ Risk $ 4,240 18.9 % $ 13,598 $ 5,055 $ 1,316 Silverstone Venture 2 2,197 86.8 % 590 558 319 Silverstone Venture 1 8,570 90.0 % 15,157 6,055 (227) Silverstone Venture 3 8,739 70.2 % 921 894 (38) Extell Hudson Waterfront Holdings 27,500 25.0 % 2,833 2,833 — Seiden LP & Seiden MGMT LP 30,041 99.9 % 687 (55) 330 Total equity method investments $ 81,287 $ 1,700 (1) The Company has included summarized financial data of its equity method investees for the year ended December 31, 2023 as this period represents the most recent audited financial statements available at the time of filing the Company's Form 10-K for the year ended December 31, 2024 . c) Net Investment Income Net investment income was derived from the following sources for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Fixed maturities $ 9,173 $ 10,065 Income on funds withheld (1) 1,554 10,433 Interest income from loan to related party 11,997 11,802 Other investments 3,972 4,957 Cash and cash equivalents 1,200 685 27,896 37,942 Investment expenses (2,350) (564) Net investment income $ 25,546 $ 37,378 (1) The interest income on the funds withheld receivable from related parties was $1,262 for the year ended December 31, 2024 (2023 - $10,009). Please see Note 10 — Related Party Transactions for further details. d) Net Realized and Unrealized Investment Gains (Losses) Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized and unrealized investment gains (losses) included in the Consolidated Statements of Income for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 Gross gains Gross losses Net Fixed maturities $ 3 $ (733) $ (730) Equity securities 1,620 (6,830) (5,210) Other investments 19,678 (8,128) 11,550 Net realized and unrealized investment gains (losses) $ 21,301 $ (15,691) $ 5,610 For the Year Ended December 31, 2023 Gross gains Gross losses Net Fixed maturities $ — $ (2,971) $ (2,971) Equity securities 3,923 (431) 3,492 Other investments 10,583 (3,256) 7,327 Net realized and unrealized investment gains (losses) $ 14,506 $ (6,658) $ 7,848 4. Investments (continued) Realized and unrealized investment gains and losses from equity securities detailed in the tables above include both sales and distributions of equity securities and unrealized gains and losses coming from fair value changes. Net unrealized losses recognized for equity securities held at reporting date were as follows: For the Year Ended December 31, 2024 2023 Net (losses) gains recognized for equity securities $ (5,210) $ 3,492 Net losses (gains) recognized for equity securities divested 3,538 (4,957) Net unrealized losses recognized for equity securities held at reporting date $ (1,672) $ (1,465) Proceeds from sales of fixed maturities were $62,452 and $98,993 for the years ended December 31, 2024, and 2023, respectively. Net unrealized losses included in AOCI were as follows at December 31, 2024 and 2023, respectively: December 31, 2024 2023 Net unrealized losses on fixed maturity investments $ (4,175) $ (7,935) Net unrealized losses on held for sale AFS investments (453) — Total net unrealized losses (4,628) (7,935) Deferred income tax — 151 Net unrealized losses, net of deferred income tax $ (4,628) $ (7,784) Change, net of deferred income tax $ 3,156 $ 7,884 e) Restricted Cash and Cash Equivalents and Investments The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of restricted assets were as follows at December 31, 2024 and 2023: December 31, 2024 2023 Restricted cash – third party agreements $ 7,678 $ 6,019 Restricted cash – related party agreements 1,406 1,247 Total restricted cash 9,084 7,266 Restricted investments – in trust for third party agreements at fair value (amortized cost: 2024 – $58,365; 2023 – $63,299) 55,848 61,192 Restricted investments – in trust for related party agreements at fair value (amortized cost: 2024 – $128,584; 2023 – $155,546) 127,420 151,416 Total restricted investments 183,268 212,608 Total restricted cash and investments $ 192,352 $ 219,874

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements a) Fair Values of Financial Instruments measured at fair value ASC 825, "Disclosure About Fair Value of Financial Instruments" , requires all entities to disclose the fair value of their financial instruments for both assets and liabilities recognized and not recognized within the balance sheet, and for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments measured at fair value held at December 31, 2024 and 2023. U.S. government and U.S. agency bonds — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy. Non-U.S. government bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government bonds are observable market inputs, the fair values of non-U.S. government and bonds are included in the Level 2 fair value hierarchy. Collateralized loan obligations ("CLO") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Commercial mortgage-backed securities ("CMBS") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies. that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy. Equity securities - Equity securities include publicly traded common stocks, and privately held common and preferred stocks. The fair value of publicly traded common stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy. Other investments — These investments are comprised of the following types of investments: • Privately held investments: These are direct equity investments in common and preferred shares of privately held entities. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation. • Private credit funds: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly NAV statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient. • Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures . The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values are therefore measured using the NAV as a practical expedient. Derivative Instruments - The Company entered into a retroactive reinsurance contract that is accounted for as a derivative. This reinsurance contract provides 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 this contract to be part of its underwriting operations. This derivative is initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of this derivative is 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 this derivative. 5. Fair Value Measurements (continued) T he fair value changes in the underwriting-related derivative instrument are included in other insurance revenue (expense), net. The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities. A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price the derivative are unobservable, the fair values of this contract is classified as Level 3 in the fair value hierarchy. b) Fair Value Hierarchy The Company’s estimates of fair value for its financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuation methodology whenever available. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active trading markets and the lowest priority to unobservable inputs that reflect significant market assumptions. At December 31, 2024 and 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: December 31, 2024 Quoted Prices Significant Significant Unobservable Inputs (Level 3) (1) Fair Value Based on NAV Practical Expedient Total Fair Fixed maturities U.S. treasury bonds $ 84,058 $ — $ — $ — $ 84,058 U.S. agency bonds – mortgage-backed — 23,356 — — 23,356 Non-U.S. government bonds — 38,532 — — 38,532 Collateralized loan obligations — 60,703 — — 60,703 Corporate bonds — 25,964 — — 25,964 Equity securities — — 10,897 — 10,897 Other investments — — 37,104 32,678 69,782 Total $ 84,058 $ 148,555 $ 48,001 $ 32,678 $ 313,292 As a percentage of total assets 6.4 % 11.3 % 3.6 % 2.5 % 23.8 % Underwriting-related derivative liability $ — $ — $ 3,984 $ — $ 3,984 (1) The category for Level 3 valuation reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2024 due to new information received in the recent reporting period. December 31, 2023 Quoted Prices Significant Significant Unobservable Inputs (Level 3) (1) Fair Value Based on NAV Practical Expedient Total Fair Fixed maturities U.S. treasury bonds $ 55,052 $ — $ — $ — $ 55,052 U.S. agency bonds – mortgage-backed — 26,651 — — 26,651 Non-U.S. government bonds — 20,751 — — 20,751 Collateralized loan obligations — 78,803 — — 78,803 Corporate bonds — 63,962 5,382 — 69,344 Equity securities 81 — 13,524 25,867 39,472 Other investments — — 27,750 86,056 113,806 Total $ 55,133 $ 190,167 $ 46,656 $ 111,923 $ 403,879 As a percentage of total assets 3.6 % 12.5 % 3.1 % 7.4 % 26.6 % Underwriting-related derivative liability $ — $ — $ 3,984 $ — $ 3,984 (1) The category for Level 3 valuation reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2023 due to new information received in the recent reporting period. 5. Fair Value Measurements (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 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 100.0% and 97.9% of our fixed maturities at December 31, 2024 and 2023, respectively. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury bonds generally do not trade actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2 within the fair value hierarchy. At December 31, 2024 and 2023, approximately 0.0% and 2.1%, respectively, of our fixed maturities were valued using the market approach. At December 31, 2024, no securities (2023 - one security or $5,382) in our fixed maturity investment portfolio currently was priced using a non-binding quotation from a broker and/or custodian as opposed to the Pricing Service. At December 31, 2024 and 2023, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers. There was one corporate bond transferred from Level 3 to Level 2 for the year ended December 31, 2024 due to its sale; this security was valued at $5,382 and was transferred to Level 3 from Level 2 in the fair value hierarchy for the year ended December 31, 2023 due to a lack of active quotes. There was also a private equity investment valued at $24,765 transferred to Level 3 from the NAV practical expedient in the fair value hierarchy for the year ended December 31, 2023. c) Level 3 Financial Instruments At December 31, 2024, the Company holds Level 3 financial instruments which include privately held investments of $48,001 (2023 - $46,656) and an underwriting-related derivative liability of $3,984 (2023 - $3,984) on a reinsurance contract written by GLS which is included in accrued expenses and other liabilities. The fair value of privately held equity securities are estimated using quarterly unaudited capital or financial statements provided by the investee or recent private market transactions, where applicable. Any changes to the financial information provided by the investee could result in a significantly higher or lower valuation at the reporting date. The fair value of underwriting-related derivative instruments is determined using a discounted cash flow model in which the Company examines current market conditions, historical results as well as contract specific information that may impact future cash flows in order to assess the reasonableness of inputs used in the valuation model . Due to significant unobservable inputs in these valuations, the Company classifies the fair values as Level 3 within the fair value hierarchy . The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at December 31, 2024: Fair Value Valuation Technique Unobservable Inputs Range of Unobservable Inputs Privately held equity investments - common shares $ 42,497 Quarterly financial statements Price/book ratios of comparable public companies Privately held equity investments - preferred shares 5,504 Quarterly financial statements Privately calculated enterprise valuations Total Level 3 investments $ 48,001 Underwriting-related derivative liability $ 3,984 Discounted cash flows Duration matched discount rates 5.0% to 6.0% 5. Fair Value Measurements (continued) 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 years ended December 31, 2024 and 2023. 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 Year Ended December 31, 2024 2023 Balance - beginning of period $ 46,656 $ 16,556 Sales (1,600) (7,669) Net realized and unrealized gains recognized in the statement of income 8,327 3,697 Purchases — 3,925 Transfers (out of) into Level 3 from Level 2 and NAV practical expedient (5,382) 30,147 Total Level 3 investments - end of period $ 48,001 $ 46,656 d) Financial Instruments Disclosed, But Not Carried, at Fair Value The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried at fair value, except for certain financial instruments related to insurance contracts. At December 31, 2024, the carrying values of cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable 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 in the fair value hierarchy. At December 31, 2024, the carrying value of the loan to related party approximated fair value. The fair value of this loan is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar loans with similar credit risk. As the loan to related party is not actively traded, its fair value is classified as Level 3 in the fair value hierarchy. 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 (loss) when determined. The net carrying value of these investments approximates their fair value at December 31, 2024. The fair value estimates of these investments are not based on observable market data and therefore are classified as Level 3 in the fair value hierarchy. For equity securities and other investments without a readily determinable fair value, the measurement alternative was elected to report the qualifying investment at cost, less impairment if any, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. The fair values of the Company's outstanding Senior Notes for the respective periods (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 in the fair value hierarchy. The following table presents the respective carrying value and fair value for the Company's outstanding Senior Notes as at December 31, 2024 and 2023: December 31, 2024 2023 Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes - MHLA – 6.625% $ 110,000 $ 67,980 $ 110,000 $ 73,744 2013 Senior Notes - MHNC – 7.75% 152,361 109,030 152,361 115,855 Total Senior Notes $ 262,361 $ 177,010 $ 262,361 $ 189,599

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity 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 of par value $0.01 each. At December 31, 2024, the aggregate authorized share capital of the Company is 200,000,000 shares from which 150,298,798 common shares were issued, of which 99,039,253 common shares are outstanding, and 51,259,545 shares are treasury shares (please see Note 6. (b) Treasury Shares below for additional information). The remaining 49,701,202 shares are undesignated at December 31, 2024. At December 31, 2024, 2,035,634 common shares will be issued and outstanding upon vesting of restricted shares, and 1,291,729 common shares remaining are reserved for issuance under the 2019 Omnibus Incentive Plan. a) Common shares The Company's common shares have a par value of $0.01 per share. Our common shareholders are entitled to receive dividends and allocated one vote per common share subject to downward adjustment under certain circumstances. For the years ended December 31, 2024 and 2023, the Company's Board of Directors did not declare any dividends to common shareholders. The following table shows the summary of changes in the Company's common shares outstanding for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Outstanding shares – January 1 100,472,120 101,532,151 Issuance of vested restricted shares and exercised common share options 566,443 508,275 Shares repurchased for tax purposes (127,555) (128,731) Shares repurchased by Maiden Reinsurance under authorized repurchase plan (1,871,755) (1,439,575) Outstanding shares – December 31 (1) 99,039,253 100,472,120 (1) Outstanding shares at December 31, 2024 and 2023 exclude 41,439,348 common shares issued to Maiden Reinsurance under the Exchange as well as 3,311,330 and 1,439,575 common shares repurchased, respectively, by Maiden Reinsurance under authorized repurchase plan. These shares are held by Maiden Reinsurance and are treated as treasury shares as detailed in the table further below. 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. For the year ended December 31, 2024, Maiden Reinsurance repurchased 1,871,755 common shares at an average price per share of $1.87 under the Company's share repurchase plan (2023 - 1,439,575 common shares at an average price per share of $1.83). The Company's remaining authorization for common shares repurchases is $68,107 at December 31, 2024 (2023 - $71,615). During the year ended December 31, 2024, the Company repurchased 127,555 (2023 - 128,731) common shares at an average price per share of $1.79 (2023 - $2.25) 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 44,750,678 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the Exchange and 3,311,330 shares directly purchased on the open market by Maiden Reinsurance which are not treated as outstanding common shares on the Consolidated Balance Sheet at December 31, 2024. Please see further information on the Exchange as fully described in "Note 1 — Organization" disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 15, 2023. The table below includes the total number of treasury shares outstanding at December 31, 2024 and 2023: December 31, 2024 2023 Number of shares held by Maiden Reinsurance treated as treasury shares 44,750,678 42,878,923 Number of treasury shares due to common share repurchases by Maiden Holdings 6,508,867 6,381,312 Total number of treasury shares at the end of the reporting period 51,259,545 49,260,235 6. Shareholders’ Equity (continued) d) Accumulated Other Comprehensive Loss The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 Change in net unrealized gains on investment Foreign currency translation adjustments Total Beginning balance $ (7,784) $ (23,685) $ (31,469) Net current period other comprehensive income (loss) 3,156 (4,420) (1,264) Ending balance, Maiden shareholders $ (4,628) $ (28,105) $ (32,733) For the Year Ended December 31, 2023 Change in net unrealized gains on investment Foreign currency translation adjustments Total Beginning balance $ (15,668) $ (25,566) $ (41,234) Net current period other comprehensive income 7,884 1,881 9,765 Ending balance, Maiden shareholders $ (7,784) $ (23,685) $ (31,469)

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Senior Notes At December 31, 2024 and 2023, Maiden Holdings had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and its wholly owned subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA") had outstanding publicly-traded senior notes which were issued in 2013 ("2013 Senior Notes"(collectively "Senior Notes"). The 2013 Senior Notes issued by Maiden NA are fully and unconditionally guaranteed by Maiden Holdings. The Senior Notes are unsecured and unsubordinated obligations of the Company. The following tables detail the issuances outstanding at December 31, 2024 and 2023: December 31, 2024 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,361 $ 262,361 Less: unamortized issuance costs 3,280 4,324 7,604 Carrying value $ 106,720 $ 148,037 $ 254,757 December 31, 2023 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,361 $ 262,361 Less: unamortized issuance costs 3,345 4,419 7,764 Carrying value $ 106,655 $ 147,942 $ 254,597 Other details: Original debt issuance costs $ 3,715 $ 5,049 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 year ended December 31, 2024 was $19,266 (2023 - $18,266), of which $1,342 was accrued as interest payable at both December 31, 2024 and 2023, respectively. The issuance costs related to the Senior Notes were capitalized and are amortized over the effective life of the Senior Notes under 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. Please refer to Note 11 — Commitments, Contingencies and Guarantees for recent litigation regarding the 2013 Senior Notes. 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 year ended December 31, 2023, Maiden Reinsurance 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 of $18,266 were partly offset by a realized gain of $40 from the repurchase of the 2013 Senior Notes during the year ended December 31, 2023. The Company has a remaining authorization of $99,905 for Senior Notes repurchases at December 31, 2024. No repurchases were made during the year ended December 31, 2024.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2024
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company uses reinsurance and retrocessional agreements ("ceded reinsurance") to mitigate volatility, reduce its exposure to certain risks and provide capital support. Ceded reinsurance provides for the recovery of a portion of loss and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any of its reinsurers or retrocessionaires fails to meet their obligations. Loss and LAE incurred and premiums earned are reported after deduction for ceded reinsurance. In the event that one or more of our reinsurers or retrocessionaires are unable to meet their obligations under these agreements, the Company would not realize the full value of the reinsurance recoverable balances. The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2024 and 2023 was as follows: For the Year Ended December 31, 2024 2023 Premiums written Direct $ 34,846 $ 27,265 Assumed (1,651) (3,799) Ceded (132) (298) Net $ 33,063 $ 23,168 Premiums earned Direct $ 34,589 $ 27,049 Assumed 14,992 17,202 Ceded (107) (282) Net $ 49,474 $ 43,969 Loss and LAE Gross loss and LAE $ 183,732 $ 59,562 Loss and LAE ceded 2,395 1,666 Net $ 186,127 $ 61,228 The Company's reinsurance recoverable on unpaid losses balance as at December 31, 2024 was $571,331 (2023 - $564,331) presented in the Consolidated Balance Sheets. As of December 31, 2024, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $2,963 (2023 - $3,240). The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Allowance for expected credit losses on reinsurance recoverable, beginning of period $ 3,240 4,277 Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized (277) (1,037) Allowance for expected credit losses on reinsurance recoverable, end of period $ 2,963 3,240 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 for this retrocession agreement was $35,357 at December 31, 2024 (2023 - $43,176). The recoverable due from Cavello is net of an allowance for expected credit losses of $2,633 at December 31, 2024 (2023 - $2,769). 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 December 31, 2024, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $532,910 while the deferred gain liability under the LPT/ADC Agreement was $104,955 (December 31, 2023 - $515,463 and $70,916, respectively). The reinsurance recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $319 as at December 31, 2024 (December 31, 2023 - $453). Amortization of the deferred gain was $4,099 for the year ended December 31, 2024 since cumulative paid losses have now exceeded the retention under the LPT/ADC Agreement starting in the fourth quarter of 2024. During the year ended December 31, 2024, the Company received $20,825 in loss recoveries from Cavello under the LPT/ADC Agreement (2023 - $0). The favorable loss development on Workers Compensation business previously commuted back to AmTrust which are contractually covered by the LPT/ADC Agreement reduced the reinsurance recoverable by $26,200 for the year ended December 31, 2024 (2023 - $3,800). The table below shows the components of the increase in the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Opening Balance $ 515,463 $ 490,408 Adverse PPD covered under the LPT/ADC Agreement 64,338 29,308 Favorable PPD on commuted Workers Compensation business (26,200) (3,800) Recoveries received under the LPT/ADC Agreement (20,825) — Change in credit loss allowance on reinsurance recoverable under LPT/ADC Agreement 134 (453) Reinsurance recoverable on unpaid losses under the LPT/ADC Agreement $ 532,910 $ 515,463 The table below shows the components of the increase in the deferred gain for the LPT/ADC Agreement for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Opening Balance $ 70,916 $ 45,408 Adverse PPD covered under the LPT/ADC Agreement 64,338 29,308 Favorable PPD on commuted Workers Compensation business (26,200) (3,800) Amortization of deferred gain for the LPT/ADC Agreement (4,099) — Deferred gain liability for the LPT/ADC Agreement $ 104,955 $ 70,916 Cavello provided collateral in the form of a letter of credit in the amount of $445,000 to AmTrust under the LPT/ADC Agreement. Cavello is subject to additional collateral funding requirements as explained in "Note 10 — Related Party Transactions" . As of December 31, 2024, the amount of collateral required was $484,721 (2023 - $490,070). Under the terms of the LPT/ADC Agreement, the covered losses associated with the Commutation and Release Agreement with AmTrust are eligible to be covered but recoverable only when such losses are paid or settled by AII or its affiliates, provided such losses and other related amounts shall not exceed $312,786. Cavello's parent company, Enstar Group Limited, has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at December 31, 2024.

