Global Indemnity (GBLI) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	GBLI
Entity Registrant Name	GLOBAL INDEMNITY PLC
Entity Central Index Key	1,494,904
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Ordinary Shares A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,447,913
Ordinary Shares B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,133,366

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,306,350 and $1,308,333)	$ 1,312,909	$ 1,306,149
Equity securities:
Available for sale, at fair value (cost: $100,175 and $100,157)	113,398	110,315
Other invested assets	32,626	32,592
Total investments	1,458,933	1,449,056
Cash and cash equivalents	47,304	67,037
Premiums receivable, net	85,568	89,245
Reinsurance receivables, net	113,564	115,594
Funds held by ceding insurers	17,281	16,037
Federal income taxes receivable	4,931	4,828
Deferred federal income taxes	37,324	34,687
Deferred acquisition costs	55,338	56,517
Intangible assets	23,475	23,607
Goodwill	6,521	6,521
Prepaid reinsurance premiums	50,405	44,363
Receivable for securities sold		172
Other assets	66,005	49,630
Total assets	1,966,649	1,957,294
Liabilities:
Unpaid losses and loss adjustment expenses	676,236	680,047
Unearned premiums	287,561	286,285
Ceded balances payable	5,761	4,589
Contingent commissions	8,070	11,069
Payable for securities purchased	94
Debt	166,737	172,034
Other liabilities	56,084	53,344
Total liabilities	$ 1,200,543	$ 1,207,368
Commitments and contingencies (Note 9)
Shareholders' equity:
Ordinary shares, $0.0001 par value, 900,000,000 ordinary shares authorized; A ordinary shares issued: 16,552,126 and 16,424,546, respectively; A ordinary shares outstanding: 13,413,828 and 13,313,751, respectively; B ordinary shares issued and outstanding: 4,133,366 and 4,133,366, respectively	$ 3	$ 3
Additional paid-in capital	530,556	529,872
Accumulated other comprehensive income, net of taxes	13,236	4,078
Retained earnings	325,541	318,416
Total shareholders' equity	766,106	749,926
Total liabilities and shareholders' equity	1,966,649	1,957,294
Ordinary Shares A
Shareholders' equity:
A ordinary shares in treasury, at cost: 3,138,298 and 3,110,795 shares, respectively	(103,230)	(102,443)
Total shareholders' equity	$ 1	$ 2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Available for sale, amortized cost	$ 1,306,350	$ 1,308,333
Available for sale, at cost	$ 100,175	$ 100,157
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	900,000,000	900,000,000
Ordinary Shares A
Ordinary shares, shares issued	16,552,126	16,424,546
Ordinary shares, shares outstanding	13,413,828	13,313,751
Treasury shares, cost	3,138,298	3,110,795
Ordinary Shares B
Ordinary shares, shares issued	4,133,366	4,133,366
Ordinary shares, shares outstanding	4,133,366	4,133,366

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Gross premiums written	$ 141,366	$ 142,869
Net premiums written	116,872	126,104
Net premiums earned	121,636	127,337
Net investment income	9,746	8,241
Net realized investment losses:
Other than temporary impairment losses on investments	(1,050)	(341)
Other net realized investment losses	(6,443)	(2,629)
Total net realized investment gains (losses)	(7,493)	(2,970)
Other income	956	552
Total revenues	124,845	133,160
Losses and Expenses:
Net losses and loss adjustment expenses	64,784	69,619
Acquisition costs and other underwriting expenses	52,090	48,258
Corporate and other operating expenses	3,803	11,540
Interest expense	2,215	505
Income before income taxes	1,953	3,238
Income tax benefit	(5,172)	(3,556)
Net income	$ 7,125	$ 6,794
Net income
Basic	$ 0.41	$ 0.27
Diluted	$ 0.41	$ 0.26
Weighted-average number of shares outstanding
Basic	17,224,051	25,449,282
Diluted	17,444,020	25,641,741

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 7,125	$ 6,794
Other comprehensive income, net of taxes:
Unrealized holding gains	10,130	6,357
Portion of other-than-temporary impairment losses recognized in other comprehensive income (loss)	(1)	1
Reclassification adjustment for gains included in net income	(970)	(1,799)
Unrealized foreign currency translation gains (losses)	(1)	(238)
Other comprehensive income (loss), net of taxes	9,158	4,321
Comprehensive income, net of tax	$ 16,283	$ 11,115

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Additional Paid-in Capital	Accumulated other comprehensive income, net of deferred income tax	Retained Earnings	Treasury Shares	Ordinary Shares A	Ordinary Shares ATreasury Shares	Ordinary Shares B
Number at Dec. 31, 2014					3,064,815	16,331,577		12,061,370
Ordinary shares issued under share incentive plans						121,812
A ordinary shares purchased							11,895
Ordinary shares issued to directors						36,321
Elimination of shares indirectly owned by subsidiary							34,085
B ordinary shares converted to A ordinary shares						7,928,004		7,928,004
Ordinary shares redeemed						(8,260,870)
Ordinary shares issued in connection with American Reliable acquisition						267,702
Number at Dec. 31, 2015					3,110,795	16,424,546		4,133,366
Balance at Dec. 31, 2014		$ 519,590	$ 23,384	$ 466,717	$ (101,404)	$ 2		$ 1
Other comprehensive income (loss):
Change in unrealized holding gains (losses)			(19,436)
Change in other than temporary impairment losses recognized in other comprehensive income			(10)
Unrealized foreign currency translation gains (losses)			140
Other comprehensive income (loss), net of taxes			(19,306)
A ordinary shares purchased, at cost							$ (333)
Share compensation plans		10,272
Ordinary shares redeemed				(189,770)
Elimination of shares indirectly owned by subsidiary							$ (706)
Tax benefit on share-based compensation expense		10
Net income				41,469
Balance at Dec. 31, 2015	$ 749,926	529,872	4,078	318,416	$ (102,443)	$ 2		$ 1
Ordinary shares issued under share incentive plans						118,138
A ordinary shares purchased							27,503
Ordinary shares issued to directors						9,442
Number at Mar. 31, 2016					3,138,298	16,552,126		4,133,366
Other comprehensive income (loss):
Change in unrealized holding gains (losses)			9,160
Change in other than temporary impairment losses recognized in other comprehensive income			(1)
Unrealized foreign currency translation gains (losses)	(1)		(1)
Other comprehensive income (loss), net of taxes	9,158		9,158
A ordinary shares purchased, at cost							$ (787)
Share compensation plans		559
Tax benefit on share-based compensation expense		125
Net income	7,125			7,125
Balance at Mar. 31, 2016	$ 766,106	$ 530,556	$ 13,236	$ 325,541	$ (103,230)	$ 1		$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 7,125	$ 6,794
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Amortization of the value of business acquired		11,309
Amortization and depreciation	1,685	1,109
Amortization of debt issuance costs	31
Restricted stock and stock option expense	559	7,639
Deferred federal income taxes	(5,285)	(4,757)
Amortization of bond premium and discount, net	2,513	3,712
Net realized investment losses	7,493	2,970
Equity in the earnings of a partnership	(2,034)	(253)
Changes in:
Premiums receivable, net	3,677	17,595
Reinsurance receivables, net	2,030	(7,140)
Funds held by ceding insurers	(1,244)	1,390
Unpaid losses and loss adjustment expenses	(3,811)	5,693
Unearned premiums	1,276	(9,664)
Ceded balances payable	1,172	(3,510)
Other assets and liabilities, net	(17,489)	(17,355)
Contingent commissions	(2,999)	(5,353)
Federal income tax receivable/payable	(103)	1,116
Deferred acquisition costs, net	1,179	(13,990)
Prepaid reinsurance premiums	(6,042)	8,431
Net cash provided by (used for) operating activities	(10,267)	5,736
Cash flows from investing activities:
Cash release from escrow for business acquisition		113,696
Acquisition of business, net of cash acquired		(92,336)
Proceeds from sale of fixed maturities	65,641	108,120
Proceeds from sale of equity securities	11,453	6,509
Proceeds from sale of preferred stock		1,540
Proceeds from maturity of fixed maturities	30,352	77,390
Proceeds from limited partnership distribution	2,000	4,287
Amounts paid in connection with derivatives	(6,680)	(5,674)
Purchases of fixed maturities	(96,148)	(237,444)
Purchases of equity securities	(10,094)	(5,817)
Net cash used for investing activities	(3,476)	(29,729)
Cash flows from financing activities:
Net borrowings (repayments) under margin borrowing facilities	(5,314)	32,572
Debt issuance cost	(14)
Tax benefit on share-based compensation expense	125	57
Purchase of A ordinary shares	(787)	(317)
Net cash provided by (used for) financing activities	(5,990)	32,312
Net change in cash and cash equivalents	(19,733)	8,319
Cash and cash equivalents at beginning of period	67,037	58,823
Cash and cash equivalents at end of period	$ 47,304	$ 67,142

