Global Indemnity (GBLI) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		13,420,978
Ordinary Shares B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,133,366

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,292,785 and $1,308,333 )	$ 1,306,955	$ 1,306,149
Equity securities:
Available for sale, at fair value (cost: $101,867 and $100,157)	119,008	110,315
Other invested assets	35,798	32,592
Total investments	1,461,761	1,449,056
Cash and cash equivalents	70,647	67,037
Premiums receivable, net	90,275	89,245
Reinsurance receivables, net	115,365	115,594
Funds held by ceding insurers	19,927	16,037
Federal income taxes receivable	4,840	4,828
Deferred federal income taxes	41,028	34,687
Deferred acquisition costs	56,051	56,517
Intangible assets	23,342	23,607
Goodwill	6,521	6,521
Prepaid reinsurance premiums	49,763	44,363
Receivable for securities sold	561	172
Other assets	66,013	49,630
Total assets	2,006,094	1,957,294
Liabilities:
Unpaid losses and loss adjustment expenses	683,850	680,047
Unearned premiums	294,426	286,285
Ceded balances payable	12,386	4,589
Contingent commissions	9,498	11,069
Debt	174,211	172,034
Other liabilities	60,974	53,344
Total liabilities	1,235,345	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: 16,559,872 and 16,424,546, respectively; A ordinary shares outstanding:13,420,978 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	531,542	529,872
Accumulated other comprehensive income, net of taxes	22,076	4,078
Retained earnings	320,376	318,416
Total shareholders' equity	770,749	749,926
Total liabilities and shareholders' equity	2,006,094	1,957,294
Ordinary Shares A
Shareholders' equity:
A ordinary shares in treasury, at cost: 3,138,894 and 3,110,795 shares, respectively	(103,248)	(102,443)
Total shareholders' equity	$ 2	$ 2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Available for sale, amortized cost	$ 1,292,785	$ 1,308,333
Available for sale, at cost	$ 101,867	$ 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	16,559,872	16,424,546
Ordinary shares, shares outstanding	13,420,978	13,313,751
Treasury shares, cost	3,138,894	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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Gross premiums written		$ 154,319	$ 166,515	$ 295,685	$ 309,384
Net premiums written		125,310	146,005	242,182	272,109
Net premiums earned		117,804	128,877	239,440	256,214
Net investment income		6,562	9,141	16,308	17,382
Net realized investment gains (losses):
Other than temporary impairment losses on investments		(1,217)	(1,898)	(2,267)	(2,238)
Other net realized investment gains (losses)		(2,275)	8,430	(8,718)	5,800
Total net realized investment gains (losses)		(3,492)	6,532	(10,985)	3,562
Other income		795	577	1,751	1,129
Total revenues		121,669	145,127	246,514	278,287
Losses and Expenses:
Net losses and loss adjustment expenses		78,111	79,560	142,895	149,179
Acquisition costs and other underwriting expenses		48,542	50,926	100,632	99,184
Corporate and other operating expenses		4,255	4,334	8,058	15,874
Interest expense		2,229	535	4,444	1,040
Income (loss) before income taxes		(11,468)	9,772	(9,515)	13,010
Income tax benefit		(6,303)	(1,345)	(11,475)	(4,901)
Net income (loss)		$ (5,165)	$ 11,117	$ 1,960	$ 17,911
Net income (loss)
Basic	[1]	$ (0.30)	$ 0.44	$ 0.11	$ 0.70
Diluted	[1]	$ (0.30)	$ 0.43	$ 0.11	$ 0.70
Weighted-average number of shares outstanding
Basic		17,244,075	25,454,579	17,234,063	25,447,398
Diluted		17,244,075	25,680,997	17,484,980	25,659,869
[1]	For the quarter ended June 30, 2016, "diluted" loss per share is the same as "basic" loss per share since there was a net loss for the period.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income (loss)	$ (5,165)	$ 11,117	$ 1,960	$ 17,911
Other comprehensive income (loss), net of tax:
Unrealized holding gains (losses)	9,875	(7,087)	20,005	(730)
Portion of other-than-temporary impairment losses recognized in other comprehensive income (loss)		(1)	(1)
Reclassification adjustment for gains included in net income (loss)	(723)	(917)	(1,693)	(2,716)
Unrealized foreign currency translation gains (losses)	(312)	402	(313)	164
Other comprehensive income (loss), net of tax	8,840	(7,603)	17,998	(3,282)
Comprehensive income (loss), net of tax	$ 3,675	$ 3,514	$ 19,958	$ 14,629

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 tax			(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						115,712
A ordinary shares purchased							28,099
Ordinary shares issued to directors						19,614
Number at Jun. 30, 2016					3,138,894	16,559,872		4,133,366
Other comprehensive income (loss):
Change in unrealized holding gains (losses)			18,312
Change in other than temporary impairment losses recognized in other comprehensive income			(1)
Unrealized foreign currency translation gains (losses)	(313)		(313)
Other comprehensive income (loss), net of tax	17,998		17,998
A ordinary shares purchased, at cost							$ (805)
Share compensation plans		1,543
Tax benefit on share-based compensation expense		127
Net income	1,960			1,960
Balance at Jun. 30, 2016	$ 770,749	$ 531,542	$ 22,076	$ 320,376	$ (103,248)	$ 2		$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 1,960	$ 17,911
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Amortization of the value of business acquired		18,743
Amortization and depreciation	3,229	2,334
Amortization of debt issuance costs	61
Restricted stock and stock option expense	1,543	8,611
Deferred federal income taxes	(11,680)	(3,515)
Amortization of bond premium and discount, net	5,080	7,188
Net realized investment (gains) losses	10,985	(3,562)
Equity in the earnings of equity method limited liability investments	(2,747)	(1,342)
Changes in:
Premiums receivable, net	(1,030)	1,191
Reinsurance receivables, net	229	(4,387)
Funds held by ceding insurers	(3,890)	(2,863)
Unpaid losses and loss adjustment expenses	3,803	5,457
Unearned premiums	8,141	2,285
Ceded balances payable	7,797	2,919
Other assets and liabilities, net	(12,948)	(13,312)
Contingent commissions	(1,571)	(3,383)
Federal income tax receivable/payable	(12)	(1,530)
Deferred acquisition costs, net	466	(27,140)
Prepaid reinsurance premiums	(5,400)	13,612
Net cash provided by operating activities	4,016	19,217
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	200,045	211,542
Proceeds from sale of equity securities	20,967	22,327
Proceeds from sale of preferred stock		1,540
Proceeds from maturity of fixed maturities	46,741	132,180
Proceeds from limited partnership distribution	2,000	4,287
Amounts paid in connection with derivatives	(12,324)	(521)
Purchases of fixed maturities	(236,031)	(393,932)
Purchases of equity securities	(20,783)	(22,996)
Purchases of other invested assets	(2,459)
Net cash used for investing activities	(1,844)	(24,213)
Cash flows from financing activities:
Net borrowings under margin borrowing facilities	2,130	12,734
Debt issuance cost	(14)
Tax benefit on share-based compensation expense	127	58
Purchase of A ordinary shares	(805)	(333)
Net cash provided by (used for) financing activities	1,438	12,459
Net change in cash and cash equivalents	3,610	7,463
Cash and cash equivalents at beginning of period	67,037	58,823
Cash and cash equivalents at end of period	$ 70,647	$ 66,286

Principles of Consolidation and

Principles of Consolidation and Basis of Presentation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2016