Reserve for Loss and Loss Adjus

Reserve for Loss and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Reserve for Loss and Loss Adjustment Expenses	Reserve for Loss and Loss Adjustment Expenses General The Company uses both historical experience and industry-wide loss development factors to provide a reasonable basis for estimating future losses. In the future, certain events may be beyond the control of management, such as changes in law, judicial interpretations of law, and rates of inflation, which may favorably or unfavorably impact the ultimate settlement of the Company’s loss and LAE reserves. The anticipated effect of inflation is implicitly considered when estimating liabilities for loss and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in the average severity of claims are caused by a number of factors that vary with the individual type of policy written. Ultimate losses are projected based on historical trends adjusted for implemented changes in underwriting standards, claims handling, policy provisions, and general economic trends. Those anticipated trends are monitored based on actual development and are modified if necessary. The reserving process begins with the collection and analysis of paid losses and incurred claims data for each of the Company's contracts. While reserves are mostly reviewed on a contract by contract basis, paid loss and incurred claims data is also aggregated into reserving segments. The segmental data is disaggregated by reserving class and further disaggregated by either accident year (i.e. the year in which the loss event occurred) or by underwriting year (i.e. the year in which the contract generating the premium and losses incepted). In cases where the Company uses underwriting year information, reserves are subsequently allocated to the respective accident year. The reserve for loss and LAE comprises: December 31, 2024 2023 Reserve for reported loss and LAE $ 383,087 $ 543,818 Reserve for losses incurred but not reported ("IBNR") 410,592 323,615 Reserve for loss and LAE $ 793,679 $ 867,433 The following table represents a reconciliation of the beginning and ending gross and net loss and LAE reserves: For the Year Ended December 31, 2024 2023 Gross loss and LAE reserves, January 1 $ 867,433 $ 1,131,408 Less: reinsurance recoverable on unpaid losses, January 1 564,331 556,116 Net loss and LAE reserves, January 1 303,102 575,292 Net incurred losses related to: Current year 31,695 23,040 Prior years 154,432 38,188 186,127 61,228 Net paid losses related to: Current year (1,303) (837) Prior years (216,329) (321,206) (217,632) (322,043) Change in deferred gain on retroactive reinsurance (34,015) (25,532) GLS run-off business acquired or assumed 473 — Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses — 4,277 Effect of foreign exchange rate movements (15,707) 9,880 Net loss and LAE reserves, December 31 222,348 303,102 Reinsurance recoverable on unpaid losses, December 31 571,331 564,331 Gross loss and LAE reserves, December 31 $ 793,679 $ 867,433 9. Reserve for Loss and Loss Adjustment Expenses (continued) Actuarial Methods Used to Estimate Loss and LAE Reserves The Company utilizes a variety of standard actuarial methods in its analysis of loss reserves. The selections from these various methods are based on the loss development characteristics of the specific line of business and significant actuarial judgment. The actuarial methods utilized include: The Expected Loss Ratio ("ELR") method is a technique that is multiplicative and applies an expected loss ratio to premium earned to yield the estimated ultimate losses. The ELR assumption is generally derived from pricing information and historical experience of the business. This method is frequently used for the purpose of stability in the early valuations of an underwriting year with large and uncertain loss development factors. The ELR technique does not take into account actual loss emergence for the underwriting year being projected. As an underwriting year matures and actual loss experience becomes more credible, other methods may be applied in determining the estimated ultimate losses. The Loss Development ("LD") method is a reserving method in which ultimate losses are estimated by applying a loss development factor to actual reported (or paid) loss experience. This method fully utilizes actual experience. Multiplication of underwriting year actual reported (or paid) losses by its respective development factor produces the estimated ultimate losses. The LD method is based upon the assumption that the relative change in a given underwriting year’s losses from one evaluation point to the next is similar to the relative change in prior underwriting years’ losses at similar evaluation points. In addition, this method is based on the assumption that the reserving and payment patterns as well as the claim handling procedures have not changed substantially over time. In the case where changes to the payment patterns or the claim handling procedures are identified, historical losses are adjusted to the current basis, and development factors are selected based on the relative change of the adjusted losses (the Berquist Sherman method is one example of this approach). When a company has a sufficiently reliable loss development history, a development pattern based on the company’s historical indications may be used to develop losses to ultimate values. The Bornhuetter-Ferguson ("BF") reserving technique is used for long-tailed or lower frequency, more volatile lines. It is also useful in situations where the reported loss experience is relatively immature and/or lacks sufficient credibility for the application of methods that are more heavily reliant on emerged experience. The BF method is an additive IBNR method that combines the ELR and LD techniques by splitting the expected loss into two pieces - expected reported (or paid) losses and expected unreported (or unpaid) losses. Expected unreported (unpaid) losses, estimated by the use of loss development factors, are added to the current actual reported (or paid) losses to produce an estimate of ultimate losses by underwriting year. The BF method introduces an element of stability that moderates the impact of inconsistent changes in paid and reported losses. The average frequency and severity ("FS") reserving technique is used for lines where claim count is available, and the estimate of loss development factors is more difficult due to volatility in historical data. The available data for such lines is usually more volatile in the estimation of future losses using the LD and BF reserving methods. The FS method uses historical data to estimate the average number of ultimate claims (frequency) and the average costs of closed claims (severity). The estimate of ultimate losses by underwriting year is the result of the multiplication of the ultimate number of claims and the average cost of a claim. With the guidance of the methods above, actuarial judgment is applied in the determination of ultimate losses. In general, the Company’s segments have varying levels of seasoning with which the Company has direct experience and as a result, differing methods are utilized to estimate loss and LAE reserves in each segment. In the Diversified Reinsurance segment, the Company utilizes the ELR approach at the onset of reserving an account, the BF method for business with less but maturing loss experience, and as the experience matures the LD method. For proportional or pro-rata business, the Company typically relies heavily on the actual historical contract experience to estimate reserving parameters such as loss development factors, whereas for excess of loss business there will be more usage of industry and/or Company benchmark assumptions. The Company underwrote the AmTrust Reinsurance segment from July 1, 2007 until January 30, 2019, when Maiden Reinsurance and AII agreed to terminate the remaining business subject to the AmTrust Quota Share on a run-off basis effective as of January 1, 2019, and Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019. A large proportion of the exposure in the underlying book of business has significant seasoning, and allows for a significant amount of credibility in using parameters derived from historical experience to calculate reserve estimates. Some segments of the book are a result of recent acquisitions or newer markets for AmTrust. These segments require a greater level of assumptions and professional judgment in deriving ultimate losses, which inherently implies a wider range of reasonable estimates. As a result, the Company has tended to rely on a weighted approach which primarily employs the LD method for aspects of the segment with ample historical data, while also considering the ELR or the BF method for exposures with more limited or volatile historical data. The FS method is also considered for segments of the AmTrust Reinsurance book of business for which claim count information is available. Additional data detailing items such as class of business, state, claim counts, frequency and severity is available, further enhancing the reserve analysis. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Prior Year Development Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments. The following table summarizes the adverse prior period development experienced in each of our reportable segments for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Prior Year Loss Development adverse (favorable) Diversified Reinsurance $ 6,908 $ 4,440 AmTrust Reinsurance 147,524 33,748 Total Prior Year Development $ 154,432 $ 38,188 During 2024, the Company's incurred losses increased for 2023 and prior accident years by $154,432 or 51.0% of prior year net loss and LAE reserves. The Company had increased incurred losses for 2022 and prior accident years by $38,188 or 6.6% of prior year net loss and LAE reserves during 2023. The net adverse prior year loss development of $154,432 for the year ended December 31, 2024 was driven principally by adverse loss development of $147,524 in the AmTrust Reinsurance segment and to a lesser extent net adverse loss development of $6,908 in the Diversified Reinsurance segment. Diversified Reinsurance Segment The table below details prior year reserve development by line of business for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Prior Year Loss Development adverse (favorable) IIS business $ 793 $ 2,504 GLS 5,265 954 Other run-off lines 850 982 Total Diversified Reinsurance Prior Year Development $ 6,908 $ 4,440 In the Diversified Reinsurance segment, net adverse prior year reserve development of $6,908 in the year ended December 31, 2024 (2023 - adverse $4,440). The net adverse PPD in 2024 was primarily due to adverse experience in GLS with modest unfavorable development also experienced in our International and facultative runoff lines. The net adverse prior year reserve development of $4,440 for the year ended December 31, 2023 was due to adverse development in German auto program in run-off from the International unit along with development from other runoff business lines. It also included the recognition of expected credit losses on reinsurance recoverable on unpaid losses. AmTrust Reinsurance Segment The table below shows prior year loss development for the AmTrust Reinsurance segment for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Prior Year Loss Development adverse (favorable) AmTrust Quota Share $ 104,952 $ 24,098 European Hospital Liability Quota Share 47,015 10,268 AmTrust other runoff (4,443) (618) Total AmTrust Reinsurance Prior Year Development $ 147,524 $ 33,748 In the AmTrust Reinsurance segment, net adverse prior year reserve development was $147,524 in the year ended December 31, 2024 (2023 - adverse $33,748). Net adverse PPD for the year ended December 31, 2024 was primarily due to the AmTrust Quota Share agreement along with adverse development in European Hospital Liability. 9. Reserve for Loss and Loss Adjustment Expenses (continued) AmTrust Quota Share Net adverse PPD was $104,952 for the year ended December 31, 2024 compared to net adverse PPD of $24,098 in 2023. The table below details prior year loss development by the most significant lines of business for AmTrust Quota Share for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 PPD adverse (favorable) before the impact of the LPT/ADC Agreement Workers Compensation $ (18,145) $ (17,956) Commercial Auto Liability (3,536) 9,747 General Liability 92,997 31,703 Other Lines 56 (14) Other Specialty Risk & Extended Warranty 33,580 618 Total AmTrust Quota Share Prior Year Development $ 104,952 $ 24,098 Net adverse PPD for the AmTrust Quota Share during the year ended December 31, 2024 was primarily due to two principal sub-lines of business: • adverse development of $79,040 in U.S. Program General Liability business ceded in the Specialty Risk and Extended Warranty segment as one specific program has continued to experience significant adverse development from construction defect coverage for accident years 2014 to 2022 and new claims emergence reported by AmTrust was again far greater than expected. This program includes multiple year policies written in venues with lengthy statutes of repose which result in extended reporting periods that are continuing; and • adverse development of $33,580 in U.K. structural defect coverages driven by continued significant emergence during the recent year for policies written in 2011 which are related to both cladding and other perils such as water ingress. The Company's ongoing analysis of this emergence, including additional claims diligence and consultation with subject matter experts concluded that ultimate development patterns may be significantly longer than previously estimated and the Company has considered this in its determination of ultimate loss. This was partly offset by continued favorable development within Workers Compensation business for accident years 2014 to 2018, as well as favorable development within Commercial Auto Liability during the year ended December 31, 2024. Net adverse prior year reserve development of $24,098 in the year ended December 31, 2023 for the AmTrust Quota Share was primarily due to reserve strengthening in General Liability and Commercial Auto Liability partly offset by continued favorable development in Workers Compensation due to better than expected loss emergence. European Hospital Liability Quota Share Net adverse loss development on European Hospital Liability Quota Share was primarily driven by emergence of loss data from adverse claim verdicts against our client on older claims prior to 2014, resulting in strengthening of loss development tail on underwriting years 2011 to 2014. During 2024, certain tables used in determining non-economic damages were updated by the applicable authorities in Italy and increased compensation values for subject claims. The Company analyzed the potential impact of the changes to these tables on its estimate of ultimate loss for the Hospital Liability contract, including consultation with specialist third-party subject matter experts. In combination with the continued emergence of loss data from adverse claims verdicts noted above, these revisions significantly impacted the Company's evaluation of ultimate loss on these claims resulting in adverse development of $47,015 incurred for the year ended December 31, 2024. Net adverse prior year reserve development of $10,268 in the year ended December 31, 2023 for the European Hospital Liability Quota Share was driven by emergence of loss data during 2023 on underwriting years 2011 to 2016 . Change in Recoverable for LPT/ADC Agreement The reconciliation of the beginning and ending gross and net loss and LAE reserves included a net increase in the deferred gain on retroactive reinsurance of $34,015 for the year ended December 31, 2024 (2023 - $25,532 increase). This was primarily due to an increase in the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $34,039 for the year ended December 31, 2024 (2023 - $25,508 increase) driven by adverse development on loss reserves covered under the LPT/ADC Agreement. Please refer to Note 8 — Reinsurance for tables that show the components of the increase in the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement and the related deferred gain for the years ended December 31, 2024 and 2023. 9. Reserve for Loss and Loss Adjustment Expenses (continued) a) Claims Development The following is a summary of the Company's incurred and paid loss development by accident year, net of reinsurance, from the last ten calendar years including the total reserve for losses, IBNR, plus development on reported loss and LAE for specific lines of business in our reportable segments, Diversified Reinsurance and AmTrust Reinsurance, as of December 31, 2024. Information prior to 2024 is included as unaudited supplementary information. The incurred and paid amounts have been translated from the local currency to U.S. dollars using the December 31, 2024 spot rate for all years presented in the table below in order to isolate changes in foreign exchange rates from loss development. As a reinsurer of primarily quota share contracts, claim counts are available on a very limited basis. Therefore claim counts have not been provided in the tables below as it is impractical to do so. Diversified Reinsurance segment incurred and paid losses are analyzed by following lines of business: (1) International; (2) GLS and (3) Other run-off lines. Loss development tables have not been presented for GLS and other run-off lines as loss development tables are not required for currently insignificant categories, therefore the GLS contracts and other run-off lines have been aggregated into two separate categories and included in the reconciliation disclosure only. AmTrust Reinsurance segment incurred and paid losses are analyzed by the following lines of business: (1) Workers’ Compensation; (2) Commercial Auto Liability; (3) General Liability; (4) European Hospital Liability; and (5) All Other Lines. There are a number of factors to consider when evaluating the information in these tables: • In the Diversified Reinsurance segment, contracts in the International business are written on both an accident year and underwriting year basis, some are multi-line and the majority of the premium is associated with proportional contracts. Many proportional treaty reinsurance contracts are submitted using quarterly bordereau reporting by underwriting year. However, the remaining losses can generally only be allocated to accident years based on estimated premium earning and loss reporting patterns. Further estimates are required to allocate losses to line of business. Multi-line accounts are generally analyzed on an individual basis by line of business, but are booked in the Company’s records to a contract, rather than to each individual line of business within a contract. For the purpose of this disclosure allocations are made to the various lines of business. Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter; • The AmTrust Reinsurance segment consists primarily of two contracts, the European Hospital Liability Quota Share and a much larger quota share that includes all other covered business, the AmTrust Quota Share. There is also a small amount of excess of loss business that has not been written since 2009 which is included as a reconciling item. Maiden receives several cession statements and uses these to report premiums in three categories - Small Business Commercial, Specialty Program and Specialty Risk and Extended Warranty in Note 3. Segment Information . The tables provided include allocations of IBNR reserves to line of business by accident year; • Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter; and • For both segments, the premium and exposure for prior accident years is often reported to us in subsequent periods, as reporting lags exist from an insurer to a reinsurer. This leads to increases in the provision for loss and LAE in prior years, but does not reduce expected income (and in many cases can result in additional income). Diversified Reinsurance Segment: GLS GLS provides a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations. GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives. Having completed the capital commitment made to GLS in 2020, the Company has determined to not commit any additional capital to new opportunities and to run-off the existing accounts underwritten by GLS. For additional information on GLS, please see " Note 1 — Organization ". Loss development tables have not been presented for GLS as the loss reserves and paid claims for each individual contract is currently insignificant, therefore the loss reserves for all the GLS contracts have been aggregated into a separate category and included in the reconciliation disclosure only. For GLS exposure, loss reserves are calculated primarily from utilizing the LD or FS methods. As the exposure being reinsured is typically retroactive in nature and covers more mature portfolios, the ELR or BF approach is not highly relied upon. As of December 31, 2024, GLS and its subsidiaries hold insurance liabilities assumed primarily through a few retroactive reinsurance contracts which included total loss reserves of $21,543 and a loss recoverable of $2,830. Losses incurred for the year ended December 31, 2024 include paid losses of $268 and total loss reserves include IBNR reserves of $18,600 at December 31, 2024. Also, please see "Note 5 — Fair Value Measurements" for the derivative liability of $3,984 on a reinsurance contract written by GLS which has been included in accrued expenses and other liabilities. The fair value of this derivative instrument is determined using a discounted cash flow model in which the Company examines current market conditions, historical results as well as contract specific information that may impact future cash flows to assess the reasonableness of inputs used in the valuation model . 9. Reserve for Loss and Loss Adjustment Expenses (continued) Diversified Reinsurance Segment: IIS Business The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, since 2014 for the Company's IIS business in the Diversified Reinsurance segment. The development tables below included reserves acquired from the loss portfolio transfer agreement associated with the GMAC International Insurance Services ("IIS") business as at November 30, 2010 of $98,827. For the purposes of disclosure, the reserves from the loss portfolio transfer was allocated to the original accident year. Many pro-rata contracts are big enough that specific company development patterns are used. The ELR from the pricing of the account is typically used for the first year or more until the data suggests an alternative result is likely. Use of the ELR method transitions to the BF and then the LD method. For smaller contracts, benchmark development patterns may be used in both the pricing to establish the ELR and the reserving. The use of benchmark patterns is more prevalent in excess of loss business and the movement to experience based methods is slower. The IIS business written by the Company's IIS team is mainly proportional treaty business, a significant portion of which is Personal Auto quota share but also comprises credit life quota share. Life and personal accident business is also written on a direct basis by Maiden LF. The IIS business team works with insurance partners, automobile manufacturers and their related credit providers and other organizations to design and implement insurance programs in both auto distribution-related and other consumer insurance products. For the auto quota share exposure, initial underwriting year loss projections are generally based on the ELR method, derived from account pricing analyses. Payment and reporting patterns are predominantly short-tailed, and the movement away from the ELR to BF or LD methods typically happens very rapidly. Credit life reserves are primarily a function of reporting lag, typically only one or several months on average. The reserves are calculated using a FS methodology, where the frequency is a function of the average claims lag and the average per claims severity. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Diversified Reinsurance - IIS business Incurred loss and LAE, net of reinsurance At December 31, 2024 For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total IBNR Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2010 $ 69,863 $ 71,938 $ 73,938 $ 73,636 74,599 $ 74,713 $ 74,996 $ 75,180 $ 77,325 $ 77,112 $ 553 2011 43,801 43,631 44,010 44,260 44,220 44,182 44,182 44,255 44,212 44,214 58 2012 43,885 43,967 44,229 43,948 43,897 43,831 43,926 43,902 43,861 43,760 143 2013 47,553 47,055 47,655 47,494 47,850 47,786 47,882 47,851 47,797 47,880 (146) 2014 47,779 47,637 47,530 47,329 47,392 47,154 47,048 47,064 47,080 46,926 150 2015 42,478 43,888 44,366 44,015 44,050 43,909 43,649 43,661 43,565 43,583 25 2016 38,336 40,316 39,691 39,678 40,078 39,785 39,871 39,858 39,840 89 2017 36,369 37,261 36,225 35,404 35,415 35,218 35,034 34,879 118 2018 39,540 38,030 38,194 38,226 38,354 37,918 38,325 (379) 2019 33,186 35,040 34,190 34,274 34,214 34,192 134 2020 22,474 21,668 20,575 20,681 20,770 1,583 2021 5,932 5,932 5,932 5,981 3,386 2022 6,827 8,314 9,412 1,716 2023 8,880 8,994 — 2024 15,216 — Total $ 511,084 $ 7,430 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2010 $ 47,026 $ 48,541 $ 50,021 $ 51,570 $ 52,896 $ 53,903 $ 54,923 $ 55,880 $ 56,935 $ 57,742 2011 44,009 44,241 44,382 44,484 44,545 44,622 44,671 44,701 44,708 44,725 2012 40,279 40,603 41,185 41,292 41,304 41,382 41,471 41,443 41,455 41,454 2013 43,804 45,144 45,611 45,804 45,877 46,171 46,567 46,673 46,909 46,951 2014 41,562 43,820 45,039 45,273 45,371 45,482 45,539 45,573 45,588 45,599 2015 21,441 38,982 41,029 41,951 42,330 42,589 42,784 42,811 42,822 42,923 2016 21,917 36,001 37,684 38,372 38,964 39,455 40,264 40,509 40,528 2017 18,647 31,774 33,387 34,153 34,392 34,450 34,498 34,497 2018 18,810 34,192 36,101 37,058 37,623 37,872 38,469 2019 15,529 28,213 30,649 31,154 31,458 31,543 2020 10,623 18,093 19,073 19,518 19,748 2021 5,215 9,669 10,790 11,097 2022 1,100 9,954 12,367 2023 801 9,629 2024 1,237 Total 478,509 Total net reserves $ 32,575 9. Reserve for Loss and Loss Adjustment Expenses (continued) The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, by significant line of business since 2011 for our AmTrust Reinsurance segment. All data shown for the AmTrust Reinsurance segment in the tables that follow are from the Company’s quota share contracts with AmTrust, both the multi-year AmTrust Quota Share and European Hospital Liability Quota Share. AmTrust purchases significant reinsurance for losses above $10 million covered by the AmTrust Quota Share. The Company’s share of AmTrust’s losses net of reinsurance in the AmTrust Quota Share is generally 40%. Additionally, for the Specialty Program portion of Covered Business only, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance has reinsured losses at its proportional 40% share per the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. As of December 31, 2024, the projected amount subject to the Loss Corridor is $155,860 which exceeds the maximum amount covered. Any further development above this amount will be subject to the coverage of the LPT/ADC Agreement if it emanates from accident years 2018 and prior. Any loss development from accident year 2019 will be retained by Maiden Reinsurance. Recoverables from the LPT/ADC Agreement are displayed in the column " Impact of LPT/ADC " in the loss tables that follow. Amounts have been allocated to Accident Year and line of business according to the timing of the respective losses, based on the currently projected payout patterns. These allocations may shift over time as actual payments are made and payout patterns are re–estimated. Please refer to "Note 8 — Reinsurance" for additional information regarding the LPT/ADC Agreement. AmTrust Reinsurance: Workers’ Compensation This reserve class consists of the Workers’ Compensation portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller, niche workers' compensation exposures in generally low-hazard occupations. Workers’ Compensation business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business. The business is produced by managing general agents with AmTrust regularly adding new programs and terminating or renegotiating unprofitable ones. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. Since it is proportional exposure, and due to the size and the classes of business insured by AmTrust, this reserving class is much shorter tailed than a traditional workers compensation book, and the transition to the BF and the LD methods happens relatively quickly, within the first several years. This line of business is covered under the LPT/ADC Agreement pursuant to which Cavello has assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share and therefore any adverse development will be recoverable as per terms of the agreement. Recoverables from the LPT/ADC Agreement are displayed in the column " Impact of LPT/ADC " in the loss triangle tables further below. Please refer to Note 10 — Related Party Transactions for information regarding certain workers' compensation policies that were commuted to AII as of July 31, 2019. AmTrust Reinsurance: General Liability This reserve class consists of the General Liability portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller niche business, typically under-served by the broader insurance market, which typically have limits of $1,000. General Liability business written in the Small Commercial Business unit grew substantially following AmTrust’s renewal rights acquisition in 2014. Specialty Program business may contain a mix of exposures from retail operations, contractors, manufacturers, and other premises. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and p

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Founding Shareholders of the Company were Michael Karfunkel, George Karfunkel and Barry Zyskind. Based on each individual's most recent public filing, Leah Karfunkel (wife of the late Michael Karfunkel), George Karfunkel and Barry Zyskind (the Company's non-executive chairman) each own or control less than 5.0% of the Company's outstanding common shares. Leah Karfunkel and George Karfunkel are directors of AmTrust, and Barry Zyskind is the chief executive officer and chairman of AmTrust. Leah Karfunkel, George Karfunkel and Barry Zyskind own or control approximately 55.2% of the ownership interests of Evergreen Parent, L.P., the ultimate parent of AmTrust. The following describes transactions that have transpired between the Company and AmTrust: AmTrust Quota Share Effective July 1, 2007, the Company and AmTrust entered into a master agreement, as amended ("Master Agreement"), by which they caused Maiden Reinsurance and AII to enter into the AmTrust Quota Share by which AII retroceded to Maiden Reinsurance an amount equal to 40% of the premium written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance and 40% of losses. The Master Agreement further provided that AII receive a ceding commission of 31% of ceded written premiums. On June 11, 2008, Maiden Reinsurance and AII amended the AmTrust Quota Share to add Retail Commercial Package Business to the Covered Business (as defined in the AmTrust Quota Share). AII receives a ceding commission of 34.375% on Retail Commercial Package Business. On July 1, 2016, the agreement was renewed through June 30, 2019. Effective July 1, 2018, the amount AEL ceded to Maiden Reinsurance was reduced to 20%. Effective July 1, 2013, for the Specialty Program portion of Covered Business only, AII was responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95%. Above and below the Loss Corridor, Maiden Reinsurance continued to reinsure losses at its proportional 40% share of the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. Any development above this maximum amount will be subject to the coverage of the LPT/ADC Agreement. Effective January 1, 2019, Maiden Reinsurance and AII entered into a partial termination amendment ("Partial Termination Amendment") which amended the AmTrust Quota Share. The Partial Termination Amendment provided for the cut-off of the ongoing and unearned premium of AmTrust’s Small Commercial Business 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. 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 Consolidated Income Statements for the years ended December 31, 2024 and 2023, respectively: For the Year Ended December 31, 2024 2023 Gross and net premiums written $ (1,686) $ (3,936) Net premiums earned 13,687 14,930 Other insurance expense (24,259) — Net loss and loss adjustment expenses (167,987) (47,617) Commission and other acquisition expenses (9,044) (5,583) Collateral provided to AmTrust a) AmTrust Quota Share To provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit. Maiden Reinsurance has provided appropriate collateral to secure its proportional share under the AmTrust Quota Share of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral which can include (a) assets loaned by Maiden Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts, or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf. Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share. The collateral requirements under the AmTrust Quota Share with AII were satisfied as follows: •. by lending funds of $167,975 at December 31, 2024 and 2023 pursuant to a loan agreement entered into between those parties. Advances under the loan are secured by promissory notes. This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost. There was no allowance for expected credit losses recognized on the loan at December 31, 2024 and 2023. Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum. The interest income on the loan •. 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. Please see Note 17 — Subsequent Events for recent amendments to the Loan Agreement that became effective January 1, 2025 that further extended the maturity date of the loan to January 1, 2033. • 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 funds withheld. The funds withheld receivable earned an annual interest rate of 3.5% for 2024, which was subject to annual adjustment (2023 - 3.5%). At December 31, 2024, the funds withheld balance with AmTrust was $0 (2023 - $128,451) and accrued interest was $0 (2023 - $1,584). The interest income on the funds withheld receivable was $1,262 for the year ended December 31, 2024 (2023 - $10,009). No allowance for expected credit losses was recognized for the fund withheld receivable from AmTrust and related accrued interest at December 31, 2023. Pursuant to the terms of the LPT/ADC Agreement, Maiden Reinsurance, Cavello and AmTrust and certain of its affiliated companies entered into a Master Collateral Agreement (“MCA”) to define and enable the operation of collateral provided under the AmTrust Quota Share. Under the MCA, Cavello provided letters of credit on behalf of Maiden Reinsurance to AmTrust in an amount representing Cavello's obligations under the LPT/ADC Agreement. Because these letters of credit replaced other collateral previously provided directly by Maiden Reinsurance to AmTrust, the MCA coordinates the collateral protection that will be provided to AmTrust to ensure that no gaps in collateral funding occur by operation of the LPT/ADC Agreement and related MCA. As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required. 10. Related Party Transactions (continued) 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. On December 31, 2024, Maiden Reinsurance and AmTrust agreed to further amend the AmTrust Quota Share pursuant to Post Termination Endorsement No. 3. Please refer to Note 17 — Subsequent Events for specific details pertaining to Post Termination Endorsement No. 3 that will reduce the collateral requirements on the AmTrust Quota Share during the second or third quarter of 2025. On December 31, 2024, Maiden Reinsurance and AmTrust entered into a Loan Agreement (the “Premium Repayment Loan Agreement”) by which Maiden Reinsurance will repay AII the principal amount of $24,259 representing settlement of a dispute over cessions of uncollectible ceded premiums written made by AII to Maiden Reinsurance, payable by Maiden Reinsurance in quarterly installments through the maturity date of December 31, 2032. This settlement was recognized on the Consolidated Balance Sheets as reinsurance losses payable within accrued expenses and other liabilities. AmTrust may offset any amount payable against any amount due and unpaid by Maiden Reinsurance, under any agreement between AmTrust or its affiliate and Maiden Reinsurance or its affiliate, including without limitation, the European Hospital Liability Quota Share, dated April 1, 2011, as amended. Interest will be payable at a rate equivalent to the Fed Funds rate plus 150 basis points per annum under the terms of Premium Repayment Loan Agreement. b) European Hospital Liability Quota Share Collateral has been provided to both AEL and AIU DAC under the European Hospital Liability Quota Share. For AEL, the amount of collateral held in reinsurance trust accounts at December 31, 2024 was $123,681 (2023 - $147,635) and the accrued interest was $1,008 (2023 - $1,091). Please refer to Note 17 — Subsequent Events for specific details pertaining to Post Termination Endorsement No. 2 to the European Hospital Liability Quota Share that reduces the collateral requirements in the first quarter of 2025. 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 $227 of investment management fees for the year ended December 31, 2024 (2023 - $324) 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. 10. Related Party Transactions (continued) 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. Renewal Rights Transaction - IIS Business On May 3, 2024 and June 20, 2024, Maiden LF and Maiden GF entered into the AmTrust Renewal Rights Agreements with certain subsidiaries of AmTrust, which are expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway, other Nordic countries, the United Kingdom and Ireland. Under these agreements, those AmTrust subsidiaries in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed. All programs written by Maiden LF and GF, including those covered by the AmTrust Renewal Rights Agreements, are in the process of being cancelled in accordance with either their contractual terms or as applicable, the requirements of the AmTrust Renewal Rights Agreements. As at December 31, 2024, Maiden LF and Maiden GF substantially completed all the main contractual obligations as per the AmTrust Renewal Rights Agreements and recognized total commission income of approximately $192 which was recorded in foreign exchange and other gains for the year ended December 31, 2024. Combination Agreement with Kestrel Group On December 29, 2024, the Company entered into a combination agreement with Kestrel to combine and form a new, publicly listed specialty program group as discussed in Note 1 — Organization. AmTrust is a significant shareholder of Kestrel. Following closing of the transaction, Kestrel will continue to write business through its use of A.M. Best A- FSC XV insurance carriers, including Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company, and Republic Fire and Casualty Insurance Company, all subsidiaries of AmTrust. In connection with the transaction, the combined company will have the option to acquire the Insurers from AmTrust. Following completion of the transaction, the board of directors of the combined company will consist of seven directors, made up of four directors selected by an affiliate of Kestrel Intermediate Ledbetter Holdings LLC, two of whom will be independent under applicable securities laws and stock exchange rules, and three directors selected by AmTrust, two of whom will be independent under applicable securities laws and stock exchange rules.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees a) Concentrations of Credit Risk At December 31, 2024 and 2023, 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 unpaid losses and funds withheld receivable. Please refer to " Note 8 — Reinsurance " for additional information regarding the Company's credit risk exposure on its reinsurance counterparties including the impact of the LPT/ADC Agreement effective January 1, 2019. The Company requires its reinsurers to have adequate financial strength. The Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk on an ongoing basis. Provisions are made for amounts considered potentially uncollectible. Reinsurance receivable and recoverable balances, loan to related party, and the funds withheld receivable are reviewed for expected credit losses on a quarterly basis and are presented net of an allowance for expected credit losses. Letters of credit are provided by its reinsurers for material amounts recoverable as discussed in "Note 8 — Reinsurance". The Company manages the concentration of credit risk in its investment portfolio through issuer and sector exposure limitations. The Company believes it bears minimal credit risk in its cash on deposit. The Company also monitors the credit risk related to the loan to related party and funds withheld receivable, within which the largest balances are due from AmTrust. AmTrust has a financial strength/credit rating of A- (Excellent) from A.M. Best at December 31, 2024. To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable. The Company believes these balances as at December 31, 2024 will be fully collectible. Please refer to " Note 2. Significant Accounting Polices " for additional information on the Company's credit loss allowances as at December 31, 2024 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) Concentrations of Revenue During the year ended December 31, 2024, net premiums earned from AmTrust accounted for $13,687 or 27.7% of total net premiums earned (2023 – $14,930 or 34.0%). c) Brokers The Company formerly marketed its Diversified Reinsurance segment through third-party intermediaries as well as directly through its own marketing efforts. The majority of business within the Diversified Reinsurance segment was marketed directly through our own efforts with no significant reliance on brokers for the years ended December 31, 2024 and 2023. d) Letters of Credit At December 31, 2024, the Company had standby letters of credit outstanding of $36,904 (2023 - $40,479) for collateral purposes. These are secured by cash and fixed maturities with a fair value of $42,606 at December 31, 2024 (2023 - $46,935). The standby letters of credit are principally used to support the reinsurance obligations of the operating subsidiaries and are subject to certain covenants, including the requirement to maintain sufficient collateral to cover all of the obligations. Such obligations include contingent reimbursement obligations for outstanding letters of credit and related fees payable. In the event of default, the credit providers may exercise certain remedies, including the exercise of control over the pledged collateral and the termination of the availability of the standby credit facility to any or all of the operating subsidiaries. At December 31, 2024, the operating subsidiaries were in compliance with all standby letter of credit covenants. e) Employment Agreements The Company has entered into employment agreements with certain individuals. The employment agreements provide for executive benefits and severance payments under certain circumstances. f) Operating Lease Commitments The Company leases office spaces and equipment under various operating leases expiring in various years through 2034. 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 Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. The Company has contracted to lease office space in a building in New York City that commenced in April 2024, which created a significant right-of-use asset and a lease liability upon completion of certain leasehold improvements for the ten-year operating lease. The Company has occupied this space and capitalized the leased asset in the second quarter of 2024. As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 8.5%, representing its secured incremental borrowing rate, in calculating the present value of the lease liability. At December 31, 2024, the Company's future lease obligations 11. Commitments, Contingencies and Guarantees (continued) This amount has been recognized on the Consolidated Balance Sheets as a lease liability within accrued expenses and other liabilities with an equivalent amount for the right-of-use asset presented as part of other assets. At December 31, 2024, the Company's right-of-use lease asset 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 9.8 years at December 31, 2024. Under Topic 842, Leases , the Company recognizes the related leasing expense on a straight-line basis over the lease term on the Consolidated Statements of Income. The total lease expense for the year ended December 31, 2024 was $586 (2023 - $478) recognized within general and administrative expenses consistent using the prior accounting treatment under Topic 840. At December 31, 2024, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows: For the Year Ended December 31, Total 2025 $ 277 2026 277 2027 277 2028 277 2029 285 Thereafter 1,449 Discount for present value (933) Total discounted operating lease liabilities $ 1,909 g) Investment Commitments and Related Financial Guarantees The Company had total unfunded commitments on alternative investments of $43,966 at December 31, 2024 (2023 - $100,846) which included commitments for other investments, private equity securities and equity method investments. The table below shows the total unfunded commitments by type of investment as at December 31, 2024 and 2023: December 31, 2024 2023 Fair Value % of Total Fair Value % of Total Private equity funds $ 28,258 64.3 % $ 53,675 53.2 % Private credit funds — — % 11,361 11.3 % Investments in direct lending entities — — % 595 0.6 % Total unfunded commitments on other investments $ 28,258 64.3 % $ 65,631 65.1 % Total unfunded commitments on equity securities $ — — % $ 14,735 14.6 % Total unfunded commitments on equity method investments $ 15,708 35.7 % $ 20,480 20.3 % Total unfunded commitments on alternative investments $ 43,966 100.0 % $ 100,846 100.0 % 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. 11. Commitments, Contingencies and Guarantees (continued) As discussed above, at December 31, 2024, guarantees of $67,740 (2023 - $62,508) were provided to lenders by the Company on behalf of real estate joint ventures, however, the likelihood of the Company incurring any losses pertaining to project level financing guarantees was determined to be remote. Therefore, no liability has been accrued under ASC 450-20. h) Other Collateral In the ordinary course of business, the Company enters into reinsurance agreements that may include terms which could require the Company to collateralize certain of its obligations as further discussed in Note 8 — Reinsurance and Note 10 — Related Party Transactions . i) Deposit Insurance The Company maintains cash and cash equivalents balances at financial institutions in the U.S., Bermuda and other international jurisdictions. In the U.S., the Federal Deposit Insurance Corporation secures accounts up to $250. In certain other international jurisdictions, there exist similar protections. Management monitors balances in excess of insured limits and believes they do not represent a significant credit risk to the Company. j) Legal Proceedings Except as noted below, the Company is not a party to any material legal proceedings. The Company may become involved in various claims and legal proceedings, including arbitrations, that arise in the normal course of its business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Based on the Company's opinion, the eventual outcome of these legal proceedings are not likely to have a material adverse effect on its financial condition, results of operations or liquidity. In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistleblowing in violation of the whistleblower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged that he was terminated for raising concerns regarding corporate governance with respect to the negotiation of the terms of the Trust Preferred Securities Offering. He seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, back pay and legal fees incurred. 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. On November 13, 2024, the Second Circuit found Turin’s arguments to be without merit and denied the petition for review. A putative class action complaint was filed against Maiden Holdings, Arturo M. Raschbaum, Karen L. Schmitt, and John M. Marshaleck in the United States District Court for the District of New Jersey on February 11, 2019. On February 19, 2020, the Court appointed lead plaintiffs, and on May 1, 2020, lead plaintiffs filed an amended class action complaint (the “Amended Complaint”).The Amended Complaint asserts violations of Section 10(b) of the Exchange Act and Rule 10b-5 (and Section 20(a) for control person liability) arising in large part from allegations that Maiden failed to take adequate loss reserves in connection with reinsurance provided to AmTrust. Plaintiffs further claim that certain of Maiden Holdings’ representations concerning its business, underwriting and financial statements were rendered false by the allegedly inadequate loss reserves, that these misrepresentations inflated the price of Maiden Holdings' common stock, and that when the truth about the misrepresentations was revealed, the Company’s stock price fell, causing Plaintiffs to incur losses. On September 11, 2020, a motion to dismiss was filed on behalf of all Defendants. On August 6, 2021, the Court issued an order denying, in part, Defendants’ motion to dismiss, ordering Plaintiffs to file a shorter amended complaint no later than August 20, 2021, and permitting discovery to proceed on a limited basis. On February 7, 2023, the District Court denied Plaintiffs’ motion for reconsideration of the District Court’s decision denying Plaintiffs’ objection to the Magistrate Judge’s December 2021 ruling on discovery. 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. On December 19, 2023, the U.S. District Court for the District of New Jersey granted summary judgment on plaintiffs’ claim for securities fraud under Section 10(b) of the Securities Exchange Act to Maiden Holdings, Ltd. and individual defendants Arturo Raschbaum, Karen Schmitt, and John Marshalek. The Court held that the factual record failed to support, as a matter of law, plaintiffs’ allegations that the defendants had made false statements regarding the Company’s loss reserves. The Court also dismissed plaintiffs’ claims that the individual defendants were liable as control persons under Section 20(a) of the Securities Exchange Act for any such alleged false statements. Plaintiffs have appealed to the United States Court of Appeals for the Third Circuit. 11. Commitments, Contingencies and Guarantees (continued) On December 26, 2024, WUSO Holding Corporation and 683 Capital Partners filed a lawsuit against Maiden NA and Maiden Holdings in the Supreme Court of the State of New York, County of New York, captioned WUSO Holding Corporation and 683 Capital Partners, LP v. Maiden Holdings North America, Ltd. and Maiden Holdings, Ltd., Index No. 659861/2024. The complaint alleges that Maiden’s sale of Maiden Reinsurance North America, Inc., which closed approximately six years ago from the date of the complaint, breached a sole provision of Maiden’s indenture governing its 7.75% 2013 Senior Notes. Plaintiffs allege that principal and interest payable under the 7.75% 2013 Senior Notes are due currently, rather than upon the stated maturity date of the 2013 Senior Notes. Maiden believes it has substantial procedural and substantive defenses to the asserted claims, and it intends to vigorously defend against these claims. We believe all of the above claims are without merit and we intend to vigorously defend ourselves. It is possible that additional lawsuits will be filed against the Company, its subsidiaries and its respective officers due to the diminution in value of our securities as a result of our operating results and financial condition. It is currently uncertain as to the effect of such litigation on our business, operating results and financial condition.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The following is a summary of the elements used in calculating basic and diluted earnings per common share: For the Year Ended December 31, 2024 2023 Numerator: Net loss attributable to Maiden common shareholders $ (200,969) $ (38,569) Denominator: Weighted average number of common shares – basic and diluted (1) 99,902,695 101,382,606 Basic and diluted loss per share attributable to common shareholders $ (2.01) $ (0.38) (1) Please refer to "Note 6 — Shareholders' Equity" and "Note 14 — Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements for the terms and conditions of securities that could potentially be dilutive in the future. For the years ended December 31, 2024 and 2023, there were no potentially dilutive securities.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Maiden Holdings believes that they operate in a manner such that they will not be considered to be engaged in a trade or business in the U.S. Accordingly, Maiden Holdings has not recorded any provision for U.S. taxation. Bermuda enacted the Corporate Income Tax Act 2023 on December 27, 2023 (the “CIT Act”). Entities subject to tax under the CIT Act are the Bermuda constituent entities of multi-national groups. A multi-national group is defined under the CIT Act as a group with entities in more than one jurisdiction with consolidated revenues of at least €750 million for two of the four previous fiscal years. If Bermuda constituent entities of a multi-national group are subject to tax under the CIT Act, such tax is charged at a rate of 15% of the net income of such constituent entities (as determined in accordance with the CIT Act, including after adjusting for any relevant foreign tax credits applicable to the Bermuda constituent entities). No tax is chargeable under the CIT Act until tax years starting on or after January 1, 2025. The Company's consolidated revenues do not presently meet the minimum amounts for taxation under the CIT Act. Should the Company become eligible to be taxed under the CIT Act, there would be an adverse effect on the Company's results of operation. Pillar Two addresses the Base Erosion and Profit Shifting ("BEPS") risk of profit shifting to entities in low tax jurisdictions by introducing a global minimum tax and a proposed tax on base eroding payments, which would operate through a denial of a deduction or imposition of source-based taxation (including withholding tax) on certain payments. In December 2021, the OECD issued Pillar Two model rules for domestic implementation of the global minimum tax and shortly thereafter the European Commission proposed a Directive to implement the Pillar Two rules into EU law, which required EU member states to transpose the rules into their national laws by December 31, 2023 with certain measures initially being effective from January 1, 2024. In 2023, a number of jurisdictions (including Sweden and the UK) passed legislation to implement the OECD/G20's model rules into domestic law with effect from January 1, 2024. The proposals, in particular in relation to Pillar Two, are broad in scope and include a number of exemptions which are available to the Company therefore no impact on our results of operation are expected at this time. Maiden NA files a consolidated federal income tax return for the Company’s U.S. based subsidiaries, including Maiden Reinsurance, which re-domesticated to Vermont on March 16, 2020 and, as a result, became subject to U.S. taxes. Maiden NA has Net Operating Loss carry-forwards ("NOL") and other Deferred Tax Assets (“DTA”) and Deferred Tax Liabilities (“DTL”) that are not presently recognized as a net DTA because a full valuation allowance is currently carried against them. Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes was determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should our U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Tax years 2021 to 2023 are subject to examination in the U.S by the Internal Revenue Service. The Inflation Reduction Act was signed into law in August 2022 and is effective for tax years beginning after December 31, 2022. The minimum tax provisions under the act are not currently applicable to the Company as we do not meet the taxable income thresholds. The Company has subsidiary operations in various other locations around the world, including Canada, Ireland, Sweden and the United Kingdom, that are subject to relevant taxes in those jurisdictions. These subsidiaries are not under examination but generally remain subject to examination in all applicable jurisdictions for tax years from 2020 through 2024. Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries as it is the intention that such earnings will remain reinvested or will not be taxable. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding tax in the country of the paying entity. Currently, however, no withholding taxes have been accrued. There were no unrecognized tax benefits at December 31, 2024 and 2023. Total loss before income taxes and total income tax expense for the years ended December 31, 2024 and 2023 are as follows: For the Year Ended December 31, 2024 2023 Loss before income taxes – Domestic (Bermuda) $ (41,638) $ (32,456) Loss before income taxes – Foreign (U.S. and others) (158,276) (5,917) Total loss before income taxes $ (199,914) $ (38,373) Current tax expense – Domestic (Bermuda) $ — $ — Current tax benefit – Foreign (U.S. and others) (171) (146) Total current tax benefit (171) (146) Deferred tax expense – Domestic (Bermuda) — — Deferred tax expense – Foreign (U.S. and others) 1,226 342 Total deferred tax expense 1,226 342 Total income tax expense $ 1,055 $ 196 13. Income Taxes (continued) The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2024 and 2023 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to the Company's loss before income taxes: For the Year Ended December 31, 2024 2023 Loss before income taxes $ (199,914) $ (38,373) Less: income tax expense 1,055 196 Net loss $ (200,969) $ (38,569) Reconciliation of effective tax rate (% of income before income taxes) Bermuda tax rate — % — % U.S. taxes at statutory rates 19.4 % (2.0) % Valuation allowance in respect of U.S. taxes (19.4) % 2.0 % Other jurisdictions (0.5) % (0.5) % Actual tax rate (0.5) % (0.5) % Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of the Company's deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows: December 31, 2024 2023 Deferred tax assets: Net operating losses $ 96,517 $ 70,858 Unearned premiums 1,228 1,929 Capital loss carry-forward 324 2,909 Net unrealized losses on investments 24,959 17,223 Discounting of net loss and LAE reserves 13,345 14,542 Deferred gain on retroactive reinsurance 22,041 14,892 Others 2,763 2,373 Deferred tax assets before valuation allowance 161,177 124,726 Valuation allowance 159,231 119,742 Deferred tax assets, net 1,946 4,984 Deferred tax liabilities: Deferred commission and other acquisition expenses 1,946 4,195 Deferred tax liabilities 1,946 4,195 Net deferred tax asset $ — $ 789 The net deferred tax asset at December 31, 2024 was $0 (2023 - $789). A valuation allowance has been established against the net U.S. and International deferred tax assets which is primarily attributable to net operating losses and capital losses in the respective regions. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. and International net deferred tax assets as more evidence is needed regarding the utilization of these losses. During 2024, the Company recorded an increase in the valuation allowance of $39,489 (2023 - increase of $3,505). At December 31, 2024, the Company has available net operating loss carry-forwards of $459,604 (2023 - $337,420) for income tax purposes. Approximately $379,855 (2023 - $186,203) of the net operating loss carryforwards expire in various years beginning in 2029. As of December 31, 2024, approximately $79,749 or 17.4% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law. At December 31, 2024, the Company has remaining capital loss carry-forwards of $1,542 (2023 - $13,853) which will expire beginning in 2027. Capital loss carry-forwards of $9,787 expired during the year ended December 31, 2024.