Principles of Consolidation and

Principles of Consolidation and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Principles of Consolidation and Basis of Presentation	1. Principles of Consolidation and Basis of Presentation Global Indemnity plc (“Global Indemnity” or “the Company”) was incorporated on March 9, 2010 and is domiciled in Ireland. Global Indemnity replaced the Company’s predecessor, United America Indemnity, Ltd., as the ultimate parent company as a result of a re-domestication transaction in July, 2010. The Company’s A ordinary shares are publicly traded on the NASDAQ Global Select Market under the trading symbol “GBLI.” The Company manages its business through three reportable business segments: Commercial Lines, Personal Lines, and Reinsurance Operations. The Company’s Commercial Lines, managed in Bala Cynwyd, PA, offers specialty property and casualty insurance products in the excess and surplus lines marketplace. The Company manages its Commercial Lines by differentiating them into three product classifications: Penn-America, which markets property and general liability products to small commercial businesses through a select network of wholesale general agents with specific binding authority; United National, which markets insurance products for targeted insured segments, including specialty products, such as property, general liability, and professional lines through program administrators with specific binding authority; and Diamond State, which markets property, casualty, and professional lines products, which are developed by the Company’s underwriting department by individuals with expertise in those lines of business, through wholesale brokers and also markets through program administrators having specific binding authority. These product classifications comprise the Company’s Commercial Lines business segment and are not considered individual business segments because each product has similar economic characteristics, distribution, and coverage. The Company’s Personal Lines segment, via the American Reliable Insurance Company (“American Reliable”) product classification, offers specialty personal lines and agricultural coverage through general and specialty agents with specific binding authority on an admitted basis and is managed in Scottsdale, AZ. Collectively, the Company’s U.S. insurance subsidiaries are licensed in all 50 states and the District of Columbia. The Company’s Reinsurance Operations consist solely of the operations of its Bermuda-based wholly-owned subsidiary, Global Indemnity Reinsurance Company, Ltd. (“Global Indemnity Reinsurance”). Global Indemnity Reinsurance is a treaty reinsurer of specialty property and casualty insurance and reinsurance companies. The Company’s Reinsurance Operations segment provides reinsurance solutions through brokers and primary writers including insurance and reinsurance companies. The Commercial Lines and Personal Lines segments comprise the Company’s U.S. Insurance Operations (‘Insurance Operations”). See Note 12 for additional information regarding segments. The interim consolidated financial statements are unaudited, but have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”), which differs in certain respects from those principles followed in reports to insurance regulatory authorities. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported 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 differ from those estimates. The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair statement of results for the interim periods. Results of operations for the quarters ended March 31, 2016 and 2015 are not necessarily indicative of the results of a full year. The accompanying notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s 2015 Annual Report on Form 10-K. The consolidated financial statements include the accounts of Global Indemnity and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments	2. Investments The amortized cost and estimated fair value of investments were as follows as of March 31, 2016 and December 31, 2015: (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than As of March 31, 2016 Fixed maturities: U.S. treasury and agency obligations $ 87,107 $ 1,708 $ (3 ) $ 88,812 $ — Obligations of states and political subdivisions 183,920 3,692 (72 ) 187,540 — Mortgage-backed securities 155,333 2,924 (147 ) 158,110 — Asset-backed securities 264,543 647 (1,705 ) 263,485 (8 ) Commercial mortgage-backed securities 137,586 57 (1,841 ) 135,802 — Corporate bonds 359,614 2,992 (1,979 ) 360,627 — Foreign corporate bonds 118,247 659 (373 ) 118,533 — Total fixed maturities 1,306,350 12,679 (6,120 ) 1,312,909 (8 ) Common stock 100,175 18,104 (4,881 ) 113,398 — Other invested assets 32,626 — — 32,626 — Total $ 1,439,151 $ 30,783 $ (11,001 ) $ 1,458,933 $ (8 ) (1) Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income (“AOCI”). (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than As of December 31, 2015 Fixed maturities: U.S. treasury and agency obligations $ 106,303 $ 1,140 $ (321 ) $ 107,122 $ — Obligations of states and political subdivisions 203,121 2,576 (457 ) 205,240 — Mortgage-backed securities 157,753 2,113 (743 ) 159,123 — Asset-backed securities 261,008 435 (1,421 ) 260,022 (9 ) Commercial mortgage-backed securities 142,742 — (2,352 ) 140,390 — Corporate bonds 334,720 685 (3,294 ) 332,111 — Foreign corporate bonds 102,686 194 (739 ) 102,141 — Total fixed maturities 1,308,333 7,143 (9,327 ) 1,306,149 (9 ) Common stock 100,157 16,118 (5,960 ) 110,315 — Other invested assets 32,592 — — 32,592 — Total $ 1,441,082 $ 23,261 $ (15,287 ) $ 1,449,056 $ (9 ) (1) Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income (“AOCI”). Excluding U.S. treasuries and agency bonds, the Company did not hold any debt or equity investments in a single issuer that was in excess of 5% of shareholders’ equity at March 31, 2016 or December 31, 2015. The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at March 31, 2016, by contractual maturity, 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. (Dollars in thousands) Amortized Cost Estimated Due in one year or less $ 87,993 $ 88,387 Due in one year through five years 619,767 624,782 Due in five years through ten years 37,099 38,378 Due in ten years through fifteen years — — Due after fifteen years 4,029 3,965 Mortgage-backed securities 155,333 158,110 Asset-backed securities 264,543 263,485 Commercial mortgage-backed securities 137,586 135,802 Total $ 1,306,350 $ 1,312,909 The following table contains an analysis of the Company’s securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of March 31, 2016: Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. treasury and agency obligations $ 10,018 $ (3 ) $ — $ — $ 10,018 $ (3 ) Obligations of states and political subdivisions 13,890 (54 ) 1,071 (18 ) 14,961 (72 ) Mortgage-backed securities 27,336 (125 ) 4,966 (22 ) 32,302 (147 ) Asset-backed securities 156,349 (1,670 ) 17,206 (35 ) 173,555 (1,705 ) Commercial mortgage-backed securities 107,312 (1,477 ) 22,934 (364 ) 130,246 (1,841 ) Corporate bonds 93,317 (1,957 ) 2,478 (22 ) 95,795 (1,979 ) Foreign corporate bonds 14,733 (359 ) 5,158 (14 ) 19,891 (373 ) Total fixed maturities 422,955 (5,645 ) 53,813 (475 ) 476,768 (6,120 ) Common stock 32,709 (4,881 ) — — 32,709 (4,881 ) Total $ 455,664 $ (10,526 ) $ 53,813 $ (475 ) $ 509,477 $ (11,001 ) (1) Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not other than temporarily impaired. The following table contains an analysis of the Company’s securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of December 31, 2015: Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. treasury and agency obligations $ 79,496 $ (321 ) $ — $ — $ 79,496 $ (321 ) Obligations of states and political subdivisions 49,708 (373 ) 7,732 (84 ) 57,440 (457 ) Mortgage-backed securities 63,759 (743 ) — — 63,759 (743 ) Asset-backed securities 203,381 (1,404 ) 4,843 (17 ) 208,224 (1,421 ) Commercial mortgage-backed securities 118,813 (2,005 ) 21,577 (347 ) 140,390 (2,352 ) Corporate bonds 211,364 (3,269 ) 2,120 (25 ) 213,484 (3,294 ) Foreign corporate bonds 63,860 (697 ) 5,129 (42 ) 68,989 (739 ) Total fixed maturities 790,381 (8,812 ) 41,401 (515 ) 831,782 (9,327 ) Common stock 36,798 (5,960 ) — — 36,798 (5,960 ) Total $ 827,179 $ (14,772 ) $ 41,401 $ (515 ) $ 868,580 $ (15,287 ) (1) Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not other than temporarily impaired. The Company regularly performs various analytical valuation procedures with respect to its investments, including reviewing each fixed maturity security in an unrealized loss position to assess whether the security has a credit loss. Specifically, the Company considers credit rating, market price, and issuer specific financial information, among other factors, to assess the likelihood of collection of all principal and interest as contractually due. Securities for which the Company determines that a credit loss is likely are subjected to further analysis through discounted cash flow testing to estimate the credit loss to be recognized in earnings, if any. The specific methodologies and significant assumptions used by asset class are discussed below. Upon identification of such securities and periodically thereafter, a detailed review is performed to determine whether the decline is considered other than temporary. This review includes an analysis of several factors, including but not limited to, the credit ratings and cash flows of the securities and the magnitude and length of time that the fair value of such securities is below cost. For fixed maturities, the factors considered in reaching the conclusion that a decline below cost is other than temporary include, among others, whether: (1) the issuer is in financial distress; (2) the investment is secured; (3) a significant credit rating action occurred; (4) scheduled interest payments were delayed or missed; (5) changes in laws or regulations have affected an issuer or industry; (6) the investment has an unrealized loss and was identified by the Company’s investment manager as an investment to be sold before recovery or maturity; and (7) the investment failed cash flow projection testing to determine if anticipated principal and interest payments will be realized. According to accounting guidance for debt securities in an unrealized loss position, the Company is required to assess whether it has the intent to sell the debt security or more likely than not will be required to sell the debt security before the anticipated recovery. If either of these conditions is met the Company must recognize an other than temporary impairment with the entire unrealized loss being recorded through earnings. For debt securities in an unrealized loss position not meeting these conditions, the Company assesses whether the impairment of a security is other than temporary. If the impairment is deemed to be other than temporary, the Company must separate the other than temporary impairment into two components: the amount representing the credit loss and the amount related to all other factors, such as changes in interest rates. The credit loss represents the portion of the amortized book value in excess of the net present value of the projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. The credit loss component of the other than temporary impairment is recorded through earnings, whereas the amount relating to factors other than credit losses is recorded in other comprehensive income, net of taxes. For equity securities, management carefully reviews all securities with unrealized losses to determine if a security should be impaired and further focuses on securities that have either: (1) persisted with unrealized losses for more than twelve consecutive months or (2) the value of the investment has been 20% or more below cost for six continuous months or more. The amount of any write-down, including those that are deemed to be other than temporary, is included in earnings as a realized loss in the period in which the impairment arose. The following is a description, by asset type, of the methodology and significant inputs that the Company used to measure the amount of credit loss recognized in earnings, if any: U.S. treasury and agency obligations Obligations of states and political subdivisions Mortgage-backed securities (“MBS”) - Asset-backed securities (“ABS”) - Commercial mortgage-backed securities (“CMBS”) - Corporate bonds - Foreign bonds Common stock The Company recorded the following other than temporary impairments (“OTTI”) on its investment portfolio for the quarters ended March 31, 2016 and 2015: (Dollars in thousands) Quarters Ended March 31, 2016 2015 Fixed maturities: OTTI losses, gross $ (56 ) $ (10 ) Portion of loss recognized in other comprehensive income (pre-tax) — — Net impairment losses on fixed maturities recognized in earnings (56 ) (10 ) Equity securities (994 ) (331 ) Total $ (1,050 ) $ (341 ) The following table is an analysis of the credit losses recognized in earnings on fixed maturities held by the Company for the quarters ended March 31, 2016 and 2015 for which a portion of the OTTI loss was recognized in other comprehensive income. (Dollars in thousands) Quarters Ended March 31, 2016 2015 Balance at beginning of period $ 31 $ 50 Additions where no OTTI was previously recorded — — Additions where an OTTI was previously recorded — — Reductions for securities for which the company intends to sell or more likely than not will be required to sell before recovery — — Reductions reflecting increases in expected cash flows to be collected — — Reductions for securities sold during the period — — Balance at end of period $ 31 $ 50 Accumulated Other Comprehensive Income, Net of Tax Accumulated other comprehensive income, net of tax, as of March 31, 2016 and December 31, 2015 was as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Net unrealized gains (losses)from: Fixed maturities $ 6,559 $ (2,184 ) Common stock 13,223 10,158 Deferred taxes (6,546 ) (3,896 ) Accumulated other comprehensive income, net of tax $ 13,236 $ 4,078 The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the quarters ended March 31, 2016 and 2015: Quarter Ended March 31, 2016 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 4,200 $ (122 ) $ 4,078 Other comprehensive income (loss) before Reclassification 10,129 (1 ) 10,128 Amounts reclassified from accumulated other comprehensive income (loss) (970 ) — (970 ) Other comprehensive income (loss) 9,159 (1 ) 9,158 Ending balance $ 13,359 $ (123 ) $ 13,236 Quarter Ended March 31, 2015 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 23,647 $ (263 ) $ 23,384 Other comprehensive income (loss) before Reclassification 6,441 (321 ) 6,120 Amounts reclassified from accumulated other comprehensive income (loss) (1,882 ) 83 (1,799 ) Other comprehensive income (loss) 4,559 (238 ) 4,321 Ending balance $ 28,206 $ (501 ) $ 27,705 The reclassifications out of accumulated other comprehensive income for the quarters ended March 31, 2016 and 2015 were as follows: (Dollars in thousands) Amounts Reclassified from Quarters Ended March 31, Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Consolidated Statements of Operations 2016 2015 Unrealized gains and losses on available for sale securities Other net realized investment gains $ (2,535 ) $ (3,381 ) Other than temporary impairment losses on investments 1,050 341 Total before tax (1,485 ) (3,040 ) Income tax expense 515 1,158 Unrealized gains and losses on available for sale securities, net of tax $ (970 ) $ (1,882 ) Foreign currency items Other net realized investment losses $ — $ 128 Income tax (benefit) — (45 ) Foreign currency items, net of tax $ — $ 83 Total reclassifications Total reclassifications, net of tax $ (970 ) $ (1,799 ) Net Realized Investment Losses The components of net realized investment losses for the quarters ended March 31, 2016 and 2015 were as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Fixed maturities: Gross realized gains $ 180 $ 733 Gross realized losses (72 ) (131 ) Net realized gains 108 602 Common stock: Gross realized gains 2,564 2,552 Gross realized losses (1,187 ) (338 ) Net realized gains 1,377 2,214 Preferred stock: Gross realized gains — 96 Gross realized losses — — Net realized gains — 96 Derivatives: Gross realized gains — — Gross realized losses (8,978 ) (5,882 ) Net realized losses (8,978 ) (5,882 ) Total net realized investment losses $ (7,493 ) $ (2,970 ) The proceeds from sales of available-for-sale securities resulting in net realized investment losses for the quarters ended March 31, 2016 and 2015 were as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Fixed maturities $ 65,641 $ 108,120 Equity securities 11,453 6,509 Preferred stock — 1,540 Net Investment Income The sources of net investment income for the quarters ended March 31, 2016 and 2015 were as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Fixed maturities $ 7,224 $ 8,014 Equity securities 1,189 792 Cash and cash equivalents 30 18 Other invested assets 2,034 253 Total investment income 10,477 9,077 Investment expense (731 ) (836 ) Net investment income $ 9,746 $ 8,241 The Company’s total investment return on a pre-tax basis for the quarters ended March 31, 2016 and 2015 were as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Net investment income $ 9,746 $ 8,241 Net realized investment losses (7,493 ) (2,970 ) Change in unrealized holding gains and losses 11,808 4,597 Net realized and unrealized investment returns 4,315 1,627 Total investment return $ 14,061 $ 9,868 Total investment return % (1) 0.9 % 0.6 % Average investment portfolio (2) $ 1,511,204 $ 1,764,110 (1) Not annualized. (2) Average of total cash and invested assets, net of receivable/payable for securities purchased and sold, as of the beginning and end of the period. Insurance Enhanced Asset Backed and Credit Securities As of March 31, 2016, the Company held insurance enhanced asset backed and credit securities with a market value of approximately $34.9 million. Approximately $15.2 million of these securities were tax free municipal bonds, which represented approximately 1.0% of the Company’s total cash and invested assets, net of payable/receivable for securities purchased and sold. These securities had an average rating of “A+.” Approximately $5.2 million of these bonds are pre-refunded with U.S. treasury securities, of which $0.5 million are backed by financial guarantors, meaning that funds have been set aside in escrow to satisfy the future interest and principal obligations of the bond. Of the remaining $10.0 million of insurance enhanced municipal bonds, $0.5 million would have carried a lower credit rating had they not been insured. The following table provides a breakdown of the ratings for these municipal bonds with and without insurance. (Dollars in thousands) Ratings with Ratings without Rating Insurance Insurance AA $ 505 $ — BBB — 505 Total $ 505 $ 505 A summary of the Company’s insurance enhanced municipal bonds that are backed by financial guarantors, including the pre-refunded bonds that are escrowed in U.S. government obligations, as of March 31, 2016, is as follows: (Dollars in thousands) Financial Guarantor Total Pre-refunded Government Exposure Net of Pre-refunded & Government Securities Ambac Financial Group $ 1,536 $ 464 $ — $ 1,072 Assured Guaranty Corporation 3,577 — — 3,577 Municipal Bond Insurance Association 4,828 — — 4,828 Gov’t National Housing Association 552 — 552 — Total backed by financial guarantors 10,493 464 552 9,477 Other credit enhanced municipal bonds 4,759 4,759 — — Total $ 15,252 $ 5,223 $ 552 $ 9,477 In addition to the tax-free municipal bonds, the Company held $19.7 million of insurance enhanced asset-backed and taxable municipal bonds, which represented approximately 1.3% of the Company’s total invested assets, net of receivable/payable for securities purchased and sold. The financial guarantors of the Company’s $19.7 million of insurance enhanced asset-backed and taxable municipal securities include Municipal Bond Insurance Association ($4.0 million), Ambac Financial Group ($1.0 million), Assured Guaranty Corporation ($14.6 million), and Financial Guaranty Insurance Group ($0.1 million). The Company had no direct investments in the entities that have provided financial guarantees or other credit support to any security held by the Company at March 31, 2016. Bonds Held on Deposit Certain cash balances, cash equivalents, equity securities and bonds available for sale were deposited with various governmental authorities in accordance with statutory requirements, were held as collateral pursuant to borrowing arrangements, or were held in trust pursuant to intercompany reinsurance agreements. The fair values were as follows as of March 31, 2016 and December 31, 2015: Estimated Fair Value (Dollars in thousands) March 31, 2016 December 31, 2015 On deposit with governmental authorities $ 39,070 $ 38,815 Intercompany trusts held for the benefit of U.S. policyholders 620,691 643,216 Held in trust pursuant to third party requirements 63,997 66,544 Letter of credit held for third party requirements 5,428 5,598 Securities held as collateral for borrowing arrangements (1) 89,119 95,647 Total $ 818,305 $ 849,820 (1) Amount required to collateralize margin borrowing facilities. Variable Interest Entities The Company has variable interest in a Variable Interest Entity (‘VIE”) for which it is not the primary beneficiary and accounts for this VIE under the equity method since its ownership interest exceeds 3%. This partnership is deemed to be a VIE because the equity holders invest as passive limited partners and as a group lack power to direct the activities that most significantly impact the respective entity’s economic performance. The VIE generates variability from investment portfolio performance and that variability is passed to the equity holders. For this VIE, the Company absorbs a portion, but not the majority of this variability, based on its proportional equity interest. The fair value of the non-consolidated VIE, in which the Company has a significant variable interest, was $32.6 million as of March 31, 2016 and December 31, 2015. The Company’s maximum exposure to loss was $54.6 million and $52.6 million as of March 31, 2016 and December 31, 2015, respectively. Maximum exposure to loss includes the fair value of the Company’s investment in this VIE and its unfunded commitment to the VIE. The Company’s investment in this VIE is included in other invested assets on the consolidated balance sheet with changes in fair value recorded in the statement of operations.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments	3. Derivative Instruments Interest rate swaps are used by the Company primarily to reduce risks from changes in interest rates. Under the terms of the interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company accounts for the interest rate swaps as non-hedge instruments and recognizes the fair value of the interest rate swaps in other assets or other liabilities on the consolidated balance sheets with the changes in fair value recognized as net realized investment gains (losses) in the consolidated statement of operations. The Company is ultimately responsible for the valuation of the interest rate swaps. To aid in determining the estimated fair value of the interest rate swaps, the Company relies on the forward interest rate curve and information obtained from a third party financial institution. The following table summarizes information on the location and the gross amount of the derivatives’ fair value on the consolidated balance sheets as of March 31, 2016 and December 31, 2015: (Dollars in thousands) March 31, 2016 December 31, 2015 Derivatives Not Designated as Hedging Instruments under ASC 815 Balance Sheet Notional Fair Value Notional Fair Value Interest rate swap agreements Other liabilities $ 200,000 $ (22,994 ) $ 200,000 $ (15,256 ) The following table summarizes the net losses included in the consolidated statement of operations for changes in the fair value of the derivatives and the periodic net interest settlements under the derivatives for the quarters ended March 31, 2016 and 2015: Quarters Ended March 31, (Dollars in thousands) Statement of Operations Line 2016 2015 Interest rate swap agreements Net realized investment losses $ (8,978 ) $ (5,882 ) As of March 31, 2016 and December 31, 2015, the Company is due $4.8 million and $4.5 million, respectively, for funds it needed to post to execute the swap transaction and $22.4 million and $17.3 million, respectively, for margin calls made in connection with the interest rate swaps. These amounts are included in other assets on the consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements	4. Fair Value Measurements The accounting standards related to fair value measurements define fair value, establish a framework for measuring fair value, outline a fair value hierarchy based on inputs used to measure fair value, and enhance disclosure requirements for fair value measurements. These standards do not change existing guidance as to whether or not an instrument is carried at fair value. The Company has determined that its fair value measurements are in accordance with the requirements of these accounting standards. The Company’s invested assets and derivative instruments are carried at their fair value and are categorized based upon a fair value hierarchy: • Level 1 - inputs utilize quoted prices (unadjusted) in active markets for identical assets that the Company has the ability to access at the measurement date. • Level 2 - inputs utilize other than quoted prices included in Level 1 that are observable for similar assets, either directly or indirectly. • Level 3 - inputs are unobservable for the asset, and include situations where there is little, if any, market activity for the asset. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset. The following table presents information about the Company’s invested assets and derivative instruments measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. As of March 31, 2016 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 85,010 $ 3,802 $ — $ 88,812 Obligations of states and political subdivisions — 187,540 — 187,540 Mortgage-backed securities — 158,110 — 158,110 Commercial mortgage-backed securities — 135,802 — 135,802 Asset-backed securities — 263,485 — 263,485 Corporate bonds — 360,627 — 360,627 Foreign corporate bonds — 118,533 — 118,533 Total fixed maturities 85,010 1,227,899 — 1,312,909 Common stock 113,398 — — 113,398 Total assets measured at fair value (1) $ 198,408 $ 1,227,899 $ — $ 1,426,307 Liabilities: Derivative instruments $ — $ 22,994 $ — $ 22,994 Total liabilities measured at fair value $ — $ 22,994 $ — $ 22,994 (1) Excluded from the table above are limited partnerships of $32.6 million at March 31, 2016 whose fair value is based on net asset value as a practical expedient. As of December 31, 2015 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 101,264 $ 5,858 $ — $ 107,122 Obligations of states and political subdivisions — 205,240 — 205,240 Mortgage-backed securities — 159,123 — 159,123 Commercial mortgage-backed securities — 140,390 — 140,390 Asset-backed securities — 260,022 — 260,022 Corporate bonds — 332,111 — 332,111 Foreign corporate bonds — 102,141 — 102,141 Total fixed maturities 101,264 1,204,885 — 1,306,149 Common stock 110,315 — — 110,315 Total assets measured at fair value (1) $ 211,579 $ 1,204,885 $ — $ 1,416,464 Liabilities: Derivative instruments $ — $ 15,256 $ — $ 15,256 Total liabilities measured at fair value $ — $ 15,256 $ — $ 15,256 (1) Excluded from the table above are limited partnerships of $32.6 million at December 31, 2015 whose fair value is based on net asset value as a practical expedient. The securities classified as Level 1 in the above table consist of U.S. Treasuries and equity securities actively traded on an exchange. The securities classified as Level 2 in the above table consist primarily of fixed maturity securities and derivative instruments. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, security prices are derived through recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information. If there are no recent reported trades, matrix or model processes are used to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Included in the pricing of asset-backed securities, collateralized mortgage obligations, and mortgage-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment speeds previously experienced at the interest rate levels projected for the underlying collateral. The estimated fair value of the interest rate swaps is obtained from a third party financial institution who utilizes observable inputs such as the forward interest rate curve. For the Company’s material debt arrangements, the current fair value of the Company’s debt at March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Margin Borrowing Facilities $ 70,332 $ 70,332 $ 75,646 $ 75,646 7.75% Subordinated Notes due 2045 (1) 96,405 92,405 96,388 91,748 Total $ 166,737 $ 162,737 $ 172,034 $ 167,394 (1) As of March 31, 2016 and December 31, 2015, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.6 million. The fair value of the margin borrowing facilities approximates its carrying value due to the facilities being due on demand. The 7.75% subordinated notes due 2045 are publicly traded instruments and are classified as Level 1 in the fair value hierarchy. There were no transfers between Level 1 and Level 2 during the quarters ended March 31, 2016 or 2015. Fair Value of Alternative Investments Other invested assets consist of limited liability partnerships whose fair value is based on the net asset value per share practical expedient. The following table provides the fair value and future funding commitments related to these investments at March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 (Dollars in thousands) Fair Value Future Fair Value Future Real Estate Fund, LP (1) $ — $ — $ — $ — European Non-Performing Loan Fund, LP (2) 32,626 22,014 32,592 20,014 Total $ 32,626 $ 22,014 $ 32,592 $ 20,014 (1) This limited partnership invests in real estate assets through a combination of direct or indirect investments in partnerships, limited liability companies, mortgage loans, and lines of credit. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company continues to hold an investment in this limited partnership and has written the fair value down to zero. (2) This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. Based on the terms of the partnership agreement, the Company anticipates its interest in this partnership to be redeemed in 2020. Limited Partnerships with ownership interest exceeding 3% The Company uses the equity method to account for an investment in a limited partnership where its ownership interest exceeds 3%. The equity method of accounting for an investment in a limited partnership requires that its cost basis be updated to account for the income or loss earned on the investment. The income or loss associated with the partnership is reflected in the statement of operations, and the adjusted cost basis approximates fair value. The income or loss associated with this limited partnership, which was included in investment income, was $2.0 million and $0.3 million during the quarters end March 31, 2016 and 2015, respectively. Pricing The Company’s pricing vendors provide prices for all investment categories except for investments in limited partnerships whose fair value is based on net asset values as a practical expedient. Two vendors provide prices for equity and fixed maturity securities. The following is a description of the valuation methodologies used by the Company’s pricing vendors for investment securities carried at fair value: • Common stock prices are received from all primary and secondary exchanges. • Corporate and agency bonds are evaluated by utilizing a multi-dimensional relational model. For bonds with early redemption options, an option adjusted spread model is utilized. Both asset classes use standard inputs and incorporate security set up, defined sector breakdown, benchmark yields, apply base spreads, yield to maturity, and adjust for corporate actions. • Data from commercial vendors is aggregated with market information, then converted into a prepayment/spread/LIBOR curve model used for commercial mortgage obligations (“CMO”). CMOs are categorized with mortgage-backed securities in the tables listed above. For asset-backed securities, data derived from market information along with trustee and servicer reports is converted into spreads to interpolated swap yield curve. For both asset classes, evaluations utilize standard inputs plus new issue data, monthly payment information, and collateral performance. The evaluated pricing models incorporate discount rates, loan level information, prepayment speeds, treasury benchmarks, and LIBOR and swap curves. • For obligations of state and political subdivisions, a multi-dimensional relational model is used to evaluate securities. The pricing models incorporate security set-up, benchmark yields, apply base spreads, yield to worst or market convention, ratings updates, prepayment schedules and adjustments for material events notices. • U.S. treasuries are evaluated by obtaining feeds from a number of live data sources including active market makers and inter-dealer brokers. • For mortgage-backed securities, a matrix model correlation to TBA (a forward MBS trade) or benchmarking is utilized to value a security. The Company performs certain procedures to validate whether the pricing information received from the pricing vendors is reasonable, to ensure that the fair value determination is consistent with accounting guidance, and to ensure that its assets are properly classified in the fair value hierarchy. The Company’s procedures include, but are not limited to: • Reviewing periodic reports provided by the Investment Manager that provide information regarding rating changes and securities placed on watch. This procedure allows the Company to understand why a particular security’s market value may have changed or may potentially change. • Understanding and periodically evaluating the various pricing methods and procedures used by the Company’s pricing vendors to ensure that investments are properly classified within the fair value hierarchy. • On a quarterly basis, the Company corroborates investment security prices received from its pricing vendors by obtaining pricing from a second pricing vendor for a sample of securities. During the quarters ended March 31, 2016 and 2015, the Company has not adjusted quotes or prices obtained from the pricing vendors.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes	5. Income Taxes The statutory income tax rates of the countries where the Company does business are 35% in the United States, 0% in Bermuda, 0% in the Cayman Islands, 0% in Gibraltar, 29.22% in the Duchy of Luxembourg, and 25% on non-trading income, 33% on capital gains and 12.5% on trading income in the Republic of Ireland. The statutory income tax rate of each country is applied against the expected annual taxable income of the Company in each country to estimate the annual income tax expense. Generally, during interim periods, the Company will divide total estimated annual income tax expense by total estimated annual pre-tax income to determine the expected annual income tax rate used to compute the income tax provision. The expected annual income tax rate is then applied against interim pre-tax income, excluding net realized gains and losses and limited partnership distributions, and that amount is then added to the actual income taxes on net realized gains and losses, discrete items and limited partnership distributions. However, when there is significant volatility in the expected effective tax rate, the Company records its actual income tax provision in lieu of the estimated effective income tax rate. The Company’s income before income taxes from its non-U.S. subsidiaries and U.S. subsidiaries, including the results of the quota share and stop-loss agreements between Global Indemnity Reinsurance and the Insurance Operations, for the quarters ended March 31, 2016 and 2015 were as follows: Quarter Ended March 31, 2016: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 31,823 $ 128,631 $ (19,088 ) $ 141,366 Net premiums written $ 31,823 $ 85,049 $ — $ 116,872 Net premiums earned $ 55,985 $ 65,651 $ — $ 121,636 Net investment income 13,103 5,135 (8,492 ) 9,746 Net realized investment gains (losses) 13 (7,506 ) — (7,493 ) Other income 94 862 — 956 Total revenues 69,195 64,142 (8,492 ) 124,845 Losses and Expenses: Net losses and loss adjustment expenses 25,672 39,112 — 64,784 Acquisition costs and other underwriting expenses 23,520 28,570 — 52,090 Corporate and other operating expenses 1,788 2,015 — 3,803 Interest expense 2,076 8,631 (8,492 ) 2,215 Income (loss) before income taxes $ 16,139 $ (14,186 ) $ — $ 1,953 Quarter Ended March 31, 2015: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 138,796 $ 123,004 $ (118,931 ) $ 142,869 Net premiums written $ 138,757 $ (12,653 ) $ — $ 126,104 Net premiums earned $ 71,664 $ 55,673 $ — $ 127,337 Net investment income 10,182 4,486 (6,427 ) 8,241 Net realized investment losses (269 ) (2,701 ) — (2,970 ) Other income (loss) (79 ) 631 — 552 Total revenues 81,498 58,089 (6,427 ) 133,160 Losses and Expenses: Net losses and loss adjustment expenses 36,184 33,435 — 69,619 Acquisition costs and other underwriting expenses 30,294 17,964 — 48,258 Corporate and other operating expenses 2,081 9,459 — 11,540 Interest expense 394 6,538 (6,427 ) 505 Income (loss) before income taxes $ 12,545 $ (9,307 ) $ — $ 3,238 The following table summarizes the components of income tax benefit: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Current income tax expense : Foreign $ 113 $ 91 U.S. Federal 0 1,110 Total current income tax expense 113 1,201 Deferred income tax benefit: U.S. Federal (5,285 ) (4,757 ) Total deferred income tax benefit (5,285 ) (4,757 ) Total income tax benefit $ (5,172 ) $ (3,556 ) The weighted average expected tax provision has been calculated using income (loss) before income taxes in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. The following table summarizes the differences between the tax provision for financial statement purposes and the expected tax provision at the weighted average tax rate: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (4,852 ) (248.5 %) $ (3,167 ) (97.8 %) Adjustments: Tax exempt interest (104 ) (5.3 ) (136 ) (4.2 ) Dividend exclusion (239 ) (12.2 ) (155 ) (4.8 ) Other 23 1.2 (98 ) (3.0 ) Actual tax on continuing operations $ (5,172 ) (264.8 %) $ (3,556 ) (109.8 %) The effective income tax benefit rate for the quarter ended March 31, 2016 was 264.8%, compared to an effective income tax benefit rate of 109.8%, for the quarter ended March 31, 2015. The increase in the effective income tax benefit rate is primarily due to an increase in capital loss on the Company’s derivative instrument during the quarter ended March 31, 2016. Taxes were computed using a discrete period computation because a reliable estimate of an effective tax rate could not be made. The Company has an alternative minimum tax (“AMT”) credit carryforward of $10.9 million as of March 31, 2016 and December 31, 2015 which can be carried forward indefinitely. The Company has a net operating loss (“NOL”) carryforward of $6.4 million and $1.9 million as of March 31, 2016 and December 31, 2015, respectively, which will expire in 2036 and 2035, respectively. The Company has a Section 163(j) (“163(j)”) carryforward of $3.1 million as of March 31, 2016 and December 31, 2015 which can be carried forward indefinitely. The 163(j) carryforward is for disqualified interest paid or accrued to a related entity that is not subject to U.S. tax.