Investments	2. Investments The amortized cost and estimated fair value of investments were as follows as of June 30, 2016 and December 31, 2015: (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than As of June 30, 2016 Fixed maturities: U.S. treasury and agency obligations $ 83,247 $ 1,999 $ — $ 85,246 $ — Obligations of states and political subdivisions 175,427 3,877 (31 ) 179,273 — Mortgage-backed securities 154,119 3,369 (84 ) 157,404 — Asset-backed securities 269,093 1,286 (582 ) 269,797 (7 ) Commercial mortgage-backed securities 134,472 229 (1,202 ) 133,499 — Corporate bonds and debt 358,411 4,660 (355 ) 362,716 — Foreign corporate bonds 118,016 1,046 (42 ) 119,020 — Total fixed maturities 1,292,785 16,466 (2,296 ) 1,306,955 (7 ) Common stock 101,867 20,975 (3,834 ) 119,008 — Other invested assets 35,798 — — 35,798 — Total $ 1,430,450 $ 37,441 $ (6,130 ) $ 1,461,761 $ (7 ) (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 June 30, 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 June 30, 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 $ 62,502 $ 62,746 Due after one year through five years 630,003 639,527 Due after five years through ten years 39,088 40,487 Due after ten years through fifteen years — — Due after fifteen years 3,508 3,495 Mortgage-backed securities 154,119 157,404 Asset-backed securities 269,093 269,797 Commercial mortgage-backed securities 134,472 133,499 Total $ 1,292,785 $ 1,306,955 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 June 30, 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: Obligations of states and political subdivisions $ 4,143 $ (12 ) $ 1,066 $ (19 ) $ 5,209 $ (31 ) Mortgage-backed securities 13,235 (72 ) 322 (12 ) 13,557 (84 ) Asset-backed securities 73,205 (404 ) 35,766 (178 ) 108,971 (582 ) Commercial mortgage-backed securities 59,186 (601 ) 50,086 (601 ) 109,272 (1,202 ) Corporate bonds and debt 38,516 (336 ) 5,181 (19 ) 43,697 (355 ) Foreign corporate bonds 11,889 (42 ) — — 11,889 (42 ) Total fixed maturities 200,174 (1,467 ) 92,421 (829 ) 292,595 (2,296 ) Common stock 30,349 (3,814 ) 127 (20 ) 30,476 (3,834 ) Total $ 230,523 $ (5,281 ) $ 92,548 $ (849 ) $ 323,071 $ (6,130 ) (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: Obligations of states and political subdivisions Mortgage-backed securities (“MBS”) – Asset-backed securities (“ABS”) - Commercial mortgage-backed securities (“CMBS”) - Corporate bonds and debt - Foreign bonds Common stock The Company recorded the following other than temporary impairments (“OTTI”) on its investment portfolio for the quarters and six months ended June 30, 2016 and 2015: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturities: OTTI losses, gross $ (36 ) $ (13 ) $ (93 ) $ (23 ) Portion of loss recognized in other comprehensive income (pre-tax) — — — — Net impairment losses on fixed maturities recognized in earnings (36 ) (13 ) (93 ) (23 ) Equity securities (1,181 ) (1,885 ) (2,174 ) (2,215 ) Total $ (1,217 ) $ (1,898 ) $ (2,267 ) $ (2,238 ) The following table is an analysis of the credit losses recognized in earnings on fixed maturities held by the Company for the quarters and six months ended June 30, 2016 and 2015 for which a portion of the OTTI loss was recognized in other comprehensive income. Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Balance at beginning of period $ 31 $ 50 $ 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 — (19 ) — (19 ) Balance at end of period $ 31 $ 31 $ 31 $ 31 Accumulated Other Comprehensive Income, Net of Tax Accumulated other comprehensive income, net of tax, as of June 30, 2016 and December 31, 2015 was as follows: (Dollars in thousands) June 30, 2016 December 31, 2015 Net unrealized gains (losses) from: Fixed maturities $ 14,170 $ (2,184 ) Common stock 17,141 10,158 Deferred taxes (9,235 ) (3,896 ) Accumulated other comprehensive income, net of tax $ 22,076 $ 4,078 The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the quarters and six months ended June 30, 2016 and 2015: Quarter Ended June 30, 2016 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 13,359 $ (123 ) $ 13,236 Other comprehensive income (loss) before reclassification 9,873 (310 ) 9,563 Amounts reclassified from accumulated other comprehensive income (loss) (721 ) (2 ) (723 ) Other comprehensive income (loss) 9,152 (312 ) 8,840 Ending balance $ 22,511 $ (435 ) $ 22,076 Quarter Ended June 30, 2015 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 28,206 $ (501 ) $ 27,705 Other comprehensive income (loss) before reclassification (6,845 ) 159 (6,686 ) Amounts reclassified from accumulated other comprehensive income (loss) (1,160 ) 243 (917 ) Other comprehensive income (loss) (8,005 ) 402 (7,603 ) Ending balance $ 20,201 $ (99 ) $ 20,102 Six Months Ended June 30, 2016 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 4,200 $ (122 ) $ 4,078 Other comprehensive income (loss) before reclassification 20,002 (311 ) 19,691 Amounts reclassified from accumulated other comprehensive (1,691 ) (2 ) (1,693 ) Other comprehensive income (loss) 18,311 (313 ) 17,998 Ending balance $ 22,511 $ (435 ) $ 22,076 Six Months Ended June 30, 2015 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 23,647 $ (263 ) $ 23,384 Other comprehensive loss before reclassification (404 ) (162 ) (566 ) Amounts reclassified from accumulated other comprehensive income (loss) (3,042 ) 326 (2,716 ) Other comprehensive income (loss) (3,446 ) 164 (3,282 ) Ending balance $ 20,201 $ (99 ) $ 20,102 The reclassifications out of accumulated other comprehensive income for the quarters and six months ended June 30, 2016 and 2015 were as follows: (Dollars in thousands) Amounts Reclassified from Quarters Ended June 30, 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 $ (2,295 ) $ (3,745 ) Other than temporary impairment losses on investments 1,217 1,897 Total before tax (1,078 ) (1,848 ) Income tax expense 357 688 Unrealized gains on available for sale $ (721 ) $ (1,160 ) Foreign currency items Other net realized investment (gains) losses $ (4 ) $ 373 Income tax expense (benefit) 2 (130 ) Foreign currency items, net of tax $ (2 ) $ 243 Total reclassifications Total reclassifications, net of tax $ (723 ) $ (917 ) (Dollars in thousands) Amounts Reclassified from Six Months Ended June 30, 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 $ (4,830 ) $ (7,126 ) Other than temporary impairment losses on investments 2,267 2,238 Total before tax (2,563 ) (4,888 ) Income tax expense 872 1,846 Unrealized gains and losses on available for sale securities, net of tax $ (1,691 ) $ (3,042 ) Foreign currency items Other net realized investment (gains) losses $ (4 ) $ 501 Income tax expense (benefit) 2 (175 ) Foreign currency items, net of tax $ (2 ) $ 326 Total reclassifications Total reclassifications, net of tax $ (1,693 ) $ (2,716 ) Net Realized Investment Gains (Losses) The components of net realized investment gains (losses) for the quarters and six months ended June 30, 2016 and 2015 were as follows: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturities: Gross realized gains $ 637 $ 746 $ 818 $ 1,479 Gross realized losses (71 ) (110 ) (144 ) (241 ) Net realized gains 566 636 674 1,238 Common stock: Gross realized gains 2,158 3,371 4,723 5,923 Gross realized losses (1,642 ) (2,532 ) (2,830 ) (2,870 ) Net realized gains 516 839 1,893 3,053 Preferred stock: Gross realized gains — — — 96 Gross realized losses — — — — Net realized gains — — — 96 Derivatives: Gross realized gains — 6,353 — 1,873 Gross realized losses (4,574 ) (1,296 ) (13,552 ) (2,698 ) Net realized gains (losses) (4,574 ) 5,057 (13,552 ) (825 ) Total net realized investment gains (losses) $ (3,492 ) $ 6,532 $ (10,985 ) $ 3,562 The proceeds from sales of available-for-sale securities resulting in net realized investment gains for the six months ended June 30, 2016 and 2015 were as follows: Six Months Ended June 30, (Dollars in thousands) 2016 2015 Fixed maturities $ 200,045 $ 211,542 Equity securities 20,967 22,327 Preferred stock — 1,540 Net Investment Income The sources of net investment income for the quarters and six months ended June 30, 2016 and 2015 were as follows: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturities $ 7,374 $ 8,022 $ 14,598 $ 16,036 Equity securities 760 924 1,949 