Share Compensation and Pension

Share Compensation and Pension Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share Compensation and Pension Plans	Share Compensation and Pension Plans The Company’s Amended and Restated 2007 Share Incentive Plan ("2007 Plan") provided for grants of options, restricted shares and restricted share units. New shares were issued upon exercise of options and vesting of restricted shares and share units. The total number of common shares currently reserved for issuance under the Plan was 10,000,000. The 2007 Plan was administered by the Compensation Committee of the Board of Directors (the "Compensation Committee"). 2019 Omnibus Incentive Plan During the 2019 Annual General Meeting of Shareholders of the Company held on December 10, 2019, the 2007 Plan was terminated, assumed by and replaced with the 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"). The Company filed the Form S-8 "Securities offered to employees pursuant to employee benefit plans" with the SEC on January 20, 2020, which covers the offer and resale of up to 11,289,956 of the Company's common shares. Such shares may be offered and sold from time to time by certain officers and directors of the Company who have acquired or will acquire shares pursuant to the 2019 Omnibus Plan. The 2019 Omnibus Plan is administered by the Compensation Committee. Share Options Exercise prices of options are established at or above the fair market value of the Company’s common shares at the date of grant. Under the 2019 Omnibus Plan, unless otherwise determined by the Committee and provided in an award agreement, 25% of the options will become exercisable on the first anniversary of the grant date, with an additional 6.25% of the options vesting each quarter thereafter based on the grantee’s continued employment over a four-year period, and will expire ten years after grant date. The fair value of each option grant is separately estimated for each vesting date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company has estimated the fair value of all share option awards on the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. This table shows all share option activity under the 2019 Omnibus Plan for the years ended December 31, 2024 and 2023: Number of Weighted Weighted Aggregate Range of Option Exercise Prices (Low to High) Outstanding, December 31, 2022 144,000 $ 9.72 3.40 years — $3.24 $13.98 Expired (22,500) 10.48 Outstanding, December 31, 2023 121,500 9.58 2.97 years — $3.24 $13.98 Expired (18,000) 12.24 Forfeited — Outstanding, December 31, 2024 103,500 9.12 2.41 years — $3.24 $13.98 Total exercisable, December 31, 2024 103,500 9.12 2.41 years — $3.24 $13.98 The weighted average grant date fair value is $1.85 (2023 - $2.22) for all options outstanding at December 31, 2024. All outstanding options as at December 31, 2024 and 2023 were fully vested. There were zero share options exercised during the years ended December 31, 2024 and 2023. Restricted Shares The fair value of each restricted share is determined based on the market value of the Company's common shares on the date of grant. The total estimated fair value is amortized as an expense on a straight-line basis over the requisite service period as determined by the Committee, which varies between zero Non-Performance-Based ("NPB") Restricted Shares On or around June 1 each year, the Company grants $65 worth of compensation to each non-employee director in the form of either restricted shares, share options or cash. If non-cash compensation is granted to the non-employee directors, this will vest on the first anniversary of the grant date. For the year ended December 31, 2024, the Company issued a total of 1,627,050 (2023 - 804,099) restricted shares to non-employee directors as well as employees for compensation related to their services. The restricted shares for non-employee directors were issued on June 1, 2024 pursuant to the 2019 Omnibus Plan and vest in full on June 1, 2025. The restricted shares issued to other employees will vest after two years of service. The total fair value of NPB Restricted Shares that vested during the year ended December 31, 2024 was $1,308 (2023 - $797). 14. Share Compensation and Pension Plans (continued) Discretionary Performance-Based ("PB") Restricted Shares During the year ended December 31, 2024, a total of zero (2023 - 225,490) restricted shares were granted to senior management pursuant to the 2019 Omnibus Plan, of which zero (2023 - 225,490) restricted shares vested immediately. The total fair value of PB Restricted Shares that vested during the year ended December 31, 2024 was $0 (2023 - $519). The following table shows the summary of activity for the Company's restricted share awards: Non-Performance-Based Restricted Shares Discretionary Performance-Based Restricted Shares Number of Weighted Average Grant-Date Fair Value Number of Weighted Average Grant-Date Fair Value Non-vested at December 31, 2022 492,463 $ 2.71 — $ — Awards granted 804,099 2.25 225,490 2.30 Awards vested (282,785) 2.82 (225,490) 2.30 Awards forfeited (38,750) 2.49 — — Non-vested at December 31, 2023 975,027 2.31 — — Awards granted 1,627,050 1.56 — — Awards vested (566,443) 2.31 — — Non-vested at December 31, 2024 2,035,634 1.71 — — Total unrecognized compensation cost of $1,603 related to restricted shares at December 31, 2024, which will be recognized during the next 1.04 years. Total share-based expense for the year ended December 31, 2024 was $2,001 (2023 - $1,725). The table above excludes 3,004,216 restricted shares granted as follows: (i) 450,980 restricted shares granted on March 15, 2022 that may be earned by certain executives of the Company starting at the conclusion of fiscal 2023 upon the achievement of certain financial metrics as established in the Company’s year-end audited consolidated financial statements, which metrics must be achieved by the end of fiscal 2025, in the sole discretion of the Compensation Committee, (ii) 300,000 restricted shares granted on March 17, 2023, that may be earned by certain executives of the Company starting at the conclusion of fiscal 2023 upon the achievement of certain financial metrics as established in the Company’s year-end audited consolidated financial statements, which metrics must be achieved by the end of fiscal 2026, in the sole discretion of the Compensation Committee; (iii) 300,000 restricted shares granted on March 17, 2023, that may be earned by certain executives of the Company starting at the conclusion of fiscal 2024 upon the achievement of certain financial metrics as established in the Company’s year-end audited consolidated financial statements, which metrics must be achieved by the end of fiscal 2026, in the sole discretion of the Compensation Committee; and (iv) 1,953,236 restricted shares granted on March 7, 2024, that may be earned in whole or in part by certain executives of the Company starting at the conclusion of fiscal 2024 upon the achievement of certain financial metrics as established in the Company’s year-end audited consolidated financial statements, which final valuation will be determined at the end of fiscal 2027, in the sole discretion of the Compensation Committee. In the years ended December 31, 2024 and 2023, the Company did not recognize any compensation expense related to these awards as none of the financial metrics were met. Pension Plans The Company provides pension benefits to eligible employees principally through its sponsorship of various defined contribution plans which vary by subsidiary. The Company’s total expenses for its defined contribution pension plans for the year ended December 31, 2024 was $783 (2023 - $795).

Statutory Requirements and Divi

Statutory Requirements and Dividend Restrictions	12 Months Ended
	Dec. 31, 2024
Statutory Financial Information [Abstract]
Statutory Requirements and Dividend Restrictions	Statutory Requirements and Dividend Restrictions Our insurance and reinsurance operations are subject to insurance and/or reinsurance laws and regulations in the jurisdictions in which they operate. These regulations include certain liquidity and solvency requirements whereby restrictions are imposed on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities. The statutory capital and surplus and statutory net income (loss) of our principal operating subsidiaries in their respective jurisdictions were as follows: Maiden Reinsurance (a) Maiden LF (b) Maiden GF (b) Statutory Capital and Surplus December 31, 2024 $ 737,217 $ 6,642 $ 6,920 December 31, 2023 886,264 7,449 8,245 Statutory Net Income (Loss) For the Year Ended December 31, 2024 $ (95,426) $ (396) $ (910) For the Year Ended December 31, 2023 25,816 (997) (1,479) a) United States of America Under Vermont statutory regulations, no captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner of the Vermont DFR. Approval of an ongoing plan for dividend payments or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the Commissioner of the Vermont DFR. Notwithstanding the provisions of 11B Vermont Statutes Annotated chapter 13, a captive insurance company may make such distributions as are in conformity with its purposes and approved by the Commissioner of the Vermont DFR. On May 13, 2022, the Vermont DFR approved an annual dividend program to be paid by Maiden Reinsurance to Maiden NA with notification to the Vermont DFR as dividends are paid quarterly. Pursuant to this approval, three quarterly dividend payments of $6,250 were made in 2022 and the final quarterly dividend payment paid by Maiden Reinsurance to Maiden NA occurred on February 28, 2023. On May 22, 2023 and May 22, 2024, respectively, the Vermont DFR approved an annual dividend program to be paid by Maiden Reinsurance to Maiden NA with notification to the Vermont DFR as dividends are paid on a quarterly basis. Under the respective approved dividend programs, Maiden Reinsurance paid total dividends of $25,000 to Maiden NA during the year ended December 31, 2024 (2023 - $25,000). Maiden Reinsurance is also required to maintain minimum levels of solvency and liquidity as determined by Vermont law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as specified by the National Association of Insurance Commissioners ("NAIC"). RBC is used to evaluate the adequacy of capital and surplus maintained by Maiden Reinsurance in relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate risk and (iv) business risk. At December 31, 2024, Maiden Reinsurance's statutory capital and surplus exceeded the amount required to be maintained of $88,766 as of that date. On April 14, 2020, the Vermont DFR granted Maiden Reinsurance a permitted practice to include as an admitted asset the loan receivable and accrued interest from Maiden Holdings. If the loan and accrued interest were to be a non-admitted asset, the statutory surplus at December 31, 2024 would be decreased by $311,534 with no impact on the 2024 statutory basis statements of income and changes in capital and surplus (2023 -$290,064). Maiden Reinsurance’s ratio of risk-based capital to total adjusted capital would not change materially if this asset was non-admitted on a statutory basis. b) Sweden The Company has two Swedish domiciled insurance subsidiaries in Sweden, Maiden LF and Maiden GF, both regulated by the Swedish Finansinspektionen ("Swedish FSA"). As discussed in Note 1 — Organization, on December 17, 2024, the Company entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF to a group of international insurance and reinsurance companies headquartered in the United Kingdom. Maiden LF was required to maintain a minimum level of statutory capital and surplus of $4,141 at December 31, 2024 (2023 - $4,519) which was met by Maiden LF throughout the respective years. Maiden LF's statutory assets were $15,406 at December 31, 2024 (2023 - $15,122) and its statutory capital and surplus was $6,642 at December 31, 2024 (2023 - $7,449). Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to Maiden Holdings. Maiden LF is not allowed to pay dividends or distributions without the permission of the Swedish FSA. No dividends were paid during the years ended December 31, 2024 and 2023. Maiden GF was required to maintain a minimum level of statutory capital and surplus of $4,141 at December 31, 2024 (2023 - $5,000) which was met by Maiden GF throughout the respective years. Maiden GF's statutory assets were $13,595 at December 31, 2024 (2023 - $14,355) and its statutory capital and surplus was $6,920 at December 31, 2024 (2023 - $8,245). Maiden GF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden GF to Maiden Holdings. Maiden GF is not allowed to pay dividends or distributions without the permission of the Swedish FSA. No dividends were paid during the years ended December 31, 2024 and 2023.

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale Sale of Swedish Subsidiaries and Related IIS Operations As discussed in Note 1 — Organization, on November 29, 2024, the Company entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF to a group of international insurance and reinsurance companies headquartered in the United Kingdom. Maiden LF and Maiden GF were the principal operating subsidiaries of the Company’s IIS platform. Such transaction is subject to customary regulatory approvals. The sale will be an all-cash transaction and pursuant to the terms of the agreement, all existing staff and independent directors of both Maiden LF and Maiden GF will transition to the new ownership group. These transactions are part of the Company's broader plan to divest its IIS businesses, which was the conclusion of a strategic review of the IIS business platform. The purpose of that review was to evaluate the strategic value of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of the Company's target return on capital levels. As part of these transactions, Maiden LF and Maiden GF are no longer writing new business and their non-underwriting related assets and liabilities are represented as held-for-sale in our consolidated financial statements. Please see Note 10 — Related Party Transactions for details regarding the AmTrust Renewal Rights Agreements. None of the held-for-sale assets and liabilities in the table below include any underwriting related balances, including those related to the AmTrust Renewal Rights Agreement. Although Maiden LF and Maiden GF currently comprise a substantial portion of the Diversified Reinsurance segment, the Company has concluded that the sale does not constitute discontinued operations as it does not represent a strategic shift that will have a major effect on its ongoing operations and financial results. Pursuant to the terms of the Swedish Subsidiaries Sale agreement, any remaining historic business upon closing will be fully retroceded to the Company thus there will be continuing involvement regarding the historical reinsurance operations. However, pursuant to the terms of the Swedish Subsidiaries Sale, this transaction met the relevant held for sale criteria at December 31, 2024 and accordingly, any non-underwriting related assets and liabilities related to the sale consideration are classified as held-for-sale in the Consolidated Balance Sheet as at December 31, 2024. All underwriting related balances are excluded from the held-for-sale assets and liabilities which amounted to net insurance liabilities of $6,500 as at December 31, 2024. The Company estimated the fair value of the net assets held-for-sale to be based on the estimated selling price less costs to sell and these assets are classified as Level 2 within the fair value hierarchy as of December 31, 2024. The assets and liabilities classified as held for sale on the Company's Consolidated Balance Sheet as at December 31, 2024 include the following: 2024 ASSETS Fixed maturities, available-for-sale, at fair value $ 6,656 Cash and cash equivalents 13,349 Accrued investment income 125 Other assets 685 Total assets held for sale $ 20,815 LIABILITIES Accrued expenses and other liabilities 883 Total liabilities held for sale $ 883