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2016
Liability for Unpaid Losses and Loss Adjustment Expenses	6. Liability for Unpaid Losses and Loss Adjustment Expenses Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Balance at beginning of period $ 680,047 $ 675,472 Less: Ceded reinsurance receivables 108,130 123,201 Net balance at beginning of period 571,917 552,271 Purchased reserves gross — 90,645 Less: Purchased reserves ceded — (11,681 ) Purchased reserves, net — 78,964 Incurred losses and loss adjustment expenses related to: Current year 71,380 73,114 Prior years (6,596 ) (3,495 ) Total incurred losses and loss adjustment expenses 64,784 69,619 Paid losses and loss adjustment expenses related to: Current year 19,826 14,682 Prior years 47,596 56,561 Total paid losses and loss adjustment expenses 67,422 71,243 Net balance at end of period 569,279 629,611 Plus: Ceded reinsurance receivables 106,957 140,508 Balance at end of period $ 676,236 $ 770,119 When analyzing loss reserves and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates. In the first quarter of 2016, the Company reduced its prior accident year loss reserves by $6.6 million, which consisted of a $5.6 million decrease related to Commercial Lines and a $1.0 million decrease related to Reinsurance Operations. The $5.6 million reduction of prior accident year loss reserves related to Commercial Lines primarily consisted of the following: • Property: • General Liability: The $1.0 million reduction related to Reinsurance Operations was from the property lines. Ultimate losses were lowered in the 2014 and 2015 accident years based on a review of the experience reported from cedants. In the first quarter of 2015, the Company decreased its prior accident year loss reserves by $3.5 million, which consisted of a $2.0 million decrease related to Commercial Lines and a $1.5 million decrease related to Reinsurance Operations. The $2.0 million reduction of prior accident year loss reserves related to Commercial Lines primarily consisted of the following: • Property: • Umbrella: • General Liability: The $1.5 million decrease related to Reinsurance Operations was primarily due to less severity on property than expected in accident years 2011 through 2014.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
Shareholders' Equity	7. Shareholders’ Equity Repurchases of the Company’s A ordinary shares The following table provides information with respect to A ordinary shares that were surrendered, repurchased, or redeemed during the quarter ended March 31, 2016: Period (1) Total Number of Shares Purchased or Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar January 1-31, 2016 12,410 (2) $ 29.02 — — February 1 – 29, 2016 15,093 (2) $ 28.25 — — Total 27,503 $ 28.60 — (1) Based on settlement date. (2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock. The following table provides information with respect to the A ordinary shares that were surrendered, repurchased, or redeemed during the quarter ended March 31, 2015: Period (1) Total Number of Shares Purchased or Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar Value of Shares that May January 1-31, 2015 9,009 (2) $ 28.37 — — March 1-31, 2015 2,290 (2) $ 26.98 — — Total 11,299 $ 28.09 — (1) Based on settlement date. (2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock. Please see Note 12 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2015 Annual Report on Form 10-K for more information on the Company’s repurchase program