1,716 Cash and cash equivalents 37 9 67 27 Other invested assets 863 1,089 2,897 1,342 Total investment income 9,034 10,044 19,511 19,121 Investment expense (1) (2,472 ) (903 ) (3,203 ) (1,739 ) Net investment income $ 6,562 $ 9,141 $ 16,308 $ 17,382 (1) Investment expense for both the quarter and six months ended June 30, 2016 include $1.5 million in upfront fees necessary to enter into a new investment. See Note 9 for additional information on the Company’s $40 million commitment related to this new investment. The Company’s total investment return on a pre-tax basis for the quarters and six months ended June 30, 2016 and 2015 were as follows: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Net investment income $ 6,562 $ 9,141 $ 16,308 $ 17,382 Net realized investment gains (losses) (3,492 ) 6,532 (10,985 ) 3,562 Change in unrealized holding gains and losses 11,529 (9,752 ) 23,337 (5,155 ) Net realized and unrealized investment returns 8,037 (3,220 ) 12,352 (1,593 ) Total investment return $ 14,599 $ 5,921 $ 28,660 $ 15,789 Total investment return % (1) 1.0 % 0.3 % 1.9 % 0.9 % Average investment portfolio (2) $ 1,519,556 $ 1,776,326 $ 1,524,617 $ 1,758,103 (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 June 30, 2016, the Company held insurance enhanced asset backed and credit securities with a market value of approximately $38.2 million. Approximately $13.8 million of these securities were tax free municipal bonds, which represented approximately 0.9% 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 $8.6 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 $ 502 $ — BBB — 502 Total $ 502 $ 502 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 June 30, 2016, is as follows: (Dollars in thousands) Financial Guarantor Total Pre-refunded Government Exposure Net of Pre-refunded Securities Ambac Financial Group $ 1,529 $ 460 $ — $ 1,069 Assured Guaranty Corporation 3,539 — — 3,539 Municipal Bond Insurance Association 3,425 — — 3,425 Gov’t National Housing Association 553 — 553 — Total backed by financial guarantors 9,046 460 553 8,033 Other credit enhanced municipal bonds 4,740 4,740 — — Total $ 13,786 $ 5,200 $ 553 $ 8,033 In addition to the tax-free municipal bonds, the Company held $24.4 million of insurance enhanced bonds that are comprised of $23.2 million of taxable municipal bonds and $1.2 million of asset-backed securities, which represented approximately 1.6% of the Company’s total invested assets, net of receivable/payable for securities purchased and sold. Of the Company’s $24.4 million of insurance enhanced asset-backed and taxable municipal securities, $19.5 million are backed by financial guarantors including Municipal Bond Insurance Association ($3.9 million), Ambac Financial Group ($0.9 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 June 30, 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 June 30, 2016 and December 31, 2015: Estimated Fair Value (Dollars in thousands) June 30, 2016 December 31, 2015 On deposit with governmental authorities $ 36,349 $ 38,815 Intercompany trusts held for the benefit of U.S. policyholders 616,325 643,216 Held in trust pursuant to third party requirements 60,209 66,544 Letter of credit held for third party requirements 4,292 5,598 Securities held as collateral for borrowing arrangements (1) 99,360 95,647 Total $ 816,535 $ 849,820 (1) Amount required to collateralize margin borrowing facilities. Variable Interest Entities A Variable Interest Entity (VIE) refers to an investment in which an investor holds a controlling interest that is not based on the majority of voting rights. Under the VIE model, the party that has the power to exercise significant management influence and maintain a controlling financial interest in the entity’s economics is said to be the primary beneficiary, and is required to consolidate the entity within their results. Other entities that participate in a VIE, for which their financial interests fluctuate with changes in the fair value of the investment entity’s net assets but do not have significant management influence and the ability to direct the VIE’s significant economic activities are said to have a variable interest in the VIE but do not consolidate the VIE in their financial results. The Company has variable interests in several VIE’s for which it is not the primary beneficiary. These investments are accounted for under the equity method of accounting as their ownership interest exceeds 3% of their respective investments. The fair value of one of the Company’s variable interest VIE’s was $33.3 million and $32.6 million as of June 30, 2016 and December 31, 2015, respectively. The Company’s maximum exposure to loss from this variable interest VIE, which factors in future funding commitments, was $55.4 million at June 30, 2016 and $52.6 million at December 31, 2015. The fair value of the remaining two variable interest VIE’s, which were acquired in 2016, were $2.5 million at June 30, 2016. The Company is not able to accurately estimate future funding requirements for the remaining two variable interest VIE’s due to related debt components of the underlying investments that are not considered variable interest VIE’s. If the entire future funding commitments of these two investments were considered variable interest VIE’s, the Company’s maximum exposure to loss from the remaining VIE’s at June 30, 2016 would be $28.9 million. The Company’s investment in variable interest VIE’s 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015: (Dollars in thousands) June 30, 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 $ (26,343 ) $ 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 and six months ended June 30, 2016 and 2015: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) Statement of Operations Line 2016 2015 2016 2015 Interest rate swap agreements Net realized investment gains (losses) $(4,574) $5,057 $(13,552) $(825) As of June 30, 2016 and December 31, 2015, the Company is due $4.7 million and $4.5 million, respectively, for funds it needed to post to execute the swap transaction and $26.9 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2016 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 81,888 $ 3,358 $ — $ 85,246 Obligations of states and political subdivisions — 179,273 — 179,273 Mortgage-backed securities — 157,404 — 157,404 Commercial mortgage-backed securities — 133,499 — 133,499 Asset-backed securities — 269,797 — 269,797 Corporate bonds and debt — 351,496 11,220 362,716 Foreign corporate bonds — 119,020 — 119,020 Total fixed maturities 81,888 1,213,847 11,220 1,306,955 Common stock 119,008 — — 119,008 Total assets measured at fair value (1) $ 200,896 $ 1,213,847 $ 11,220 $ 1,425,963 Liabilities: Derivative instruments $ — $ 26,343 $ — $ 26,343 Total liabilities measured at fair value $ — $ 26,343 $ — $ 26,343 (1) Excluded from the table above are limited liability companies and limited partnerships of $35.8 million at June 30, 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 June 30, 2016 and December 31, 2015 was as follows: June 30, 2016 December 31, 2015 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Margin Borrowing Facilities $ 77,776 $ 77,776 $ 75,646 $ 75,646 7.75% Subordinated Notes due 2045 (1) 96,435 96,795 96,388 91,748 Total $ 174,211 $ 174,571 $ 172,034 $ 167,394 (1) As of June 30, 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 June 30, 2016 or 2015. The following table presents changes in Level 3 investments measured at fair value on a recurring basis for the quarters and six months ended June 30, 2016 and 2015: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Beginning balance $ — $ — $ — $ — Total gains (losses) (realized / unrealized): Included in accumulated other comprehensive income (loss) — — — — Purchases 11,220 — 