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to December 31, 2024, Maiden Reinsurance and AmTrust amended the terms of the loan agreement provided by Maiden Reinsurance to AII. Under the new terms, an Amended and Restated Loan Agreement was entered into effective January 1, 2025 (the “AR Loan Agreement”), by which the principal amount of the collateral loan will be repaid (subject to funding of collateral requirements) on or before the extended maturity date of January 1, 2033 pursuant to a repayment schedule set forth in the AR Loan Agreement. The principal amount shall equal (a) $152,377 minus (b) the amount of payments and any prepayments made by or on behalf of AmTrust from time to time. Interest will be payable at a rate equivalent to the Fed Funds rate plus 150 basis points per annum under the terms of the AR Loan Agreement. AmTrust may offset any amount payable against any amount due and unpaid by Maiden Reinsurance, under any agreement between AmTrust or its affiliate and Maiden Reinsurance or its affiliate, including without limitation, the AmTrust Quota Share and European Hospital Liability Quota Share dated April 1, 2011, as amended, between Maiden Reinsurance and AmTrust, any other reinsurance agreements between AmTrust or its affiliates and Maiden Reinsurance or its affiliates and the Premium Repayment Loan Agreement dated December 31, 2024 with respect to the settlement of certain ceded premium balances in the amount of $24,259 entered into between AII and Maiden Reinsurance as discussed in Note 10 — Related Party Transactions . Pursuant to the terms of Post Termination Endorsement No. 3 to the AmTrust Quota Share, AmTrust has agreed to eliminate the minimum excess funding requirement of $54,000 in the AmTrust Quota Share between All and Maiden. Collateral on the AmTrust Quota Share will now solely be tied to a contractually agreed percentage and is expected to be reduced from a current level of 107.5% to 105% during the second or third quarter of 2025 when its obligations are expected to decline below the $500,000 threshold. The terms of Post Termination Endorsement No. 3 shall be effective upon the execution and delivery of the AR Loan Agreement and the Premium Repayment Loan Agreement which were approved by the Vermont DFR on February 7, 2025. Pursuant to the terms of Post Termination Endorsement No. 2 to the European Hospital Liability Quota Share, AmTrust has also agreed to reduce the collateral funding percentage on the European Hospital Liability Quota Share from 120% to 105%, on the effective date of this endorsement, which was approved by the Vermont DFR on February 19, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (200,969)	$ (38,569)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company employs a comprehensive, cross-departmental approach to continuously assess, identify, and manage potential cybersecurity risks. Our cybersecurity risk management program involves collaboration between our employees, the information technology (“IT”) team, our Chief Information Security Officer (“CISO”), and our Enterprise Risk Management Committee, as overseen by the Board of Directors, primarily through its Audit Committee. The Company’s cybersecurity policies, standards, processes, and practices are integrated into the Company’s overall risk management program and we regularly consider cybersecurity risks in the context of material risks to the Company. Our cybersecurity risk management program categorizes cybersecurity risks into five areas: identify, protect, detect, respond, and recover. We regularly assess the cybersecurity threat landscape, employing a layered cybersecurity strategy that emphasizes prevention, detection, and mitigation through a variety of technical and operational measures. As a part of our cybersecurity risk management program, our information security program is tailored to address identified risks, while aligning with pertinent business requirements. We foster a shared responsibility for the Company’s cybersecurity with all our employees, conducting periodic phishing simulation campaigns and providing regular, mandatory security awareness training to enhance awareness and readiness against cyber threats. Certain roles require additional role-based, specialized cybersecurity training. To protect our data and information systems, we maintain Company-wide cybersecurity policies and procedures regarding encryption requirements, malware protection, remote access, multifactor authentication, confidential and privacy information, and internet, social media, email, and wireless device usage. The CISO and IT team review and update such policies and procedures to adapt to evolving cybersecurity landscapes, industry best practices, and regulatory and statutory updates. Our CISO conducts thorough reviews of these updates at least annually to ensure their continued relevance and effectiveness in safeguarding the Company’s assets and business interests. We continually seek to improve our cybersecurity posture, encompassing end-user training, layered defenses, critical asset identification and protection, enhanced monitoring and alerting, and engagement with third-party experts as needed to evaluate the efficacy of our security measures. We engage reputable third-party tools and products to assist in the monitoring, protection, detection, and potential remediation of cybersecurity threats and incidents. We also regularly evaluate cybersecurity risks associated with our use of third-party service providers, conducting an annual review of hosted applications and assessing their cybersecurity preparedness.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company employs a comprehensive, cross-departmental approach to continuously assess, identify, and manage potential cybersecurity risks. Our cybersecurity risk management program involves collaboration between our employees, the information technology (“IT”) team, our Chief Information Security Officer (“CISO”), and our Enterprise Risk Management Committee, as overseen by the Board of Directors, primarily through its Audit Committee. The Company’s cybersecurity policies, standards, processes, and practices are integrated into the Company’s overall risk management program and we regularly consider cybersecurity risks in the context of material risks to the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Company employs a comprehensive, cross-departmental approach to continuously assess, identify, and manage potential cybersecurity risks. Our cybersecurity risk management program involves collaboration between our employees, the information technology (“IT”) team, our Chief Information Security Officer (“CISO”), and our Enterprise Risk Management Committee, as overseen by the Board of Directors, primarily through its Audit Committee. The Company’s cybersecurity policies, standards, processes, and practices are integrated into the Company’s overall risk management program and we regularly consider cybersecurity risks in the context of material risks to the Company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO is primarily responsible for the assessment and management of the Company’s material cybersecurity risks and the related cybersecurity risk management policies and procedures. Our CISO oversees our cybersecurity risk management and information security programs and provides quarterly status reports to the Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO is primarily responsible for the assessment and management of the Company’s material cybersecurity risks and the related cybersecurity risk management policies and procedures. Our CISO oversees our cybersecurity risk management and information security programs and provides quarterly status reports to the Audit Committee. Our CISO possesses over 25 years of experience in various technology and cybersecurity operations, holds the Certified Chief Information Security Officer (CCISO) certification from EC-Council and certifications from ISC2, Information Systems Security Management Professional (ISSMP), Certified Information Systems Security Professional (CISSP), Certified Cloud Security Professional (CCSP), Certified in Governance, Risk and Compliance (CGRC) as well as ISACA certifications of Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC). Other key members of management assist our CISO in the oversight of cybersecurity risk management. We have established an incident response team which is composed of individuals from our various IT and managerial functions and consults with members of internal departments, as needed to perform an impact analysis of security incidents which may have a material effect on the Company, The Audit Committee has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses, and it oversees management to ensure that the processes designed, implemented, and maintained with respect to such risks are functioning as intended and adapted when necessary to respond to changes in our strategy, as well as emerging risks. Given the importance of information security and cybersecurity to our stakeholders, our Enterprise Risk Management Committee and our Audit Committee review quarterly reports from our CISO regarding the Company’s cybersecurity strategies for mitigating known risks, newly identified risks, existing projects, and key performance insights and engage in discussions with management based on such reports and other recent developments.
Cybersecurity Risk Role of Management [Text Block]	Our CISO is primarily responsible for the assessment and management of the Company’s material cybersecurity risks and the related cybersecurity risk management policies and procedures. Our CISO oversees our cybersecurity risk management and information security programs and provides quarterly status reports to the Audit Committee. Our CISO possesses over 25 years of experience in various technology and cybersecurity operations, holds the Certified Chief Information Security Officer (CCISO) certification from EC-Council and certifications from ISC2, Information Systems Security Management Professional (ISSMP), Certified Information Systems Security Professional (CISSP), Certified Cloud Security Professional (CCSP), Certified in Governance, Risk and Compliance (CGRC) as well as ISACA certifications of Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC). Other key members of management assist our CISO in the oversight of cybersecurity risk management. We have established an incident response team which is composed of individuals from our various IT and managerial functions and consults with members of internal departments, as needed to perform an impact analysis of security incidents which may have a material effect on the Company, The Audit Committee has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses, and it oversees management to ensure that the processes designed, implemented, and maintained with respect to such risks are functioning as intended and adapted when necessary to respond to changes in our strategy, as well as emerging risks. Given the importance of information security and cybersecurity to our stakeholders, our Enterprise Risk Management Committee and our Audit Committee review quarterly reports from our CISO regarding the Company’s cybersecurity strategies for mitigating known risks, newly identified risks, existing projects, and key performance insights and engage in discussions with management based on such reports and other recent developments.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO is primarily responsible for the assessment and management of the Company’s material cybersecurity risks and the related cybersecurity risk management policies and procedures. Our CISO oversees our cybersecurity risk management and information security programs and provides quarterly status reports to the Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO possesses over 25 years of experience in various technology and cybersecurity operations, holds the Certified Chief Information Security Officer (CCISO) certification from EC-Council and certifications from ISC2, Information Systems Security Management Professional (ISSMP), Certified Information Systems Security Professional (CISSP), Certified Cloud Security Professional (CCSP), Certified in Governance, Risk and Compliance (CGRC) as well as ISACA certifications of Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses, and it oversees management to ensure that the processes designed, implemented, and maintained with respect to such risks are functioning as intended and adapted when necessary to respond to changes in our strategy, as well as emerging risks. Given the importance of information security and cybersecurity to our stakeholders, our Enterprise Risk Management Committee and our Audit Committee review quarterly reports from our CISO regarding the Company’s cybersecurity strategies for mitigating known risks, newly identified risks, existing projects, and key performance insights and engage in discussions with management based on such reports and other recent developments.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Reporting and Consolidation	Basis of Reporting and Consolidation
Estimates	Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), deferred gain on retroactive reinsurance; unearned premium for AmTrust, recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld and deferred commission and other acquisition expenses; valuation of financial instruments and deferred tax assets; and the determination of an allowance for estimated credit losses on certain types of financial instruments which requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.
Short-term investments	Short-term investments - These investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2024 and 2023. Equity securities - Equity securities include publicly traded common stocks, and privately held common and preferred stocks. The fair value of publicly traded common stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using a combination of observable and unobservable inputs including but not limited to market pricing data and quarterly financial statements. Any unrealized gains or losses on the investment, including the portion attributable to changes in foreign exchange rates, are recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine their fair values. For investments without a readily determinable fair value, the measurement alternative can be elected to report the qualifying investment at cost, less impairment if any, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. Other investments — The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC 321 , Investments – Equity Securities ("ASC 321"). Other investments are comprised of the following types of investments: • Privately held equity investments: These are direct equity investments in common and preferred stock of privately held entities. The fair values are estimated using guideline public company data to determine a price-to-book ratio trading multiple which was applied to book values shown on the quarterly financial statements as well as recent private market transactions. These investments are also comprised of investments in insurtech and other insurance focused companies. The fair value of start-up insurance entities are determined using recent private market transactions where applicable. Any changes in fair value are reported in net realized and unrealized gains (losses) and recognized in net earnings. • Private credit funds: These are privately held equity investments in limited partnerships or common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. • Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures . The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. • Investments in direct lending entities: These investments are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. The valuation of other investments is further described in Note 5 — Fair Value Measurements . Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss, net of any contributions and distributions received. Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of equity method investments are recorded in net income (loss) as the interest in income (loss) of equity method investments. 2. Significant Accounting Policies (continued) The Company records its share of the investee’s other comprehensive income ("OCI") activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's accumulated other comprehensive income ("AOCI"). Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of AOCI in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the constant yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. 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 to sell requirement.
Fair Value Measurements	Fair Value Measurements — ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: • Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; • Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and • Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use, developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the applicable 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. 2. Significant Accounting Policies (continued) The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause a financial instrument to be reclassified between hierarchy levels. For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives quoted market prices from a third party nationally recognized Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that investment being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. ASC 825, "Disclosure About Fair Value of Financial Instruments" , requires all entities to disclose the fair value of their financial instruments for both assets and liabilities recognized and not recognized within the balance sheet, and for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments measured at fair value held at December 31, 2024 and 2023. U.S. government and U.S. agency bonds — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy. Non-U.S. government bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government bonds are observable market inputs, the fair values of non-U.S. government and bonds are included in the Level 2 fair value hierarchy. Collateralized loan obligations ("CLO") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Commercial mortgage-backed securities ("CMBS") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies. that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy. Equity securities - Equity securities include publicly traded common stocks, and privately held common and preferred stocks. The fair value of publicly traded common stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy. Other investments — These investments are comprised of the following types of investments: • Privately held investments: These are direct equity investments in common and preferred shares of privately held entities. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation. • Private credit funds: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly NAV statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient. • Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures . The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values are therefore measured using the NAV as a practical expedient. Derivative Instruments - The Company entered into a retroactive reinsurance contract that is accounted for as a derivative. This reinsurance contract provides 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 this contract to be part of its underwriting operations. This derivative is initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of this derivative is 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 this derivative. 5. Fair Value Measurements (continued) T he fair value changes in the underwriting-related derivative instrument are included in other insurance revenue (expense), net. The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities. A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price the derivative are unobservable, the fair values of this contract is classified as Level 3 in the fair value hierarchy.
Cash and Cash Equivalents	Cash and Cash Equivalents
Premiums and Related Expenses	Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2024 and 2023. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceed unearned premiums. At December 31, 2024, a premium deficiency of $3,325 was recognized for liabilities associated with AmTrust reinsurance agreements, therefore, the amortization of deferred acquisition costs was accelerated during the year (2023 - $0).
Loss and LAE	Loss and LAE
Reinsurance and Retroactive Reinsurance	Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. 2. Significant Accounting Policies (continued) Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. Retroactive Reinsurance - Retroactive reinsurance agreements are those in which a reinsurer agrees to reimburse the ceding company for liabilities incurred as a result of past insurable loss events. We do not record any income or expense on recognition of the reinsurance contract's assets and liabilities at inception, except for any gains realized as a result of bargain purchase acquisitions which are recorded as part of foreign exchange and other gains (losses) immediately in income. Any subsequent remeasurement of the value of liabilities is recorded to net loss and LAE within the Consolidated Statements of Income. For ceded retroactive agreement, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately. At the inception of a run-off retroactive reinsurance contract, if the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we do not record any gain or loss at the inception of these retroactive reinsurance contracts. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from cedents at the inception of the contract, we invest the premium received over an extended period of time, thereby generating investment income. We expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. Deferred charge assets will be recorded in other assets (if and when applicable), and deferred gain liabilities are shown separately in the Consolidated Balance Sheets, and amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in income as a component of net loss and LAE. The amortization of deferred charge assets and deferred gain liabilities is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated amount and timing of payments of unpaid losses may have an effect on the unamortized deferred charge assets and deferred gain liabilities and the amount of periodic amortization.
Debt Obligations and Deferred Debt Issuance Costs	Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the contractual life of the debt. The amortization of these costs are included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of issuance costs is presented as a deduction from the related principal liability for senior notes in the Consolidated Balance Sheets.
Leases	Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 8.5%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the effective lease term in the Company's Consolidated Statements of Income.
Depreciable Fixed Assets	Depreciable Fixed Assets - The Company's depreciable fixed assets consist of furniture and equipment, computer hardware and software, including renewals and betterments, which are capitalized at their original cost, while maintenance and repairs are expensed on a current basis. Depreciation on furniture and equipment, computer hardware and software is computed using the straight-line method over the estimated useful life of the asset after provision for salvage value, if any. Leasehold improvements are capitalized and depreciated over the effective lease term or useful life, whichever is shorter, to which the leasehold improvements relate as discussed in Note 11 — Commitments, Contingencies and Guarantees and are shown in the table below.
Derivative Instruments	Derivative Instruments — The Company has certain reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of the underwriting-related derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contract. The fair value changes in underwriting-related derivative instruments is included within other insurance (expense) revenue. The underwriting-related derivative liability is presented as part of accrued expenses and other liabilities in the Consolidated Balance Sheets and adjusted as a non-cash item in net cash flows from operating activities in the Consolidated Statement of Cash Flows.
Income Taxes and Improvements to Income Tax Disclosures	Income Taxes — The Company accounts for income taxes using ASC Topic 740 " Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2024 and 2023.
Share-Based Compensation Expense	Share-Based Compensation Expense — Pursuant to the 2019 Omnibus Incentive Plan, the Company is authorized to issue restricted share awards and performance-based restricted shares, share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options and restricted share grants based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for if and when they occur. The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in the Consolidated Shareholders’ Equity.
Earnings Per Share	Earnings Per Share
Treasury Shares	Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholding in respect of tax obligations on the vesting of restricted shares and performance based shares. Treasury shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets. Treasury shares also include common shares owned by Maiden Reinsurance and are eliminated for accounting and financial reporting purposes in the Company’s consolidated financial statements. The common shares held by Maiden Reinsurance are presented as treasury shares on the Consolidated Balance Sheet at December 31, 2024. Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share. On December 27, 2022, the Company exchanged all of its outstanding non-cumulative preference shares for its common shares ("Exchange"). Common share issuance costs incurred directly as a result of the Exchange on December 27, 2022 have been deferred and offset against additional paid-in capital of the new common shares issued to non-affiliates.
Foreign Currency Transactions	Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued. 2. Significant Accounting Policies (continued)
Recently Adopted and Issued Accounting Standards	Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the 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 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 securities are recorded through an allowance for credit losses rather than under the previous other-than-temporarily impaired methodology. In April 2019, the FASB issued targeted improvements related to Topic 326 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 in scope of Subtopic 326-20, Accounting for financial assets held at amortized cost basis , 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 Topic 326. 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 which 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 OCI. 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 December 31, 2024. 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 December 31, 2024, the total allowance for expected credit losses on the investment in direct lending entities was $1,023 (2023 - $1,023). Please see "Note 5(d). Fair Value Measurements" for additional information on 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 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 December 31, 2024, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $2,963 (2023 - $3,240) which is discussed further 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 December 31, 2024, the total allowance for expected credit losses on the Company's reinsurance balances receivable was $169 (2023 -$187). 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 December 31, 2024, the total allowance for expected credit losses on the Company's funds withheld receivable was $8 (2023 - $19). Recently Adopted Accounting Standards Updates The following accounting standards have been recently adopted for the year ended December 31, 2024: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, FASB issued ASU 2022-03 " Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820). The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restrictions; and any circumstances that could cause a lapse in the restrictions. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company adopted this Update on January 1, 2024. Certain of the Company's equity securities are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods as described in " Note 4. (b) Investments". The Company has assessed the required disclosures for equity securities that may be subject to contractual sales restrictions. These amendments have expanded the disclosures made in "Note 4. Investments" however the adoption of this standard did not impact the Company’s consolidated balance sheets, results of operations or statement of cash flows. Improvements to Reportable Segment Disclosures In November 2023, FASB issued ASU 2023-07 " Improvements to Reportable Segment Disclosures" an amendment of Segment Reporting (Topic 280). The amendments in this ASU require the Company to provide disclosures, on both an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss. This ASU also requires that a public entity provide all annual disclosures about a reportable segment’s profit or loss and segment assets that are currently required by Topic 280 in all interim periods. Additionally, the amendments require that a public entity disclose the title and position of the CODM and an explanation of how the reported measures of segment profit or loss are used by the CODM in assessing segment performance and deciding how to allocate resources within the Company. 2. Significant Accounting Policies (continued) The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company currently discloses its significant segment expenses and segment assets in Note 3 — Segment Information on both an annual and interim basis as provided to the Company's CODM. The Company adopted this Update on January 1, 2024. Recently Issued Accounting Standards Not Yet Adopted Improvements to Income Tax Disclosures In December 2023, FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" an amendment of Income Taxes (Topic 740). The amendments in this ASU require the Company to provide disclosures on an annual basis that (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this Update also require that the Company disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid (net of refunds received). Finally, the amendments in this Update require that all entities disclose the income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. The Company is still evaluating the guidance provided by this Update, however, it is not anticipated to have any material impact on its current annual tax disclosures. Expense Disaggregation Disclosures In November 2024, FASB issued ASU 2024-03 "Expense Disaggregation Disclosures" an amendment of Income Statement - Reporting Comprehensive Income (Subtopic 220-40). The amendments in this Update improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods which is generally not presented in today's income statements. In particular, all public companies must disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization that is included in each relevant expense caption. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this Update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not plan to early adopt ASU 2024-03 and will provide the required expense disclosures on a prospective basis. At this time, the Company anticipates that further expense information on employee compensation will be the primary requirement under this ASU.

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Depreciable Fixed Assets	The Company's depreciable fixed assets which are presented in Other Assets on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, are as follows: December 31, 2024 2023 Gross Accumulated Depreciation Net carrying value Gross Accumulated Depreciation Net carrying value Total Fixed Assets (1) $ 2,652 $ (1,882) $ 770 $ 2,656 $ (1,970) $ 686 (1) The building is excluded at December 31, 2024 due to the Swedish Subsidiaries Sale as discussed in Note 16 — Assets Held for Sale .

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Income (Loss) to Consolidated	The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the years ended December 31, 2024 and 2023, respectively: For the Year Ended December 31, 2024 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 34,882 $ (1,686) $ 33,196 Net premiums written $ 34,749 $ (1,686) $ 33,063 Net premiums earned $ 35,787 $ 13,687 $ 49,474 Other insurance revenue (expense) 65 (24,259) (24,194) Net loss and LAE (22,583) (163,544) (186,127) Commission and other acquisition expenses (15,266) (9,044) (24,310) General and administrative expenses (9,441) (2,773) (12,214) Underwriting loss $ (11,438) $ (185,933) (197,371) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 31,156 Interest and amortization expenses (19,266) Foreign exchange and other gains, net 7,001 Other general and administrative expenses (23,134) Income tax expense (1,055) Interest in income from equity method investments 1,700 Net loss $ (200,969) For the Year Ended December 31, 2023 Diversified Reinsurance AmTrust Reinsurance Total Gross premiums written $ 27,402 $ (3,936) $ 23,466 Net premiums written $ 27,104 $ (3,936) $ 23,168 Net premiums earned $ 29,039 $ 14,930 $ 43,969 Other insurance revenue 39 — 39 Net loss and LAE (14,230) (46,998) (61,228) Commission and other acquisition expenses (13,879) (5,583) (19,462) General and administrative expenses (10,110) (2,690) (12,800) Underwriting loss $ (9,141) $ (40,341) (49,482) Reconciliation to net loss Net investment income and net realized and unrealized investment gains 45,226 Interest and amortization expenses (18,226) Foreign exchange and other losses, net (5,741) Other general and administrative expenses (17,996) Income tax expense (196) Interest in income from equity method investments 7,846 Net loss $ (38,569)
Schedule of Reconciliation of Assets from Segment to Consolidated	The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2024 and 2023: December 31, 2024 Diversified Reinsurance AmTrust Reinsurance Total Reinsurance balances receivable, net $ 2,945 $ 5,171 $ 8,116 Reinsurance recoverable on unpaid losses 3,064 532,910 535,974 Deferred commission and other acquisition expenses 549 7,553 8,102 Loan to related party — 167,975 167,975 Restricted cash and cash equivalents and investments 63,456 128,826 192,282 Funds withheld receivable 12,650 — 12,650 Other assets 603 — 603 Total assets - reportable segments 83,267 842,435 925,702 Corporate assets — — 369,489 Assets held for sale — — 20,815 Total Assets $ 83,267 $ 842,435 $ 1,316,006 December 31, 2023 Diversified Reinsurance AmTrust Reinsurance Total Reinsurance balances receivable, net $ 3,108 $ 9,201 $ 12,309 Reinsurance recoverable on unpaid losses 5,692 515,463 521,155 Deferred commission and other acquisition expenses 961 16,605 17,566 Loan to related party — 167,975 167,975 Restricted cash and cash equivalents and investments 67,211 152,663 219,874 Funds withheld receivable 15,534 128,451 143,985 Other assets 685 — 685 Total assets - reportable segments 93,191 990,358 1,083,549 Corporate assets — — 435,385 Total Assets $ 93,191 $ 990,358 $ 1,518,934
Schedule of Gross and Net Premiums Written and Net Premiums Earned by Geographic Location	The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2024 and 2023. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries. For the Year Ended December 31, 2024 2023 Gross premiums written – North America $ (632) $ (146) Gross premiums written – Other (predominantly Europe) 33,828 23,612 Gross premiums written – Total $ 33,196 $ 23,466 Net premiums written – North America $ (674) $ (309) Net premiums written – Other (predominantly Europe) 33,737 23,477 Net premiums written – Total $ 33,063 $ 23,168 Net premiums earned – North America $ (674) $ (309) Net premiums earned – Other (predominantly Europe) 50,148 44,278 Net premiums earned – Total $ 49,474 $ 43,969
Schedule of Net Premiums by Major Line of Business	The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Diversified Reinsurance International $ 34,749 $ 27,104 Total Diversified Reinsurance 34,749 27,104 AmTrust Reinsurance Small Commercial Business (643) (465) Specialty Program (31) 156 Specialty Risk and Extended Warranty (1,012) (3,627) Total AmTrust Reinsurance (1,686) (3,936) Total Net Premiums Written $ 33,063 $ 23,168 The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Total % of Total Total % of Total Diversified Reinsurance International $ 35,787 72.3 % $ 29,039 66.0 % Total Diversified Reinsurance 35,787 72.3 % 29,039 66.0 % AmTrust Reinsurance Small Commercial Business (643) (1.3) % (465) (1.1) % Specialty Program (31) (0.1) % 156 0.4 % Specialty Risk and Extended Warranty 14,361 29.1 % 15,239 34.7 % Total AmTrust Reinsurance 13,687 27.7 % 14,930 34.0 % Total Net Premiums Earned $ 49,474 100.0 % $ 43,969 100.0 %

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024 and 2023 are as follows: December 31, 2024 Original or Gross Gross Fair value U.S. treasury bonds $ 84,033 $ 25 $ — $ 84,058 U.S. agency bonds – mortgage-backed 26,841 — (3,485) 23,356 Non-U.S. government bonds 38,496 39 (3) 38,532 Collateralized loan obligations 60,829 4 (130) 60,703 Corporate bonds 26,589 — (625) 25,964 Total fixed maturity investments $ 236,788 $ 68 $ (4,243) $ 232,613 December 31, 2023 Original or Gross Gross Fair value U.S. treasury bonds $ 55,046 $ 8 $ (2) $ 55,052 U.S. agency bonds – mortgage-backed 29,918 — (3,267) 26,651 Non-U.S. government bonds 21,219 — (468) 20,751 Collateralized loan obligations 80,591 — (1,788) 78,803 Corporate bonds 71,762 — (2,418) 69,344 Total fixed maturity investments $ 258,536 $ 8 $ (7,943) $ 250,601
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. Fixed maturities December 31, 2024 Amortized cost Fair value Maturity Due in one year or less $ 141,749 $ 141,653 Due after one year through five years 6,849 6,461 Due after five years through ten years 520 440 149,118 148,554 U.S. agency bonds – mortgage-backed 26,841 23,356 Collateralized loan obligations 60,829 60,703 Total fixed maturities $ 236,788 $ 232,613
Schedule of Fixed Maturities in an Unrealized Loss Position and Aggregate Fair Value	The following tables summarize fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: Less than 12 Months 12 Months or More Total December 31, 2024 Fair Unrealized Fair Unrealized Fair Unrealized U.S. agency bonds – mortgage-backed $ — $ — $ 23,356 $ (3,485) $ 23,356 $ (3,485) Non-U.S. government bonds 7,389 (3) — — 7,389 (3) Collateralized loan obligations — — 56,242 (130) 56,242 (130) Corporate bonds — — 25,964 (625) 25,964 (625) Total temporarily impaired fixed maturity securities $ 7,389 $ (3) $ 105,562 $ (4,240) $ 112,951 $ (4,243) Less than 12 Months 12 Months or More Total December 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury bonds $ 518 $ (2) $ — $ — $ 518 $ (2) U.S. agency bonds – mortgage-backed — — 26,651 (3,267) 26,651 (3,267) Non-U.S. government bonds 8,217 (1) 10,343 (467) 18,560 (468) Collateralized loan obligations — — 78,803 (1,788) 78,803 (1,788) Corporate bonds — — 69,344 (2,418) 69,344 (2,418) Total temporarily impaired fixed maturity securities $ 8,735 $ (3) $ 185,141 $ (7,940) $ 193,876 $ (7,943)
Schedule of the Credit Ratings of Fixed Maturities	The following tables summarize the credit ratings of our fixed maturity securities as at December 31, 2024 and 2023: December 31, 2024 Amortized cost Fair value % of Total U.S. treasury bonds $ 84,033 $ 84,058 36.1 % U.S. agency bonds 26,841 23,356 10.0 % AAA 70,943 70,827 30.5 % AA+, AA, AA- 29,981 29,998 12.9 % A+, A, A- 12,837 12,404 5.3 % BBB+, BBB, BBB- 12,153 11,970 5.2 % Total fixed maturities (1) $ 236,788 $ 232,613 100.0 % December 31, 2023 Amortized cost Fair value % of Total U.S. treasury bonds $ 55,046 $ 55,052 22.0 % U.S. agency bonds 29,918 26,651 10.6 % AAA 84,455 82,703 33.0 % AA+, AA, AA- 18,952 18,372 7.3 % A+, A, A- 33,060 31,810 12.7 % BBB+, BBB, BBB- 31,585 30,631 12.2 % BB+ or lower 5,520 5,382 2.2 % Total fixed maturities (1) $ 258,536 $ 250,601 100.0 % (1)
Schedule of Portfolio of Other Investments	The table below shows the composition of the Company's other investments as at December 31, 2024 and 2023: December 31, 2024 2023 Carrying Value % of Total Carrying Value % of Total Privately held equity investments (1) $ 46,301 29.5 % $ 42,194 22.7 % Private equity funds 25,123 16.0 % 47,383 25.4 % Private credit investments 1,909 1.2 % 27,806 14.9 % Investment in direct lending entities (at cost) 83,683 53.3 % 69,005 37.0 % Total other investments $ 157,016 100.0 % $ 186,388 100.0 % (1) The category for privately held equity investments reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2024 and 2023 due to new information received in the recent reporting period.
Schedule of Cost and Fair Values of the Equity Securities	The following table provides the cost and fair values of the equity securities held at December 31, 2024 and 2023: December 31, 2024 2023 Cost Fair Value Cost Fair Value Privately held common stocks $ 8,186 $ 6,778 $ 34,549 $ 35,272 Privately held preferred stocks (1) 5,250 6,369 5,250 6,369 Publicly traded equity investments in common stocks — — 90 81 Total equity securities $ 13,436 $ 13,147 $ 39,889 $ 41,722 (1) The category for privately held preferred stocks reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2024 and 2023 due to new information received in the recent reporting period. Fair Value Remaining duration of restrictions Nature of contractual sale restrictions Circumstances that could cause a lapse in restrictions Privately held common stocks $ 6,778 Indefinite The Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available Privately held preferred stocks (1) 6,369 Indefinite The Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available Total equity securities subject to contractual sale restrictions $ 13,147 (1) The category for privately held preferred stocks reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2024 and 2023 due to new information received in the recent reporting period.
Schedule of Equity Method Investments	The table below shows the carrying value of the Company's equity method investments as of December 31, 2024 and 2023: December 31, 2024 2023 Carrying Value % of Total Carrying Value % of Total Real estate investments $ 57,541 70.8 % $ 49,897 61.7 % Other investments 23,746 29.2 % 31,032 38.3 % Total equity method investments $ 81,287 100.0 % $ 80,929 100.0 % The table below shows the carrying value and beneficial ownership percentage of the Company's equity method investments as of December 31, 2024, the summarized financial data of each equity method investment for the year ended December 31, 2023, and the Company's interest in income (loss) of equity method investments for the year ended December 31, 2024: December 31, 2024 For the Year Ended December 31, 2023 For the Year Ended December 31, 2024 Carrying Value Beneficial Ownership Investee Revenue (1) Investee net income (loss) (1) Equity in income (loss) of investee USQ Risk $ 4,240 18.9 % $ 13,598 $ 5,055 $ 1,316 Silverstone Venture 2 2,197 86.8 % 590 558 319 Silverstone Venture 1 8,570 90.0 % 15,157 6,055 (227) Silverstone Venture 3 8,739 70.2 % 921 894 (38) Extell Hudson Waterfront Holdings 27,500 25.0 % 2,833 2,833 — Seiden LP & Seiden MGMT LP 30,041 99.9 % 687 (55) 330 Total equity method investments $ 81,287 $ 1,700 (1) The Company has included summarized financial data of its equity method investees for the year ended December 31, 2023 as this period represents the most recent audited financial statements available at the time of filing the Company's Form 10-K for the year ended December 31, 2024 .
Schedule of Net Investment Income	Net investment income was derived from the following sources for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Fixed maturities $ 9,173 $ 10,065 Income on funds withheld (1) 1,554 10,433 Interest income from loan to related party 11,997 11,802 Other investments 3,972 4,957 Cash and cash equivalents 1,200 685 27,896 37,942 Investment expenses (2,350) (564) Net investment income $ 25,546 $ 37,378 (1) The interest income on the funds withheld receivable from related parties was $1,262 for the year ended December 31, 2024 (2023 - $10,009). Please see Note 10 — Related Party Transactions for further details.
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 Consolidated Statements of Income for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 Gross gains Gross losses Net Fixed maturities $ 3 $ (733) $ (730) Equity securities 1,620 (6,830) (5,210) Other investments 19,678 (8,128) 11,550 Net realized and unrealized investment gains (losses) $ 21,301 $ (15,691) $ 5,610 For the Year Ended December 31, 2023 Gross gains Gross losses Net Fixed maturities $ — $ (2,971) $ (2,971) Equity securities 3,923 (431) 3,492 Other investments 10,583 (3,256) 7,327 Net realized and unrealized investment gains (losses) $ 14,506 $ (6,658) $ 7,848 Realized and unrealized investment gains and losses from equity securities detailed in the tables above include both sales and distributions of equity securities and unrealized gains and losses coming from fair value changes. Net unrealized losses recognized for equity securities held at reporting date were as follows: For the Year Ended December 31, 2024 2023 Net (losses) gains recognized for equity securities $ (5,210) $ 3,492 Net losses (gains) recognized for equity securities divested 3,538 (4,957) Net unrealized losses recognized for equity securities held at reporting date $ (1,672) $ (1,465)
Schedule of Net Unrealized Gains on Fixed Maturity Investments	Net unrealized losses included in AOCI were as follows at December 31, 2024 and 2023, respectively: December 31, 2024 2023 Net unrealized losses on fixed maturity investments $ (4,175) $ (7,935) Net unrealized losses on held for sale AFS investments (453) — Total net unrealized losses (4,628) (7,935) Deferred income tax — 151 Net unrealized losses, net of deferred income tax $ (4,628) $ (7,784) Change, net of deferred income tax $ 3,156 $ 7,884
Schedule of Fair Value of Restricted Assets	The fair values of restricted assets were as follows at December 31, 2024 and 2023: December 31, 2024 2023 Restricted cash – third party agreements $ 7,678 $ 6,019 Restricted cash – related party agreements 1,406 1,247 Total restricted cash 9,084 7,266 Restricted investments – in trust for third party agreements at fair value (amortized cost: 2024 – $58,365; 2023 – $63,299) 55,848 61,192 Restricted investments – in trust for related party agreements at fair value (amortized cost: 2024 – $128,584; 2023 – $155,546) 127,420 151,416 Total restricted investments 183,268 212,608 Total restricted cash and investments $ 192,352 $ 219,874

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy of Financial Assets and Financial Liabilities Measured on A Recurring Basis	At December 31, 2024 and 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: December 31, 2024 Quoted Prices Significant Significant Unobservable Inputs (Level 3) (1) Fair Value Based on NAV Practical Expedient Total Fair Fixed maturities U.S. treasury bonds $ 84,058 $ — $ — $ — $ 84,058 U.S. agency bonds – mortgage-backed — 23,356 — — 23,356 Non-U.S. government bonds — 38,532 — — 38,532 Collateralized loan obligations — 60,703 — — 60,703 Corporate bonds — 25,964 — — 25,964 Equity securities — — 10,897 — 10,897 Other investments — — 37,104 32,678 69,782 Total $ 84,058 $ 148,555 $ 48,001 $ 32,678 $ 313,292 As a percentage of total assets 6.4 % 11.3 % 3.6 % 2.5 % 23.8 % Underwriting-related derivative liability $ — $ — $ 3,984 $ — $ 3,984 (1) The category for Level 3 valuation reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2024 due to new information received in the recent reporting period. December 31, 2023 Quoted Prices Significant Significant Unobservable Inputs (Level 3) (1) Fair Value Based on NAV Practical Expedient Total Fair Fixed maturities U.S. treasury bonds $ 55,052 $ — $ — $ — $ 55,052 U.S. agency bonds – mortgage-backed — 26,651 — — 26,651 Non-U.S. government bonds — 20,751 — — 20,751 Collateralized loan obligations — 78,803 — — 78,803 Corporate bonds — 63,962 5,382 — 69,344 Equity securities 81 — 13,524 25,867 39,472 Other investments — — 27,750 86,056 113,806 Total $ 55,133 $ 190,167 $ 46,656 $ 111,923 $ 403,879 As a percentage of total assets 3.6 % 12.5 % 3.1 % 7.4 % 26.6 % Underwriting-related derivative liability $ — $ — $ 3,984 $ — $ 3,984 (1) The category for Level 3 valuation reported above includes a reclassification for a particular investment from equity securities to other investments at December 31, 2023 due to new information received in the recent reporting period.
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 December 31, 2024: Fair Value Valuation Technique Unobservable Inputs Range of Unobservable Inputs Privately held equity investments - common shares $ 42,497 Quarterly financial statements Price/book ratios of comparable public companies Privately held equity investments - preferred shares 5,504 Quarterly financial statements Privately calculated enterprise valuations Total Level 3 investments $ 48,001 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 years ended December 31, 2024 and 2023. 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 Year Ended December 31, 2024 2023 Balance - beginning of period $ 46,656 $ 16,556 Sales (1,600) (7,669) Net realized and unrealized gains recognized in the statement of income 8,327 3,697 Purchases — 3,925 Transfers (out of) into Level 3 from Level 2 and NAV practical expedient (5,382) 30,147 Total Level 3 investments - end of period $ 48,001 $ 46,656
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 Company's outstanding Senior Notes as at December 31, 2024 and 2023: December 31, 2024 2023 Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes - MHLA – 6.625% $ 110,000 $ 67,980 $ 110,000 $ 73,744 2013 Senior Notes - MHNC – 7.75% 152,361 109,030 152,361 115,855 Total Senior Notes $ 262,361 $ 177,010 $ 262,361 $ 189,599