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions	8. Related Party Transactions Fox Paine & Company As of March 31, 2016, Fox Paine beneficially owned shares having approximately 84% of the Company’s total outstanding voting power. Fox Paine has the right to appoint a number of the Company’s Directors equal in aggregate to the pro rata percentage of the voting shares of the Company beneficially held by Fox Paine for so long as Fox Paine holds an aggregate of 25% or more of the voting power in the Company. Fox Paine controls the election of all of the Company’s Directors due to its controlling share ownership. The Company’s Chairman is a member of Fox Paine. The Company relies on Fox Paine to provide management services and other services related to the operations of the Company. Global Indemnity Reinsurance was a limited partner in Fox Paine Capital Fund, II, which was managed by Fox Paine & Company. This investment was originally made by United National Insurance Company in June 2000 and pre-dates the September 5, 2003 acquisition by Fox Paine of Wind River Investment Corporation, which was the predecessor holding company for United National Insurance Company. In connection with the Company’s share redemption, Global Indemnity Reinsurance elected to redeem its shares in Fox Paine Capital Fund II, and as a result, the Company no longer held an interest in Fox Paine Capital Fund II as of November 10, 2015. All of Global Indemnity Reinsurance’s allocable Global Indemnity plc shares that were held by Fox Paine Capital Fund, II were transferred into a new unrelated liquidating partnership. During the quarter ended March 31, 2015, the Company received a distribution of $0.8 million from Fox Paine Capital Fund II. The Company did not receive any distribution from Fox Paine Capital Fund II during the quarter ended March 31, 2016. The Company relies on Fox Paine to provide management services and other services related to the operations of the Company. The Company incurred management fees of $0.5 million in each of the quarters ended March 31, 2016 and 2015 as part of the annual management fee paid to Fox Paine. As of March 31, 2016 and December 31, 2015, unpaid management fees, which were included in other liabilities on the consolidated balance sheets, were $3.1 million and $2.6 million, respectively. In connection with the acquisition of American Reliable, the Company agreed to pay to Fox Paine an investment banking fee of 3% of the amount paid plus the additional capital required to operate American Reliable on a standalone basis and a $1.5 million investment advisory fee, which in the aggregate, totaled $6.5 million. This amount is included in corporate and other operating expenses on the Company’s Consolidated Statements of Operations during the quarter ended March 31, 2015. As payment for these fees, 267,702 A ordinary shares of Global Indemnity were issued under the Global Indemnity plc Share Incentive Plan (the “Plan”) in May, 2015. These shares cannot be sold until the earlier of five years after January 1, 2015 or a change of control. Cozen O’Connor The Company incurred $0.1 million for legal services rendered by Cozen O’Connor during the quarter ended March 31, 2015. Stephen A. Cozen, the chairman of Cozen O’Connor, was a member of the Company’s Board of Directors until he resigned on December 31, 2015. Crystal & Company During each of the quarters ended March 31, 2016 and 2015, the Company incurred $0.1 million in brokerage fees to Crystal & Company, an insurance broker. In January of 2016, a subsidiary of the Company entered into an agency relationship with Crystal & Company in which Crystal & Company is to be paid a commission on net premiums written and collected consistent with those paid to other agencies in the Company’s ordinary course of business. The Company did not pay any commissions to Crystal & Company under this arrangement during the quarter ended March 31, 2016. James W. Crystal, the chairman and chief executive officer of Crystal & Company, is a member of the Company’s Board of Directors. Hiscox Insurance Company (Bermuda) Ltd. Global Indemnity Reinsurance is a participant in two reinsurance agreements with Hiscox Insurance Company (Bermuda) Ltd. (“Hiscox Bermuda”) while Steve Green, the President of Global Indemnity Reinsurance, was a member of Hiscox Bermuda’s Board of Directors. Steve Green was a member of the Hiscox Bermuda’s Board of Directors until May, 2014. The Company estimated that the following earned premium and incurred losses related to these agreements have been assumed by Global Indemnity Reinsurance from Hiscox Bermuda: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Assumed earned premium $ 57 $ 1,803 Assumed losses and loss adjustment expenses (208 ) 535 Net balances due to Global Indemnity Reinsurance under this agreement are as follows: (Dollars in thousands) March 31, 2016 December Net receivable (payable) balance $ 16 $ (110 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies	9. Commitments and Contingencies Legal Proceedings The Company is, from time to time, involved in various legal proceedings in the ordinary course of business. The Company maintains insurance and reinsurance coverage for such risks in amounts that it considers adequate. However, there can be no assurance that the insurance and reinsurance coverage that the Company maintains is sufficient or will be available in adequate amounts or at a reasonable cost. The Company does not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material adverse effect on its business, results of operations, cash flows, or financial condition. There is a greater potential for disputes with reinsurers who are in runoff. Some of the Company’s reinsurers’ have operations that are in runoff, and therefore, the Company closely monitors those relationships. The Company anticipates that, similar to the rest of the insurance and reinsurance industry, it will continue to be subject to litigation and arbitration proceedings in the ordinary course of business. Commitments During 2014, the Company entered into a $50 million commitment to purchase an alternative investment vehicle which is comprised of European non-performing loans. As of March 31, 2016, the Company has funded $28.0 million of this commitment leaving $22.0 million as unfunded.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2016
Share-Based Compensation Plans	10. Share-Based Compensation Plans Options No stock options were awarded during the quarter ended March 31, 2016. The Company awarded 200,000 Time-Based Options under the Plan during the quarter ended March 31, 2015. During the quarter ended March 31, 2016, 66,667 unvested stock options were forfeited. No unvested stock options were forfeited during the quarter ended March 31, 2015. Restricted Shares During the quarter ended March 31, 2016, the Company granted 121,346 A ordinary shares, with a weighted average grant date value of $28.97 per share, to key employees under the Plan. Of the shares granted during the quarter ended March 31, 2016, 11,199 were granted to the Company’s Chief Executive Officer and vest 33 1/3 on each subsequent anniversary date of the grant for a period of three years subject to a true-up of bonus year underwriting results as of the third anniversary of the grant. 5,309 were granted to another key employee and vest 100% on February 7, 2019. 8,253 were issued to other key employees and vest 33% on the first and second anniversary of the grant and vest 34% on the third anniversary of the grant contingent on meeting certain performance objectives and subject to Board approval. The remaining 96,585 shares were granted to key employees and will vest as follows: • 16.5%, 16.5%, and 17.0% of the granted stock vest on the first, second, and third anniversary of the grant, respectively. • 50% of granted stock vests 100% on the third anniversary of the grant subject to a true-up of bonus year underwriting results and are subject to Board approval. During the quarter ended March 31, 2015, the Company granted 138,507 A ordinary shares, with a weighted average grant date value of $28.37 per share, to key employees under the Plan. Of the shares granted during the quarter ended March 31, 2015, 10,574 were granted to the Company’s Chief Executive Officer and vest 33 1/3 on each subsequent anniversary date of the grant for a period of three years subject to a true-up of bonus year underwriting results as of the third anniversary of the grant and an additional 44,058 were granted to the Company’s Chief Executive Officer and other key employees which vest 100% on January 1, 2018. The remaining 83,875 shares were granted to key employees and will vest as follows: • 16.5%, 16.5%, and 17.0% of the granted stock vest on the first, second, and third anniversary of the grant, respectively. • 50% of granted stock vests 100% on the third anniversary of the grant subject to a true-up of bonus year underwriting results and are subject to Board approval. During the quarters ended March 31, 2016 and 2015, the Company issued 9,442 and 9,247 A ordinary shares, respectively, at a weighted average grant date value of $31.13 and $27.75 per share, respectively, to non-employee directors of the Company under the Plan. All of the shares issued to non-employee directors of the Company in 2016 and 2015 were fully vested but subject to certain restrictions.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share	11. Earnings Per Share Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share: (Dollars in thousands, Quarters Ended March 31, except share and per share data) 2016 2015 Net income $ 7,125 $ 6,794 Basic earnings per share: Weighted average shares outstanding – basic 17,224,051 25,449,282 Net income per share $ 0.41 $ 0.27 Diluted earnings per share: Weighted average shares outstanding – diluted 17,444,020 25,641,741 Net income per share $ 0.41 $ 0.26 A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows: Quarters Ended March 31, 2016 2015 Weighted average shares for basic earnings per share 17,224,051 25,449,282 Non-vested restricted stock 111,381 90,475 Options 108,588 101,984 Weighted average shares for diluted earnings per share 17,444,020 25,641,741 The weighted average shares outstanding used to determine dilutive earnings per share for the quarters ended March 31, 2016 and 2015 do not include 433,333 and 512,500 shares, respectively, which were deemed to be anti-dilutive. The following table summarizes options which are deemed to be anti-dilutive at March 31, 2016: Grant Date Expiration Date Outstanding Strike Price February 9, 2014 February 10, 2024 300,000 $ 32.38 January 1, 2015 January 1, 2025 133,333 $ 28.37 433,333

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Information	12. Segment Information The Company manages its business through three reportable business segments: Commercial Lines, managed in Bala Cynwyd, PA, offers specialty property and casualty products designed for product lines such as Small Business Binding Authority, Property Brokerage, and Programs. Personal Lines, managed in Scottsdale, AZ, offers specialty personal lines and agricultural coverage. Reinsurance Operations, managed in Bermuda, provides reinsurance solutions through brokers and primary writers including insurance and reinsurance companies. The following are tabulations of business segment information for the quarters ended March 31, 2016 and 2015. Quarter Ended March 31, 2016: (Dollars in thousands) Commercial Personal Reinsurance Operations (2) Total Revenues: Gross premiums written $ 49,091 $ 79,540 $ 12,735 $ 141,366 Net premiums written $ 43,558 $ 60,579 $ 12,735 $ 116,872 Net premiums earned $ 47,333 $ 62,086 $ 12,217 $ 121,636 Other income 163 699 94 956 Total revenues 47,496 62,785 12,311 122,592 Losses and Expenses: Net losses and loss adjustment expenses 25,006 35,173 4,605 64,784 Acquisition costs and other underwriting expenses 20,471 (3) 27,136 (4) 4,483 52,090 Income (loss) from segments $ 2,019 $ 476 $ 3,223 $ 5,718 Unallocated Items: Net investment income 9,746 Net realized investment losses (7,493 ) Corporate and other operating expenses (3,803 ) Interest expense (2,215 ) Income before income taxes 1,953 Income tax benefit 5,172 Net income 7,125 Total assets $ 774,062 $ 495,132 $ 697,455 (5) $ 1,966,649 (1) Includes business ceded to the Company’s Reinsurance Operations. (2) External business only, excluding business assumed from affiliates. (3) Includes federal excise tax of $127 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $311 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. Quarter Ended March 31, 2015: (Dollars in thousands) Commercial Personal Reinsurance Operations (2) Total Revenues: Gross premiums written $ 49,793 $ 73,211 $ 19,865 $ 142,869 Net premiums written $ 45,622 $ 60,656 $ 19,826 $ 126,104 Net premiums earned $ 50,714 $ 63,422 $ 13,201 $ 127,337 Other income 165 466 (79 ) 552 Total revenues 50,879 63,888 13,122 127,889 Losses and Expenses: Net losses and loss adjustment expenses 29,603 35,918 4,098 69,619 Acquisition costs and other underwriting expenses 20,623 (3) 22,746 (4) 4,889 48,258 Income (loss) from segments $ 653 $ 5,224 $ 4,135 $ 10,012 Unallocated Items: Net investment income 8,241 Net realized investment losses (2,970 ) Corporate and other operating expenses (11,540 ) Interest expense (505 ) Income before income taxes 3,238 Income tax benefit 3,556 Net income 6,794 Total assets $ 775,898 $ 509,841 $ 988,161 (5) $ 2,273,900 (1) Includes business ceded to the Company’s Reinsurance Operations. (2) External business only, excluding business assumed from affiliates. (3) Includes federal excise tax of $268 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $317 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements	13. New Accounting Pronouncements The following are new accounting guidance issued in 2016 which have not yet been adopted. In March, 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance surrounding stock compensation. The new guidance simplifies several aspect of the accounting for share-based payment, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. Although the Company is still evaluating the impact of this new guidance, the Company does not anticipate it will have a material impact on its financial condition, results of operations, or cash flows. In March, 2016, the FASB issued new accounting guidance surrounding revenue from contracts with customers. The new guidance clarifies the implementation guidance on principal versus agent considerations. This guidance is effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Although the Company is still evaluating the impact of this new guidance, the Company does not anticipate it will have a material impact on its financial condition, results of operations, or cash flows. In February, 2016, the FASB issued new accounting guidance regarding leases. The new guidance increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Although the Company is still evaluating the impact of this new guidance, the Company does not anticipate it will have a material impact on its financial condition, results of operations, or cash flows. In January, 2016, the FASB issued new accounting guidance surrounding the accounting for financial instruments. The new guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. In particular, the guidance requires equity investments, except for those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income. It also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. This guidance is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application of this new guidance is permitted as of the beginning of the fiscal year of adoption. The Company is still evaluating the impact of this guidance on its financial condition, results of operations, or cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events	14. Subsequent Events On April 1, 2016, an officer resigned and forfeited 133,333 of outstanding and unvested options to purchase A ordinary shares. Property Quota Share