11,220 — Distributions — — — — Ending balance $ 11,220 $ — $ 11,220 $ — The investments classified as Level 3 in the above table consist of privately placed securities with unobservable inputs. The Company does not have access to daily valuations; therefore, market trades, performance of the underlying assets, and key risks are considered in order to estimate fair values of these middle market corporate debt instruments. Fair Value of Alternative Investments Other invested assets consist of limited liability companies and limited 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 June 30, 2016 and December 31, 2015. June 30, 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) 33,339 22,014 32,592 20,014 Private Middle Market Loans, LLC (3) 2,459 26,321 — — Total $ 35,798 $ 48,335 $ 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. (3) This interest consists of two separate equity investments in limited liability companies whereby the Company is also a lender via separate loan agreements. Typical financing is used for growth, acquisitions, or buyouts. The Company classifies their portion of the middle market corporate debt as fixed maturities. The Company has committed $40 million to this investment strategy, including both the equity and financing provisions. While the Company is not able to estimate the proportion of future funding commitments between equity and financing, the total remaining commitment is $26.3 million. Based on the terms of the investment management agreement, the Company anticipates its interest to be redeemed no later than 2024. Limited Liability Companies and Limited Partnerships with ownership interest exceeding 3% The Company uses the equity method to account for investments in limited liability companies and limited partnerships where its ownership interest exceeds 3%. The equity method of accounting for an investment in a limited liability company and 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 limited liability company or limited partnership is reflected in the statement of operations, and the adjusted cost basis approximates fair value. The income or loss associated with these limited liability companies or limited partnerships, which was included in investment income, was $0.9 million and $1.1 million during the quarters ended June 30, 2016 and 2015, respectively, and $2.9 million and $1.3 million during the six months ended June 30, 2016 and 2015, respectively. Pricing The Company’s pricing vendors provide prices for all investment categories except for investments in limited liability companies and 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 and six months ended June 30, 2016 and 2015, the Company has not adjusted quotes or prices obtained from the pricing vendors.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 distributions from limited liability companies and limited partnerships, and that amount is then added to the actual income taxes on net realized gains and losses, discrete items and distributions from limited liability companies and limited partnerships. 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 and six months ended June 30, 2016 and 2015 were as follows: Quarter Ended June 30, 2016: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 57,574 $ 141,911 $ (45,166 ) $ 154,319 Net premiums written $ 57,560 $ 67,750 $ — $ 125,310 Net premiums earned $ 52,454 $ 65,350 $ — $ 117,804 Net investment income 12,132 2,925 (8,495 ) 6,562 Net realized investment gains (losses) 57 (3,549 ) — (3,492 ) Other income (loss) (66 ) 861 — 795 Total revenues 64,577 65,587 (8,495 ) 121,669 Losses and Expenses: Net losses and loss adjustment expenses 30,550 47,561 — 78,111 Acquisition costs and other underwriting expenses 23,587 24,955 — 48,542 Corporate and other operating expenses 2,488 1,767 — 4,255 Interest expense 2,076 8,648 (8,495 ) 2,229 Income (loss) before income taxes $ 5,876 $ (17,344 ) $ — $ (11,468 ) Quarter Ended June 30, 2015: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 83,601 $ 148,038 $ (65,124 ) $ 166,515 Net premiums written $ 83,601 $ 62,404 $ — $ 146,005 Net premiums earned $ 72,471 $ 56,406 $ — $ 128,877 Net investment income 11,320 4,325 (6,504 ) 9,141 Net realized investment gains (losses) (118 ) 6,650 — 6,532 Other income 13 564 — 577 Total revenues 83,686 67,945 (6,504 ) 145,127 Losses and Expenses: Net losses and loss adjustment expenses 39,621 39,939 — 79,560 Acquisition costs and other underwriting expenses 31,570 19,356 — 50,926 Corporate and other operating expenses (334 ) 4,668 — 4,334 Interest expense 430 6,609 (6,504 ) 535 Income (loss) before income taxes $ 12,399 $ (2,627 ) $ — $ 9,772 Six Months Ended June 30, 2016: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 89,397 $ 270,542 $ (64,254 ) $ 295,685 Net premiums written $ 89,383 $ 152,799 $ 0 $ 242,182 Net premiums earned $ 108,439 $ 131,001 $ 0 $ 239,440 Net investment income 25,235 8,060 (16,987 ) 16,308 Net realized investment gains (losses) 70 (11,055 ) 0 (10,985 ) Other income (loss) 28 1,723 0 1,751 Total revenues 133,772 129,729 (16,987 ) 246,514 Losses and Expenses: Net losses and loss adjustment expenses 56,222 86,673 0 142,895 Acquisition costs and other underwriting expenses 47,107 53,525 0 100,632 Corporate and other operating expenses 4,276 3,782 0 8,058 Interest expense 4,152 17,279 (16,987 ) 4,444 Income (loss) before income taxes $ 22,015 $ (31,530 ) $ 0 $ (9,515 ) Six Months Ended June 30, 2015: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 222,397 $ 271,042 $ (184,055 ) $ 309,384 Net premiums written $ 222,358 $ 49,751 $ — $ 272,109 Net premiums earned $ 144,135 $ 112,079 $ — $ 256,214 Net investment income 21,502 8,811 (12,931 ) 17,382 Net realized investment gains (losses) (387 ) 3,949 — 3,562 Other income (loss) (66 ) 1,195 — 1,129 Total revenues 165,184 126,034 (12,931 ) 278,287 Losses and Expenses: Net losses and loss adjustment expenses 75,805 73,374 — 149,179 Acquisition costs and other underwriting expenses 61,864 37,320 — 99,184 Corporate and other operating expenses 1,747 14,127 — 15,874 Interest expense 824 13,147 (12,931 ) 1,040 Income (loss) before income taxes $ 24,944 $ (11,934 ) $ — $ 13,010 The following table summarizes the components of income tax expense (benefit): Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Current income tax expense (benefit): Foreign $ 92 $ 70 $ 205 $ 161 U.S. Federal — (2,657 ) — (1,547 ) Total current income tax expense (benefit) 92 (2,587 ) 205 (1,386 ) Deferred income tax expense (benefit): U.S. Federal (6,395 ) 1,242 (11,680 ) (3,515 ) Total deferred income tax expense (benefit) (6,395 ) 1,242 (11,680 ) (3,515 ) Total income tax benefit $ (6,303 ) $ (1,345 ) $ (11,475 ) $ (4,901 ) 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 June 30, 2016 2015 (Dollars in thousands) Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (5,977 ) (52.1 %) $ (848 ) (8.7 %) Adjustments: Tax exempt interest (99 ) (0.9 ) (83 ) (0.8 ) Dividend exclusion (238 ) (2.1 ) (258 ) (2.6 ) Other 11 0.1 (156 ) (1.6 ) Actual tax on continuing operations $ (6,303 ) (55.0 %) $ (1,345 ) (13.7 %) The effective income tax benefit rate for the quarter ended June 30, 2016 was 55.0%, compared to an effective income tax benefit rate of 13.7%, for the quarter ended June 30, 2015. The increase is primarily due to losses incurred in the Company’s U.S. operations. Taxes were computed using a discrete period computation because a reliable estimate of an effective tax rate could not be made. Six Months Ended June 30, 2016 2015 (Dollars in thousands) Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (10,829 ) (113.9 %) $ (4,015 ) (30.9 %) Adjustments: Tax exempt interest (203 ) (2.1 ) (219 ) (1.7 ) Dividend exclusion (477 ) (5.0 ) (413 ) (3.2 ) Other 34 0.3 (254 ) (2.0 ) Actual tax on continuing operations $ (11,475 ) (120.7 %) $ (4,901 ) (37.8 %) The effective income tax benefit rate for the six months ended June 30, 2016 was 120.7%, compared to an effective income tax benefit rate of 37.8% for the six months ended June 30, 2015. The increase is primarily due to losses incurred in the Company’s U.S. operations. 