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Changes in Common Shares Outstanding	The following table shows the summary of changes in the Company's common shares outstanding for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Outstanding shares – January 1 100,472,120 101,532,151 Issuance of vested restricted shares and exercised common share options 566,443 508,275 Shares repurchased for tax purposes (127,555) (128,731) Shares repurchased by Maiden Reinsurance under authorized repurchase plan (1,871,755) (1,439,575) Outstanding shares – December 31 (1) 99,039,253 100,472,120 (1) Outstanding shares at December 31, 2024 and 2023 exclude 41,439,348 common shares issued to Maiden Reinsurance under the Exchange as well as 3,311,330 and 1,439,575 common shares repurchased, respectively, by Maiden Reinsurance under authorized repurchase plan. These shares are held by Maiden Reinsurance and are treated as treasury shares as detailed in the table further below.
Schedule of Class of Treasury Stock	The table below includes the total number of treasury shares outstanding at December 31, 2024 and 2023: December 31, 2024 2023 Number of shares held by Maiden Reinsurance treated as treasury shares 44,750,678 42,878,923 Number of treasury shares due to common share repurchases by Maiden Holdings 6,508,867 6,381,312 Total number of treasury shares at the end of the reporting period 51,259,545 49,260,235
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 Change in net unrealized gains on investment Foreign currency translation adjustments Total Beginning balance $ (7,784) $ (23,685) $ (31,469) Net current period other comprehensive income (loss) 3,156 (4,420) (1,264) Ending balance, Maiden shareholders $ (4,628) $ (28,105) $ (32,733) For the Year Ended December 31, 2023 Change in net unrealized gains on investment Foreign currency translation adjustments Total Beginning balance $ (15,668) $ (25,566) $ (41,234) Net current period other comprehensive income 7,884 1,881 9,765 Ending balance, Maiden shareholders $ (7,784) $ (23,685) $ (31,469)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Senior Notes Issuances	The following tables detail the issuances outstanding at December 31, 2024 and 2023: December 31, 2024 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,361 $ 262,361 Less: unamortized issuance costs 3,280 4,324 7,604 Carrying value $ 106,720 $ 148,037 $ 254,757 December 31, 2023 2016 Senior Notes 2013 Senior Notes Total Principal amount $ 110,000 $ 152,361 $ 262,361 Less: unamortized issuance costs 3,345 4,419 7,764 Carrying value $ 106,655 $ 147,942 $ 254,597 Other details: Original debt issuance costs $ 3,715 $ 5,049 Maturity date June 14, 2046 December 1, 2043 Earliest redeemable date (for cash) June 14, 2021 December 1, 2018 Coupon rate 6.625 % 7.75 % Effective interest rate 7.07 % 8.04 %

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2024
Reinsurance Disclosures [Abstract]
Schedule of Effects of Reinsurance on Premiums Written and Earned and on Net Loss and LAE	The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2024 and 2023 was as follows: For the Year Ended December 31, 2024 2023 Premiums written Direct $ 34,846 $ 27,265 Assumed (1,651) (3,799) Ceded (132) (298) Net $ 33,063 $ 23,168 Premiums earned Direct $ 34,589 $ 27,049 Assumed 14,992 17,202 Ceded (107) (282) Net $ 49,474 $ 43,969 Loss and LAE Gross loss and LAE $ 183,732 $ 59,562 Loss and LAE ceded 2,395 1,666 Net $ 186,127 $ 61,228
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 years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Allowance for expected credit losses on reinsurance recoverable, beginning of period $ 3,240 4,277 Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized (277) (1,037) Allowance for expected credit losses on reinsurance recoverable, end of period $ 2,963 3,240
Schedule of Reinsurance Recoverable on Unpaid Losses	The table below shows the components of the increase in the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Opening Balance $ 515,463 $ 490,408 Adverse PPD covered under the LPT/ADC Agreement 64,338 29,308 Favorable PPD on commuted Workers Compensation business (26,200) (3,800) Recoveries received under the LPT/ADC Agreement (20,825) — Change in credit loss allowance on reinsurance recoverable under LPT/ADC Agreement 134 (453) Reinsurance recoverable on unpaid losses under the LPT/ADC Agreement $ 532,910 $ 515,463 The table below shows the components of the increase in the deferred gain for the LPT/ADC Agreement for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Opening Balance $ 70,916 $ 45,408 Adverse PPD covered under the LPT/ADC Agreement 64,338 29,308 Favorable PPD on commuted Workers Compensation business (26,200) (3,800) Amortization of deferred gain for the LPT/ADC Agreement (4,099) — Deferred gain liability for the LPT/ADC Agreement $ 104,955 $ 70,916

Reserve for Loss and Loss Adj_2

Reserve for Loss and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The reserve for loss and LAE comprises: December 31, 2024 2023 Reserve for reported loss and LAE $ 383,087 $ 543,818 Reserve for losses incurred but not reported ("IBNR") 410,592 323,615 Reserve for loss and LAE $ 793,679 $ 867,433 The following table represents a reconciliation of the beginning and ending gross and net loss and LAE reserves: For the Year Ended December 31, 2024 2023 Gross loss and LAE reserves, January 1 $ 867,433 $ 1,131,408 Less: reinsurance recoverable on unpaid losses, January 1 564,331 556,116 Net loss and LAE reserves, January 1 303,102 575,292 Net incurred losses related to: Current year 31,695 23,040 Prior years 154,432 38,188 186,127 61,228 Net paid losses related to: Current year (1,303) (837) Prior years (216,329) (321,206) (217,632) (322,043) Change in deferred gain on retroactive reinsurance (34,015) (25,532) GLS run-off business acquired or assumed 473 — Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses — 4,277 Effect of foreign exchange rate movements (15,707) 9,880 Net loss and LAE reserves, December 31 222,348 303,102 Reinsurance recoverable on unpaid losses, December 31 571,331 564,331 Gross loss and LAE reserves, December 31 $ 793,679 $ 867,433 For the Year Ended December 31, 2024 2023 Prior Year Loss Development adverse (favorable) Diversified Reinsurance $ 6,908 $ 4,440 AmTrust Reinsurance 147,524 33,748 Total Prior Year Development $ 154,432 $ 38,188
Schedule of Prior Year Loss Development by Line of Business	The table below details prior year reserve development by line of business for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Prior Year Loss Development adverse (favorable) IIS business $ 793 $ 2,504 GLS 5,265 954 Other run-off lines 850 982 Total Diversified Reinsurance Prior Year Development $ 6,908 $ 4,440 The table below shows prior year loss development for the AmTrust Reinsurance segment for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 2023 Prior Year Loss Development adverse (favorable) AmTrust Quota Share $ 104,952 $ 24,098 European Hospital Liability Quota Share 47,015 10,268 AmTrust other runoff (4,443) (618) Total AmTrust Reinsurance Prior Year Development $ 147,524 $ 33,748 For the Year Ended December 31, 2024 2023 PPD adverse (favorable) before the impact of the LPT/ADC Agreement Workers Compensation $ (18,145) $ (17,956) Commercial Auto Liability (3,536) 9,747 General Liability 92,997 31,703 Other Lines 56 (14) Other Specialty Risk & Extended Warranty 33,580 618 Total AmTrust Quota Share Prior Year Development $ 104,952 $ 24,098
Schedule of Incurred Losses And LAE And Cumulative Paid Losses And LAE	The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, since 2014 for the Company's IIS business in the Diversified Reinsurance segment. The development tables below included reserves acquired from the loss portfolio transfer agreement associated with the GMAC International Insurance Services ("IIS") business as at November 30, 2010 of $98,827. For the purposes of disclosure, the reserves from the loss portfolio transfer was allocated to the original accident year. Many pro-rata contracts are big enough that specific company development patterns are used. The ELR from the pricing of the account is typically used for the first year or more until the data suggests an alternative result is likely. Use of the ELR method transitions to the BF and then the LD method. For smaller contracts, benchmark development patterns may be used in both the pricing to establish the ELR and the reserving. The use of benchmark patterns is more prevalent in excess of loss business and the movement to experience based methods is slower. The IIS business written by the Company's IIS team is mainly proportional treaty business, a significant portion of which is Personal Auto quota share but also comprises credit life quota share. Life and personal accident business is also written on a direct basis by Maiden LF. The IIS business team works with insurance partners, automobile manufacturers and their related credit providers and other organizations to design and implement insurance programs in both auto distribution-related and other consumer insurance products. For the auto quota share exposure, initial underwriting year loss projections are generally based on the ELR method, derived from account pricing analyses. Payment and reporting patterns are predominantly short-tailed, and the movement away from the ELR to BF or LD methods typically happens very rapidly. Credit life reserves are primarily a function of reporting lag, typically only one or several months on average. The reserves are calculated using a FS methodology, where the frequency is a function of the average claims lag and the average per claims severity. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Diversified Reinsurance - IIS business Incurred loss and LAE, net of reinsurance At December 31, 2024 For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total IBNR Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2010 $ 69,863 $ 71,938 $ 73,938 $ 73,636 74,599 $ 74,713 $ 74,996 $ 75,180 $ 77,325 $ 77,112 $ 553 2011 43,801 43,631 44,010 44,260 44,220 44,182 44,182 44,255 44,212 44,214 58 2012 43,885 43,967 44,229 43,948 43,897 43,831 43,926 43,902 43,861 43,760 143 2013 47,553 47,055 47,655 47,494 47,850 47,786 47,882 47,851 47,797 47,880 (146) 2014 47,779 47,637 47,530 47,329 47,392 47,154 47,048 47,064 47,080 46,926 150 2015 42,478 43,888 44,366 44,015 44,050 43,909 43,649 43,661 43,565 43,583 25 2016 38,336 40,316 39,691 39,678 40,078 39,785 39,871 39,858 39,840 89 2017 36,369 37,261 36,225 35,404 35,415 35,218 35,034 34,879 118 2018 39,540 38,030 38,194 38,226 38,354 37,918 38,325 (379) 2019 33,186 35,040 34,190 34,274 34,214 34,192 134 2020 22,474 21,668 20,575 20,681 20,770 1,583 2021 5,932 5,932 5,932 5,981 3,386 2022 6,827 8,314 9,412 1,716 2023 8,880 8,994 — 2024 15,216 — Total $ 511,084 $ 7,430 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2010 $ 47,026 $ 48,541 $ 50,021 $ 51,570 $ 52,896 $ 53,903 $ 54,923 $ 55,880 $ 56,935 $ 57,742 2011 44,009 44,241 44,382 44,484 44,545 44,622 44,671 44,701 44,708 44,725 2012 40,279 40,603 41,185 41,292 41,304 41,382 41,471 41,443 41,455 41,454 2013 43,804 45,144 45,611 45,804 45,877 46,171 46,567 46,673 46,909 46,951 2014 41,562 43,820 45,039 45,273 45,371 45,482 45,539 45,573 45,588 45,599 2015 21,441 38,982 41,029 41,951 42,330 42,589 42,784 42,811 42,822 42,923 2016 21,917 36,001 37,684 38,372 38,964 39,455 40,264 40,509 40,528 2017 18,647 31,774 33,387 34,153 34,392 34,450 34,498 34,497 2018 18,810 34,192 36,101 37,058 37,623 37,872 38,469 2019 15,529 28,213 30,649 31,154 31,458 31,543 2020 10,623 18,093 19,073 19,518 19,748 2021 5,215 9,669 10,790 11,097 2022 1,100 9,954 12,367 2023 801 9,629 2024 1,237 Total 478,509 Total net reserves $ 32,575 The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, by significant line of business since 2011 for our AmTrust Reinsurance segment. All data shown for the AmTrust Reinsurance segment in the tables that follow are from the Company’s quota share contracts with AmTrust, both the multi-year AmTrust Quota Share and European Hospital Liability Quota Share. AmTrust purchases significant reinsurance for losses above $10 million covered by the AmTrust Quota Share. The Company’s share of AmTrust’s losses net of reinsurance in the AmTrust Quota Share is generally 40%. Additionally, for the Specialty Program portion of Covered Business only, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance has reinsured losses at its proportional 40% share per the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. As of December 31, 2024, the projected amount subject to the Loss Corridor is $155,860 which exceeds the maximum amount covered. Any further development above this amount will be subject to the coverage of the LPT/ADC Agreement if it emanates from accident years 2018 and prior. Any loss development from accident year 2019 will be retained by Maiden Reinsurance. Recoverables from the LPT/ADC Agreement are displayed in the column " Impact of LPT/ADC " in the loss tables that follow. Amounts have been allocated to Accident Year and line of business according to the timing of the respective losses, based on the currently projected payout patterns. These allocations may shift over time as actual payments are made and payout patterns are re–estimated. Please refer to "Note 8 — Reinsurance" for additional information regarding the LPT/ADC Agreement. AmTrust Reinsurance: Workers’ Compensation This reserve class consists of the Workers’ Compensation portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller, niche workers' compensation exposures in generally low-hazard occupations. Workers’ Compensation business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business. The business is produced by managing general agents with AmTrust regularly adding new programs and terminating or renegotiating unprofitable ones. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. Since it is proportional exposure, and due to the size and the classes of business insured by AmTrust, this reserving class is much shorter tailed than a traditional workers compensation book, and the transition to the BF and the LD methods happens relatively quickly, within the first several years. This line of business is covered under the LPT/ADC Agreement pursuant to which Cavello has assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share and therefore any adverse development will be recoverable as per terms of the agreement. Recoverables from the LPT/ADC Agreement are displayed in the column " Impact of LPT/ADC " in the loss triangle tables further below. Please refer to Note 10 — Related Party Transactions for information regarding certain workers' compensation policies that were commuted to AII as of July 31, 2019. AmTrust Reinsurance: General Liability This reserve class consists of the General Liability portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller niche business, typically under-served by the broader insurance market, which typically have limits of $1,000. General Liability business written in the Small Commercial Business unit grew substantially following AmTrust’s renewal rights acquisition in 2014. Specialty Program business may contain a mix of exposures from retail operations, contractors, manufacturers, and other premises. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is medium tailed, and the IBNR is typically derived from the use of the initial ELR, or the FS method as claim counts emerge, for the first several years following the earning of the exposure, followed by a transition to the BF and the LD methods. AmTrust Reinsurance: Commercial Auto Liability Commercial Auto Liability is written in the U.S. and included in the Small Commercial Business and Specialty Program business units within the AmTrust Quota Share. The Small Commercial Business unit focuses on writing smaller niche business, typically under-served by the broader insurance market, and policies typically have limits of $1,000. Auto Liability business written in the Small Commercial Business unit grew substantially following a large renewal rights acquisition completed by AmTrust in 2014. Commercial Auto Liability business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is relatively short tailed, and the transition to the BF and the LD methods happens relatively quickly, within the first several years. 9. Reserve for Loss and Loss Adjustment Expenses (continued) Workers' Compensation Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2024 For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 82,301 $ 83,039 $ 83,622 $ 84,710 $ 83,952 $ 86,117 $ 86,292 $ 86,415 $ 86,144 $ 86,220 $ 1,887 $ 3,421 2009 106,204 105,901 107,165 110,175 109,664 109,021 110,207 109,384 109,018 109,427 1,808 3,642 2010 125,020 124,073 123,968 127,215 127,381 126,621 126,516 126,308 125,420 124,677 5,932 4,690 2011 133,995 133,916 135,379 138,600 139,685 141,272 137,355 140,257 139,421 139,302 4,145 6,824 2012 171,040 172,692 181,616 192,087 188,879 192,263 187,089 189,114 187,630 186,574 6,038 9,777 2013 238,392 242,447 261,915 276,249 273,571 281,580 277,365 277,226 276,791 276,853 8,441 17,495 2014 365,515 382,260 419,748 457,363 455,521 449,374 445,258 441,185 440,175 438,487 16,985 30,004 2015 474,140 474,212 526,269 551,145 545,271 549,857 547,439 537,963 535,139 531,208 22,180 42,959 2016 528,906 568,006 627,728 603,529 579,849 568,791 559,440 555,645 550,537 27,263 49,955 2017 615,957 654,362 613,577 593,920 591,122 580,155 577,051 574,067 21,999 51,353 2018 592,566 580,528 575,765 585,009 577,485 573,040 572,609 24,117 65,869 2019 12,751 9,945 10,871 10,152 11,943 9,362 (79) — Total $ 3,599,323 $ 140,716 $ 285,989 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 78,161 $ 79,230 $ 81,159 $ 82,436 $ 82,709 $ 82,286 $ 82,676 $ 82,761 $ 83,026 $ 83,138 2009 96,396 98,811 100,103 101,823 102,877 103,771 104,205 104,434 104,685 105,848 2010 108,171 114,639 115,014 115,959 116,332 114,730 115,508 115,765 116,064 116,479 2011 114,107 115,966 122,579 124,315 125,843 129,408 130,413 130,958 131,877 132,524 2012 138,706 150,543 158,807 164,512 168,154 172,251 174,436 175,021 176,022 176,865 2013 168,785 199,300 216,527 227,502 234,342 248,103 252,506 255,720 257,523 259,503 2014 189,954 268,467 321,258 355,414 370,176 383,529 392,101 398,441 404,591 408,716 2015 86,695 246,616 338,642 388,640 417,736 448,867 466,868 476,769 483,387 488,574 2016 110,051 284,501 380,602 428,651 449,347 471,382 484,367 494,160 500,971 2017 111,508 274,596 448,551 485,611 507,903 520,180 528,411 535,127 2018 110,954 409,986 465,762 499,349 515,459 524,987 532,512 2019 3,907 5,821 8,070 9,024 9,717 9,189 Total 3,349,446 All outstanding liabilities prior to 2008, net of reinsurance 8 Total net reserves excluding impact of LPT/ADC Agreement 249,885 Less: Impact of LPT/ADC Agreement (285,989) Total net reserves including impact of LPT/ADC Agreement $ (36,104) General Liability Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2024 For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 34,169 $ 35,985 $ 36,627 $ 37,605 $ 36,996 $ 40,398 $ 40,381 $ 40,017 $ 39,796 $ 39,542 $ 2,206 $ 341 2009 32,418 34,040 34,863 35,138 35,410 36,228 35,733 35,495 35,433 35,421 149 149 2010 38,536 38,298 41,597 42,884 43,062 45,490 44,778 44,856 44,907 45,032 235 596 2011 42,100 45,303 49,338 52,746 53,499 55,607 54,683 54,288 54,495 54,410 84 1,160 2012 48,851 50,800 55,991 59,948 63,429 63,704 64,052 63,615 63,214 62,621 4,154 1,710 2013 66,869 68,641 79,731 89,204 92,032 95,050 96,342 96,388 97,920 98,211 411 4,777 2014 66,558 77,930 99,873 111,970 116,085 119,367 119,782 119,413 119,554 119,763 4,684 7,028 2015 118,111 95,766 122,942 139,518 154,071 154,529 154,939 155,234 155,101 158,447 4,608 12,345 2016 98,149 114,864 120,911 148,371 147,858 147,996 150,019 153,168 151,915 4,184 19,032 2017 116,158 133,533 165,268 161,354 162,856 167,257 170,669 173,853 10,677 24,741 2018 121,991 153,822 148,817 148,295 151,791 160,003 169,005 15,976 37,490 2019 5,427 6,017 5,981 3,906 3,077 3,032 371 — Total $ 1,111,252 $ 47,739 $ 109,369 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 32,423 $ 32,765 $ 34,935 $ 36,699 $ 34,893 $ 37,253 $ 37,278 $ 37,473 $ 37,289 $ 37,304 2009 28,312 30,924 32,878 33,473 32,487 34,984 34,999 35,093 35,197 35,258 2010 30,948 34,125 37,317 39,214 39,888 42,509 43,076 44,040 44,246 44,438 2011 31,619 39,350 41,257 47,141 49,178 51,492 52,592 53,064 53,320 53,529 2012 29,752 40,864 45,775 53,526 56,538 55,350 57,913 58,889 58,412 57,541 2013 32,249 44,698 58,377 70,074 76,996 83,571 87,178 89,473 92,705 94,491 2014 24,581 36,026 57,678 77,259 86,101 92,861 96,521 102,290 107,865 110,741 2015 20,849 33,963 52,350 79,291 98,278 112,542 120,546 131,224 140,414 147,047 2016 6,402 21,959 45,855 67,064 88,627 101,764 114,422 129,683 137,678 2017 6,967 27,001 51,545 79,531 97,356 119,417 139,460 151,578 2018 7,907 24,618 42,792 65,947 90,841 115,496 132,240 2019 27 314 717 1,218 1,581 2,178 Total 1,004,023 All outstanding liabilities prior to 2008, net of reinsurance 141 Total net reserves excluding impact of LPT/ADC Agreement 107,370 Less: Impact of LPT/ADC Agreement (109,369) Total net reserves including impact of LPT/ADC Agreement $ (1,999) Commercial Auto Liability Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2024 For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 34,584 $ 35,975 $ 35,521 $ 35,382 $ 35,542 $ 37,746 $ 37,854 $ 37,885 $ 37,880 $ 37,622 $ 2,274 $ 42 2009 31,024 30,468 30,919 31,033 31,064 31,082 31,019 30,979 30,978 30,851 507 44 2010 40,193 40,523 42,146 41,996 42,070 40,637 40,631 40,608 40,556 40,556 139 2 2011 33,839 34,790 36,149 36,065 34,643 34,707 34,690 34,633 34,644 34,659 502 — 2012 44,812 48,116 46,150 45,753 45,917 45,902 45,753 45,860 45,887 45,762 (77) 8 2013 50,647 59,702 63,162 62,163 63,620 63,532 63,589 63,500 63,471 63,320 32 209 2014 55,023 73,966 82,427 89,299 92,572 94,238 93,208 93,164 93,434 92,820 465 115 2015 66,967 92,955 106,560 119,141 127,560 129,849 129,082 129,632 130,631 130,496 93 259 2016 121,828 118,210 144,077 171,504 170,275 167,479 170,221 171,563 170,554 (2,616) 4,026 2017 156,575 189,257 220,457 230,972 220,471 224,132 227,165 226,839 1,761 7,097 2018 177,150 224,780 230,200 219,800 230,516 234,717 234,527 3,014 13,323 2019 79,172 77,371 73,023 74,553 74,504 73,888 2,508 — 2020 — (7) — Total $ 1,181,894 $ 8,595 $ 25,125 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 33,536 $ 34,074 $ 34,803 $ 35,284 $ 36,968 $ 34,982 $ 35,013 $ 35,339 $ 35,349 $ 35,349 2009 29,226 29,829 29,842 30,204 31,194 30,337 30,340 30,341 30,342 30,342 2010 37,734 39,413 39,750 40,282 40,395 40,407 40,411 40,416 40,416 40,416 2011 29,769 32,362 33,130 33,155 33,451 33,872 34,005 34,158 34,159 34,157 2012 35,460 43,745 44,165 45,555 45,751 45,819 45,812 45,825 45,831 45,831 2013 34,379 48,122 57,349 59,600 62,331 62,562 62,968 63,070 63,079 63,101 2014 22,858 42,960 64,459 79,766 87,458 90,761 91,000 91,115 91,819 92,295 2015 13,102 39,179 62,945 86,433 107,707 118,753 121,605 125,415 128,693 130,298 2016 19,071 48,595 76,635 113,174 133,826 145,727 158,822 165,475 169,924 2017 26,863 69,657 115,623 154,600 176,863 197,857 212,952 219,869 2018 30,018 67,080 107,184 138,770 178,479 207,553 221,401 2019 9,456 22,799 34,365 49,073 59,162 66,969 2020 7 7 7 7 7 Total 1,149,959 All outstanding liabilities prior to 2008, net of reinsurance 42 Total net reserves excluding impact of LPT/ADC Agreement 31,977 Less: Impact of LPT/ADC Agreement (25,125) Total net reserves including impact of LPT/ADC Agreement $ 6,852 AmTrust Reinsurance: European Hospital Liability AmTrust entered this line of business in Italy in 2010 when it believed there were significant opportunities in what had traditionally been an under-performing market. European Hospital Liability policies are written on a claim made basis. Maiden wrote a separate annually renewable contract covering this exposure in 2011 which is not part of the AmTrust Quota Share. Currently, most exposure remains in Italy with a modest amount of exposure to other European nations. Indemnity amounts for Italian exposures are governed by the Court of Milan tables, which vary awards for insureds by the age of the injured party and the severity of the injury. These tables were amended during 2024 which is likely to cause an increase in severity for newly reported claims, and possibly for existing claims as well. The European Hospital Liability Quota Share is a claims made exposure, and in many instances claims are eventually closed with no liability. Existing case reserves reflect an estimate of the probability of a claim closing without liability. The reserving analysis includes a projection of the percentage of claims which will close with payment, as well as an estimate of the average severity of those claims. Claims are reviewed by homogenous groupings of injury types in order to provide a credible estimate of future claim movements and severities. A provision for the impact on average severities as a result of the Milan table changes was also estimated, largely based on available industry information. European Hospital Liability business is not covered under the LPT/ADC Agreement, therefore any adverse development in this line of business may result in significant losses. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. As the exposure matures, the projection methodology transitions to the LD method, complemented by an analysis of the resulting implied per claim severity as discussed in the proceeding section. The underlying policies assumed are subject to deductibles on both a per claim and aggregate basis, and the LD method is applied to the net of deductible data to calculate a final estimate of reserves net of all deductibles. 9. Reserve for Loss and Loss Adjustment Expenses (continued) European Hospital Liability Incurred loss and LAE, net of reinsurance At December 31, 2024 For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total IBNR Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2011 $ 43,235 $ 59,534 $ 57,727 $ 55,352 $ 57,435 $ 57,694 $ 58,398 $ 65,326 $ 66,262 $ 70,381 $ 2,888 2012 94,543 84,573 80,080 103,491 107,954 108,813 110,157 113,189 114,113 124,200 4,422 2013 58,822 77,276 70,658 90,567 95,932 97,214 98,717 100,602 101,826 114,590 6,667 2014 49,171 52,668 58,603 73,895 78,721 79,682 80,926 80,751 83,423 94,948 6,302 2015 43,535 42,267 55,032 60,507 63,395 63,613 65,744 67,226 69,361 74,063 4,625 2016 40,760 46,923 61,415 63,738 62,343 63,584 63,075 64,315 65,736 2,317 2017 37,524 47,810 49,760 48,431 46,599 45,464 45,939 46,800 2,166 2018 40,849 28,972 29,829 29,240 31,310 31,376 31,301 165 2019 14,554 13,472 14,366 14,313 14,484 14,683 1,192 Total $ 636,702 $ 30,744 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2011 $ 26,357 $ 32,749 $ 37,890 $ 41,730 $ 45,194 $ 49,367 $ 52,088 $ 55,995 $ 59,354 $ 60,777 2012 41,731 53,652 63,262 70,615 76,225 85,429 90,071 96,429 102,288 107,195 2013 23,678 36,127 45,415 50,896 57,537 69,647 74,747 82,124 88,156 95,687 2014 10,847 22,548 32,091 36,009 42,476 53,388 56,104 65,467 72,155 78,540 2015 3,180 10,112 20,877 26,644 31,998 41,971 41,519 50,396 56,260 59,549 2016 3,281 9,747 16,151 21,483 31,887 34,275 43,447 48,209 52,057 2017 1,171 4,044 6,931 13,453 18,542 27,473 31,515 35,395 2018 843 2,076 4,946 7,117 20,290 23,237 24,857 2019 10,499 1,467 2,771 9,645 10,603 11,241 Total 525,298 Total net reserves $ 111,404 AmTrust Reinsurance: All Other Lines Includes all lines except Workers' Compensation, General Liability, and Commercial Auto from Small Commercial Business and Specialty Program Divisions. The predominant exposures include property and auto physical damage. All Other Lines Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement) At December 31, 2024 For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total IBNR Impact of LPT/ADC Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 29,237 $ 29,070 $ 29,576 $ 29,574 $ 29,519 $ 24,045 $ 24,016 $ 24,013 $ 24,013 $ 23,758 $ (5,092) $ — 2009 14,309 14,492 16,088 15,653 14,617 15,750 15,373 15,373 15,379 15,523 528 10 2010 16,078 16,105 17,071 17,059 15,438 15,905 15,905 15,905 15,905 15,905 51 — 2011 22,359 22,616 23,376 23,506 21,469 21,515 21,500 21,496 21,490 21,500 148 — 2012 21,898 18,673 19,850 20,260 19,578 17,969 17,811 17,819 17,775 17,743 (341) 100 2013 28,058 22,918 21,313 21,669 21,735 20,644 20,639 20,637 20,593 20,306 847 160 2014 25,268 26,021 24,958 26,278 24,929 21,496 21,491 21,493 21,481 21,340 (155) 79 2015 52,706 54,857 49,631 49,463 47,882 44,939 44,749 44,456 44,379 44,512 755 35 2016 79,654 74,948 72,384 73,602 67,060 66,944 66,791 67,162 65,839 5,064 231 2017 104,637 96,812 92,904 96,196 96,104 96,267 96,485 96,598 1,516 425 2018 96,910 103,489 101,553 101,913 102,061 101,326 103,207 271 684 2019 37,945 43,146 43,554 42,003 42,310 42,123 563 — 2020 — (103) — Total $ 488,354 $ 4,052 $ 1,724 Cumulative paid loss and LAE, net of reinsurance For the Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Accident Year: Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2008 $ 29,388 $ 29,177 $ 30,833 $ 30,683 $ 29,234 $ 24,706 $ 28,850 $ 28,850 $ 28,850 $ 28,850 2009 13,105 13,870 15,224 15,051 14,009 14,954 14,986 14,986 14,986 14,986 2010 15,748 16,058 16,919 16,786 15,285 15,853 15,854 15,854 15,854 15,854 2011 22,044 22,715 23,892 23,661 21,481 21,343 21,339 21,334 21,359 21,352 2012 16,936 17,946 18,205 18,685 17,559 18,071 18,077 18,077 18,084 18,083 2013 17,509 20,258 20,456 20,447 19,343 20,146 19,465 19,463 19,482 19,460 2014 20,277 20,940 22,018 26,194 21,405 21,497 21,493 21,509 21,532 21,494 2015 28,929 45,208 42,631 41,962 44,179 43,622 43,895 43,742 43,737 43,754 2016 42,795 69,805 65,452 63,234 63,450 60,008 59,967 60,682 60,628 2017 48,903 80,726 80,735 93,212 93,541 94,206 94,710 94,947 2018 56,539 86,455 98,386 101,158 102,587 102,406 102,774 2019 22,095 38,793 40,427 40,670 41,028 41,243 2020 4 103 103 103 103 2021 66 66 55 55 Total 483,583 All outstanding liabilities prior to 2008, net of reinsurance (3) Total net reserves excluding impact of LPT/ADC Agreement 4,768 Less: Impact of LPT/ADC Agreement (1,724) Total net reserves including impact of LPT/ADC Agreement $ 3,044
Schedule of Reconciliation of Claims Development to Liability	The following table represents a reconciliation of the net incurred and paid loss development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2024: December 31, 2024 Total Net Reserves (including impact of ADC) Reinsurance Recoverables on unpaid claims Total Gross Reserves Diversified Reinsurance IIS business $ 32,575 $ 234 $ 32,809 Other reconciling items excluded from loss development tables GLS 18,713 2,830 21,543 Other run-off lines 14,063 — 14,063 Total Diversified Reinsurance 65,351 3,064 68,415 AmTrust Reinsurance Workers' Compensation (1) (36,104) 285,989 249,885 General Liability (1,999) 109,369 107,370 Commercial Auto Liability 6,852 25,125 31,977 European Hospital Liability 111,404 — 111,404 All Other Lines 3,044 1,724 4,768 Total 83,197 422,207 505,404 Other reconciling items excluded from loss development tables 71,167 110,703 181,870 Total AmTrust Reinsurance 154,364 532,910 687,274 US Treaty business ceded to Cavello 2,633 35,357 37,990 Total reserves for loss and LAE $ 222,348 $ 571,331 $ 793,679 (1) Remaining Workers' Compensation reserves from commutation to AmTrust executed by Maiden in July 2019 are approximately $83,305 which are treated as outstanding per the LPT/ADC Agreement with Cavello. The allocated portion of these reserves projected to be paid by Cavello in future periods results in an estimated ceded IBNR which exceeds the gross IBNR.
Schedule of Average Annual Payout of Net Loss and LAE	The following unaudited supplementary information represents the average annual percentage payout of net loss and LAE by age, net of reinsurance, for both our reportable segments at December 31, 2024: Average annual payout of incurred claims by age, net of reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Diversified Reinsurance International 43.0 % 5.2 % 1.5 % (0.4) % 0.7 % 1.1 % — % 0.1 % (0.4) % — % AmTrust Reinsurance Workers' Compensation 19.1 % 32.4 % 18.2 % 8.8 % 5.0 % 3.4 % 2.5 % 1.9 % 1.3 % 1.3 % General Liability 5.9 % 10.4 % 13.1 % 15.9 % 14.0 % 10.8 % 8.2 % 6.7 % 4.1 % 3.7 % Commercial Auto Liability 11.9 % 17.7 % 18.8 % 18.2 % 14.0 % 8.6 % 5.3 % 2.3 % 1.5 % 0.8 % European Hospital Liability 3.2 % 7.2 % 10.6 % 14.0 % 12.4 % 8.7 % 4.7 % 4.6 % 5.0 % 3.8 % All other lines 57.1 % 32.4 % 2.7 % 4.7 % 3.6 % (0.9) % 1.2 % — % (0.6) % (0.1) %