Principles of Consolidation a22

Principles of Consolidation and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Number of Reportable Business Segments	The Company manages its business through three reportable business segments: Commercial Lines, Personal Lines, and Reinsurance Operations. The Company’s Commercial Lines, managed in Bala Cynwyd, PA, offers specialty property and casualty insurance products in the excess and surplus lines marketplace. The Company manages its Commercial Lines by differentiating them into three product classifications: Penn-America, which markets property and general liability products to small commercial businesses through a select network of wholesale general agents with specific binding authority; United National, which markets insurance products for targeted insured segments, including specialty products, such as property, general liability, and professional lines through program administrators with specific binding authority; and Diamond State, which markets property, casualty, and professional lines products, which are developed by the Company’s underwriting department by individuals with expertise in those lines of business, through wholesale brokers and also markets through program administrators having specific binding authority. These product classifications comprise the Company’s Commercial Lines business segment and are not considered individual business segments because each product has similar economic characteristics, distribution, and coverage. The Company’s Personal Lines segment, via the American Reliable Insurance Company (“American Reliable”) product classification, offers specialty personal lines and agricultural coverage through general and specialty agents with specific binding authority on an admitted basis and is managed in Scottsdale, AZ. Collectively, the Company’s U.S. insurance subsidiaries are licensed in all 50 states and the District of Columbia. The Company’s Reinsurance Operations consist solely of the operations of its Bermuda-based wholly-owned subsidiary, Global Indemnity Reinsurance Company, Ltd. (“Global Indemnity Reinsurance”). Global Indemnity Reinsurance is a treaty reinsurer of specialty property and casualty insurance and reinsurance companies. The Company’s Reinsurance Operations segment provides reinsurance solutions through brokers and primary writers including insurance and reinsurance companies. The Commercial Lines and Personal Lines segments comprise the Company’s U.S. Insurance Operations (‘Insurance Operations”). See Note 12 for additional information regarding segments.
Interim Consolidated Financial statements	The interim consolidated financial statements are unaudited, but have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”), which differs in certain respects from those principles followed in reports to insurance regulatory authorities. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported 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 differ from those estimates. The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair statement of results for the interim periods. Results of operations for the quarters ended March 31, 2016 and 2015 are not necessarily indicative of the results of a full year. The accompanying notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s 2015 Annual Report on Form 10-K.
Intercompany Balances and Transactions	The consolidated financial statements include the accounts of Global Indemnity and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Investments Policy	The Company regularly performs various analytical valuation procedures with respect to its investments, including reviewing each fixed maturity security in an unrealized loss position to assess whether the security has a credit loss. Specifically, the Company considers credit rating, market price, and issuer specific financial information, among other factors, to assess the likelihood of collection of all principal and interest as contractually due. Securities for which the Company determines that a credit loss is likely are subjected to further analysis through discounted cash flow testing to estimate the credit loss to be recognized in earnings, if any. The specific methodologies and significant assumptions used by asset class are discussed below. Upon identification of such securities and periodically thereafter, a detailed review is performed to determine whether the decline is considered other than temporary. This review includes an analysis of several factors, including but not limited to, the credit ratings and cash flows of the securities and the magnitude and length of time that the fair value of such securities is below cost. For fixed maturities, the factors considered in reaching the conclusion that a decline below cost is other than temporary include, among others, whether: (1) the issuer is in financial distress; (2) the investment is secured; (3) a significant credit rating action occurred; (4) scheduled interest payments were delayed or missed; (5) changes in laws or regulations have affected an issuer or industry; (6) the investment has an unrealized loss and was identified by the Company’s investment manager as an investment to be sold before recovery or maturity; and (7) the investment failed cash flow projection testing to determine if anticipated principal and interest payments will be realized. According to accounting guidance for debt securities in an unrealized loss position, the Company is required to assess whether it has the intent to sell the debt security or more likely than not will be required to sell the debt security before the anticipated recovery. If either of these conditions is met the Company must recognize an other than temporary impairment with the entire unrealized loss being recorded through earnings. For debt securities in an unrealized loss position not meeting these conditions, the Company assesses whether the impairment of a security is other than temporary. If the impairment is deemed to be other than temporary, the Company must separate the other than temporary impairment into two components: the amount representing the credit loss and the amount related to all other factors, such as changes in interest rates. The credit loss represents the portion of the amortized book value in excess of the net present value of the projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. The credit loss component of the other than temporary impairment is recorded through earnings, whereas the amount relating to factors other than credit losses is recorded in other comprehensive income, net of taxes. For equity securities, management carefully reviews all securities with unrealized losses to determine if a security should be impaired and further focuses on securities that have either: (1) persisted with unrealized losses for more than twelve consecutive months or (2) the value of the investment has been 20% or more below cost for six continuous months or more.
Derivative Instruments Policy	The Company accounts for the interest rate swaps as non-hedge instruments and recognizes the fair value of the interest rate swaps in other assets or other liabilities on the consolidated balance sheets with the changes in fair value recognized as net realized investment gains (losses) in the consolidated statement of operations. The Company is ultimately responsible for the valuation of the interest rate swaps. To aid in determining the estimated fair value of the interest rate swaps, the Company relies on the forward interest rate curve and information obtained from a third party financial institution.
Fair Value Measurement Policy	The Company’s invested assets and derivative instruments are carried at their fair value and are categorized based upon a fair value hierarchy: • Level 1 - inputs utilize quoted prices (unadjusted) in active markets for identical assets that the Company has the ability to access at the measurement date. • Level 2 - inputs utilize other than quoted prices included in Level 1 that are observable for similar assets, either directly or indirectly. • Level 3 - inputs are unobservable for the asset, and include situations where there is little, if any, market activity for the asset. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset. The Company’s pricing vendors provide prices for all investment categories except for investments in limited partnerships whose fair value is based on net asset values as a practical expedient. Two vendors provide prices for equity and fixed maturity securities. The following is a description of the valuation methodologies used by the Company’s pricing vendors for investment securities carried at fair value: • Common stock prices are received from all primary and secondary exchanges. • Corporate and agency bonds are evaluated by utilizing a multi-dimensional relational model. For bonds with early redemption options, an option adjusted spread model is utilized. Both asset classes use standard inputs and incorporate security set up, defined sector breakdown, benchmark yields, apply base spreads, yield to maturity, and adjust for corporate actions. • Data from commercial vendors is aggregated with market information, then converted into a prepayment/spread/LIBOR curve model used for commercial mortgage obligations (“CMO”). CMOs are categorized with mortgage-backed securities in the tables listed above. For asset-backed securities, data derived from market information along with trustee and servicer reports is converted into spreads to interpolated swap yield curve. For both asset classes, evaluations utilize standard inputs plus new issue data, monthly payment information, and collateral performance. The evaluated pricing models incorporate discount rates, loan level information, prepayment speeds, treasury benchmarks, and LIBOR and swap curves. • For obligations of state and political subdivisions, a multi-dimensional relational model is used to evaluate securities. The pricing models incorporate security set-up, benchmark yields, apply base spreads, yield to worst or market convention, ratings updates, prepayment schedules and adjustments for material events notices. • U.S. treasuries are evaluated by obtaining feeds from a number of live data sources including active market makers and inter-dealer brokers. • For mortgage-backed securities, a matrix model correlation to TBA (a forward MBS trade) or benchmarking is utilized to value a security.
Statutory Income Tax Rates	the Republic of Ireland. The statutory income tax rate of each country is applied against the expected annual taxable income of the Company in each country to estimate the annual income tax expense.
Loss Reserves and Prior Year Development	When analyzing loss reserves and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates.
Earnings Per Share Policy	Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Amortized Cost and Estimated Fair Value of Investments	The amortized cost and estimated fair value of investments were as follows as of March 31, 2016 and December 31, 2015: (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than As of March 31, 2016 Fixed maturities: U.S. treasury and agency obligations $ 87,107 $ 1,708 $ (3 ) $ 88,812 $ — Obligations of states and political subdivisions 183,920 3,692 (72 ) 187,540 — Mortgage-backed securities 155,333 2,924 (147 ) 158,110 — Asset-backed securities 264,543 647 (1,705 ) 263,485 (8 ) Commercial mortgage-backed securities 137,586 57 (1,841 ) 135,802 — Corporate bonds 359,614 2,992 (1,979 ) 360,627 — Foreign corporate bonds 118,247 659 (373 ) 118,533 — Total fixed maturities 1,306,350 12,679 (6,120 ) 1,312,909 (8 ) Common stock 100,175 18,104 (4,881 ) 113,398 — Other invested assets 32,626 — — 32,626 — Total $ 1,439,151 $ 30,783 $ (11,001 ) $ 1,458,933 $ (8 ) (1) Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income (“AOCI”). (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than As of December 31, 2015 Fixed maturities: U.S. treasury and agency obligations $ 106,303 $ 1,140 $ (321 ) $ 107,122 $ — Obligations of states and political subdivisions 203,121 2,576 (457 ) 205,240 — Mortgage-backed securities 157,753 2,113 (743 ) 159,123 — Asset-backed securities 261,008 435 (1,421 ) 260,022 (9 ) Commercial mortgage-backed securities 142,742 — (2,352 ) 140,390 — Corporate bonds 334,720 685 (3,294 ) 332,111 — Foreign corporate bonds 102,686 194 (739 ) 102,141 — Total fixed maturities 1,308,333 7,143 (9,327 ) 1,306,149 (9 ) Common stock 100,157 16,118 (5,960 ) 110,315 — Other invested assets 32,592 — — 32,592 — Total $ 1,441,082 $ 23,261 $ (15,287 ) $ 1,449,056 $ (9 ) (1) Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income (“AOCI”).
Summary of Amortized Cost and Estimated Fair Value Through Fixed Maturities	The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at March 31, 2016, by contractual maturity, 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. (Dollars in thousands) Amortized Cost Estimated Due in one year or less $ 87,993 $ 88,387 Due in one year through five years 619,767 624,782 Due in five years through ten years 37,099 38,378 Due in ten years through fifteen years — — Due after fifteen years 4,029 3,965 Mortgage-backed securities 155,333 158,110 Asset-backed securities 264,543 263,485 Commercial mortgage-backed securities 137,586 135,802 Total $ 1,306,350 $ 1,312,909
Summary of Securities With Gross Unrealized Losses	The following table contains an analysis of the Company’s securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of March 31, 2016: Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. treasury and agency obligations $ 10,018 $ (3 ) $ — $ — $ 10,018 $ (3 ) Obligations of states and political subdivisions 13,890 (54 ) 1,071 (18 ) 14,961 (72 ) Mortgage-backed securities 27,336 (125 ) 4,966 (22 ) 32,302 (147 ) Asset-backed securities 156,349 (1,670 ) 17,206 (35 ) 173,555 (1,705 ) Commercial mortgage-backed securities 107,312 (1,477 ) 22,934 (364 ) 130,246 (1,841 ) Corporate bonds 93,317 (1,957 ) 2,478 (22 ) 95,795 (1,979 ) Foreign corporate bonds 14,733 (359 ) 5,158 (14 ) 19,891 (373 ) Total fixed maturities 422,955 (5,645 ) 53,813 (475 ) 476,768 (6,120 ) Common stock 32,709 (4,881 ) — — 32,709 (4,881 ) Total $ 455,664 $ (10,526 ) $ 53,813 $ (475 ) $ 509,477 $ (11,001 ) (1) Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not other than temporarily impaired. The following table contains an analysis of the Company’s securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of December 31, 2015: Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. treasury and agency obligations $ 79,496 $ (321 ) $ — $ — $ 79,496 $ (321 ) Obligations of states and political subdivisions 49,708 (373 ) 7,732 (84 ) 57,440 (457 ) Mortgage-backed securities 63,759 (743 ) — — 63,759 (743 ) Asset-backed securities 203,381 (1,404 ) 4,843 (17 ) 208,224 (1,421 ) Commercial mortgage-backed securities 118,813 (2,005 ) 21,577 (347 ) 140,390 (2,352 ) Corporate bonds 211,364 (3,269 ) 2,120 (25 ) 213,484 (3,294 ) Foreign corporate bonds 63,860 (697 ) 5,129 (42 ) 68,989 (739 ) Total fixed maturities 790,381 (8,812 ) 41,401 (515 ) 831,782 (9,327 ) Common stock 36,798 (5,960 ) — — 36,798 (5,960 ) Total $ 827,179 $ (14,772 ) $ 41,401 $ (515 ) $ 868,580 $ (15,287 ) (1) Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not other than temporarily impaired.
Schedule of Other Than Temporary Impairments on Investments	The Company recorded the following other than temporary impairments (“OTTI”) on its investment portfolio for the quarters ended March 31, 2016 and 2015: (Dollars in thousands) Quarters Ended March 31, 2016 2015 Fixed maturities: OTTI losses, gross $ (56 ) $ (10 ) Portion of loss recognized in other comprehensive income (pre-tax) — — Net impairment losses on fixed maturities recognized in earnings (56 ) (10 ) Equity securities (994 ) (331 ) Total $ (1,050 ) $ (341 )
Schedule of Credit Losses Recognized in Earnings	The following table is an analysis of the credit losses recognized in earnings on fixed maturities held by the Company for the quarters ended March 31, 2016 and 2015 for which a portion of the OTTI loss was recognized in other comprehensive income. (Dollars in thousands) Quarters Ended March 31, 2016 2015 Balance at beginning of period $ 31 $ 50 Additions where no OTTI was previously recorded — — Additions where an OTTI was previously recorded — — Reductions for securities for which the company intends to sell or more likely than not will be required to sell before recovery — — Reductions reflecting increases in expected cash flows to be collected — — Reductions for securities sold during the period — — Balance at end of period $ 31 $ 50
Schedule of Accumulated Other Comprehensive Income, Net of Tax	Accumulated other comprehensive income, net of tax, as of March 31, 2016 and December 31, 2015 was as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Net unrealized gains (losses)from: Fixed maturities $ 6,559 $ (2,184 ) Common stock 13,223 10,158 Deferred taxes (6,546 ) (3,896 ) Accumulated other comprehensive income, net of tax $ 13,236 $ 4,078
Changes in Accumulated Other Comprehensive Income	The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the quarters ended March 31, 2016 and 2015: Quarter Ended March 31, 2016 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 4,200 $ (122 ) $ 4,078 Other comprehensive income (loss) before Reclassification 10,129 (1 ) 10,128 Amounts reclassified from accumulated other comprehensive income (loss) (970 ) — (970 ) Other comprehensive income (loss) 9,159 (1 ) 9,158 Ending balance $ 13,359 $ (123 ) $ 13,236 Quarter Ended March 31, 2015 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 23,647 $ (263 ) $ 23,384 Other comprehensive income (loss) before Reclassification 6,441 (321 ) 6,120 Amounts reclassified from accumulated other comprehensive income (loss) (1,882 ) 83 (1,799 ) Other comprehensive income (loss) 4,559 (238 ) 4,321 Ending balance $ 28,206 $ (501 ) $ 27,705
Reclassifications Out of Accumulated Other Comprehensive Income	The reclassifications out of accumulated other comprehensive income for the quarters ended March 31, 2016 and 2015 were as follows: (Dollars in thousands) Amounts Reclassified from Quarters Ended March 31, Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Consolidated Statements of Operations 2016 2015 Unrealized gains and losses on available for sale securities Other net realized investment gains $ (2,535 ) $ (3,381 ) Other than temporary impairment losses on investments 1,050 341 Total before tax (1,485 ) (3,040 ) Income tax expense 515 1,158 Unrealized gains and losses on available for sale securities, net of tax $ (970 ) $ (1,882 ) Foreign currency items Other net realized investment losses $ — $ 128 Income tax (benefit) — (45 ) Foreign currency items, net of tax $ — $ 83 Total reclassifications Total reclassifications, net of tax $ (970 ) $ (1,799 )
Components of Net Realized Investment Losses	The components of net realized investment losses for the quarters ended March 31, 2016 and 2015 were as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Fixed maturities: Gross realized gains $ 180 $ 733 Gross realized losses (72 ) (131 ) Net realized gains 108 602 Common stock: Gross realized gains 2,564 2,552 Gross realized losses (1,187 ) (338 ) Net realized gains 1,377 2,214 Preferred stock: Gross realized gains — 96 Gross realized losses — — Net realized gains — 96 Derivatives: Gross realized gains — — Gross realized losses (8,978 ) (5,882 ) Net realized losses (8,978 ) (5,882 ) Total net realized investment losses $ (7,493 ) $ (2,970 )
Proceeds from Sales of Available-for-Sale Securities	The proceeds from sales of available-for-sale securities resulting in net realized investment losses for the quarters ended March 31, 2016 and 2015 were as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Fixed maturities $ 65,641 $ 108,120 Equity securities 11,453 6,509 Preferred stock — 1,540
Schedule of Investment Income	The sources of net investment income for the quarters ended March 31, 2016 and 2015 were as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Fixed maturities $ 7,224 $ 8,014 Equity securities 1,189 792 Cash and cash equivalents 30 18 Other invested assets 2,034 253 Total investment income 10,477 9,077 Investment expense (731 ) (836 ) Net investment income $ 9,746 $ 8,241
Schedule of Total Investment Return	The Company’s total investment return on a pre-tax basis for the quarters ended March 31, 2016 and 2015 were as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Net investment income $ 9,746 $ 8,241 Net realized investment losses (7,493 ) (2,970 ) Change in unrealized holding gains and losses 11,808 4,597 Net realized and unrealized investment returns 4,315 1,627 Total investment return $ 14,061 $ 9,868 Total investment return % (1) 0.9 % 0.6 % Average investment portfolio (2) $ 1,511,204 $ 1,764,110 (1) Not annualized. (2) Average of total cash and invested assets, net of receivable/payable for securities purchased and sold, as of the beginning and end of the period.
Municipal Bonds with and without Insurance	The following table provides a breakdown of the ratings for these municipal bonds with and without insurance. (Dollars in thousands) Ratings with Ratings without Rating Insurance Insurance AA $ 505 $ — BBB — 505 Total $ 505 $ 505
Summary of Insurance Enhanced Municipal Bonds Backed by Financial Guarantors	A summary of the Company’s insurance enhanced municipal bonds that are backed by financial guarantors, including the pre-refunded bonds that are escrowed in U.S. government obligations, as of March 31, 2016, is as follows: (Dollars in thousands) Financial Guarantor Total Pre-refunded Government Exposure Net of Pre-refunded & Government Securities Ambac Financial Group $ 1,536 $ 464 $ — $ 1,072 Assured Guaranty Corporation 3,577 — — 3,577 Municipal Bond Insurance Association 4,828 — — 4,828 Gov’t National Housing Association 552 — 552 — Total backed by financial guarantors 10,493 464 552 9,477 Other credit enhanced municipal bonds 4,759 4,759 — — Total $ 15,252 $ 5,223 $ 552 $ 9,477
Summary of Estimated Fair Values of Bonds Held on Deposit	The fair values were as follows as of March 31, 2016 and December 31, 2015: Estimated Fair Value (Dollars in thousands) March 31, 2016 December 31, 2015 On deposit with governmental authorities $ 39,070 $ 38,815 Intercompany trusts held for the benefit of U.S. policyholders 620,691 643,216 Held in trust pursuant to third party requirements 63,997 66,544 Letter of credit held for third party requirements 5,428 5,598 Securities held as collateral for borrowing arrangements (1) 89,119 95,647 Total $ 818,305 $ 849,820 (1) Amount required to collateralize margin borrowing facilities.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Summarized Information of Location and Gross Amount of Derivatives' Fair Value in Consolidated Balance Sheets	The following table summarizes information on the location and the gross amount of the derivatives’ fair value on the consolidated balance sheets as of March 31, 2016 and December 31, 2015: (Dollars in thousands) March 31, 2016 December 31, 2015 Derivatives Not Designated as Hedging Instruments under ASC 815 Balance Sheet Notional Fair Value Notional Fair Value Interest rate swap agreements Other liabilities $ 200,000 $ (22,994 ) $ 200,000 $ (15,256 )
Summary of Net Losses Included in Consolidated Statement of Operations for Changes in Fair Value of Derivatives and Periodic net Interest Settlements Under Derivatives	The following table summarizes the net losses included in the consolidated statement of operations for changes in the fair value of the derivatives and the periodic net interest settlements under the derivatives for the quarters ended March 31, 2016 and 2015: Quarters Ended March 31, (Dollars in thousands) Statement of Operations Line 2016 2015 Interest rate swap agreements Net realized investment losses $ (8,978 ) $ (5,882 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Company's Invested Assets and Derivative Instruments Measured at Fair Value on Recurring Basis	The following table presents information about the Company’s invested assets and derivative instruments measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. As of March 31, 2016 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 85,010 $ 3,802 $ — $ 88,812 Obligations of states and political subdivisions — 187,540 — 187,540 Mortgage-backed securities — 158,110 — 158,110 Commercial mortgage-backed securities — 135,802 — 135,802 Asset-backed securities — 263,485 — 263,485 Corporate bonds — 360,627 — 360,627 Foreign corporate bonds — 118,533 — 118,533 Total fixed maturities 85,010 1,227,899 — 1,312,909 Common stock 113,398 — — 113,398 Total assets measured at fair value (1) $ 198,408 $ 1,227,899 $ — $ 1,426,307 Liabilities: Derivative instruments $ — $ 22,994 $ — $ 22,994 Total liabilities measured at fair value $ — $ 22,994 $ — $ 22,994 (1) Excluded from the table above are limited partnerships of $32.6 million at March 31, 2016 whose fair value is based on net asset value as a practical expedient. As of December 31, 2015 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 101,264 $ 5,858 $ — $ 107,122 Obligations of states and political subdivisions — 205,240 — 205,240 Mortgage-backed securities — 159,123 — 159,123 Commercial mortgage-backed securities — 140,390 — 140,390 Asset-backed securities — 260,022 — 260,022 Corporate bonds — 332,111 — 332,111 Foreign corporate bonds — 102,141 — 102,141 Total fixed maturities 101,264 1,204,885 — 1,306,149 Common stock 110,315 — — 110,315 Total assets measured at fair value (1) $ 211,579 $ 1,204,885 $ — $ 1,416,464 Liabilities: Derivative instruments $ — $ 15,256 $ — $ 15,256 Total liabilities measured at fair value $ — $ 15,256 $ — $ 15,256 (1) Excluded from the table above are limited partnerships of $32.6 million at December 31, 2015 whose fair value is based on net asset value as a practical expedient.
Current Fair Value of Debt	For the Company’s material debt arrangements, the current fair value of the Company’s debt at March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Margin Borrowing Facilities $ 70,332 $ 70,332 $ 75,646 $ 75,646 7.75% Subordinated Notes due 2045 (1) 96,405 92,405 96,388 91,748 Total $ 166,737 $ 162,737 $ 172,034 $ 167,394 (1) As of March 31, 2016 and December 31, 2015, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.6 million.
Fair Value and Future Funding Commitments Related to These Investments	The following table provides the fair value and future funding commitments related to these investments at March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 (Dollars in thousands) Fair Value Future Fair Value Future Real Estate Fund, LP (1) $ — $ — $ — $ — European Non-Performing Loan Fund, LP (2) 32,626 22,014 32,592 20,014 Total $ 32,626 $ 22,014 $ 32,592 $ 20,014 (1) This limited partnership invests in real estate assets through a combination of direct or indirect investments in partnerships, limited liability companies, mortgage loans, and lines of credit. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company continues to hold an investment in this limited partnership and has written the fair value down to zero. (2) This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. Based on the terms of the partnership agreement, the Company anticipates its interest in this partnership to be redeemed in 2020.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income before Income Taxes from its Non-U.S. Subsidiaries and U.S. Subsidiaries	The Company’s income before income taxes from its non-U.S. subsidiaries and U.S. subsidiaries, including the results of the quota share and stop-loss agreements between Global Indemnity Reinsurance and the Insurance Operations, for the quarters ended March 31, 2016 and 2015 were as follows: Quarter Ended March 31, 2016: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 31,823 $ 128,631 $ (19,088 ) $ 141,366 Net premiums written $ 31,823 $ 85,049 $ — $ 116,872 Net premiums earned $ 55,985 $ 65,651 $ — $ 121,636 Net investment income 13,103 5,135 (8,492 ) 9,746 Net realized investment gains (losses) 13 (7,506 ) — (7,493 ) Other income 94 862 — 956 Total revenues 69,195 64,142 (8,492 ) 124,845 Losses and Expenses: Net losses and loss adjustment expenses 25,672 39,112 — 64,784 Acquisition costs and other underwriting expenses 23,520 28,570 — 52,090 Corporate and other operating expenses 1,788 2,015 — 3,803 Interest expense 2,076 8,631 (8,492 ) 2,215 Income (loss) before income taxes $ 16,139 $ (14,186 ) $ — $ 1,953 Quarter Ended March 31, 2015: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 138,796 $ 123,004 $ (118,931 ) $ 142,869 Net premiums written $ 138,757 $ (12,653 ) $ — $ 126,104 Net premiums earned $ 71,664 $ 55,673 $ — $ 127,337 Net investment income 10,182 4,486 (6,427 ) 8,241 Net realized investment losses (269 ) (2,701 ) — (2,970 ) Other income (loss) (79 ) 631 — 552 Total revenues 81,498 58,089 (6,427 ) 133,160 Losses and Expenses: Net losses and loss adjustment expenses 36,184 33,435 — 69,619 Acquisition costs and other underwriting expenses 30,294 17,964 — 48,258 Corporate and other operating expenses 2,081 9,459 — 11,540 Interest expense 394 6,538 (6,427 ) 505 Income (loss) before income taxes $ 12,545 $ (9,307 ) $ — $ 3,238
Components of Income Tax Benefit	The following table summarizes the components of income tax benefit: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Current income tax expense : Foreign $ 113 $ 91 U.S. Federal 0 1,110 Total current income tax expense 113 1,201 Deferred income tax benefit: U.S. Federal (5,285 ) (4,757 ) Total deferred income tax benefit (5,285 ) (4,757 ) Total income tax benefit $ (5,172 ) $ (3,556 )
Differences in Tax and Estimated Tax Provisions at Weighted Average Tax Rate	The following table summarizes the differences between the tax provision for financial statement purposes and the expected tax provision at the weighted average tax rate: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (4,852 ) (248.5 %) $ (3,167 ) (97.8 %) Adjustments: Tax exempt interest (104 ) (5.3 ) (136 ) (4.2 ) Dividend exclusion (239 ) (12.2 ) (155 ) (4.8 ) Other 23 1.2 (98 ) (3.0 ) Actual tax on continuing operations $ (5,172 ) (264.8 %) $ (3,556 ) (109.8 %)