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 June 30, 2016 and December 31, 2015 which can be carried forward indefinitely. The Company has a net operating loss (“NOL”) carryforward of $10.6 million and $1.9 million as of June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Balance at beginning of period $ 676,236 $ 770,119 $ 680,047 $ 675,472 Less: Ceded reinsurance receivables 106,957 140,508 108,130 123,201 Net balance at beginning of period 569,279 629,611 571,917 552,271 Purchased reserves, gross — (584 ) — 88,370 Less: Purchased reserves ceded — — — 11,681 Purchased reserves, net — (584 ) — 76,689 Incurred losses and loss adjustment expenses related to: Current year 87,032 84,724 158,412 157,838 Prior years (8,921 ) (5,164 ) (15,517 ) (8,659 ) Total incurred losses and loss adjustment expenses 78,111 79,560 142,895 149,179 Paid losses and loss adjustment expenses related to: Current year 43,560 45,379 63,386 60,061 Prior years 31,559 32,406 79,155 87,276 Total paid losses and loss adjustment expenses 75,119 77,785 142,541 147,337 Net balance at end of period 572,271 630,802 572,271 630,802 Plus: Ceded reinsurance receivables 111,579 138,497 111,579 138,497 Balance at end of period $ 683,850 $ 769,299 $ 683,850 $ 769,299 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 second quarter of 2016, the Company reduced its prior accident year loss reserves by $8.9 million, which consisted of a $6.7 million decrease related to Commercial Lines and a $2.2 million decrease related to Reinsurance Operations. The $6.7 million reduction of prior accident year loss reserves related to Commercial Lines primarily consisted of the following: • General Liability: • Property: • Umbrella: The $2.2 million reduction related to Reinsurance Operations was from the property lines. Ultimate losses were lowered $3.3 million combined for the 2013 and 2014 accident years and the 2015 accident year increased $1.1 million based on a review of the experience reported from cedants. In the second quarter of 2015, the Company decreased its prior accident year loss reserves by $5.2 million, which consisted of a $3.6 million decrease related to Commercial Lines and a $1.6 million decrease related to Reinsurance Operations. The $3.6 million decrease related to Commercial Lines primarily consisted of the following: • Professional: • General Liability: The $1.6 million decrease related to Reinsurance Operations was primarily due to less severity on property than expected in accident years 2011 through 2014 due to catastrophe losses developing better than anticipated. In the first six months of 2016, the Company decreased its prior accident year loss reserves by $15.5 million, which consisted of a $12.3 million decrease related to Commercial Lines and a $3.2 million decrease related to Reinsurance Operations. The $12.3 million decrease related to Commercial Lines primarily consisted of the following: • General Liability: • Property: • Umbrella: The $3.2 million reduction related to Reinsurance Operations was from the property lines. Ultimate losses were lowered $4.0 million in the 2013 and 2014 accident years and the 2015 accident year increased $0.8 million based on reviews of the experience reported from cedants. In the first six months of 2015, the Company decreased its prior accident year loss reserves by $8.7 million, which consisted of a $5.6 million decrease related to Commercial Lines and a $3.1 million decrease related to Reinsurance Operations. The $5.6 million decrease related to Commercial Lines primarily consisted of the following: • Property: • Umbrella: • Professional: • General Liability: The $3.1 million decrease related to Reinsurance Operations was primarily due to less severity on property than expected in accident years 2011 through 2014 due to catastrophe losses developing better than anticipated.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 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 June 30, 2016: Period (1) Total Number of Shares Purchased or Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar May 1 – 31, 2016 596 (2) $ 30.56 — — Total 596 $ 30.56 — (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 June 30, 2015: Period (1) Total of Shares Purchased or Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar May 1 – 31, 2015 596 (2) $ 27.01 — — Total 596 $ 27.01 — — (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	6 Months Ended
	Jun. 30, 2016
Related Party Transactions	8. Related Party Transactions Fox Paine & Company As of June 30, 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 in 2015, 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. There were no distributions received from Fox Paine Capital Fund II during the quarters ended June 30, 2016 or 2015. During the six months ended June 30, 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 six months ended June 30, 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 June 30, 2016 and 2015 and $1.0 million in each of the six months ended June 30, 2016 and 2015 as part of the annual management fee paid to Fox Paine. As of June 30, 2016 and December 31, 2015, unpaid management fees, which were included in other liabilities on the consolidated balance sheets, were $3.6 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 six months ended June 30, 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 $0.2 million and $0.3 million for legal services rendered by Cozen O’Connor during the quarter and six months ended June 30, 2015, respectively. Stephen A. Cozen, the chairman of Cozen O’Connor, was a member of the Company’s Board of Directors until he resigned effective December 31, 2015. Crystal & Company The Company incurred brokerage fees with Crystal & Company, an insurance broker, of $0.06 million during each of the quarters ended June 30, 2016 and 2015 and $0.1 million during each of the six months ended June 30, 2016 and 2015. 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 or six months ended June 30, 2016. James W. Crystal, the chairman and chief executive officer of Crystal & Company, was a member of the Company’s Board of Directors until he resigned effective July 24, 2016. 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 June 30, (Dollars in thousands) 2016 2015 Assumed earned premium $ (6 ) $ 886 Assumed losses and loss adjustment expenses (1 ) 239 Six Months Ended June 30, (Dollars in thousands) 2016 2015 Assumed earned premium $ 51 $ 2,248 Assumed losses and loss adjustment expenses (209 ) 643 Net balances due to Global Indemnity Reinsurance under this agreement are as follows: (Dollars in thousands) June 30, December 31, Net payable balance $ (259 ) $ (110 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2016, the Company has funded $28.0 million of this commitment leaving $22.0 million as unfunded. In June, 2016, the Company entered into a $40 million commitment with an investment manager that provides financing for middle market companies. Typical financing arrangements are used for growth, acquisitions, or buyouts. This investment vehicle targets companies with $10 - $50 million in earnings before interest, taxes, depreciation, and amortization. As of June 30, 2016, the Company has funded $13.7 million of this commitment leaving $26.3 million as unfunded. Of the $13.7 million funded, $11.2 million and $2.5 million, respectively, was invested in middle market corporate debt and two separate equity investments in limited liability companies.