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Quota Share Arrangements with AmTrust	The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Income Statements for the years ended December 31, 2024 and 2023, respectively: For the Year Ended December 31, 2024 2023 Gross and net premiums written $ (1,686) $ (3,936) Net premiums earned 13,687 14,930 Other insurance expense (24,259) — Net loss and loss adjustment expenses (167,987) (47,617) Commission and other acquisition expenses (9,044) (5,583)

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Scheduled of Maturity of Operating Lease Liabilities	At December 31, 2024, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows: For the Year Ended December 31, Total 2025 $ 277 2026 277 2027 277 2028 277 2029 285 Thereafter 1,449 Discount for present value (933) Total discounted operating lease liabilities $ 1,909
Schedule of Other Commitments	The table below shows the total unfunded commitments by type of investment as at December 31, 2024 and 2023: December 31, 2024 2023 Fair Value % of Total Fair Value % of Total Private equity funds $ 28,258 64.3 % $ 53,675 53.2 % Private credit funds — — % 11,361 11.3 % Investments in direct lending entities — — % 595 0.6 % Total unfunded commitments on other investments $ 28,258 64.3 % $ 65,631 65.1 % Total unfunded commitments on equity securities $ — — % $ 14,735 14.6 % Total unfunded commitments on equity method investments $ 15,708 35.7 % $ 20,480 20.3 % Total unfunded commitments on alternative investments $ 43,966 100.0 % $ 100,846 100.0 %

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2024
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 Year Ended December 31, 2024 2023 Numerator: Net loss attributable to Maiden common shareholders $ (200,969) $ (38,569) Denominator: Weighted average number of common shares – basic and diluted (1) 99,902,695 101,382,606 Basic and diluted loss per share attributable to common shareholders $ (2.01) $ (0.38) (1) Please refer to "Note 6 — Shareholders' Equity" and "Note 14 — Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements for the terms and conditions of securities that could potentially be dilutive in the future. For the years ended December 31, 2024 and 2023, there were no potentially dilutive securities.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Loss Before Income Taxes and Total Income Tax Expenses	Total loss before income taxes and total income tax expense for the years ended December 31, 2024 and 2023 are as follows: For the Year Ended December 31, 2024 2023 Loss before income taxes – Domestic (Bermuda) $ (41,638) $ (32,456) Loss before income taxes – Foreign (U.S. and others) (158,276) (5,917) Total loss before income taxes $ (199,914) $ (38,373) Current tax expense – Domestic (Bermuda) $ — $ — Current tax benefit – Foreign (U.S. and others) (171) (146) Total current tax benefit (171) (146) Deferred tax expense – Domestic (Bermuda) — — Deferred tax expense – Foreign (U.S. and others) 1,226 342 Total deferred tax expense 1,226 342 Total income tax expense $ 1,055 $ 196
Schedule of Effective Income Tax Rate Reconciliation	The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2024 and 2023 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to the Company's loss before income taxes: For the Year Ended December 31, 2024 2023 Loss before income taxes $ (199,914) $ (38,373) Less: income tax expense 1,055 196 Net loss $ (200,969) $ (38,569) Reconciliation of effective tax rate (% of income before income taxes) Bermuda tax rate — % — % U.S. taxes at statutory rates 19.4 % (2.0) % Valuation allowance in respect of U.S. taxes (19.4) % 2.0 % Other jurisdictions (0.5) % (0.5) % Actual tax rate (0.5) % (0.5) %
Schedule of Deferred Tax Assets and Liabilities	The significant components of the Company's deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows: December 31, 2024 2023 Deferred tax assets: Net operating losses $ 96,517 $ 70,858 Unearned premiums 1,228 1,929 Capital loss carry-forward 324 2,909 Net unrealized losses on investments 24,959 17,223 Discounting of net loss and LAE reserves 13,345 14,542 Deferred gain on retroactive reinsurance 22,041 14,892 Others 2,763 2,373 Deferred tax assets before valuation allowance 161,177 124,726 Valuation allowance 159,231 119,742 Deferred tax assets, net 1,946 4,984 Deferred tax liabilities: Deferred commission and other acquisition expenses 1,946 4,195 Deferred tax liabilities 1,946 4,195 Net deferred tax asset $ — $ 789

Share Compensation and Pensio_2

Share Compensation and Pension Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of all Options Granted, Exercised, Expired and Forfeited under the Plan	This table shows all share option activity under the 2019 Omnibus Plan for the years ended December 31, 2024 and 2023: Number of Weighted Weighted Aggregate Range of Option Exercise Prices (Low to High) Outstanding, December 31, 2022 144,000 $ 9.72 3.40 years — $3.24 $13.98 Expired (22,500) 10.48 Outstanding, December 31, 2023 121,500 9.58 2.97 years — $3.24 $13.98 Expired (18,000) 12.24 Forfeited — Outstanding, December 31, 2024 103,500 9.12 2.41 years — $3.24 $13.98 Total exercisable, December 31, 2024 103,500 9.12 2.41 years — $3.24 $13.98
Schedule of Based Compensation Instrument Granted, Other than Share Options	The following table shows the summary of activity for the Company's restricted share awards: Non-Performance-Based Restricted Shares Discretionary Performance-Based Restricted Shares Number of Weighted Average Grant-Date Fair Value Number of Weighted Average Grant-Date Fair Value Non-vested at December 31, 2022 492,463 $ 2.71 — $ — Awards granted 804,099 2.25 225,490 2.30 Awards vested (282,785) 2.82 (225,490) 2.30 Awards forfeited (38,750) 2.49 — — Non-vested at December 31, 2023 975,027 2.31 — — Awards granted 1,627,050 1.56 — — Awards vested (566,443) 2.31 — — Non-vested at December 31, 2024 2,035,634 1.71 — —

Statutory Requirements and Di_2

Statutory Requirements and Dividend Restrictions (Tables)	12 Months Ended
	Dec. 31, 2024
Statutory Financial Information [Abstract]
Schedule of Statutory Capital and Surplus and Statutory Net (Loss) Income of Principal Operating Subsidiaries	The statutory capital and surplus and statutory net income (loss) of our principal operating subsidiaries in their respective jurisdictions were as follows: Maiden Reinsurance (a) Maiden LF (b) Maiden GF (b) Statutory Capital and Surplus December 31, 2024 $ 737,217 $ 6,642 $ 6,920 December 31, 2023 886,264 7,449 8,245 Statutory Net Income (Loss) For the Year Ended December 31, 2024 $ (95,426) $ (396) $ (910) For the Year Ended December 31, 2023 25,816 (997) (1,479)

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities Classified as Held for Sale	The assets and liabilities classified as held for sale on the Company's Consolidated Balance Sheet as at December 31, 2024 include the following: 2024 ASSETS Fixed maturities, available-for-sale, at fair value $ 6,656 Cash and cash equivalents 13,349 Accrued investment income 125 Other assets 685 Total assets held for sale $ 20,815 LIABILITIES Accrued expenses and other liabilities 883 Total liabilities held for sale $ 883

Organization (Details)

Organization (Details) $ in Thousands		12 Months Ended
	Dec. 29, 2024 USD ($) director shares	Dec. 31, 2024 agreement
Subsidiary or Equity Method Investee [Line Items]
Number of Renewal Rights and Asset Purchase Agreement | agreement		2
Number of directors | director	7
Number of independent directors | director	2
Kestrel Intermediate Ledbetter Holdings, LLC
Subsidiary or Equity Method Investee [Line Items]
Number of directors selected by affiliate | director	4
AmTrust Financial Services, Inc.
Subsidiary or Equity Method Investee [Line Items]
Number of directors selected by affiliate | director	3
Kestrel Group LLC
Subsidiary or Equity Method Investee [Line Items]
Transaction value | $	$ 167,500
Consideration payable | $	40,000
Contingent consideration, liability | $	$ 45,000
Kestrel Group LLC | Common shares
Subsidiary or Equity Method Investee [Line Items]
Equity interest issued or issuable (in shares) | shares	55,000,000
Equity interest issued or issuable | $	$ 82,500
Maiden Holdings, Ltd. | Maiden Reinsurance
Subsidiary or Equity Method Investee [Line Items]
Ownership %		31.10%
Common shares voting power, percentage		9.50%

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Short-term investments	$ 0	$ 0
Deposit contracts	$ 0	0
Operating lease, weighted average discount rate	8.50%
Depreciation and amortization expense	$ 233,000	269,000
Cumulative translation adjustment	45,193,000	249,160,000
Allowance for expected credit losses	0	0
Allowance for expected credit losses	1,023,000	1,023,000
Reinsurance recoverable, allowance for credit loss	2,963,000	3,240,000	$ 4,277,000
Premium receivable, allowance for credit loss	169,000	187,000
Allowance for expected credit losses, receivables	2,963,000	3,240,000
Affiliated Entity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Allowance for expected credit losses, receivables	8,000	19,000
AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss on premium deficiency	3,325,000	0
Foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative translation adjustment	(28,105,000)	(23,685,000)	(25,566,000)
Accumulated deficit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative translation adjustment	$ (687,914,000)	(486,945,000)	$ (442,863,000)
Accumulated deficit | Cumulative Effect, Period of Adoption, Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative translation adjustment		$ (5,513,000)

Significant Accounting Polici_4

Significant Accounting Policies - Depreciable Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Gross	$ 2,652	$ 2,656
Accumulated Depreciation	(1,882)	(1,970)
Net carrying value	$ 770	$ 686

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Amortization of deferred gain	$ 4,099	$ 0
AmTrust Financial Services, Inc. | Premium Repayment Loan Agreement
Segment Reporting Information [Line Items]
Principal repayment	24,259
AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Loss on premium deficiency	$ 3,325	$ 0

Segment Information - Underwrit

Segment Information - Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Income (Loss) to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Gross premiums written	$ 33,196	$ 23,466
Net premiums written	33,063	23,168
Net premiums earned	49,474	43,969
Other insurance revenue (expense)	(24,194)	39
Net loss and LAE	(186,127)	(61,228)
Commission and other acquisition expenses	(24,310)	(19,462)
General and administrative expenses	(12,214)	(12,800)
Underwriting loss	(197,371)	(49,482)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains	31,156	45,226
Interest and amortization expenses	(19,266)	(18,226)
Foreign exchange and other gains (losses), net	7,001	(5,741)
Other general and administrative expenses	(23,134)	(17,996)
Income tax expense	(1,055)	(196)
Interest in income from equity method investments	1,700	7,846
Net loss	(200,969)	(38,569)
Operating Segments | Diversified Reinsurance
Income Statement [Abstract]
Gross premiums written	34,882	27,402
Net premiums written	34,749	27,104
Net premiums earned	35,787	29,039
Other insurance revenue (expense)	65	39
Net loss and LAE	(22,583)	(14,230)
Commission and other acquisition expenses	(15,266)	(13,879)
General and administrative expenses	(9,441)	(10,110)
Underwriting loss	(11,438)	(9,141)
Operating Segments | AmTrust Reinsurance
Income Statement [Abstract]
Gross premiums written	(1,686)	(3,936)
Net premiums written	(1,686)	(3,936)
Net premiums earned	13,687	14,930
Other insurance revenue (expense)	(24,259)	0
Net loss and LAE	(163,544)	(46,998)
Commission and other acquisition expenses	(9,044)	(5,583)
General and administrative expenses	(2,773)	(2,690)
Underwriting loss	$ (185,933)	$ (40,341)

Segment Information - Reconcili

Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	$ 8,159	$ 12,450
Reinsurance Recoverables on unpaid claims	571,331	564,331	$ 445,000
Deferred commission and other acquisition expenses	8,102	17,566
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	192,352	219,874
Funds withheld receivable	12,650	143,985
Other assets	4,830	5,777
Assets held for sale	20,815	0
Total assets	1,316,006	1,518,934
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance Recoverables on unpaid claims	35,357	43,176
Total assets	83,267	93,191
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	842,435	990,358
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	8,116	12,309
Reinsurance Recoverables on unpaid claims	535,974	521,155
Deferred commission and other acquisition expenses	8,102	17,566
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	192,282	219,874
Funds withheld receivable	12,650	143,985
Other assets	603	685
Total assets	925,702	1,083,549
Operating Segments | Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	2,945	3,108
Reinsurance Recoverables on unpaid claims	3,064	5,692
Deferred commission and other acquisition expenses	549	961
Loan to related party	0	0
Restricted cash and cash equivalents and investments	63,456	67,211
Funds withheld receivable	12,650	15,534
Other assets	603	685
Total assets	83,267	93,191
Operating Segments | AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	5,171	9,201
Reinsurance Recoverables on unpaid claims	532,910	515,463
Deferred commission and other acquisition expenses	7,553	16,605
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	128,826	152,663
Funds withheld receivable	0	128,451
Other assets	0	0
Total assets	842,435	990,358
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets held for sale	20,815
Total assets	369,489	435,385
Segment Reporting, Reconciling Item, Corporate Nonsegment | Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets held for sale	0
Total assets	0	0
Segment Reporting, Reconciling Item, Corporate Nonsegment | AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets held for sale	0
Total assets	$ 0	$ 0

Segment Information - Net Premi

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 33,196	$ 23,466
Net premiums written	33,063	23,168
Net premiums earned	$ 49,474	$ 43,969
% of Total Net premiums earned	100%	100%
Operating Segments | Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 34,882	$ 27,402
Net premiums written	34,749	27,104
Net premiums earned	$ 35,787	$ 29,039
% of Total Net premiums earned	72.30%	66%
Operating Segments | AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (1,686)	$ (3,936)
Net premiums written	(1,686)	(3,936)
Net premiums earned	$ 13,687	$ 14,930
% of Total Net premiums earned	27.70%	34%
Operating Segments | International | Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 34,749	$ 27,104
Net premiums earned	$ 35,787	$ 29,039
% of Total Net premiums earned	72.30%	66%
Operating Segments | Small Commercial Business | AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (643)	$ (465)
Net premiums earned	$ (643)	$ (465)
% of Total Net premiums earned	(1.30%)	(1.10%)
Operating Segments | Specialty Program | AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (31)	$ 156
Net premiums earned	$ (31)	$ 156
% of Total Net premiums earned	(0.10%)	0.40%
Operating Segments | Specialty Risk and Extended Warranty | AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (1,012)	$ (3,627)
Net premiums earned	$ 14,361	$ 15,239
% of Total Net premiums earned	29.10%	34.70%
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (632)	$ (146)
Net premiums written	(674)	(309)
Net premiums earned	(674)	(309)
Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	33,828	23,612
Net premiums written	33,737	23,477
Net premiums earned	$ 50,148	$ 44,278

Investments - Amortized Cost, G

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Original or amortized cost	$ 236,788,000	$ 258,536,000
Gross unrealized gains	68,000	8,000
Gross unrealized losses	(4,243,000)	(7,943,000)
Fair value	232,613,000	250,601,000
Accrued interest receivable	1,088,000	1,418,000
Write off on the accrued interest receivable	0	0
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	84,033,000	55,046,000
Gross unrealized gains	25,000	8,000
Gross unrealized losses	0	(2,000)
Fair value	84,058,000	55,052,000
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	26,841,000	29,918,000
Gross unrealized gains	0	0
Gross unrealized losses	(3,485,000)	(3,267,000)
Fair value	23,356,000	26,651,000
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	38,496,000	21,219,000
Gross unrealized gains	39,000	0
Gross unrealized losses	(3,000)	(468,000)
Fair value	38,532,000	20,751,000
Collateralized loan obligations
Schedule of Investments [Line Items]
Original or amortized cost	60,829,000	80,591,000
Gross unrealized gains	4,000	0
Gross unrealized losses	(130,000)	(1,788,000)
Fair value	60,703,000	78,803,000
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	26,589,000	71,762,000
Gross unrealized gains	0	0
Gross unrealized losses	(625,000)	(2,418,000)
Fair value	$ 25,964,000	$ 69,344,000

Investments - Contractual Matur

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 141,749
Due after one year through five years	6,849
Due after five years through ten years	520
Total securities with single maturities, amortized cost	149,118
Original or amortized cost	236,788	$ 258,536
Fair value
Due in one year or less	141,653
Due after one year through five years	6,461
Due after five years through ten years	440
Total before securities with single maturities, fair value	148,554
Fixed maturities, fair value	232,613	250,601
U.S. agency bonds – mortgage-backed
Amortized cost
Amortized cost of securities without single maturities	26,841
Original or amortized cost	26,841	29,918
Fair value
Fair value of securities without single maturities	23,356
Fixed maturities, fair value	23,356	26,651
Collateralized loan obligations
Amortized cost
Amortized cost of securities without single maturities	60,829
Original or amortized cost	60,829	80,591
Fair value
Fair value of securities without single maturities	60,703
Fixed maturities, fair value	$ 60,703	$ 78,803

Investments - Fair Value and Un

Investments - Fair Value and Unrealized Losses (Details)	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fair value
Less than 12 Months	$ 7,389,000	$ 8,735,000
12 Months or More	105,562,000	185,141,000
Total	112,951,000	193,876,000
Unrealized losses
Less than 12 Months	(3,000)	(3,000)
12 Months or More	(4,240,000)	(7,940,000)
Total	$ (4,243,000)	$ (7,943,000)
Number of securities in an unrealized loss position | security	36	59
Fair value of unrealized loss positions	$ 112,951,000	$ 193,876,000
Unrealized losses of unrealized loss positions	$ 4,243,000	$ 7,943,000
Number of securities in unrealized loss position for 12 months or greater | security	35	56
Fair value of securities in loss position for 12 months or greater	$ 105,562,000	$ 185,141,000
Unrealized loss of securities in loss position for 12 months or greater	4,240,000	7,940,000
Allowance for expected credit losses	0	0
U.S. treasury bonds
Fair value
Less than 12 Months		518,000
12 Months or More		0
Total		518,000
Unrealized losses
Less than 12 Months		(2,000)
12 Months or More		0
Total		(2,000)
U.S. agency bonds – mortgage-backed
Fair value
Less than 12 Months	0	0
12 Months or More	23,356,000	26,651,000
Total	23,356,000	26,651,000
Unrealized losses
Less than 12 Months	0	0
12 Months or More	(3,485,000)	(3,267,000)
Total	(3,485,000)	(3,267,000)
Non-U.S. government bonds
Fair value
Less than 12 Months	7,389,000	8,217,000
12 Months or More	0	10,343,000
Total	7,389,000	18,560,000
Unrealized losses
Less than 12 Months	(3,000)	(1,000)
12 Months or More	0	(467,000)
Total	(3,000)	(468,000)
Collateralized loan obligations
Fair value
Less than 12 Months	0	0
12 Months or More	56,242,000	78,803,000
Total	56,242,000	78,803,000
Unrealized losses
Less than 12 Months	0	0
12 Months or More	(130,000)	(1,788,000)
Total	(130,000)	(1,788,000)
Corporate bonds
Fair value
Less than 12 Months	0	0
12 Months or More	25,964,000	69,344,000
Total	25,964,000	69,344,000
Unrealized losses
Less than 12 Months	0	0
12 Months or More	(625,000)	(2,418,000)
Total	$ (625,000)	$ (2,418,000)

Investments - Other Than Tempor

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 236,788	$ 258,536
Fair value	$ 232,613	$ 250,601
% of Total fair value	100%	100%
AAA
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 70,943	$ 84,455
Fair value	$ 70,827	$ 82,703
% of Total fair value	30.50%	33%
AA+, AA, AA-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 29,981	$ 18,952
Fair value	$ 29,998	$ 18,372
% of Total fair value	12.90%	7.30%
A+, A, A-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 12,837	$ 33,060
Fair value	$ 12,404	$ 31,810
% of Total fair value	5.30%	12.70%
BBB+, BBB, BBB-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 12,153	$ 31,585
Fair value	$ 11,970	$ 30,631
% of Total fair value	5.20%	12.20%
BB+ or lower
Schedule of Fixed Maturities [Line Items]
Amortized cost		$ 5,520
Fair value		$ 5,382
% of Total fair value		2.20%
U.S. treasury bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 84,033	$ 55,046
Fair value	$ 84,058	$ 55,052
% of Total fair value	36.10%	22%
U.S. agency bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 26,841	$ 29,918
Fair value	$ 23,356	$ 26,651
% of Total fair value	10%	10.60%

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Other investments (Allowance for expected credit losses: 2024 - $1,023; 2023 - $1,023)	$ 157,016	$ 186,388
% of Total	100%	100%
Allowance for expected credit losses	$ 1,023	$ 1,023
Privately held equity investments(1)
Schedule of Investments [Line Items]
Carrying Value	$ 46,301	$ 42,194
% of Total	29.50%	22.70%
Private equity funds
Schedule of Investments [Line Items]
Carrying Value	$ 25,123	$ 47,383
% of Total	16%	25.40%
Private credit investments
Schedule of Investments [Line Items]
Carrying Value	$ 1,909	$ 27,806
% of Total	1.20%	14.90%
Investment in direct lending entities (at cost)
Schedule of Investments [Line Items]
Other investments (Allowance for expected credit losses: 2024 - $1,023; 2023 - $1,023)	$ 83,683	$ 69,005
% of Total	53.30%	37%

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 13,436	$ 39,889
Fair Value	13,147	41,722
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	8,186	34,549
Fair Value	6,778	35,272
Privately held preferred stocks(1)
Debt and Equity Securities, FV-NI [Line Items]
Cost	5,250	5,250
Fair Value	6,369	6,369
Publicly traded equity investments in common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	0	90
Fair Value	$ 0	$ 81

Investments - Schedule of Fair

Investments - Schedule of Fair Value of Equity Securities Subject to Contractual Sale Restrictions (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	$ 13,147
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	6,778
Privately held preferred stocks(1)
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	$ 6,369

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 81,287	$ 80,929
% of Total	100%	100%
Real estate investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 57,541	$ 49,897
% of Total	70.80%	61.70%
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 23,746	$ 31,032
% of Total	29.20%	38.30%

Investments - Schedule of Finan

Investments - Schedule of Financial Data of Each Equity Method Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 81,287	$ 80,929
Interest in income from equity method investments	1,700	7,846
USQ Risk
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 4,240
Ownership %	18.90%
Investee Revenue		13,598
Interest in income from equity method investments	$ 1,316	5,055
Silverstone Venture 2
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 2,197
Ownership %	86.80%
Investee Revenue		590
Interest in income from equity method investments	$ 319	558
Silverstone Venture 1
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 8,570
Ownership %	90%
Investee Revenue		15,157
Interest in income from equity method investments	$ (227)	6,055
Silverstone Venture 3
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 8,739
Ownership %	70.20%
Investee Revenue		921
Interest in income from equity method investments	$ (38)	894
Extell Hudson Waterfront Holdings
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 27,500
Ownership %	25%
Investee Revenue		2,833
Interest in income from equity method investments	$ 0	2,833
Seiden LP & Seiden MGMT LP
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 30,041
Ownership %	99.90%
Investee Revenue		687
Interest in income from equity method investments	$ 330	$ (55)

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investment income	$ 27,896	$ 37,942
Investment expenses	(2,350)	(564)
Net investment income	25,546	37,378
Income on funds withheld | AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment
Schedule of Investments [Line Items]
Interest income from related party	1,262	10,009
Fixed maturities
Schedule of Investments [Line Items]
Investment income	9,173	10,065
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	1,554	10,433
Interest income from loan to related party
Schedule of Investments [Line Items]
Investment income	11,997	11,802
Other investments
Schedule of Investments [Line Items]
Investment income	3,972	4,957
Cash and cash equivalents
Schedule of Investments [Line Items]
Investment income	$ 1,200	$ 685

Investments - Net Realized and

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 1,620	$ 3,923
Equity securities, gross losses	(6,830)	(431)
Equity securities, net	(5,210)	3,492
Net realized and unrealized gains (losses) on investment, gross gains	21,301	14,506
Net realized and unrealized gains (losses) on investment, gross losses	(15,691)	(6,658)
Net realized and unrealized investment gains (losses)	5,610	7,848
Net losses (gains) recognized for equity securities divested	3,538	(4,957)
Net unrealized losses recognized for equity securities held at reporting date	(1,672)	(1,465)
Proceeds from sales of fixed maturities classified as available-for-sale	62,452	98,993
Total net unrealized losses	(4,628)	(7,935)
Deferred income tax	0	151
Net unrealized losses, net of deferred income tax	(4,628)	(7,784)
Change, net of deferred income tax	3,156	7,884
Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	3	0
Fixed maturities, gross losses	(733)	(2,971)
Fixed maturities, net	(730)	(2,971)
Net unrealized losses on fixed maturity investments	(4,175)	(7,935)
Other investments
Gain (Loss) on Securities [Line Items]
Other investments, gross gain	19,678	10,583
Other investments, gross loss	(8,128)	(3,256)
Other investments, net	11,550	7,327
Available-for-sale securities
Gain (Loss) on Securities [Line Items]
Net unrealized losses on fixed maturity investments	$ (453)	$ 0

Investments - Restricted Cash a

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash and Investments Items [Line Items]
Total restricted cash	$ 9,084	$ 7,266
Restricted investments	183,268	212,608
Total restricted cash and investments	192,352	219,874
Third party agreements
Restricted Cash and Investments Items [Line Items]
Total restricted cash	7,678	6,019
Restricted investments	55,848	61,192
Amortized cost	58,365	63,299
Related party agreements
Restricted Cash and Investments Items [Line Items]
Total restricted cash	1,406	1,247
Restricted investments	127,420	151,416
Amortized cost	$ 128,584	$ 155,546

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 232,613	$ 250,601
Equity securities	$ 13,147	$ 41,722
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Underwriting-related derivative liability	Underwriting-related derivative liability
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 84,058	$ 55,052
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	23,356	26,651
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	38,532	20,751
Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	60,703	78,803
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	25,964	69,344
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	10,897	39,472
Other investments	69,782	113,806
Total	$ 313,292	$ 403,879
As a percentage of total assets	23.80%	26.60%
Underwriting-related derivative liability	$ 3,984
Fair Value, Measurements, Recurring | U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	84,058	$ 55,052
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	23,356	26,651
Fair Value, Measurements, Recurring | Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	38,532	20,751
Fair Value, Measurements, Recurring | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	60,703	78,803
Fair Value, Measurements, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	25,964	69,344
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	0	81
Other investments	0	0
Total	$ 84,058	$ 55,133
As a percentage of total assets	6.40%	3.60%
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	84,058	55,052
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) | 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	0
Total	$ 148,555	$ 190,167
As a percentage of total assets	11.30%	12.50%
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	23,356	26,651
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	38,532	20,751
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	60,703	78,803
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	25,964	63,962
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)(1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	10,897	13,524
Other investments	37,104	27,750
Total	$ 48,001	$ 46,656
As a percentage of total assets	3.60%	3.10%
Underwriting-related derivative liability	$ 3,984	$ 3,984
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)(1) | 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)(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 | Significant Unobservable Inputs (Level 3)(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 | Significant Unobservable Inputs (Level 3)(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 | Significant Unobservable Inputs (Level 3)(1) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	5,382
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	0	25,867
Other investments	32,678	86,056
Total	$ 32,678	$ 111,923
As a percentage of total assets	2.50%	7.40%
Underwriting-related derivative liability	$ 0	$ 0