Liability for Unpaid Losses a27

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Summarized Activity in Liability for Unpaid Losses and Loss Adjustment Expenses	Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Balance at beginning of period $ 680,047 $ 675,472 Less: Ceded reinsurance receivables 108,130 123,201 Net balance at beginning of period 571,917 552,271 Purchased reserves gross — 90,645 Less: Purchased reserves ceded — (11,681 ) Purchased reserves, net — 78,964 Incurred losses and loss adjustment expenses related to: Current year 71,380 73,114 Prior years (6,596 ) (3,495 ) Total incurred losses and loss adjustment expenses 64,784 69,619 Paid losses and loss adjustment expenses related to: Current year 19,826 14,682 Prior years 47,596 56,561 Total paid losses and loss adjustment expenses 67,422 71,243 Net balance at end of period 569,279 629,611 Plus: Ceded reinsurance receivables 106,957 140,508 Balance at end of period $ 676,236 $ 770,119

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Information with Respect to Ordinary Shares that were Surrendered, Repurchased or Redeemed	The following table provides information with respect to A ordinary shares that were surrendered, repurchased, or redeemed during the quarter ended March 31, 2016: Period (1) Total Number of Shares Purchased or Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar January 1-31, 2016 12,410 (2) $ 29.02 — — February 1 – 29, 2016 15,093 (2) $ 28.25 — — Total 27,503 $ 28.60 — (1) Based on settlement date. (2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock. The following table provides information with respect to the A ordinary shares that were surrendered, repurchased, or redeemed during the quarter ended March 31, 2015: Period (1) Total Number of Shares Purchased or Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar Value of Shares that May January 1-31, 2015 9,009 (2) $ 28.37 — — March 1-31, 2015 2,290 (2) $ 26.98 — — Total 11,299 $ 28.09 — (1) Based on settlement date. (2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Premium and Losses
Estimated Earned Premium and Incurred Losses, and Net Balances Due	The Company estimated that the following earned premium and incurred losses related to these agreements have been assumed by Global Indemnity Reinsurance from Hiscox Bermuda: Quarters Ended March 31, (Dollars in thousands) 2016 2015 Assumed earned premium $ 57 $ 1,803 Assumed losses and loss adjustment expenses (208 ) 535
Receivables
Estimated Earned Premium and Incurred Losses, and Net Balances Due	Net balances due to Global Indemnity Reinsurance under this agreement are as follows: (Dollars in thousands) March 31, 2016 December Net receivable (payable) balance $ 16 $ (110 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: (Dollars in thousands, Quarters Ended March 31, except share and per share data) 2016 2015 Net income $ 7,125 $ 6,794 Basic earnings per share: Weighted average shares outstanding – basic 17,224,051 25,449,282 Net income per share $ 0.41 $ 0.27 Diluted earnings per share: Weighted average shares outstanding – diluted 17,444,020 25,641,741 Net income per share $ 0.41 $ 0.26
Reconciliation of Weighted Average Shares for Basic and Diluted Earnings Per Share	A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows: Quarters Ended March 31, 2016 2015 Weighted average shares for basic earnings per share 17,224,051 25,449,282 Non-vested restricted stock 111,381 90,475 Options 108,588 101,984 Weighted average shares for diluted earnings per share 17,444,020 25,641,741
Summarizes Options which Deemed to be Anti-dilutive	The following table summarizes options which are deemed to be anti-dilutive at March 31, 2016: Grant Date Expiration Date Outstanding Strike Price February 9, 2014 February 10, 2024 300,000 $ 32.38 January 1, 2015 January 1, 2025 133,333 $ 28.37 433,333

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Business Segment Information	The following are tabulations of business segment information for the quarters ended March 31, 2016 and 2015. Quarter Ended March 31, 2016: (Dollars in thousands) Commercial Personal Reinsurance Operations (2) Total Revenues: Gross premiums written $ 49,091 $ 79,540 $ 12,735 $ 141,366 Net premiums written $ 43,558 $ 60,579 $ 12,735 $ 116,872 Net premiums earned $ 47,333 $ 62,086 $ 12,217 $ 121,636 Other income 163 699 94 956 Total revenues 47,496 62,785 12,311 122,592 Losses and Expenses: Net losses and loss adjustment expenses 25,006 35,173 4,605 64,784 Acquisition costs and other underwriting expenses 20,471 (3) 27,136 (4) 4,483 52,090 Income (loss) from segments $ 2,019 $ 476 $ 3,223 $ 5,718 Unallocated Items: Net investment income 9,746 Net realized investment losses (7,493 ) Corporate and other operating expenses (3,803 ) Interest expense (2,215 ) Income before income taxes 1,953 Income tax benefit 5,172 Net income 7,125 Total assets $ 774,062 $ 495,132 $ 697,455 (5) $ 1,966,649 (1) Includes business ceded to the Company’s Reinsurance Operations. (2) External business only, excluding business assumed from affiliates. (3) Includes federal excise tax of $127 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $311 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. Quarter Ended March 31, 2015: (Dollars in thousands) Commercial Personal Reinsurance Operations (2) Total Revenues: Gross premiums written $ 49,793 $ 73,211 $ 19,865 $ 142,869 Net premiums written $ 45,622 $ 60,656 $ 19,826 $ 126,104 Net premiums earned $ 50,714 $ 63,422 $ 13,201 $ 127,337 Other income 165 466 (79 ) 552 Total revenues 50,879 63,888 13,122 127,889 Losses and Expenses: Net losses and loss adjustment expenses 29,603 35,918 4,098 69,619 Acquisition costs and other underwriting expenses 20,623 (3) 22,746 (4) 4,889 48,258 Income (loss) from segments $ 653 $ 5,224 $ 4,135 $ 10,012 Unallocated Items: Net investment income 8,241 Net realized investment losses (2,970 ) Corporate and other operating expenses (11,540 ) Interest expense (505 ) Income before income taxes 3,238 Income tax benefit 3,556 Net income 6,794 Total assets $ 775,898 $ 509,841 $ 988,161 (5) $ 2,273,900 (1) Includes business ceded to the Company’s Reinsurance Operations. (2) External business only, excluding business assumed from affiliates. (3) Includes federal excise tax of $268 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $317 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

Principles of Consolidation a32

Principles of Consolidation and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016SegmentProduct
Organization And Basis Of Presentation [Line Items]
Date of incorporation	Mar. 9, 2010
State of incorporation	Ireland
Kind of listing	A ordinary shares
Number of business segments | Segment	3
Commercial Lines
Organization And Basis Of Presentation [Line Items]
Number of product classifications | Product	3

Schedule of Amortized Cost and

Schedule of Amortized Cost and Estimated Fair Value of Investments (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 1,439,151	$ 1,441,082
Gross Unrealized Gains		30,783	23,261
Gross Unrealized Losses		(11,001)	(15,287)
Estimated Fair Value		1,458,933	1,449,056
Other than temporary impairments recognized in AOCI	[1]	(8)	(9)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		100,175	100,157
Gross Unrealized Gains		18,104	16,118
Gross Unrealized Losses		(4,881)	(5,960)
Estimated Fair Value		113,398	110,315
Other Invested Assets
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		32,626	32,592
Estimated Fair Value		32,626	32,592
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,306,350	1,308,333
Gross Unrealized Gains		12,679	7,143
Gross Unrealized Losses		(6,120)	(9,327)
Estimated Fair Value		1,312,909	1,306,149
Other than temporary impairments recognized in AOCI	[1]	(8)	(9)
Fixed Maturities | U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		87,107	106,303
Gross Unrealized Gains		1,708	1,140
Gross Unrealized Losses		(3)	(321)
Estimated Fair Value		88,812	107,122
Fixed Maturities | Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		183,920	203,121
Gross Unrealized Gains		3,692	2,576
Gross Unrealized Losses		(72)	(457)
Estimated Fair Value		187,540	205,240
Fixed Maturities | Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		155,333	157,753
Gross Unrealized Gains		2,924	2,113
Gross Unrealized Losses		(147)	(743)
Estimated Fair Value		158,110	159,123
Fixed Maturities | Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		264,543	261,008
Gross Unrealized Gains		647	435
Gross Unrealized Losses		(1,705)	(1,421)
Estimated Fair Value		263,485	260,022
Other than temporary impairments recognized in AOCI	[1]	(8)	(9)
Fixed Maturities | Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		137,586	142,742
Gross Unrealized Gains		57
Gross Unrealized Losses		(1,841)	(2,352)
Estimated Fair Value		135,802	140,390
Fixed Maturities | Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		359,614	334,720
Gross Unrealized Gains		2,992	685
Gross Unrealized Losses		(1,979)	(3,294)
Estimated Fair Value		360,627	332,111
Fixed Maturities | Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		118,247	102,686
Gross Unrealized Gains		659	194
Gross Unrealized Losses		(373)	(739)
Estimated Fair Value		$ 118,533	$ 102,141
[1]	Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income ("AOCI").

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)		Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses less than 12 months		$ 10,526,000	$ 14,772,000
Gross unrealized losses		11,001,000	15,287,000
Gross unrealized losses for 12 months or greater	[1]	475,000	515,000
Investments in insurance enhanced asset backed and credit securities		34,900,000
Investments in insurance enhanced municipal bonds		15,252,000
Ratings without insurance		505,000
Investments in asset backed and taxable municipal bonds		$ 19,700,000
Asset backed and taxable municipal bonds as a percentage of total cash and invested assets		1.30%
Significant variable interest in fair value of the non-consolidated VIE		$ 32,600,000	32,600,000
Variable interest entities, maximum exposure to loss		54,600,000	$ 52,600,000
Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		4,000,000
Ambac Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		1,000,000
Assured Guaranty Corporation
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		14,600,000
Financial Guaranty Insurance Group
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		$ 100,000
Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments in a single issuer as a percentage of shareholders' equity		5.00%	5.00%
Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		$ 10,493,000
Pre-Refunded Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		5,223,000
Pre-Refunded Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		464,000
A+ Rating
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		$ 15,200,000
Insurance enhanced municipal bonds as a percentage of total cash and invested assets		1.00%
Insurance enhanced municipal bonds		$ 10,000,000
U.S. Treasury and Agency Obligations | AA+ Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses less than 12 months		3,000
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses less than 12 months		4,881,000	$ 5,960,000
Gross unrealized losses		4,881,000	$ 5,960,000
Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		72,000
Obligations of States and Political Subdivisions | A Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		18,000
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		147,000
Mortgage Backed Securities | Investment Grade Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		22,000
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 1,705,000
Weighted average credit enhancement		21.80%
Asset-backed Securities | AA Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		$ 35,000
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 1,841,000
Weighted average credit enhancement		35.00%
Commercial Mortgage-Backed Securities | AA- Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		$ 364,000
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		1,979,000
Corporate bonds | A- Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		22,000
Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		373,000
Foreign Corporate Bonds | A+ Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		$ 14,000
[1]	Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not other than temporarily impaired.