Share-Based Compensation Plans

Share-Based Compensation Plans	6 Months Ended
	Jun. 30, 2016
Share-Based Compensation Plans	10. Share-Based Compensation Plans Options No stock options were awarded during the quarters ended June 30, 2016 and 2015. During the quarter ended June 30, 2016, 133,333 unvested stock options were forfeited. No unvested stock options were forfeited during the quarter ended June 30, 2015. The Company did not award any stock options during the six months ended June 30, 2016. During the six months ended June 30, 2015, the Company awarded 200,000 stock options with a strike price of $28.37 per share which vest one third on each of December 31, 2015, 2016, and 2017 based on achievement of Board approved performance targets. During the six months ended June 30, 2016, 200,000 unvested stock options were forfeited. No unvested stock options were forfeited during the six months ended June 30, 2015. Restricted Shares No restricted shares were issued to employees during the quarters ended June 30, 2016 and 2015. During the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2015, the Company issued 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 six months ended June 30, 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 an accident year 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 June 30, 2016 and 2015, the Company issued 10,172 and 8,798 A ordinary shares, respectively, at a weighted average grant date value of $27.53 and $28.08 per share, respectively, to non-employee directors of the Company under the Plan. During the six months ended June 30, 2016 and 2015, the Company issued 19,614 and 18,045 A ordinary shares, respectively, at a weighted average grant date value of $29.26 and $27.91 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, except share and per share data) 2016 2015 2016 2015 Net income (loss) $ (5,165 ) $ 11,117 $ 1,960 $ 17,911 Basic earnings per share: Weighted average shares outstanding – basic 17,244,075 25,454,579 17,234,063 25,447,398 Net income (loss) per share $ (0.30 ) $ 0.44 $ 0.11 $ 0.70 Diluted earnings per share: Weighted average shares outstanding – diluted 17,244,075 25,680,997 17,484,980 25,659,869 Net income (loss) per share $ (0.30 ) $ 0.43 $ 0.11 $ 0.70 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average shares for basic earnings per share 17,244,075 25,454,579 17,234,063 25,447,398 Non-vested restricted stock — 122,141 140,773 109,308 Options — 104,277 110,144 103,163 Weighted average shares for diluted earnings per share 17,244,075 25,680,997 17,484,980 25,659,869 If the Company had not incurred a loss in the quarter ended June 30, 2016, 17,511,617 weighted average shares would have been used to compute the diluted loss per share calculation. In addition to the basic shares, weighted average shares for the diluted calculation would have included 155,967 shares of non-vested restricted stock and 111,575 share equivalents for options. The weighted average shares outstanding used to determine dilutive earnings per share for the quarters ended June 30, 2016 and 2015 do not include 300,000 and 512,500 shares, respectively, which were deemed to be anti-dilutive. The weighted average shares outstanding used to determine dilutive earnings per share for the six months ended June 30, 2016 and 2015 do not include 300,000 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 June 30, 2016: Grant Date Expiration Date Outstanding Strike Price February 9, 2014 February 10, 2024 300,000 $ 32.38 300,000

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015. Quarter Ended June 30, 2016: (Dollars in thousands) Commercial Personal Reinsurance Operations(2) Total Revenues: Gross premiums written $ 58,030 $ 83,881 $ 12,408 $ 154,319 Net premiums written $ 52,452 $ 60,464 $ 12,394 $ 125,310 Net premiums earned $ 48,187 $ 60,729 $ 8,888 $ 117,804 Other income (loss) 160 701 (66 ) 795 Total revenues 48,347 61,430 8,822 118,599 Losses and Expenses: Net losses and loss adjustment expenses 29,712 44,687 3,712 78,111 Acquisition costs and other underwriting expenses 18,919 (3) 26,148 (4) 3,475 48,542 Income (loss) from segments $ (284 ) $ (9,405 ) $ 1,635 $ (8,054 ) Unallocated Items: Net investment income 6,562 Net realized investment losses (3,492 ) Corporate and other operating expenses (4,255 ) Interest expense (2,229 ) Income before income taxes (11,468 ) Income tax benefit 6,303 Net loss (5,165 ) Total assets $ 771,330 $ 522,473 $ 712,291 (5) $ 2,006,094 (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 $132 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $303 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 June 30, 2015: (Dollars in thousands) Commercial Personal Reinsurance Operations(2) Total Revenues: Gross premiums written $ 59,033 $ 89,004 $ 18,478 $ 166,515 Net premiums written $ 54,700 $ 72,827 $ 18,478 $ 146,005 Net premiums earned $ 49,614 $ 65,918 $ 13,345 $ 128,877 Other income 153 411 13 577 Total revenues 49,767 66,329 13,358 129,454 Losses and Expenses: Net losses and loss adjustment expenses 30,039 45,180 4,341 79,560 Acquisition costs and other underwriting expenses 20,008 (3) 26,065 (4) 4,853 50,926 Income (loss) from segments $ (280 ) $ (4,916 ) $ 4,164 $ (1,032 ) Unallocated Items: Net investment income 9,141 Net realized investment gains 6,532 Corporate and other operating expenses (4,334 ) Interest expense (535 ) Income before income taxes 9,772 Income tax benefit 1,345 Net income 11,117 Total assets $ 944,744 $ 554,302 $ 761,412 (5) $ 2,260,458 (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 $261 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $330 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. Six Months Ended June 30, 2016: (Dollars in thousands) Commercial Personal Reinsurance Operations (2) Total Revenues: Gross premiums written $ 107,121 $ 163,421 $ 25,143 $ 295,685 Net premiums written $ 96,010 $ 121,043 $ 25,129 $ 242,182 Net premiums earned $ 95,520 $ 122,815 $ 21,105 $ 239,440 Other income (loss) 323 1,400 28 1,751 Total revenues 95,843 124,215 21,133 241,191 Losses and Expenses: Net losses and loss adjustment expenses 54,718 79,860 8,317 142,895 Acquisition costs and other underwriting expenses 39,390 (3) 53,284 (4) 7,958 100,632 Income from segments $ 1,735 $ (8,929 ) $ 4,858 $ (2,336 ) Unallocated Items: Net investment income 16,308 Net realized investment losses (10,985 ) Corporate and other operating expenses (8,058 ) Interest expense (4,444 ) Income before income taxes (9,515 ) Income tax benefit 11,475 Net income 1,960 Total assets $ 771,330 $ 522,473 $ 712,291 (5) $ 2,006,094 (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 $259 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $614 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. Six Months Ended June 30, 2015: (Dollars in thousands) Commercial Personal Reinsurance Operations (2) Total Revenues: Gross premiums written $ 108,826 $ 162,215 $ 38,343 $ 309,384 Net premiums written $ 100,322 $ 133,483 $ 38,304 $ 272,109 Net premiums earned $ 100,328 $ 129,340 $ 26,546 $ 256,214 Other income (loss) 318 877 (66 ) 1,129 Total revenues 100,646 130,217 26,480 257,343 Losses and Expenses: Net losses and loss adjustment expenses 59,642 81,098 8,439 149,179 Acquisition costs and other underwriting expenses 40,631 (3) 48,811 (4) 9,742 99,184 Income from segments $ 373 $ 308 $ 8,299 $ 8,980 Unallocated Items: Net investment income 17,382 Net realized investment gains 3,562 Corporate and other operating expenses (15,874 ) Interest expense (1,040 ) Income before income taxes 13,010 Income tax benefit 4,901 Net income 17,911 Total assets $ 944,744 $ 554,302 $ 761,412 (5) $ 2,260,458 (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 $529 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $647 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	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements	13. New Accounting Pronouncements The following are new accounting guidance issued in 2016 which have not yet been adopted. In June, 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance surrounding the measurement of credit losses on financial instruments. For assets held at amortized cost basis, the new guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of information for credit loss estimates. For available for sale debt securities, credit losses should be measured similar to current GAAP; however, the new guidance requires that credit losses be presented as an allowance rather than as a write-down. This guidance is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application of this new guidance is permitted as of the fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. The Company is still evaluating the impact of this guidance on its financial condition, results of operations, or cash flows. In March, 2016, the FASB issued new accounting guidance surrounding stock compensation. The new guidance simplifies several aspects 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 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, and cash flows. In 2016, the FASB issued several new accounting pronouncements which provided clarification to existing guidance surrounding revenue from contracts with customers. Long and short duration insurance contracts, which comprise the majority of the Company’s revenues, are excluded from this accounting guidance. 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.