Fair Value Measurements- Narrat

Fair Value Measurements- Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) security	Dec. 31, 2024 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value | security	1	0
Asset transfers from NAV into Level 3	$ 30,147
Fixed maturities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach	5,382
Fixed maturities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value | security		1
Private Equity Investment | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset transfers from NAV into Level 3	24,765
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	403,879	$ 313,292
Underwriting-related derivative liability		3,984
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	190,167	148,555
Underwriting-related derivative liability	0	0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	46,656	48,001
Underwriting-related derivative liability	3,984	3,984
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability	$ 3,984	$ 3,984
Estimate of Fair Value Measurement | Fair Value, Measurements, Recurring | Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued by third party, percentage	97.90%	100%
Assets valued using market approach, percentage	2.10%	0%

Fair Value Measurements - Signi

Fair Value Measurements - Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
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	$ 313,292	$ 403,879
Underwriting-related derivative liability	3,984
Significant Unobservable Inputs (Level 3)(1) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	48,001	46,656
Underwriting-related derivative liability	3,984	3,984
Significant Unobservable Inputs (Level 3)(1) | 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	$ 3,984
Significant Unobservable Inputs (Level 3)(1) | Fair Value, Measurements, Recurring | Privately held equity investments - common shares | Quarterly financial statements | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	42,497
Significant Unobservable Inputs (Level 3)(1) | Fair Value, Measurements, Recurring | Privately held equity investments - preferred shares | Quarterly financial statements | Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,504

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Other Investments Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 46,656	$ 16,556
Sales	(1,600)	(7,669)
Net realized and unrealized gains recognized in the statement of income	$ 8,327	$ 3,697
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
Purchases	$ 0	$ 3,925
Transfers (out of) into Level 3 from Level 2 and NAV practical expedient	(5,382)
Transfers (out of) into Level 3 from Level 2 and NAV practical expedient		30,147
Total Level 3 investments - end of period	$ 48,001	$ 46,656

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Senior Notes | 2016 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 | 2013 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	$ 262,361
Significant Other Observable Inputs (Level 2) | Carrying Value | Senior Notes | 2016 Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	110,000	110,000
Significant Other Observable Inputs (Level 2) | Carrying Value | Senior Notes | 2013 Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	152,361	152,361
Significant Other Observable Inputs (Level 2) | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	177,010	189,599
Significant Other Observable Inputs (Level 2) | Fair Value | Senior Notes | 2016 Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	67,980	73,744
Significant Other Observable Inputs (Level 2) | Fair Value | Senior Notes | 2013 Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 109,030	$ 115,855

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) period $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	May 03, 2023 USD ($) $ / shares shares	May 02, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares	Feb. 21, 2017 USD ($)
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) | $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Shares authorized (in shares)	200,000,000
Common shares, issued (in shares)	150,298,798	149,732,355
Common shares, outstanding (in shares)	99,039,253	100,472,120			101,532,151
Treasury shares (in shares)	51,259,545	49,260,235
Common shares remain for future issuance (in shares)	49,701,202
Number of votes per share | period	1
Shares repurchased (in shares)	1,871,755	1,439,575
Non-Performance-Based Restricted Shares
Class of Stock [Line Items]
Issued and outstanding upon vesting of restricted shares (in shares)	2,035,634	975,027			492,463
Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)	44,750,678	42,878,923
Share Repurchase Plan
Class of Stock [Line Items]
Treasury shares (in shares)	6,508,867	6,381,312
Shares repurchased (in shares)	1,871,755	1,439,575
Average price per share (in dollars per share) | $ / shares	$ 1.87	$ 1.83
Remaining shares authorized | $	$ 68,107,000	$ 71,615,000
Share Repurchase Plan | Maiden Reinsurance
Class of Stock [Line Items]
Shares repurchased (in shares)	3,311,330
Share Repurchase Plan | Common shares
Class of Stock [Line Items]
Stock repurchased, authorized amount (up to) | $						$ 100,000,000
Employees, Tax Withholding
Class of Stock [Line Items]
Shares repurchased (in shares)	127,555	128,731
Average price per share (in dollars per share) | $ / shares	$ 1.79	$ 2.25
Exchange for Preferred Shares | Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)	41,439,348	41,439,348
2019 Omnibus Incentive Plan
Class of Stock [Line Items]
Common shares remain for future issuance (in shares)	1,291,729

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Outstanding shares – January 1 (in shares)	100,472,120	101,532,151
Issuance of vested restricted shares and exercised common share options (in shares)	566,443	508,275
Shares repurchased for tax purposes (in shares)	(127,555)	(128,731)
Shares repurchased by Maiden Reinsurance under authorized repurchase plan (in shares)	(1,871,755)	(1,439,575)
Outstanding shares – December 31 (in shares)	99,039,253	100,472,120
Treasury shares (in shares)	51,259,545	49,260,235
Shares repurchased by Maiden Reinsurance under authorized repurchase plan	1,871,755	1,439,575
Maiden Reinsurance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares (in shares)	44,750,678	42,878,923
Exchange for Preferred Shares | Maiden Reinsurance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares (in shares)	41,439,348	41,439,348
Share Repurchase Plan
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased by Maiden Reinsurance under authorized repurchase plan (in shares)	(1,871,755)	(1,439,575)
Treasury shares (in shares)	6,508,867	6,381,312
Shares repurchased by Maiden Reinsurance under authorized repurchase plan	1,871,755	1,439,575
Share Repurchase Plan | Maiden Reinsurance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased by Maiden Reinsurance under authorized repurchase plan (in shares)	(3,311,330)
Shares repurchased by Maiden Reinsurance under authorized repurchase plan	3,311,330

Shareholders' Equity - Change_2

Shareholders' Equity - Changes in Treasury Shares Outstanding (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	51,259,545	49,260,235
Share Repurchase Plan
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	6,508,867	6,381,312
Maiden Reinsurance
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	44,750,678	42,878,923

Shareholders' Equity - AOCI Com

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 249,160
Net current period other comprehensive income (loss)	(1,264)	$ 9,765
Ending balance	45,193	249,160
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(31,469)	(41,234)
Ending balance	(32,733)	(31,469)
Change in net unrealized gains on investment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(7,784)	(15,668)
Net current period other comprehensive income (loss)	3,156	7,884
Ending balance	(4,628)	(7,784)
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(23,685)	(25,566)
Net current period other comprehensive income (loss)	(4,420)	1,881
Ending balance	$ (28,105)	$ (23,685)

Long-Term Debt - Senior Notes I

Long-Term Debt - Senior Notes Issuances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 262,361	$ 262,361
Less: unamortized issuance costs	7,604	7,764
Senior notes, net	254,757	254,597
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,361	262,361
Less: unamortized issuance costs	7,604	7,764
Senior notes, net	254,757	254,597
Senior Notes | 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,280	3,345
Senior notes, net	106,720	106,655
Original debt issuance costs	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes | 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,361	152,361
Less: unamortized issuance costs	4,324	4,419
Senior notes, net	148,037	$ 147,942
Original debt issuance costs	$ 5,049
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) perUnit unit	May 03, 2023 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 19,266,000	$ 18,266,000
Accrued interest	1,342,000	$ 1,342,000
Approved debt repurchase amount			$ 100,000,000
Debt instrument, repurchased face amount	0
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
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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Premiums written
Direct	$ 34,846	$ 27,265
Assumed	(1,651)	(3,799)
Ceded	(132)	(298)
Net	33,063	23,168
Premiums earned
Direct	34,589	27,049
Assumed	14,992	17,202
Ceded	(107)	(282)
Net premiums earned	49,474	43,969
Loss and LAE
Gross loss and LAE	183,732	59,562
Loss and LAE ceded	2,395	1,666
Net loss and loss adjustment expenses	$ 186,127	$ 61,228

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 31, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018	Dec. 27, 2018
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,963; 2023 - $3,240)	$ 445,000	$ 571,331	$ 564,331
Reinsurance recoverable, allowance for credit loss		2,963	3,240	$ 4,277
Reinsurance, excess retention, amount reinsured, per policy	2,178,535
Reinsurance, amount retained, per policy	600,000
Ceded cumulative losses	$ 445,000
Adverse development cover					$ 155,000
Deferred gain on retroactive reinsurance		107,255	73,240
Collateral by third party		484,721	490,070
AmTrust Quota Share Reinsurance Segment
Concentration Risk [Line Items]
Reinsurance recoverable		26,200	3,800
Maximum
Concentration Risk [Line Items]
Reinsurance recoverables on paid losses, gross		312,786
Diversified Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,963; 2023 - $3,240)		35,357	43,176
Reinsurance recoverable, allowance for credit loss		2,633	2,769
Assets and liabilities associated with reinsurance business retroceded						100%
AmTrust Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable, allowance for credit loss		319	453
Reinsurance recoverables on unpaid gross		532,910	515,463	490,408
Deferred gain on retroactive reinsurance		104,955	70,916	$ 45,408
Amortization of deferred gain		4,099	0
Loss recoveries		$ 20,825	$ 0

Reinsurance - Allowance for Cre

Reinsurance - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$ 3,240	$ 4,277
Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized	(277)	(1,037)
Allowance for expected credit losses on reinsurance recoverable, end of period	$ 2,963	$ 3,240

Reinsurance - Schedule of Reins

Reinsurance - Schedule of Reinsurance Recoverable on Unpaid Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reinsurance Recoverables, Deferred Gain Liability [Abstract]
Opening Balance	$ 73,240
Deferred gain liability for the LPT/ADC Agreement	107,255	$ 73,240
AmTrust Reinsurance
Reinsurance Recoverables, Gross [Abstract]
Opening Balance	515,463	490,408
Adverse PPD covered under the LPT/ADC Agreement	64,338	29,308
Favorable PPD on commuted Workers Compensation business	(26,200)	(3,800)
Recoveries received under the LPT/ADC Agreement	(20,825)	0
Change in credit loss allowance on reinsurance recoverable under LPT/ADC Agreement	134	(453)
Reinsurance recoverable on unpaid losses under the LPT/ADC Agreement	532,910	515,463
Reinsurance Recoverables, Deferred Gain Liability [Abstract]
Opening Balance	70,916	45,408
Adverse PPD covered under the LPT/ADC Agreement	64,338	29,308
Reinsurance Recoverables on Unpaid Losses, Favorable Development	(26,200)	(3,800)
Amortization of deferred gain for the LPT/ADC Agreement	(4,099)	0
Deferred gain liability for the LPT/ADC Agreement	$ 104,955	$ 70,916

Reserve for Loss and Loss Adj_3

Reserve for Loss and Loss Adjustment Expenses - Schedule for Reserve for Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Reserve for reported loss and LAE	$ 383,087	$ 543,818
Reserve for losses incurred but not reported ("IBNR")	410,592	323,615
Reserve for loss and LAE	793,679	867,433
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	867,433	1,131,408
Reinsurance Recoverables, Including Reinsurance Premium Paid	564,331	556,116
Net loss and LAE reserves, January 1	303,102	575,292
Net incurred losses related to Current year	31,695	23,040
Net incurred losses related to Prior year	154,432	38,188
Net loss and loss adjustment expenses	186,127	61,228
Net paid losses related to Current year	(1,303)	(837)
Net paid losses related to Prior years	(216,329)	(321,206)
Net paid losses	(217,632)	(322,043)
Change in deferred gain on retroactive reinsurance	(34,015)	(25,532)
GLS run-off business acquired or assumed	473	0
Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses	0	4,277
Effect of foreign exchange rate movements	(15,707)	9,880
Net loss and LAE reserves, December 31	222,348	303,102
Reinsurance recoverable on unpaid losses, December 31	571,331	564,331
Gross loss and LAE reserves, December 31	$ 793,679	$ 867,433

Reserve for Loss and Loss Adj_4

Reserve for Loss and Loss Adjustment Expenses - Prior Year Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ (154,432)	$ (38,188)
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(6,908)	(4,440)
Diversified Reinsurance | International
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(793)	(2,504)
Diversified Reinsurance | GLS
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(5,265)	(954)
Diversified Reinsurance | Other run-off lines
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(850)	(982)
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(147,524)	(33,748)
AmTrust Reinsurance | AmTrust Quota Share
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(104,952)	(24,098)
AmTrust Reinsurance | European Hospital Liability Quota Share
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(47,015)	(10,268)
AmTrust Reinsurance | AmTrust other runoff
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	4,443	618
AmTrust Quota Share
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(104,952)	(24,098)
AmTrust Quota Share | Workers' Compensation
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	18,145	17,956
AmTrust Quota Share | Commercial Auto Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	3,536	(9,747)
AmTrust Quota Share | General Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(92,997)	(31,703)
AmTrust Quota Share | All other lines
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(56)	14
AmTrust Quota Share | Other Specialty Risk & Extended Warranty
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ (33,580)	$ (618)

Reserve for Loss and Loss Adj_5

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details)				12 Months Ended
	Jul. 31, 2019 USD ($)	Jul. 01, 2013	Jul. 01, 2007	Dec. 31, 2024 USD ($) contract	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2010 USD ($)
Segment Reporting Information [Line Items]
Net increase (decrease) incurred losses related to prior years				$ 154,432,000	$ 38,188,000
Net increase (decrease) incurred losses related to prior years, percentage				51%	6.60%
Net adverse prior year development (net favorable prior year reserve development)				$ (154,432,000)	$ (38,188,000)
Change in deferred gain on retroactive reinsurance				$ (34,015,000)	(25,532,000)
Number of short duration insurance contracts | contract				2
Reverse for loss and loss adjustment expenses				$ 793,679,000	867,433,000	$ 1,131,408,000
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,963; 2023 - $3,240)	$ 445,000,000			571,331,000	564,331,000
Paid losses				217,632,000	322,043,000
Reserve for losses incurred but not reported ("IBNR")				410,592,000	323,615,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net				222,348,000
Typical insurance limit				1,000,000
Fair Value, Measurements, Recurring
Segment Reporting Information [Line Items]
Underwriting-related derivative liability				3,984,000
Significant Unobservable Inputs (Level 3)(1) | Fair Value, Measurements, Recurring
Segment Reporting Information [Line Items]
Underwriting-related derivative liability				3,984,000	3,984,000
Significant Unobservable Inputs (Level 3)(1) | Fair Value, Measurements, Recurring | Discounted cash flows
Segment Reporting Information [Line Items]
Underwriting-related derivative liability				3,984,000	3,984,000
AmTrust Quota Share
Segment Reporting Information [Line Items]
Deferred gain on reinsurance, period increase (decrease)				(34,039,000)	25,508,000
AmTrust Quota Share | AmTrust Financial Services, Inc.
Segment Reporting Information [Line Items]
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party	40%		40%
AmTrust Quota Share | AmTrust Financial Services, Inc. | Post-Termination Endorsement, Maximum Loss Corridor
Segment Reporting Information [Line Items]
Related party transaction amount (returned)	$ 40,500,000			155,860,000
AmTrust Quota Share | Minimum | AmTrust Financial Services, Inc.
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio floor		81.50%
AmTrust Quota Share | Maximum | AmTrust Financial Services, Inc.
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling		95%
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)				(147,524,000)	(33,748,000)
Purchase significant reinsurance for losses above				$ 10,000,000
Percent share of losses net of reinsurance				40%
AmTrust Reinsurance | U.S. Program General Liability
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)				$ (79,040,000)
AmTrust Reinsurance | U.K. Structural Defect Coverages
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)				(33,580,000)
AmTrust Reinsurance | European Hospital Liability Quota Share
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)				(47,015,000)	(10,268,000)
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)				(6,908,000)	(4,440,000)
Reverse for loss and loss adjustment expenses				37,990,000
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,963; 2023 - $3,240)				35,357,000	43,176,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net				2,633,000			$ 98,827,000
Diversified Reinsurance | GLS
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)				(5,265,000)	$ (954,000)
Reverse for loss and loss adjustment expenses				21,543,000
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,963; 2023 - $3,240)				2,830,000
Paid losses				268,000
Reserve for losses incurred but not reported ("IBNR")				18,600,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net				$ 18,713,000

Reserve for Loss and Loss Adj_6

Reserve for Loss and Loss Adjustment Expenses - Incurred losses and LAE, Net of Reinsurance and Cumulative Paid Losses and LAE, Net of Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 30, 2010
Claims Development [Line Items]
Impact of LPT/ADC	$ 571,331	$ 564,331					$ 445,000
Reserve for loss and LAE	793,679	867,433	$ 1,131,408
Total net reserves including impact of LPT/ADC Agreement	222,348
Diversified Reinsurance
Claims Development [Line Items]
Impact of LPT/ADC	35,357	43,176
Reserve for loss and LAE	37,990
Total net reserves including impact of LPT/ADC Agreement	2,633											$ 98,827
International | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	511,084
Total IBNR	7,430
Impact of LPT/ADC	234
Cumulative paid loss and LAE, net of reinsurance	478,509
Reserve for loss and LAE	32,809
Total net reserves including impact of LPT/ADC Agreement	32,575
International | 2010 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	77,112	77,325	75,180	$ 74,996	$ 74,713	$ 74,599		$ 73,636	$ 73,938	$ 71,938	$ 69,863
Total IBNR	553
Cumulative paid loss and LAE, net of reinsurance	57,742	56,935	55,880	54,923	53,903	52,896		51,570	50,021	48,541	47,026
International | 2011 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,214	44,212	44,255	44,182	44,182	44,220		44,260	44,010	43,631	43,801
Total IBNR	58
Cumulative paid loss and LAE, net of reinsurance	44,725	44,708	44,701	44,671	44,622	44,545		44,484	44,382	44,241	44,009
International | 2012 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	43,760	43,861	43,902	43,926	43,831	43,897		43,948	44,229	43,967	43,885
Total IBNR	143
Cumulative paid loss and LAE, net of reinsurance	41,454	41,455	41,443	41,471	41,382	41,304		41,292	41,185	40,603	40,279
International | 2013 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	47,880	47,797	47,851	47,882	47,786	47,850		47,494	47,655	47,055	47,553
Total IBNR	(146)
Cumulative paid loss and LAE, net of reinsurance	46,951	46,909	46,673	46,567	46,171	45,877		45,804	45,611	45,144	43,804
International | 2014 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	46,926	47,080	47,064	47,048	47,154	47,392		47,329	47,530	47,637	47,779
Total IBNR	150
Cumulative paid loss and LAE, net of reinsurance	45,599	45,588	45,573	45,539	45,482	45,371		45,273	45,039	43,820	41,562
International | 2015 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	43,583	43,565	43,661	43,649	43,909	44,050		44,015	44,366	43,888	42,478
Total IBNR	25
Cumulative paid loss and LAE, net of reinsurance	42,923	42,822	42,811	42,784	42,589	42,330		41,951	41,029	38,982	21,441
International | 2016 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	39,840	39,858	39,871	39,785	40,078	39,678		39,691	40,316	38,336
Total IBNR	89
Cumulative paid loss and LAE, net of reinsurance	40,528	40,509	40,264	39,455	38,964	38,372		37,684	36,001	21,917
International | 2017 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,879	35,034	35,218	35,415	35,404	36,225		37,261	36,369
Total IBNR	118
Cumulative paid loss and LAE, net of reinsurance	34,497	34,498	34,450	34,392	34,153	33,387		31,774	18,647
International | 2018 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	38,325	37,918	38,354	38,226	38,194	38,030		39,540
Total IBNR	(379)
Cumulative paid loss and LAE, net of reinsurance	38,469	37,872	37,623	37,058	36,101	34,192		18,810
International | 2019 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,192	34,214	34,274	34,190	35,040	33,186
Total IBNR	134
Cumulative paid loss and LAE, net of reinsurance	31,543	31,458	31,154	30,649	28,213	15,529
International | 2020 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	20,770	20,681	20,575	21,668	22,474
Total IBNR	1,583
Cumulative paid loss and LAE, net of reinsurance	19,748	19,518	19,073	18,093	10,623
International | 2021 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	5,981	5,932	5,932	5,932
Total IBNR	3,386
Cumulative paid loss and LAE, net of reinsurance	11,097	10,790	9,669	5,215
International | 2022 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	9,412	8,314	6,827
Total IBNR	1,716
Cumulative paid loss and LAE, net of reinsurance	12,367	9,954	1,100
International | 2023 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	8,994	8,880
Total IBNR	0
Cumulative paid loss and LAE, net of reinsurance	9,629	801
International | 2024 | Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,216
Total IBNR	0
Cumulative paid loss and LAE, net of reinsurance	1,237
Workers' Compensation | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,599,323
Total IBNR	140,716
Impact of LPT/ADC	285,989
Cumulative paid loss and LAE, net of reinsurance	3,349,446
All outstanding liabilities prior to 2008, net of reinsurance	8
Reserve for loss and LAE	249,885
Total net reserves including impact of LPT/ADC Agreement	(36,104)						$ 83,305
Workers' Compensation | 2008 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	86,220	86,144	86,415	86,292	86,117	83,952		84,710	83,622	83,039	82,301
Total IBNR	1,887
Impact of LPT/ADC	3,421
Cumulative paid loss and LAE, net of reinsurance	83,138	83,026	82,761	82,676	82,286	82,709		82,436	81,159	79,230	78,161
Workers' Compensation | 2009 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	109,427	109,018	109,384	110,207	109,021	109,664		110,175	107,165	105,901	106,204
Total IBNR	1,808
Impact of LPT/ADC	3,642
Cumulative paid loss and LAE, net of reinsurance	105,848	104,685	104,434	104,205	103,771	102,877		101,823	100,103	98,811	96,396
Workers' Compensation | 2010 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	124,677	125,420	126,308	126,516	126,621	127,381		127,215	123,968	124,073	125,020
Total IBNR	5,932
Impact of LPT/ADC	4,690
Cumulative paid loss and LAE, net of reinsurance	116,479	116,064	115,765	115,508	114,730	116,332		115,959	115,014	114,639	108,171
Workers' Compensation | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	139,302	139,421	140,257	137,355	141,272	139,685		138,600	135,379	133,916	133,995
Total IBNR	4,145
Impact of LPT/ADC	6,824
Cumulative paid loss and LAE, net of reinsurance	132,524	131,877	130,958	130,413	129,408	125,843		124,315	122,579	115,966	114,107
Workers' Compensation | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	186,574	187,630	189,114	187,089	192,263	188,879		192,087	181,616	172,692	171,040
Total IBNR	6,038
Impact of LPT/ADC	9,777
Cumulative paid loss and LAE, net of reinsurance	176,865	176,022	175,021	174,436	172,251	168,154		164,512	158,807	150,543	138,706
Workers' Compensation | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	276,853	276,791	277,226	277,365	281,580	273,571		276,249	261,915	242,447	238,392
Total IBNR	8,441
Impact of LPT/ADC	17,495
Cumulative paid loss and LAE, net of reinsurance	259,503	257,523	255,720	252,506	248,103	234,342		227,502	216,527	199,300	168,785
Workers' Compensation | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	438,487	440,175	441,185	445,258	449,374	455,521		457,363	419,748	382,260	365,515
Total IBNR	16,985
Impact of LPT/ADC	30,004
Cumulative paid loss and LAE, net of reinsurance	408,716	404,591	398,441	392,101	383,529	370,176		355,414	321,258	268,467	189,954
Workers' Compensation | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	531,208	535,139	537,963	547,439	549,857	545,271		551,145	526,269	474,212	474,140
Total IBNR	22,180
Impact of LPT/ADC	42,959
Cumulative paid loss and LAE, net of reinsurance	488,574	483,387	476,769	466,868	448,867	417,736		388,640	338,642	246,616	86,695
Workers' Compensation | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	550,537	555,645	559,440	568,791	579,849	603,529		627,728	568,006	528,906
Total IBNR	27,263
Impact of LPT/ADC	49,955
Cumulative paid loss and LAE, net of reinsurance	500,971	494,160	484,367	471,382	449,347	428,651		380,602	284,501	110,051
Workers' Compensation | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	574,067	577,051	580,155	591,122	593,920	613,577		654,362	615,957
Total IBNR	21,999
Impact of LPT/ADC	51,353
Cumulative paid loss and LAE, net of reinsurance	535,127	528,411	520,180	507,903	485,611	448,551		274,596	111,508
Workers' Compensation | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	572,609	573,040	577,485	585,009	575,765	580,528		592,566
Total IBNR	24,117
Impact of LPT/ADC	65,869
Cumulative paid loss and LAE, net of reinsurance	532,512	524,987	515,459	499,349	465,762	409,986		110,954
Workers' Compensation | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	9,362	11,943	10,152	10,871	9,945	12,751
Total IBNR	(79)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	9,189	9,717	9,024	8,070	5,821	3,907
General Liability | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,111,252
Total IBNR	47,739
Impact of LPT/ADC	109,369
Cumulative paid loss and LAE, net of reinsurance	1,004,023
All outstanding liabilities prior to 2008, net of reinsurance	141
Reserve for loss and LAE	107,370
Total net reserves including impact of LPT/ADC Agreement	(1,999)
General Liability | 2008 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	39,542	39,796	40,017	40,381	40,398	36,996		37,605	36,627	35,985	34,169
Total IBNR	2,206
Impact of LPT/ADC	341
Cumulative paid loss and LAE, net of reinsurance	37,304	37,289	37,473	37,278	37,253	34,893		36,699	34,935	32,765	32,423
General Liability | 2009 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,421	35,433	35,495	35,733	36,228	35,410		35,138	34,863	34,040	32,418
Total IBNR	149
Impact of LPT/ADC	149
Cumulative paid loss and LAE, net of reinsurance	35,258	35,197	35,093	34,999	34,984	32,487		33,473	32,878	30,924	28,312
General Liability | 2010 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,032	44,907	44,856	44,778	45,490	43,062		42,884	41,597	38,298	38,536
Total IBNR	235
Impact of LPT/ADC	596
Cumulative paid loss and LAE, net of reinsurance	44,438	44,246	44,040	43,076	42,509	39,888		39,214	37,317	34,125	30,948
General Liability | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	54,410	54,495	54,288	54,683	55,607	53,499		52,746	49,338	45,303	42,100
Total IBNR	84
Impact of LPT/ADC	1,160
Cumulative paid loss and LAE, net of reinsurance	53,529	53,320	53,064	52,592	51,492	49,178		47,141	41,257	39,350	31,619
General Liability | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	62,621	63,214	63,615	64,052	63,704	63,429		59,948	55,991	50,800	48,851
Total IBNR	4,154
Impact of LPT/ADC	1,710
Cumulative paid loss and LAE, net of reinsurance	57,541	58,412	58,889	57,913	55,350	56,538		53,526	45,775	40,864	29,752
General Liability | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	98,211	97,920	96,388	96,342	95,050	92,032		89,204	79,731	68,641	66,869
Total IBNR	411
Impact of LPT/ADC	4,777
Cumulative paid loss and LAE, net of reinsurance	94,491	92,705	89,473	87,178	83,571	76,996		70,074	58,377	44,698	32,249
General Liability | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	119,763	119,554	119,413	119,782	119,367	116,085		111,970	99,873	77,930	66,558
Total IBNR	4,684
Impact of LPT/ADC	7,028
Cumulative paid loss and LAE, net of reinsurance	110,741	107,865	102,290	96,521	92,861	86,101		77,259	57,678	36,026	24,581
General Liability | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	158,447	155,101	155,234	154,939	154,529	154,071		139,518	122,942	95,766	118,111
Total IBNR	4,608
Impact of LPT/ADC	12,345
Cumulative paid loss and LAE, net of reinsurance	147,047	140,414	131,224	120,546	112,542	98,278		79,291	52,350	33,963	20,849
General Liability | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	151,915	153,168	150,019	147,996	147,858	148,371		120,911	114,864	98,149
Total IBNR	4,184
Impact of LPT/ADC	19,032
Cumulative paid loss and LAE, net of reinsurance	137,678	129,683	114,422	101,764	88,627	67,064		45,855	21,959	6,402
General Liability | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	173,853	170,669	167,257	162,856	161,354	165,268		133,533	116,158
Total IBNR	10,677
Impact of LPT/ADC	24,741
Cumulative paid loss and LAE, net of reinsurance	151,578	139,460	119,417	97,356	79,531	51,545		27,001	6,967
General Liability | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	169,005	160,003	151,791	148,295	148,817	153,822		121,991
Total IBNR	15,976
Impact of LPT/ADC	37,490
Cumulative paid loss and LAE, net of reinsurance	132,240	115,496	90,841	65,947	42,792	24,618		7,907
General Liability | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,032	3,077	3,906	5,981	6,017	5,427
Total IBNR	371
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	2,178	1,581	1,218	717	314	27
Commercial Auto Liability | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,181,894
Total IBNR	8,595
Impact of LPT/ADC	25,125
Cumulative paid loss and LAE, net of reinsurance	1,149,959
All outstanding liabilities prior to 2008, net of reinsurance	42
Reserve for loss and LAE	31,977
Total net reserves including impact of LPT/ADC Agreement	6,852
Commercial Auto Liability | 2008 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	37,622	37,880	37,885	37,854	37,746	35,542		35,382	35,521	35,975	34,584
Total IBNR	2,274
Impact of LPT/ADC	42
Cumulative paid loss and LAE, net of reinsurance	35,349	35,349	35,339	35,013	34,982	36,968		35,284	34,803	34,074	33,536
Commercial Auto Liability | 2009 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	30,851	30,978	30,979	31,019	31,082	31,064		31,033	30,919	30,468	31,024
Total IBNR	507
Impact of LPT/ADC	44
Cumulative paid loss and LAE, net of reinsurance	30,342	30,342	30,341	30,340	30,337	31,194		30,204	29,842	29,829	29,226
Commercial Auto Liability | 2010 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,556	40,556	40,608	40,631	40,637	42,070		41,996	42,146	40,523	40,193
Total IBNR	139
Impact of LPT/ADC	2
Cumulative paid loss and LAE, net of reinsurance	40,416	40,416	40,416	40,411	40,407	40,395		40,282	39,750	39,413	37,734
Commercial Auto Liability | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,659	34,644	34,633	34,690	34,707	34,643		36,065	36,149	34,790	33,839
Total IBNR	502
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	34,157	34,159	34,158	34,005	33,872	33,451		33,155	33,130	32,362	29,769
Commercial Auto Liability | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,762	45,887	45,860	45,753	45,902	45,917		45,753	46,150	48,116	44,812
Total IBNR	(77)
Impact of LPT/ADC	8
Cumulative paid loss and LAE, net of reinsurance	45,831	45,831	45,825	45,812	45,819	45,751		45,555	44,165	43,745	35,460
Commercial Auto Liability | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,320	63,471	63,500	63,589	63,532	63,620		62,163	63,162	59,702	50,647
Total IBNR	32
Impact of LPT/ADC	209
Cumulative paid loss and LAE, net of reinsurance	63,101	63,079	63,070	62,968	62,562	62,331		59,600	57,349	48,122	34,379
Commercial Auto Liability | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	92,820	93,434	93,164	93,208	94,238	92,572		89,299	82,427	73,966	55,023
Total IBNR	465
Impact of LPT/ADC	115
Cumulative paid loss and LAE, net of reinsurance	92,295	91,819	91,115	91,000	90,761	87,458		79,766	64,459	42,960	22,858
Commercial Auto Liability | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	130,496	130,631	129,632	129,082	129,849	127,560		119,141	106,560	92,955	66,967
Total IBNR	93
Impact of LPT/ADC	259
Cumulative paid loss and LAE, net of reinsurance	130,298	128,693	125,415	121,605	118,753	107,707		86,433	62,945	39,179	13,102
Commercial Auto Liability | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	170,554	171,563	170,221	167,479	170,275	171,504		144,077	118,210	121,828
Total IBNR	(2,616)
Impact of LPT/ADC	4,026
Cumulative paid loss and LAE, net of reinsurance	169,924	165,475	158,822	145,727	133,826	113,174		76,635	48,595	19,071
Commercial Auto Liability | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	226,839	227,165	224,132	220,471	230,972	220,457		189,257	156,575
Total IBNR	1,761
Impact of LPT/ADC	7,097
Cumulative paid loss and LAE, net of reinsurance	219,869	212,952	197,857	176,863	154,600	115,623		69,657	26,863
Commercial Auto Liability | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	234,527	234,717	230,516	219,800	230,200	224,780		177,150
Total IBNR	3,014
Impact of LPT/ADC	13,323
Cumulative paid loss and LAE, net of reinsurance	221,401	207,553	178,479	138,770	107,184	67,080		30,018
Commercial Auto Liability | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	73,888	74,504	74,553	73,023	77,371	79,172
Total IBNR	2,508
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	66,969	59,162	49,073	34,365	22,799	9,456
Commercial Auto Liability | 2020 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(7)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	7	7	7	7	7
European Hospital Liability | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	636,702
Total IBNR	30,744
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	525,298
Reserve for loss and LAE	111,404
Total net reserves including impact of LPT/ADC Agreement	111,404
European Hospital Liability | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	70,381	66,262	65,326	58,398	57,694	57,435		55,352	57,727	59,534	43,235
Total IBNR	2,888
Cumulative paid loss and LAE, net of reinsurance	60,777	59,354	55,995	52,088	49,367	45,194		41,730	37,890	32,749	26,357
European Hospital Liability | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	124,200	114,113	113,189	110,157	108,813	107,954		103,491	80,080	84,573	94,543
Total IBNR	4,422
Cumulative paid loss and LAE, net of reinsurance	107,195	102,288	96,429	90,071	85,429	76,225		70,615	63,262	53,652	41,731
European Hospital Liability | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	114,590	101,826	100,602	98,717	97,214	95,932		90,567	70,658	77,276	58,822
Total IBNR	6,667
Cumulative paid loss and LAE, net of reinsurance	95,687	88,156	82,124	74,747	69,647	57,537		50,896	45,415	36,127	23,678
European Hospital Liability | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	94,948	83,423	80,751	80,926	79,682	78,721		73,895	58,603	52,668	49,171
Total IBNR	6,302
Cumulative paid loss and LAE, net of reinsurance	78,540	72,155	65,467	56,104	53,388	42,476		36,009	32,091	22,548	10,847
European Hospital Liability | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	74,063	69,361	67,226	65,744	63,613	63,395		60,507	55,032	42,267	43,535
Total IBNR	4,625
Cumulative paid loss and LAE, net of reinsurance	59,549	56,260	50,396	41,519	41,971	31,998		26,644	20,877	10,112	3,180
European Hospital Liability | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	65,736	64,315	63,075	63,584	62,343	63,738		61,415	46,923	40,760
Total IBNR	2,317
Cumulative paid loss and LAE, net of reinsurance	52,057	48,209	43,447	34,275	31,887	21,483		16,151	9,747	3,281
European Hospital Liability | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	46,800	45,939	45,464	46,599	48,431	49,760		47,810	37,524
Total IBNR	2,166
Cumulative paid loss and LAE, net of reinsurance	35,395	31,515	27,473	18,542	13,453	6,931		4,044	1,171
European Hospital Liability | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	31,301	31,376	31,310	29,240	29,829	28,972		40,849
Total IBNR	165
Cumulative paid loss and LAE, net of reinsurance	24,857	23,237	20,290	7,117	4,946	2,076		843
European Hospital Liability | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	14,683	14,484	14,313	14,366	13,472	14,554
Total IBNR	1,192
Cumulative paid loss and LAE, net of reinsurance	11,241	10,603	9,645	2,771	1,467	10,499
All other lines | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	488,354
Total IBNR	4,052
Impact of LPT/ADC	1,724
Cumulative paid loss and LAE, net of reinsurance	483,583
All outstanding liabilities prior to 2008, net of reinsurance	(3)
Reserve for loss and LAE	4,768
Total net reserves including impact of LPT/ADC Agreement	3,044
All other lines | 2008 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	23,758	24,013	24,013	24,016	24,045	29,519		29,574	29,576	29,070	29,237
Total IBNR	(5,092)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	28,850	28,850	28,850	28,850	24,706	29,234		30,683	30,833	29,177	29,388
All other lines | 2009 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,523	15,379	15,373	15,373	15,750	14,617		15,653	16,088	14,492	14,309
Total IBNR	528
Impact of LPT/ADC	10
Cumulative paid loss and LAE, net of reinsurance	14,986	14,986	14,986	14,986	14,954	14,009		15,051	15,224	13,870	13,105
All other lines | 2010 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,905	15,905	15,905	15,905	15,905	15,438		17,059	17,071	16,105	16,078
Total IBNR	51
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	15,854	15,854	15,854	15,854	15,853	15,285		16,786	16,919	16,058	15,748
All other lines | 2011 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,500	21,490	21,496	21,500	21,515	21,469		23,506	23,376	22,616	22,359
Total IBNR	148
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	21,352	21,359	21,334	21,339	21,343	21,481		23,661	23,892	22,715	22,044
All other lines | 2012 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	17,743	17,775	17,819	17,811	17,969	19,578		20,260	19,850	18,673	21,898
Total IBNR	(341)
Impact of LPT/ADC	100
Cumulative paid loss and LAE, net of reinsurance	18,083	18,084	18,077	18,077	18,071	17,559		18,685	18,205	17,946	16,936
All other lines | 2013 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	20,306	20,593	20,637	20,639	20,644	21,735		21,669	21,313	22,918	28,058
Total IBNR	847
Impact of LPT/ADC	160
Cumulative paid loss and LAE, net of reinsurance	19,460	19,482	19,463	19,465	20,146	19,343		20,447	20,456	20,258	17,509
All other lines | 2014 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,340	21,481	21,493	21,491	21,496	24,929		26,278	24,958	26,021	25,268
Total IBNR	(155)
Impact of LPT/ADC	79
Cumulative paid loss and LAE, net of reinsurance	21,494	21,532	21,509	21,493	21,497	21,405		26,194	22,018	20,940	20,277
All other lines | 2015 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,512	44,379	44,456	44,749	44,939	47,882		49,463	49,631	54,857	52,706
Total IBNR	755
Impact of LPT/ADC	35
Cumulative paid loss and LAE, net of reinsurance	43,754	43,737	43,742	43,895	43,622	44,179		41,962	42,631	45,208	$ 28,929
All other lines | 2016 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	65,839	67,162	66,791	66,944	67,060	73,602		72,384	74,948	79,654
Total IBNR	5,064
Impact of LPT/ADC	231
Cumulative paid loss and LAE, net of reinsurance	60,628	60,682	59,967	60,008	63,450	63,234		65,452	69,805	$ 42,795
All other lines | 2017 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	96,598	96,485	96,267	96,104	96,196	92,904		96,812	104,637
Total IBNR	1,516
Impact of LPT/ADC	425
Cumulative paid loss and LAE, net of reinsurance	94,947	94,710	94,206	93,541	93,212	80,735		80,726	$ 48,903
All other lines | 2018 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	103,207	101,326	102,061	101,913	101,553	103,489		96,910
Total IBNR	271
Impact of LPT/ADC	684
Cumulative paid loss and LAE, net of reinsurance	102,774	102,406	102,587	101,158	98,386	86,455		$ 56,539
All other lines | 2019 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	42,123	42,310	42,003	43,554	43,146	37,945
Total IBNR	563
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	41,243	41,028	40,670	40,427	38,793	$ 22,095
All other lines | 2020 | AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(103)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	103	103	103	103	$ 4
All other lines | 2021 | AmTrust Reinsurance
Claims Development [Line Items]
Cumulative paid loss and LAE, net of reinsurance	$ 55	$ 55	$ 66	$ 66