Summary of Amortized Cost and E

Summary of Amortized Cost and Estimated Fair Value Through Fixed Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	$ 87,993
Due in one year through five years, Amortized Cost	619,767
Due in five years through ten years, Amortized Cost	37,099
Due in ten years through fifteen years, Amortized Cost	0
Due after fifteen years, Amortized Cost	4,029
Fixed maturities, amortized cost	1,306,350	$ 1,308,333
Due in one year or less, Estimated Fair value	88,387
Due in one year through five years, Estimated Fair value	624,782
Due in five years through ten years, Estimated Fair value	38,378
Due in ten years through fifteen years, Estimated Fair value	0
Due after fifteen years, Estimated Fair value	3,965
Fixed Maturities, estimated fair value	1,312,909	$ 1,306,149
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	155,333
Estimated Fair value	158,110
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	264,543
Estimated Fair value	263,485
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	137,586
Estimated Fair value	$ 135,802

Summary of Securities with Gros

Summary of Securities with Gross Unrealized Losses (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		$ 455,664	$ 827,179
Less than 12 months, Gross Unrealized Losses		(10,526)	(14,772)
12 months or longer, Fair Value	[1]	53,813	41,401
12 months or longer, Gross Unrealized Losses	[1]	(475)	(515)
Total, Fair Value		509,477	868,580
Total, Gross Unrealized Losses		(11,001)	(15,287)
Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(72)
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(147)
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(1,705)
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(1,841)
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(1,979)
Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(373)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		32,709	36,798
Less than 12 months, Gross Unrealized Losses		(4,881)	(5,960)
Total, Fair Value		32,709	36,798
Total, Gross Unrealized Losses		(4,881)	(5,960)
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		422,955	790,381
Less than 12 months, Gross Unrealized Losses		(5,645)	(8,812)
12 months or longer, Fair Value	[1]	53,813	41,401
12 months or longer, Gross Unrealized Losses	[1]	(475)	(515)
Total, Fair Value		476,768	831,782
Total, Gross Unrealized Losses		(6,120)	(9,327)
Fixed Maturities | U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		10,018	79,496
Less than 12 months, Gross Unrealized Losses		(3)	(321)
Total, Fair Value		10,018	79,496
Total, Gross Unrealized Losses		(3)	(321)
Fixed Maturities | Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		13,890	49,708
Less than 12 months, Gross Unrealized Losses		(54)	(373)
12 months or longer, Fair Value	[1]	1,071	7,732
12 months or longer, Gross Unrealized Losses	[1]	(18)	(84)
Total, Fair Value		14,961	57,440
Total, Gross Unrealized Losses		(72)	(457)
Fixed Maturities | Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		27,336	63,759
Less than 12 months, Gross Unrealized Losses		(125)	(743)
12 months or longer, Fair Value	[1]	4,966
12 months or longer, Gross Unrealized Losses	[1]	(22)
Total, Fair Value		32,302	63,759
Total, Gross Unrealized Losses		(147)	(743)
Fixed Maturities | Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		156,349	203,381
Less than 12 months, Gross Unrealized Losses		(1,670)	(1,404)
12 months or longer, Fair Value	[1]	17,206	4,843
12 months or longer, Gross Unrealized Losses	[1]	(35)	(17)
Total, Fair Value		173,555	208,224
Total, Gross Unrealized Losses		(1,705)	(1,421)
Fixed Maturities | Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		107,312	118,813
Less than 12 months, Gross Unrealized Losses		(1,477)	(2,005)
12 months or longer, Fair Value	[1]	22,934	21,577
12 months or longer, Gross Unrealized Losses	[1]	(364)	(347)
Total, Fair Value		130,246	140,390
Total, Gross Unrealized Losses		(1,841)	(2,352)
Fixed Maturities | Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		93,317	211,364
Less than 12 months, Gross Unrealized Losses		(1,957)	(3,269)
12 months or longer, Fair Value	[1]	2,478	2,120
12 months or longer, Gross Unrealized Losses	[1]	(22)	(25)
Total, Fair Value		95,795	213,484
Total, Gross Unrealized Losses		(1,979)	(3,294)
Fixed Maturities | Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		14,733	63,860
Less than 12 months, Gross Unrealized Losses		(359)	(697)
12 months or longer, Fair Value	[1]	5,158	5,129
12 months or longer, Gross Unrealized Losses	[1]	(14)	(42)
Total, Fair Value		19,891	68,989
Total, Gross Unrealized Losses		$ (373)	$ (739)
[1]	Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not other than temporarily impaired.

Schedule of Other Than Temporar

Schedule of Other Than Temporary Impairments on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
OTTI losses, gross	$ (56)	$ (10)
Portion of loss recognized in other comprehensive income (pre-tax)	0	0
Net impairment losses on fixed maturities recognized in earnings	(56)	(10)
Equity securities	(994)	(331)
Total	$ (1,050)	$ (341)

Schedule of Credit Losses Recog

Schedule of Credit Losses Recognized in Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Balance at beginning of period	$ 31	$ 50
Additions where no OTTI was previously recorded
Additions where an OTTI was previously recorded
Reductions for securities for which the company intends to sell or more likely than not will be required to sell before recovery
Reductions reflecting increases in expected cash flows to be collected
Reductions for securities sold during the period
Balance at end of period	$ 31	$ 50

Schedule of Accumulated Other C

Schedule of Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Deferred taxes	$ (6,546)	$ (3,896)
Accumulated other comprehensive income, net of tax	13,236	4,078	$ 27,705	$ 23,384
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains (losses)	6,559	(2,184)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains (losses)	$ 13,223	$ 10,158

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 4,078	$ 23,384	$ 23,384
Other comprehensive income (loss) before Reclassification	10,128	6,120
Amounts reclassified from accumulated other comprehensive income (loss)	(970)	(1,799)
Other comprehensive income (loss), net of taxes	9,158	4,321
Ending balance	13,236	27,705	4,078
Unrealized Gains and Losses on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	4,200	23,647	23,647
Other comprehensive income (loss) before Reclassification	10,129	6,441
Amounts reclassified from accumulated other comprehensive income (loss)	(970)	(1,882)
Other comprehensive income (loss), net of taxes	9,159	4,559
Ending balance	13,359	28,206	4,200
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(122)	(263)	(263)
Other comprehensive income (loss) before Reclassification	(1)	(321)
Amounts reclassified from accumulated other comprehensive income (loss)		83
Other comprehensive income (loss), net of taxes	(1)	(238)
Ending balance	$ (123)	$ (501)	$ (122)

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized investment (gains) losses	$ 6,443	$ 2,629
Other than temporary impairment losses on investments	1,050	341
Total before tax	(1,953)	(3,238)
Income tax expense (benefit)	(5,172)	(3,556)
Net income (loss)	(7,125)	(6,794)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(970)	(1,799)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains and Losses on Available for Sale Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized investment (gains) losses	(2,535)	(3,381)
Other than temporary impairment losses on investments	1,050	341
Total before tax	(1,485)	(3,040)
Income tax expense (benefit)	515	1,158
Net income (loss)	$ (970)	(1,882)
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized investment (gains) losses		128
Income tax expense (benefit)		(45)
Net income (loss)		$ 83

Components of Net Realized Inve

Components of Net Realized Investment Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Total net realized investment gains (losses)	$ (7,493)	$ (2,970)
Not Designated as Hedging Instrument | Interest Rate Swap
Schedule of Available-for-sale Securities [Line Items]
Gross realized losses	(8,978)	(5,882)
Total net realized investment gains (losses)	(8,978)	(5,882)
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	180	733
Gross realized losses	(72)	(131)
Total net realized investment gains (losses)	108	602
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	2,564	2,552
Gross realized losses	(1,187)	(338)
Total net realized investment gains (losses)	$ 1,377	2,214
Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains		96
Total net realized investment gains (losses)		$ 96

Schedule of Proceeds From Sales

Schedule of Proceeds From Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities	$ 65,641	$ 108,120
Equity securities	$ 11,453	6,509
Preferred stock		$ 1,540

Schedule of Investment Income (

Schedule of Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 10,477	$ 9,077
Investment expense	(731)	(836)
Net investment income	9,746	8,241
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Investment income	7,224	8,014
Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Investment income	1,189	792
Cash and Cash Equivalents
Schedule of Available-for-sale Securities [Line Items]
Investment income	30	18
Other Invested Assets
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 2,034	$ 253

Schedule of Total Investment Re

Schedule of Total Investment Return (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Net Investment Income [Line Items]
Net investment income		$ 9,746	$ 8,241
Net realized investment losses		(7,493)	(2,970)
Change in unrealized holding gains and losses		11,808	4,597
Net realized and unrealized investment returns		4,315	1,627
Total investment return		$ 14,061	$ 9,868
Total investment return %	[1]	0.90%	0.60%
Average investment portfolio	[2]	$ 1,511,204	$ 1,764,110
[1]	Not annualized.
[2]	Average of total cash and invested assets, net of receivable/payable for securities purchased and sold, as of the beginning and end of the period.

Municipal Bonds with and withou

Municipal Bonds with and without Insurance (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Financial Statement Details [Line Items]
Ratings with insurance	$ 505
Ratings without insurance	505
AA Rating
Financial Statement Details [Line Items]
Ratings with insurance	505
BBB Rating
Financial Statement Details [Line Items]
Ratings without insurance	$ 505

Summary of Insurance Enhanced M

Summary of Insurance Enhanced Municipal Bonds Backed by Financial Guarantors (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	$ 15,252
Ambac Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	1,536
Assured Guaranty Corporation
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	3,577
Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	4,828
Gov't National Housing Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	552
Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	10,493
Other Credit Enhanced Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	4,759
Pre-Refunded Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	5,223
Pre-Refunded Securities | Ambac Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	464
Pre-Refunded Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	464
Pre-Refunded Securities | Other Credit Enhanced Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	4,759
Government Guaranteed Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	552
Government Guaranteed Securities | Gov't National Housing Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	552
Government Guaranteed Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	552
Exposure Net Of Pre-refunded & Government Guaranteed Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	9,477
Exposure Net Of Pre-refunded & Government Guaranteed Securities | Ambac Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	1,072
Exposure Net Of Pre-refunded & Government Guaranteed Securities | Assured Guaranty Corporation
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	3,577
Exposure Net Of Pre-refunded & Government Guaranteed Securities | Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	4,828
Exposure Net Of Pre-refunded & Government Guaranteed Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	$ 9,477

Summary of Estimated Fair Value

Summary of Estimated Fair Values of Bonds Held on Deposit (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		$ 818,305	$ 849,820
On Deposit With Governmental Authorities
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		39,070	38,815
Intercompany Trusts Held For Benefit Of U.S. Policyholders
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		620,691	643,216
Held In Trust Pursuant To Third Party Requirements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		63,997	66,544
Letter Of Credit Held For Third Party Requirements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		5,428	5,598
Securities held as collateral for borrowing arrangements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	[1]	$ 89,119	$ 95,647
[1]	Amount required to collateralize margin borrowing facilities.

Summarized Information of Locat

Summarized Information of Location and Gross Amount of Derivatives' Fair Value in Consolidated Balance Sheets (Detail) - Not Designated as Hedging Instrument - Interest Rate Swap - Other Liabilities - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Notional Amount	$ 200,000	$ 200,000
Fair Value	$ (22,994)	$ (15,256)

Summary of Net Losses Included

Summary of Net Losses Included in Consolidated Statement of Operations for Changes in Fair Value of Derivatives and Periodic net Interest Settlements Under Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Rate Swap | Net Realized Investment Losses
Derivative Instruments, Gain (Loss) [Line Items]
Net loss for changes in fair value and net settlements of derivatives	$ (8,978)	$ (5,882)

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) - Other Assets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Funds needed to post execute swap transaction	$ 4.8	$ 4.5
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Margin calls made in connection with interest rate swaps	$ 22.4	$ 17.3

Company's Invested Assets and D

Company's Invested Assets and Derivative Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016		Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	$ 1,458,933		$ 1,449,056
Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	113,398		110,315
Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,312,909		1,306,149
Fixed Maturities | U.S. Treasury and Agency Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	88,812		107,122
Fixed Maturities | Obligations of States and Political Subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	187,540		205,240
Fixed Maturities | Mortgage Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	158,110		159,123
Fixed Maturities | Commercial Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	135,802		140,390
Fixed Maturities | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	263,485		260,022
Fixed Maturities | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	360,627		332,111
Fixed Maturities | Foreign Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	118,533		102,141
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,426,307	[1]	1,416,464	[2]
Total invested liabilities	22,994		15,256
Fair Value, Measurements, Recurring | Derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested liabilities	22,994		15,256
Fair Value, Measurements, Recurring | Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	113,398		110,315
Fair Value, Measurements, Recurring | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,312,909		1,306,149
Fair Value, Measurements, Recurring | Fixed Maturities | U.S. Treasury and Agency Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	88,812		107,122
Fair Value, Measurements, Recurring | Fixed Maturities | Obligations of States and Political Subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	187,540		205,240
Fair Value, Measurements, Recurring | Fixed Maturities | Mortgage Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	158,110		159,123
Fair Value, Measurements, Recurring | Fixed Maturities | Commercial Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	135,802		140,390
Fair Value, Measurements, Recurring | Fixed Maturities | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	263,485		260,022
Fair Value, Measurements, Recurring | Fixed Maturities | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	360,627		332,111
Fair Value, Measurements, Recurring | Fixed Maturities | Foreign Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	118,533		102,141
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	198,408	[1]	211,579	[2]
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	113,398		110,315
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	85,010		101,264
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Fixed Maturities | U.S. Treasury and Agency Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	85,010		101,264
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,227,899	[1]	1,204,885	[2]
Total invested liabilities	22,994		15,256
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested liabilities	22,994		15,256
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,227,899		1,204,885
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | U.S. Treasury and Agency Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	3,802		5,858
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | Obligations of States and Political Subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	187,540		205,240
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | Mortgage Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	158,110		159,123
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | Commercial Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	135,802		140,390
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	263,485		260,022
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	360,627		332,111
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | Foreign Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	$ 118,533		$ 102,141
[1]	Excluded from the table above are limited partnerships of $32.6 million at March 31, 2016 whose fair value is based on net asset value as a practical expedient.
[2]	Excluded from the table above are limited partnerships of $32.6 million at December 31, 2015 whose fair value is based on net asset value as a practical expedient.

Company's Invested Assets and53

Company's Invested Assets and Derivative Instruments Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investment in limited partnership	$ 32,626	$ 32,592

Current Fair Value of Debt (Det

Current Fair Value of Debt (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt		$ 166,737	$ 172,034
Debt, fair value		162,737	167,394
Margin borrowing facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt		70,332	75,646
Debt, fair value		70,332	75,646
7.75% Subordinated Notes due 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	[1]	96,405	96,388
Debt, fair value	[1]	$ 92,405	$ 91,748
[1]	As of March 31, 2016 and December 31, 2015, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.6 million.

Current Fair Value of Debt (Par

Current Fair Value of Debt (Parenthetical) (Detail) - 7.75% Subordinated Notes due 2045 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subordinated Notes percentage	7.75%
Subordinated Notes due date	2,045
Unamortized Debt Issuance Costs	$ 3.6	$ 3.6

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity in the earnings of a partnership	$ 2,034	$ 253
7.75% Subordinated Notes due 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subordinated Notes percentage	7.75%
Subordinated Notes due date	2,045
Fair Value, Inputs, Level 1 | 7.75% Subordinated Notes due 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subordinated Notes percentage	7.75%
Subordinated Notes due date	2,045

Fair Value and Future Funding C

Fair Value and Future Funding Commitments Related to These Investments (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 32,626	$ 32,592
Future Funding Commitments		22,014	20,014
European Non-Performing Loan Fund, LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	[1]	32,626	32,592
Future Funding Commitments	[1]	$ 22,014	$ 20,014
[1]	This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. Based on the terms of the partnership agreement, the Company anticipates its interest in this partnership to be redeemed in 2020.