Principles of Consolidation a21

Principles of Consolidation and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 liability companies and 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 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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015: (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than As of June 30, 2016 Fixed maturities: U.S. treasury and agency obligations $ 83,247 $ 1,999 $ — $ 85,246 $ — Obligations of states and political subdivisions 175,427 3,877 (31 ) 179,273 — Mortgage-backed securities 154,119 3,369 (84 ) 157,404 — Asset-backed securities 269,093 1,286 (582 ) 269,797 (7 ) Commercial mortgage-backed securities 134,472 229 (1,202 ) 133,499 — Corporate bonds and debt 358,411 4,660 (355 ) 362,716 — Foreign corporate bonds 118,016 1,046 (42 ) 119,020 — Total fixed maturities 1,292,785 16,466 (2,296 ) 1,306,955 (7 ) Common stock 101,867 20,975 (3,834 ) 119,008 — Other invested assets 35,798 — — 35,798 — Total $ 1,430,450 $ 37,441 $ (6,130 ) $ 1,461,761 $ (7 ) (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 June 30, 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 $ 62,502 $ 62,746 Due after one year through five years 630,003 639,527 Due after five years through ten years 39,088 40,487 Due after ten years through fifteen years — — Due after fifteen years 3,508 3,495 Mortgage-backed securities 154,119 157,404 Asset-backed securities 269,093 269,797 Commercial mortgage-backed securities 134,472 133,499 Total $ 1,292,785 $ 1,306,955
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 June 30, 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: Obligations of states and political subdivisions $ 4,143 $ (12 ) $ 1,066 $ (19 ) $ 5,209 $ (31 ) Mortgage-backed securities 13,235 (72 ) 322 (12 ) 13,557 (84 ) Asset-backed securities 73,205 (404 ) 35,766 (178 ) 108,971 (582 ) Commercial mortgage-backed securities 59,186 (601 ) 50,086 (601 ) 109,272 (1,202 ) Corporate bonds and debt 38,516 (336 ) 5,181 (19 ) 43,697 (355 ) Foreign corporate bonds 11,889 (42 ) — — 11,889 (42 ) Total fixed maturities 200,174 (1,467 ) 92,421 (829 ) 292,595 (2,296 ) Common stock 30,349 (3,814 ) 127 (20 ) 30,476 (3,834 ) Total $ 230,523 $ (5,281 ) $ 92,548 $ (849 ) $ 323,071 $ (6,130 ) (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 and six months ended June 30, 2016 and 2015: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturities: OTTI losses, gross $ (36 ) $ (13 ) $ (93 ) $ (23 ) Portion of loss recognized in other comprehensive income (pre-tax) — — — — Net impairment losses on fixed maturities recognized in earnings (36 ) (13 ) (93 ) (23 ) Equity securities (1,181 ) (1,885 ) (2,174 ) (2,215 ) Total $ (1,217 ) $ (1,898 ) $ (2,267 ) $ (2,238 )
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 and six months ended June 30, 2016 and 2015 for which a portion of the OTTI loss was recognized in other comprehensive income. Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Balance at beginning of period $ 31 $ 50 $ 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 — (19 ) — (19 ) Balance at end of period $ 31 $ 31 $ 31 $ 31
Schedule of Accumulated Other Comprehensive Income, Net of Tax	Accumulated other comprehensive income, net of tax, as of June 30, 2016 and December 31, 2015 was as follows: (Dollars in thousands) June 30, 2016 December 31, 2015 Net unrealized gains (losses) from: Fixed maturities $ 14,170 $ (2,184 ) Common stock 17,141 10,158 Deferred taxes (9,235 ) (3,896 ) Accumulated other comprehensive income, net of tax $ 22,076 $ 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 and six months ended June 30, 2016 and 2015: Quarter Ended June 30, 2016 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 13,359 $ (123 ) $ 13,236 Other comprehensive income (loss) before reclassification 9,873 (310 ) 9,563 Amounts reclassified from accumulated other comprehensive income (loss) (721 ) (2 ) (723 ) Other comprehensive income (loss) 9,152 (312 ) 8,840 Ending balance $ 22,511 $ (435 ) $ 22,076 Quarter Ended June 30, 2015 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 28,206 $ (501 ) $ 27,705 Other comprehensive income (loss) before reclassification (6,845 ) 159 (6,686 ) Amounts reclassified from accumulated other comprehensive income (loss) (1,160 ) 243 (917 ) Other comprehensive income (loss) (8,005 ) 402 (7,603 ) Ending balance $ 20,201 $ (99 ) $ 20,102 Six Months Ended June 30, 2016 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 4,200 $ (122 ) $ 4,078 Other comprehensive income (loss) before reclassification 20,002 (311 ) 19,691 Amounts reclassified from accumulated other comprehensive (1,691 ) (2 ) (1,693 ) Other comprehensive income (loss) 18,311 (313 ) 17,998 Ending balance $ 22,511 $ (435 ) $ 22,076 Six Months Ended June 30, 2015 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 23,647 $ (263 ) $ 23,384 Other comprehensive loss before reclassification (404 ) (162 ) (566 ) Amounts reclassified from accumulated other comprehensive income (loss) (3,042 ) 326 (2,716 ) Other comprehensive income (loss) (3,446 ) 164 (3,282 ) Ending balance $ 20,201 $ (99 ) $ 20,102
Reclassifications Out of Accumulated Other Comprehensive Income	The reclassifications out of accumulated other comprehensive income for the quarters and six months ended June 30, 2016 and 2015 were as follows: (Dollars in thousands) Amounts Reclassified from Quarters Ended June 30, 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 $ (2,295 ) $ (3,745 ) Other than temporary impairment losses on investments 1,217 1,897 Total before tax (1,078 ) (1,848 ) Income tax expense 357 688 Unrealized gains on available for sale $ (721 ) $ (1,160 ) Foreign currency items Other net realized investment (gains) losses $ (4 ) $ 373 Income tax expense (benefit) 2 (130 ) Foreign currency items, net of tax $ (2 ) $ 243 Total reclassifications Total reclassifications, net of tax $ (723 ) $ (917 ) (Dollars in thousands) Amounts Reclassified from Six Months Ended June 30, 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 $ (4,830 ) $ (7,126 ) Other than temporary impairment losses on investments 2,267 2,238 Total before tax (2,563 ) (4,888 ) Income tax expense 872 1,846 Unrealized gains and losses on available for sale securities, net of tax $ (1,691 ) $ (3,042 ) Foreign currency items Other net realized investment (gains) losses $ (4 ) $ 501 Income tax expense (benefit) 2 (175 ) Foreign currency items, net of tax $ (2 ) $ 326 Total reclassifications Total reclassifications, net of tax $ (1,693 ) $ (2,716 )
Components of Net Realized Investment Gains (Losses)	The components of net realized investment gains (losses) for the quarters and six months ended June 30, 2016 and 2015 were as follows: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturities: Gross realized gains $ 637 $ 746 $ 818 $ 1,479 Gross realized losses (71 ) (110 ) (144 ) (241 ) Net realized gains 566 636 674 1,238 Common stock: Gross realized gains 2,158 3,371 4,723 5,923 Gross realized losses (1,642 ) (2,532 ) (2,830 ) (2,870 ) Net realized gains 516 839 1,893 3,053 Preferred stock: Gross realized gains — — — 96 Gross realized losses — — — — Net realized gains — — — 96 Derivatives: Gross realized gains — 6,353 — 1,873 Gross realized losses (4,574 ) (1,296 ) (13,552 ) (2,698 ) Net realized gains (losses) (4,574 ) 5,057 (13,552 ) (825 ) Total net realized investment gains (losses) $ (3,492 ) $ 6,532 $ (10,985 ) $ 3,562
Proceeds from Sales of Available-for-Sale Securities	The proceeds from sales of available-for-sale securities resulting in net realized investment gains for the six months ended June 30, 2016 and 2015 were as follows: Six Months Ended June 30, (Dollars in thousands) 2016 2015 Fixed maturities $ 200,045 $ 211,542 Equity securities 20,967 22,327 Preferred stock — 1,540
Schedule of Investment Income	The sources of net investment income for the quarters and six months ended June 30, 2016 and 2015 were as follows: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturities $ 7,374 $ 8,022 $ 14,598 $ 16,036 Equity securities 760 924 1,949 1,716 Cash and cash equivalents 37 9 67 27 Other invested assets 863 1,089 2,897 1,342 Total investment income 9,034 10,044 19,511 19,121 Investment expense (1) (2,472 ) (903 ) (3,203 ) (1,739 ) Net investment income $ 6,562 $ 9,141 $ 16,308 $ 17,382 (1) Investment expense for both the quarter and six months ended June 30, 2016 include $1.5 million in upfront fees necessary to enter into a new investment. See Note 9 for additional information on the Company’s $40 million commitment related to this new investment.