Reserve for Loss and Loss Adj_7

Reserve for Loss and Loss Adjustment Expenses - Reconciliation of loss development to reserve for loss and LAE (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2019	Nov. 30, 2010
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	$ 222,348
Reinsurance Recoverables on unpaid claims	571,331	$ 564,331		$ 445,000
Total Gross Reserves	793,679	867,433	$ 1,131,408
Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	2,633				$ 98,827
Reinsurance Recoverables on unpaid claims	35,357	43,176
Total Gross Reserves	37,990
Operating Segments
US Treaty business ceded to Cavello
Reinsurance Recoverables on unpaid claims	535,974	521,155
Operating Segments | Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	65,351
Reinsurance Recoverables on unpaid claims	3,064	5,692
Total Gross Reserves	68,415
Operating Segments | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	154,364
Reinsurance Recoverables on unpaid claims	532,910	$ 515,463
Total Gross Reserves	687,274
IIS business | Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	32,575
Reinsurance Recoverables on unpaid claims	234
Total Gross Reserves	32,809
GLS | Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	18,713
Reinsurance Recoverables on unpaid claims	2,830
Total Gross Reserves	21,543
Workers' Compensation | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	(36,104)			$ 83,305
Reinsurance Recoverables on unpaid claims	285,989
Total Gross Reserves	249,885
General Liability | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	(1,999)
Reinsurance Recoverables on unpaid claims	109,369
Total Gross Reserves	107,370
Commercial Auto Liability | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	6,852
Reinsurance Recoverables on unpaid claims	25,125
Total Gross Reserves	31,977
European Hospital Liability | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	111,404
Reinsurance Recoverables on unpaid claims	0
Total Gross Reserves	111,404
All other lines | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	3,044
Reinsurance Recoverables on unpaid claims	1,724
Total Gross Reserves	4,768
Total | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	83,197
Reinsurance Recoverables on unpaid claims	422,207
Total Gross Reserves	505,404
Other reconciling items excluded from loss development tables | Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	14,063
Reinsurance Recoverables on unpaid claims	0
Total Gross Reserves	14,063
Other reconciling items excluded from loss development tables | AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	71,167
Reinsurance Recoverables on unpaid claims	110,703
Total Gross Reserves	$ 181,870

Reserve for Loss and Loss Adj_8

Reserve for Loss and Loss Adjustment Expenses - Historical average annual payout (Details)	Dec. 31, 2024
International | Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	43%
Year 2	5.20%
Year 3	1.50%
Year 4	(0.40%)
Year 5	0.70%
Year 6	1.10%
Year 7	0%
Year 8	0.10%
Year 9	(0.40%)
Year 10	0%
Workers' Compensation | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	19.10%
Year 2	32.40%
Year 3	18.20%
Year 4	8.80%
Year 5	5%
Year 6	3.40%
Year 7	2.50%
Year 8	1.90%
Year 9	1.30%
Year 10	1.30%
General Liability | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	5.90%
Year 2	10.40%
Year 3	13.10%
Year 4	15.90%
Year 5	14%
Year 6	10.80%
Year 7	8.20%
Year 8	6.70%
Year 9	4.10%
Year 10	3.70%
Commercial Auto Liability | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.90%
Year 2	17.70%
Year 3	18.80%
Year 4	18.20%
Year 5	14%
Year 6	8.60%
Year 7	5.30%
Year 8	2.30%
Year 9	1.50%
Year 10	0.80%
European Hospital Liability | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.20%
Year 2	7.20%
Year 3	10.60%
Year 4	14%
Year 5	12.40%
Year 6	8.70%
Year 7	4.70%
Year 8	4.60%
Year 9	5%
Year 10	3.80%
All other lines | AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	57.10%
Year 2	32.40%
Year 3	2.70%
Year 4	4.70%
Year 5	3.60%
Year 6	(0.90%)
Year 7	1.20%
Year 8	0%
Year 9	(0.60%)
Year 10	(0.10%)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)

3 Months Ended

12 Months Ended

Feb. 19, 2025

Jan. 01, 2025

Jul. 01, 2022 USD ($)

Jul. 01, 2022 EUR (€)

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

Mar. 31, 2023

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 29, 2024 director

Jul. 01, 2022 EUR (€)

Jul. 01, 2018

Dec. 31, 2014

Related Party Transaction [Line Items]

Loan to related party

$ 167,975,000

$ 167,975,000

Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized

$ (277,000)

$ (1,037,000)

Investment, Type [Extensible Enumeration]

Interest income from loan to related party

Interest income from loan to related party

Investment income

$ 27,896,000

$ 37,942,000

Effective yield

7.10%

7%

Number of directors | director

7

Number of independent directors | director

2

Interest income from loan to related party

Related Party Transaction [Line Items]

Investment income

$ 11,997,000

$ 11,802,000

AmTrust Financial Services, Inc.

Related Party Transaction [Line Items]

Commission income

$ (192,000)

Founding shareholders | AmTrust Financial Services, Inc.

Related Party Transaction [Line Items]

Controlling interest, ownership percentage

55.20%

AmTrust Financial Services, Inc.

Related Party Transaction [Line Items]

Loan to related party

$ 167,975,000

167,975,000

Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized

0

0

Basis spread on variable rate

2%

Number of directors selected by affiliate | director

3

AmTrust Financial Services, Inc. | Premium Repayment Loan Agreement

Related Party Transaction [Line Items]

Principal repayment

24,259,000

AmTrust Financial Services, Inc. | Premium Repayment Loan Agreement | Subsequent Event | Maiden Reinsurance

Related Party Transaction [Line Items]

Debt instrument, basis spread on variable rate

1.50%

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

Related Party Transaction [Line Items]

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

40%

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

40%

40%

Commission rate, percent of ceded written premiums

34.375%

31%

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

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 40,500,000

155,860,000

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

Related Party Transaction [Line Items]

Percent of ceding commission payable, period increase

5%

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

Related Party Transaction [Line Items]

Related party transaction amount (returned)

$ 575,000,000

$ 0

$ 128,451,000

Calculated interest rate with related party

3.50%

3.50%

Accrued interest on collateral held by related party

$ 0

$ 1,584,000

Interest income from related party

1,262,000

10,009,000

Allowance for expected credit loss

0

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)

$ 54,000,000

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 | Post-Termination Endorsement No. 2 | Subsequent Event

Related Party Transaction [Line Items]

Related party transaction, percentage of required funding on obligations

105%

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

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

$ 31,291,000

€ 29,401,000

Collaborative arrangement, reserves expected to be commuted

27,625,000

€ 25,956,000

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

Related Party Transaction [Line Items]

Collaborative arrangement, reserves expected to be commuted, exit cost

$ 3,666,000

€ 3,444,000

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

Related Party Transaction [Line Items]

Related party transaction, percentage of required funding on obligations

120%

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

Related Party Transaction [Line Items]

Solvency ratio

100%

Collateral on exposure

100%

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

227,000

324,000

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]

Accrued interest on collateral held by related party

1,008,000

1,091,000

Collateral held by related party

$ 123,681,000

$ 147,635,000

Kestrel Intermediate Ledbetter Holdings, LLC

Related Party Transaction [Line Items]

Number of directors selected by affiliate | director

4

Maiden Holdings, Ltd. | George Karfunkel, less than 5% ownership

Related Party Transaction [Line Items]

Noncontrolling interest, ownership percentage

5%

Related Party Transactions - Sc

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Net premiums earned	$ 49,474	$ 43,969
Other insurance expense	(24,259)	0
Net loss and loss adjustment expenses	(186,127)	(61,228)
Commission and other acquisition expenses	(24,310)	(19,462)
Quota Share Reinsurance Agreements | AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(1,686)	(3,936)
Net premiums earned	13,687	14,930
Net loss and loss adjustment expenses	(167,987)	(47,617)
Commission and other acquisition expenses	$ (9,044)	$ (5,583)

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2024
Loss Contingencies [Line Items]
Net premiums earned	$ 49,474	$ 43,969
Letters of credit outstanding	$ 36,904	40,479
Operating lease, term			10 years
Operating lease, weighted average discount rate	8.50%
Operating lease, liability	$ 1,909	$ 228
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities (includes $59,096 and $10,781 from related parties in 2024 and 2023, respectively)	Accrued expenses and other liabilities (includes $59,096 and $10,781 from related parties in 2024 and 2023, respectively)
Operating lease, right-of-use asset	$ 1,354	$ 228
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease, weighted average remaining lease term	9 years 9 months 18 days
Leasing expense	$ 586	$ 478
total unfunded commitments on alternative investments	28,258	65,631
Guarantees provided to lenders on behalf of real estate joint venture	$ 67,740	62,508
2013 Senior Notes | Senior Notes
Loss Contingencies [Line Items]
Coupon rate	7.75%
Total unfunded commitments on alternative investments
Loss Contingencies [Line Items]
total unfunded commitments on alternative investments	$ 43,966	100,846
Letter of credit
Loss Contingencies [Line Items]
Collateral	$ 42,606	$ 46,935
Gross premiums written | Segment concentration risk | AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage	27.70%	34%
AmTrust Financial Services, Inc. | Quota Share Reinsurance Agreements
Loss Contingencies [Line Items]
Net premiums earned	$ 13,687	$ 14,930

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Scheduled Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2025	$ 277
2026	277
2027	277
2028	277
2029	285
Thereafter	1,449
Discount for present value	(933)
Total discounted operating lease liabilities	$ 1,909	$ 228

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees - Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Gain Contingencies [Line Items]
Fair Value	$ 28,258	$ 65,631
% of Total	64.30%	65.10%
Private equity funds
Gain Contingencies [Line Items]
Fair Value	$ 28,258	$ 53,675
% of Total	64.30%	53.20%
Private credit funds
Gain Contingencies [Line Items]
Fair Value	$ 0	$ 11,361
% of Total	0%	11.30%
Investments in direct lending entities
Gain Contingencies [Line Items]
Fair Value	$ 0	$ 595
% of Total	0%	0.60%
Total unfunded commitments on equity securities
Gain Contingencies [Line Items]
Fair Value	$ 0	$ 14,735
% of Total	0%	14.60%
Total unfunded commitments on equity method investments
Gain Contingencies [Line Items]
Fair Value	$ 15,708	$ 20,480
% of Total	35.70%	20.30%
Total unfunded commitments on alternative investments
Gain Contingencies [Line Items]
Fair Value	$ 43,966	$ 100,846
% of Total	100%	100%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss attributable to Maiden common shareholders	$ (200,969)	$ (38,569)
Net loss attributable to Maiden common shareholders, diluted	$ (200,969)	$ (38,569)
Denominator:
Weighted average number of common shares - basic (in shares)	99,902,695	101,382,606
Weighted average number of common shares - diluted (in shares)	99,902,695	101,382,606
Basic loss per share attributable to common shareholders (in dollars per share)	$ (2.01)	$ (0.38)
Diluted loss per share attributable to common shareholders (in dollars per share)	$ (2.01)	$ (0.38)
Dilutive share options and restricted share units (in shares)	0	0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Bermuda tax rate	0%	0%
Net deferred tax liabilities	$ 0
Net deferred tax asset		$ 789,000
(Decrease) increase in valuation allowance	39,489,000	3,505,000
Net operating loss carryforwards expire	379,855,000	186,203,000
Net operating loss carryforwards, with no expiry date, amount	$ 79,749,000
Net operating loss carryforwards, with no expiry date, percentage	17.40%
Capital loss carryforwards	$ 1,542,000	13,853,000
Capital loss carryforwards, expirations	9,787,000
U.S.
Operating Loss Carryforwards [Line Items]
Operating Loss carryforwards	$ 459,604,000	$ 337,420,000

Income Taxes - Schedule of Loss

Income Taxes - Schedule of Loss Before Income Taxes and Total Income Tax Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes – Domestic (Bermuda)	$ (41,638)	$ (32,456)
Loss before income taxes – Foreign (U.S. and others)	(158,276)	(5,917)
Total loss before income taxes	(199,914)	(38,373)
Current tax expense – Domestic (Bermuda)	0	0
Current tax benefit – Foreign (U.S. and others)	(171)	(146)
Total current tax benefit	(171)	(146)
Deferred tax expense – Domestic (Bermuda)	0	0
Deferred tax expense – Foreign (U.S. and others)	1,226	342
Total deferred tax expense	1,226	342
Total income tax expense	$ 1,055	$ 196

Income Taxes - Tax Rate Reconci

Income Taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (199,914)	$ (38,373)
Less: income tax expense	1,055	196
Net loss	$ (200,969)	$ (38,569)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	0%	0%
U.S. taxes at statutory rates	19.40%	(2.00%)
Valuation allowance in respect of U.S. taxes	(19.40%)	2%
Other jurisdictions	(0.50%)	(0.50%)
Actual tax rate	(0.50%)	(0.50%)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 96,517	$ 70,858
Unearned premiums	1,228	1,929
Capital loss carry-forward	324	2,909
Net unrealized losses on investments	24,959	17,223
Discounting of net loss and LAE reserves	13,345	14,542
Deferred gain on retroactive reinsurance	22,041	14,892
Others	2,763	2,373
Deferred tax assets before valuation allowance	161,177	124,726
Valuation allowance	159,231	119,742
Deferred tax assets, net	1,946	4,984
Deferred tax liabilities:
Deferred commission and other acquisition expenses	1,946	4,195
Deferred tax liabilities	1,946	4,195
Net deferred tax liabilities	$ 0
Net deferred tax asset		$ 789

Share Compensation and Pensio_3

Share Compensation and Pension Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Mar. 07, 2024	Mar. 17, 2023	Mar. 15, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)				10,000,000
Weighted average grant date fair value (in dollars per share)				$ 1.85	$ 2.22
Exercised (in shares)				0	0
Share-based expense				$ 2,001	$ 1,725
Defined contribution plans expense				$ 783	$ 795
2019 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)							11,289,956
Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period				4 years
Expiration period				10 years
Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Compensation value issued to directors, in form of equity or cash				$ 65
Awards granted (in shares)				1,627,050	804,099
Fair value of units vested				$ 1,308	$ 797
Number of nonvested awards				2,035,634	975,027	492,463
Discretionary Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				0	225,490
Fair value of units vested				$ 0	$ 519
Number of nonvested awards				0	0	0
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements				$ 1,603
Period of recognition				1 year 14 days
Number of nonvested awards				3,004,216
Vesting on First Anniversary of Grant Date | Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25%
Vesting on Each Quarter Following First Anniversary | Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				6.25%
Achievement of financial metrics , following conclusion of fiscal 2023 | Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		300,000	450,980
Achievement of financial metrics, following conclusion of fiscal 2024 | Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	1,953,236	300,000
Employee | Minimum | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				0 years
Employee | Maximum | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				2 years
Director | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year

Share Compensation and Pensio_4

Share Compensation and Pension Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Share Options
Outstanding, beginning of period (in shares)	121,500	144,000
Expired (in shares)	(18,000)	(22,500)
Forfeited (in shares)	0
Outstanding, end of period (in shares)	103,500	121,500	144,000
Total options exercisable outstanding, Number of Share Options (in shares)	103,500
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 9.58	$ 9.72
Expired (in dollars per share)	12.24	10.48
Forfeited (in dollars per share)
Outstanding, end of period (in dollars per share)	9.12	$ 9.58	$ 9.72
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 9.12
Weighted Average Remaining Contractual Term	2 years 4 months 28 days	2 years 11 months 19 days	3 years 4 months 24 days
Total options exercisable outstanding, Weighted Average Remaining Contractual Term	2 years 4 months 28 days
Options outstanding, Aggregate Intrinsic Value	$ 0	$ 0	$ 0
Total options exercisable outstanding, Aggregate Intrinsic Value	$ 0
Minimum
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 3.24	$ 3.24
Outstanding, end of period (in dollars per share)	3.24	3.24	$ 3.24
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	3.24
Maximum
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	13.98	13.98
Outstanding, end of period (in dollars per share)	13.98	$ 13.98	$ 13.98
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.98

Share Compensation and Pensio_5

Share Compensation and Pension Plans - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Non-Performance-Based Restricted Shares
Number of Restricted Units
Beginning balance, Non-vested (in shares)	975,027	492,463
Awards granted (in shares)	1,627,050	804,099
Awards vested (in shares)	(566,443)	(282,785)
Awards forfeited (in shares)		(38,750)
Ending balance, Non-vested (in shares)	2,035,634	975,027
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 2.31	$ 2.71
Awards granted (in dollars per share)	1.56	2.25
Awards vested (in dollars per share)	2.31	2.82
Awards forfeited (in dollars per share)		2.49
Weighted average grant date fair value, ending balance (in dollars per share)	$ 1.71	$ 2.31
Discretionary Performance-Based Restricted Shares
Number of Restricted Units
Beginning balance, Non-vested (in shares)	0	0
Awards granted (in shares)	0	225,490
Awards vested (in shares)	0	(225,490)
Awards forfeited (in shares)		0
Ending balance, Non-vested (in shares)	0	0
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0	$ 0
Awards granted (in dollars per share)	0	2.30
Awards vested (in dollars per share)	0	2.30
Awards forfeited (in dollars per share)		0
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 0

Statutory Requirements and Di_3

Statutory Requirements and Dividend Restrictions - Statutory Capital and Surplus and Statutory Net (Loss) Income of Principal Operating Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Maiden Bermuda
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	$ 737,217	$ 886,264
Statutory Net Income (Loss)	(95,426)	25,816
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	6,642	7,449
Statutory Net Income (Loss)	(396)	(997)
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	6,920	8,245
Statutory Net Income (Loss)	$ (910)	$ (1,479)

Statutory Requirements and Di_4

Statutory Requirements and Dividend Restrictions - Narrative (Details)						8 Months Ended	12 Months Ended
	Nov. 30, 2023 USD ($)	Aug. 31, 2023 USD ($)	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	May 13, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) subsidiary	Dec. 31, 2023 USD ($)
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus							$ 6,642,000	$ 7,449,000
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus							6,920,000	8,245,000
UNITED STATES | Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Payments of dividends	$ 6,250,000	$ 6,250,000	$ 6,250,000	$ 6,250,000	$ 6,250,000	$ 6,250,000
Dividends							25,000,000	25,000,000
Minimum solvency margin							88,766,000
Decrease in statutory surplus							$ 311,534,000	290,064,000
SWEDEN
Statutory Accounting Practices [Line Items]
Number of subsidiaries, domiciled insurance | subsidiary							2
SWEDEN | Maiden LF
Statutory Accounting Practices [Line Items]
Dividends							$ 0	0
Minimum solvency margin							4,141,000	4,519,000
Statutory assets							15,406,000	15,122,000
SWEDEN | Maiden GF
Statutory Accounting Practices [Line Items]
Dividends							0	0
Minimum solvency margin							4,141,000	5,000,000
Statutory assets							$ 13,595,000	$ 14,355,000

Assets Held for Sale - Narrativ

Assets Held for Sale - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Net insurance liabilities	$ 6,500

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Total assets held for sale	$ 20,815	$ 0
LIABILITIES
Total liabilities held for sale	883	$ 0
Discontinued Operations, Held-for-sale
ASSETS
Fixed maturities, available-for-sale, at fair value	6,656
Cash and cash equivalents	13,349
Accrued investment income	125
Other assets	685
Total assets held for sale	20,815
LIABILITIES
Accrued expenses and other liabilities	883
Total liabilities held for sale	$ 883

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands					2 Months Ended	3 Months Ended
	Feb. 19, 2025	Jan. 01, 2025	Mar. 16, 2020	Jul. 31, 2019	Mar. 07, 2025	Mar. 31, 2023	Dec. 31, 2024
Premium Repayment Loan Agreement | AmTrust Financial Services, Inc.
Subsequent Event [Line Items]
Principal repayment							$ 24,259
Post-Termination Endorsement, Minimum Excess Funding Requirement | AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment
Subsequent Event [Line Items]
Related party transaction amount (returned)				$ 54,000
Post-Termination Endorsement No. 2 | AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment
Subsequent Event [Line Items]
Related party transaction, percentage of required funding on obligations			110%			107.50%
Post-Termination Endorsement No. 1 | AmTrust Financial Services, Inc. | European Hospital Liability Quota Share
Subsequent Event [Line Items]
Related party transaction, percentage of required funding on obligations			120%
Subsequent Event | Post-Termination Endorsement, Minimum Excess Funding Requirement | AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment
Subsequent Event [Line Items]
Related party transaction, obligation threshold					$ 500,000
Subsequent Event | Post-Termination Endorsement No. 2 | AmTrust Financial Services, Inc. | AmTrust Quota Share Reinsurance Segment
Subsequent Event [Line Items]
Related party transaction, percentage of required funding on obligations	105%
Subsequent Event | Maiden Reinsurance | Premium Repayment Loan Agreement | AmTrust Financial Services, Inc.
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate		1.50%
AR Loan Agreement | Subsequent Event | Maiden Reinsurance
Subsequent Event [Line Items]
Debt Instrument, principal amount		$ 152,377