Fair Value and Future Funding58

Fair Value and Future Funding Commitments Related to These Investments (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value written down	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax [Line Items]
Effective income tax benefit rate	(264.80%)	(109.80%)
Alternative minimum tax credit carry forward	$ 10.9		$ 10.9
Net operating loss carryforwards	6.4		1.9
Section 163(j) carryforward	$ 3.1		$ 3.1
UNITED STATES
Income Tax [Line Items]
Statutory income tax rates	35.00%
BERMUDA
Income Tax [Line Items]
Statutory income tax rates	0.00%
CAYMAN ISLANDS
Income Tax [Line Items]
Statutory income tax rates	0.00%
GIBRALTAR
Income Tax [Line Items]
Statutory income tax rates	0.00%
LUXEMBOURG
Income Tax [Line Items]
Statutory income tax rates	29.22%
IRELAND | Non Trading Income
Income Tax [Line Items]
Statutory income tax rates	25.00%
IRELAND | Capital Gain
Income Tax [Line Items]
Statutory income tax rates	33.00%
IRELAND | Trading Income
Income Tax [Line Items]
Statutory income tax rates	12.50%

Income Before Income Taxes from

Income Before Income Taxes from its Non-U.S. Subsidiaries and U.S. Subsidiaries (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Gross premiums written	$ 141,366	$ 142,869
Net premiums written	116,872	126,104
Net premiums earned	121,636	127,337
Net investment income	9,746	8,241
Net realized investment gains (losses)	(7,493)	(2,970)
Other income (loss)	956	552
Total revenues	124,845	133,160
Losses and Expenses:
Net losses and loss adjustment expenses	64,784	69,619
Acquisition costs and other underwriting expenses	52,090	48,258
Corporate and other operating expenses	3,803	11,540
Interest expense	2,215	505
Income (loss) before income taxes	1,953	3,238
Non-U.S. Subsidiaries
Revenues:
Gross premiums written	31,823	138,796
Net premiums written	31,823	138,757
Net premiums earned	55,985	71,664
Net investment income	13,103	10,182
Net realized investment gains (losses)	13	(269)
Other income (loss)	94	(79)
Total revenues	69,195	81,498
Losses and Expenses:
Net losses and loss adjustment expenses	25,672	36,184
Acquisition costs and other underwriting expenses	23,520	30,294
Corporate and other operating expenses	1,788	2,081
Interest expense	2,076	394
Income (loss) before income taxes	16,139	12,545
U.S. Subsidiaries
Revenues:
Gross premiums written	128,631	123,004
Net premiums written	85,049	(12,653)
Net premiums earned	65,651	55,673
Net investment income	5,135	4,486
Net realized investment gains (losses)	(7,506)	(2,701)
Other income (loss)	862	631
Total revenues	64,142	58,089
Losses and Expenses:
Net losses and loss adjustment expenses	39,112	33,435
Acquisition costs and other underwriting expenses	28,570	17,964
Corporate and other operating expenses	2,015	9,459
Interest expense	8,631	6,538
Income (loss) before income taxes	(14,186)	(9,307)
Eliminations
Revenues:
Gross premiums written	(19,088)	(118,931)
Net investment income	(8,492)	(6,427)
Total revenues	(8,492)	(6,427)
Losses and Expenses:
Interest expense	$ (8,492)	$ (6,427)

Components of Income Tax Benefi

Components of Income Tax Benefit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Current income tax expense :
Foreign	$ 113	$ 91
U.S. Federal	0	1,110
Total current income tax expense	113	1,201
Deferred income tax benefit:
U.S. Federal	(5,285)	(4,757)
Total deferred income tax benefit	(5,285)	(4,757)
Actual tax on continuing operations	$ (5,172)	$ (3,556)

Differences in Tax Provision fo

Differences in Tax Provision for Financial Statement Purposes and Expected Tax Provision at Weighted Average Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax [Line Items]
Expected tax provision at weighted average rate	$ (4,852)	$ (3,167)
Adjustments:
Tax exempt interest	(104)	(136)
Dividend exclusion	(239)	(155)
Other	23	(98)
Actual tax on continuing operations	$ (5,172)	$ (3,556)
Expected tax provision at weighted average rate	(248.50%)	(97.80%)
Adjustments:
Tax exempt interest, % of Pre-Tax Income	(5.30%)	(4.20%)
Dividend exclusion, % of Pre-Tax Income	(12.20%)	(4.80%)
Other, % of Pre-Tax Income	1.20%	(3.00%)
Actual tax on continuing operations, % of Pre-Tax Income	(264.80%)	(109.80%)

Summarized Activity in Liabilit

Summarized Activity in Liability for Unpaid Losses and Loss Adjustment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Liability for Claims and Claims Adjustment Expense [Line Items]
Balance at beginning of period	$ 680,047	$ 675,472
Less:Ceded reinsurance receivables	108,130	123,201
Net balance at beginning of period	571,917	552,271
Purchased reserves gross		90,645
Less: Purchased reserves ceded		(11,681)
Purchased reserves, net		78,964
Incurred losses and loss adjustment expenses related to:
Current year	71,380	73,114
Prior years	(6,596)	(3,495)
Total incurred losses and loss adjustment expenses	64,784	69,619
Paid losses and loss adjustment expenses related to:
Current year	19,826	14,682
Prior years	47,596	56,561
Total paid losses and loss adjustment expenses	67,422	71,243
Net balance at end of period	569,279	629,611
Plus:Ceded reinsurance receivables	106,957	140,508
Balance at end of period	$ 676,236	$ 770,119

Liability for Unpaid Losses a64

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	$ (6,596)	$ (3,495)
Commercial Lines Segment
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(5,600)	(2,000)
Commercial Lines Segment | Property Lines
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(1,500)
Commercial Lines Segment | Property Lines | Accident years 2011 through 2014
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(1,000)
Commercial Lines Segment | General Liability
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(800)
Commercial Lines Segment | General Liability | Accident Years 2008 Through 2011
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(4,200)
Commercial Lines Segment | Umbrella Lines | Accident Years 2003 through 2005
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(300)
Reinsurance Operations
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(1,000)	(1,500)
Reinsurance Operations | Property Lines | Accident years 2014 through 2015
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	$ (1,000)
Reinsurance Operations | Property Lines | Accident years 2011 through 2014
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		$ (1,500)

Information with Respect to Ord

Information with Respect to Ordinary Shares that were Surrendered, Repurchased or Redeemed (Detail) - Ordinary Shares A - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased or Redeemed		27,503	11,299
Average Price Paid Per Share		$ 28.60	$ 28.09
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program		0	0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs		$ 0	$ 0
January 1 - 31, 2016
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased or Redeemed	[1],[2]	12,410
Average Price Paid Per Share	[1]	$ 29.02
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program		0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs		$ 0
February 1 - 29, 2016
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased or Redeemed	[1],[2]	15,093
Average Price Paid Per Share	[1]	$ 28.25
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program		0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs		$ 0
January 1-31, 2015
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased or Redeemed	[1],[2]		9,009
Average Price Paid Per Share	[1]		$ 28.37
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program			0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 0
March 1-31, 2015
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased or Redeemed	[1],[2]		2,290
Average Price Paid Per Share	[1]		$ 26.98
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program			0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 0
[1]	Based on settlement date.
[2]	Surrendered by employees as payment of taxes withheld on the vesting of restricted stock.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Jan. 01, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Distribution received from the limited partnership		$ 2,000,000	$ 4,287,000
Fox Paine and Company
Related Party Transaction [Line Items]
Company's total outstanding voting power		84.00%
Minimum voting power required to nominate Directors		25.00%
Management fees		$ 500,000	500,000
Unpaid management fees		3,100,000		$ 2,600,000
Fox Paine and Company | Global Indemnity Group Inc | American Reliable Insurance Company
Related Party Transaction [Line Items]
Investment bank fee as a percentage of the amount paid plus required capital to operate American Reliable on a standalone basis	3.00%
Investment advisory fee	$ 1,500,000
Aggregate investment advisory fee	$ 6,500,000
Ordinary shares of Global Indemnity issued to pay fees	267,702
Fox Paine Capital Fund II Limited Partner | Global Indemnity Reinsurance
Related Party Transaction [Line Items]
Distribution received from the limited partnership		0	800,000
Cozen O'Connor
Related Party Transaction [Line Items]
Cost incurred for legal services rendered			100,000
Crystal & Company
Related Party Transaction [Line Items]
Brokerage fee incurred		100,000	$ 100,000
Commission paid		$ 0

Estimated Earned Premium and In

Estimated Earned Premium and Incurred Losses (Detail) - Hiscox Bermuda - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Assumed earned premium	$ 57	$ 1,803
Assumed losses and loss adjustment expenses	$ (208)	$ 535

Net Balances due to Global Inde

Net Balances due to Global Indemnity Reinsurance (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Hiscox Bermuda
Related Party Transaction [Line Items]
Net receivable (payable) balance	$ 16	$ (110)

Commitments And Contingencies -

Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies [Line Items]
Commitment to purchase alternative investment				$ 50,000
Funded commitment amount		$ 28,000
Future Funding Commitments		22,014	$ 20,014
European Non-Performing Loan Fund, LP
Commitments and Contingencies [Line Items]
Future Funding Commitments	[1]	22,014	$ 20,014
Unfunded Commitments | European Non-Performing Loan Fund, LP
Commitments and Contingencies [Line Items]
Future Funding Commitments		$ 22,000
[1]	This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. Based on the terms of the partnership agreement, the Company anticipates its interest in this partnership to be redeemed in 2020.

Share-Based Compensation Plans

Share-Based Compensation Plans - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Time Based Option Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded	0	200,000
Unvested stock options forfeited	66,667	0
Restricted Stock | Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	121,346	138,507
Weighted average fair value per share	$ 28.97	$ 28.37
Restricted Stock | Key Employees | Time Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	96,585	83,875
Restricted Stock | Key Employees | Vesting Schedule Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date	100.00%	100.00%
Vesting period	3 years	3 years
Percentage of stock award subject to vesting	50.00%	50.00%
Restricted Stock | Key Employees | Stock vest first anniversary of the grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date	16.50%	16.50%
Vesting period	1 year	1 year
Restricted Stock | Key Employees | Stock vest second anniversary of the grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date	16.50%	16.50%
Vesting period	2 years	2 years
Restricted Stock | Key Employees | Stock vest third anniversary of the grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date	17.00%	17.00%
Vesting period	3 years	3 years
Restricted Stock | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	11,199	10,574
Percentage of shares vested on each anniversary of the grant date	33.33%	33.33%
Vesting period	3 years	3 years
Restricted Stock | Chief Executive Officer And Other Key Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued		44,058
Percentage of shares vested on each anniversary of the grant date		100.00%
Vesting date		Jan. 1, 2018
Restricted Stock | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	9,442	9,247
Weighted average fair value per share	$ 31.13	$ 27.75
Restricted Stock | Another Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	5,309
Percentage of shares vested on each anniversary of the grant date	100.00%
Vesting date	Feb. 7, 2019
Restricted Stock | Other Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	8,253
Restricted Stock | Other Key Employees | Stock vest first anniversary of the grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date	33.00%
Restricted Stock | Other Key Employees | Stock vest second anniversary of the grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date	33.00%
Restricted Stock | Other Key Employees | Stock vest third anniversary of the grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date	34.00%

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 7,125	$ 6,794
Weighted average shares outstanding - basic	17,224,051	25,449,282
Net income per share	$ 0.41	$ 0.27
Weighted average shares outstanding - diluted	17,444,020	25,641,741
Net income per share	$ 0.41	$ 0.26

Reconciliation of Weighted Aver

Reconciliation of Weighted Average Shares for Basic and Diluted Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Weighted average shares for basic earnings per share	17,224,051	25,449,282
Weighted average shares for diluted earnings per share	17,444,020	25,641,741
Restricted Stock
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Non-vested restricted stock and options	111,381	90,475
Stock Options
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Non-vested restricted stock and options	108,588	101,984

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Line Items]
Shares excluded from calculation of diluted earnings per share	433,333	512,500

Summarizes Options which Deemed

Summarizes Options which Deemed to be Anti-dilutive (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Potentially Dilutive Securities Outstanding [Line Items]
Shares excluded from calculation of diluted earnings per share	433,333	512,500
February 9, 2014
Potentially Dilutive Securities Outstanding [Line Items]
Expiration Date	Feb. 10, 2024
Shares excluded from calculation of diluted earnings per share	300,000
Strike price per share	$ 32.38
January 1, 2015
Potentially Dilutive Securities Outstanding [Line Items]
Expiration Date	Jan. 1, 2025
Shares excluded from calculation of diluted earnings per share	133,333
Strike price per share	$ 28.37

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016Segment
Segment Reporting Information [Line Items]
Number of reportable business segments managed	3

Summary of Business Segment Inf

Summary of Business Segment Information (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015		Dec. 31, 2015
Revenues:
Gross premiums written		$ 141,366		$ 142,869
Net premiums written		116,872		126,104
Net premiums earned		121,636		127,337
Other income		956		552
Total revenues		122,592		127,889
Losses and Expenses:
Net losses and loss adjustment expenses		64,784		69,619
Acquisition costs and other underwriting expenses		52,090		48,258
Income (loss) from segments		5,718		10,012
Unallocated Items:
Net investment income		9,746		8,241
Net realized investment losses		(7,493)		(2,970)
Corporate and other operating expenses		(3,803)		(11,540)
Interest expense		(2,215)		(505)
Income before income taxes		1,953		3,238
Income tax benefit		5,172		3,556
Net income		7,125		6,794
Total assets		1,966,649		2,273,900		$ 1,957,294
Reinsurance Operations
Revenues:
Gross premiums written	[1]	12,735		19,865
Net premiums written	[1]	12,735		19,826
Net premiums earned	[1]	12,217		13,201
Other income	[1]	94		(79)
Total revenues	[1]	12,311		13,122
Losses and Expenses:
Net losses and loss adjustment expenses	[1]	4,605		4,098
Acquisition costs and other underwriting expenses	[1]	4,483		4,889
Income (loss) from segments	[1]	3,223		4,135
Unallocated Items:
Total assets	[1],[2]	697,455		988,161
Commercial Lines
Revenues:
Gross premiums written	[3]	49,091		49,793
Net premiums written	[3]	43,558		45,622
Net premiums earned	[3]	47,333		50,714
Other income	[3]	163		165
Total revenues	[3]	47,496		50,879
Losses and Expenses:
Net losses and loss adjustment expenses	[3]	25,006		29,603
Acquisition costs and other underwriting expenses	[3]	20,471	[4]	20,623	[5]
Income (loss) from segments	[3]	2,019		653
Unallocated Items:
Total assets	[3]	774,062		775,898
Personal Lines
Revenues:
Gross premiums written	[3]	79,540		73,211
Net premiums written	[3]	60,579		60,656
Net premiums earned	[3]	62,086		63,422
Other income	[3]	699		466
Total revenues	[3]	62,785		63,888
Losses and Expenses:
Net losses and loss adjustment expenses	[3]	35,173		35,918
Acquisition costs and other underwriting expenses	[3]	27,136	[6]	22,746	[7]
Income (loss) from segments	[3]	476		5,224
Unallocated Items:
Total assets	[3]	$ 495,132		$ 509,841
[1]	External business only, excluding business assumed from affiliates.
[2]	Comprised of Global Indemnity Reinsurance's total assets less its investment in subsidiaries.
[3]	Includes business ceded to the Company's Reinsurance Operations.
[4]	Includes federal excise tax of $127 relating to cessions from Commercial Lines to Reinsurance Operations.
[5]	Includes federal excise tax of $268 relating to cessions from Commercial Lines to Reinsurance Operations.
[6]	Includes federal excise tax of $311 relating to cessions from Personal Lines to Reinsurance Operations.
[7]	Includes federal excise tax of $317 relating to cessions from Personal Lines to Reinsurance Operations.

Summary of Business Segment I77

Summary of Business Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Commercial Lines
Segment Reporting Information [Line Items]
Federal excise tax relating to cessions from Insurance Operations to Reinsurance Operations	$ 127	$ 268
Personal Lines
Segment Reporting Information [Line Items]
Federal excise tax relating to cessions from Insurance Operations to Reinsurance Operations	$ 311	$ 317

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Events - USD ($) $ in Millions	May. 01, 2016	Apr. 01, 2016
U S Insurance Subsidiaries [Member]
Subsequent Event [Line Items]
Quota share agreement percentage	50.00%
Ceded written premiums	$ 20
Officer
Subsequent Event [Line Items]
Number of outstanding options, forfeited		133,333