Schedule of Total Investment Return	The Company’s total investment return on a pre-tax basis for the quarters and six months ended June 30, 2016 and 2015 were as follows: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Net investment income $ 6,562 $ 9,141 $ 16,308 $ 17,382 Net realized investment gains (losses) (3,492 ) 6,532 (10,985 ) 3,562 Change in unrealized holding gains and losses 11,529 (9,752 ) 23,337 (5,155 ) Net realized and unrealized investment returns 8,037 (3,220 ) 12,352 (1,593 ) Total investment return $ 14,599 $ 5,921 $ 28,660 $ 15,789 Total investment return % (1) 1.0 % 0.3 % 1.9 % 0.9 % Average investment portfolio (2) $ 1,519,556 $ 1,776,326 $ 1,524,617 $ 1,758,103 (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 $ 502 $ — BBB — 502 Total $ 502 $ 502
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 June 30, 2016, is as follows: (Dollars in thousands) Financial Guarantor Total Pre-refunded Government Exposure Net of Pre-refunded Securities Ambac Financial Group $ 1,529 $ 460 $ — $ 1,069 Assured Guaranty Corporation 3,539 — — 3,539 Municipal Bond Insurance Association 3,425 — — 3,425 Gov’t National Housing Association 553 — 553 — Total backed by financial guarantors 9,046 460 553 8,033 Other credit enhanced municipal bonds 4,740 4,740 — — Total $ 13,786 $ 5,200 $ 553 $ 8,033
Summary of Estimated Fair Values of Bonds Held on Deposit	The fair values were as follows as of June 30, 2016 and December 31, 2015: Estimated Fair Value (Dollars in thousands) June 30, 2016 December 31, 2015 On deposit with governmental authorities $ 36,349 $ 38,815 Intercompany trusts held for the benefit of U.S. policyholders 616,325 643,216 Held in trust pursuant to third party requirements 60,209 66,544 Letter of credit held for third party requirements 4,292 5,598 Securities held as collateral for borrowing arrangements (1) 99,360 95,647 Total $ 816,535 $ 849,820 (1) Amount required to collateralize margin borrowing facilities.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015: (Dollars in thousands) June 30, 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 $ (26,343 ) $ 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 and six months ended June 30, 2016 and 2015: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) Statement of Operations Line 2016 2015 2016 2015 Interest rate swap agreements Net realized investment gains (losses) $(4,574) $5,057 $(13,552) $(825)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2016 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 81,888 $ 3,358 $ — $ 85,246 Obligations of states and political subdivisions — 179,273 — 179,273 Mortgage-backed securities — 157,404 — 157,404 Commercial mortgage-backed securities — 133,499 — 133,499 Asset-backed securities — 269,797 — 269,797 Corporate bonds and debt — 351,496 11,220 362,716 Foreign corporate bonds — 119,020 — 119,020 Total fixed maturities 81,888 1,213,847 11,220 1,306,955 Common stock 119,008 — — 119,008 Total assets measured at fair value (1) $ 200,896 $ 1,213,847 $ 11,220 $ 1,425,963 Liabilities: Derivative instruments $ — $ 26,343 $ — $ 26,343 Total liabilities measured at fair value $ — $ 26,343 $ — $ 26,343 (1) Excluded from the table above are limited liability companies and limited partnerships of $35.8 million at June 30, 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 June 30, 2016 and December 31, 2015 was as follows: June 30, 2016 December 31, 2015 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Margin Borrowing Facilities $ 77,776 $ 77,776 $ 75,646 $ 75,646 7.75% Subordinated Notes due 2045 (1) 96,435 96,795 96,388 91,748 Total $ 174,211 $ 174,571 $ 172,034 $ 167,394 (1) As of June 30, 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.
Changes in Level 3 Investments Measured at Fair Value on a Recurring Basis	The following table presents changes in Level 3 investments measured at fair value on a recurring basis for the quarters and six months ended June 30, 2016 and 2015: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Beginning balance $ — $ — $ — $ — Total gains (losses) (realized / unrealized): Included in accumulated other comprehensive income (loss) — — — — Purchases 11,220 — 11,220 — Distributions — — — — Ending balance $ 11,220 $ — $ 11,220 $ —
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 June 30, 2016 and December 31, 2015. June 30, 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) 33,339 22,014 32,592 20,014 Private Middle Market Loans, LLC (3) 2,459 26,321 — — Total $ 35,798 $ 48,335 $ 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. (3) This interest consists of two separate equity investments in limited liability companies whereby the Company is also a lender via separate loan agreements. Typical financing is used for growth, acquisitions, or buyouts. The Company classifies their portion of the middle market corporate debt as fixed maturities. The Company has committed $40 million to this investment strategy, including both the equity and financing provisions. While the Company is not able to estimate the proportion of future funding commitments between equity and financing, the total remaining commitment is $26.3 million. Based on the terms of the investment management agreement, the Company anticipates its interest to be redeemed no later than 2024.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 were as follows: Quarter Ended June 30, 2016: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 57,574 $ 141,911 $ (45,166 ) $ 154,319 Net premiums written $ 57,560 $ 67,750 $ — $ 125,310 Net premiums earned $ 52,454 $ 65,350 $ — $ 117,804 Net investment income 12,132 2,925 (8,495 ) 6,562 Net realized investment gains (losses) 57 (3,549 ) — (3,492 ) Other income (loss) (66 ) 861 — 795 Total revenues 64,577 65,587 (8,495 ) 121,669 Losses and Expenses: Net losses and loss adjustment expenses 30,550 47,561 — 78,111 Acquisition costs and other underwriting expenses 23,587 24,955 — 48,542 Corporate and other operating expenses 2,488 1,767 — 4,255 Interest expense 2,076 8,648 (8,495 ) 2,229 Income (loss) before income taxes $ 5,876 $ (17,344 ) $ — $ (11,468 ) Quarter Ended June 30, 2015: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 83,601 $ 148,038 $ (65,124 ) $ 166,515 Net premiums written $ 83,601 $ 62,404 $ — $ 146,005 Net premiums earned $ 72,471 $ 56,406 $ — $ 128,877 Net investment income 11,320 4,325 (6,504 ) 9,141 Net realized investment gains (losses) (118 ) 6,650 — 6,532 Other income 13 564 — 577 Total revenues 83,686 67,945 (6,504 ) 145,127 Losses and Expenses: Net losses and loss adjustment expenses 39,621 39,939 — 79,560 Acquisition costs and other underwriting expenses 31,570 19,356 — 50,926 Corporate and other operating expenses (334 ) 4,668 — 4,334 Interest expense 430 6,609 (6,504 ) 535 Income (loss) before income taxes $ 12,399 $ (2,627 ) $ — $ 9,772 Six Months Ended June 30, 2016: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 89,397 $ 270,542 $ (64,254 ) $ 295,685 Net premiums written $ 89,383 $ 152,799 $ 0 $ 242,182 Net premiums earned $ 108,439 $ 131,001 $ 0 $ 239,440 Net investment income 25,235 8,060 (16,987 ) 16,308 Net realized investment gains (losses) 70 (11,055 ) 0 (10,985 ) Other income (loss) 28 1,723 0 1,751 Total revenues 133,772 129,729 (16,987 ) 246,514 Losses and Expenses: Net losses and loss adjustment expenses 56,222 86,673 0 142,895 Acquisition costs and other underwriting expenses 47,107 53,525 0 100,632 Corporate and other operating expenses 4,276 3,782 0 8,058 Interest expense 4,152 17,279 (16,987 ) 4,444 Income (loss) before income taxes $ 22,015 $ (31,530 ) $ 0 $ (9,515 ) Six Months Ended June 30, 2015: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 222,397 $ 271,042 $ (184,055 ) $ 309,384 Net premiums written $ 222,358 $ 49,751 $ — $ 272,109 Net premiums earned $ 144,135 $ 112,079 $ — $ 256,214 Net investment income 21,502 8,811 (12,931 ) 17,382 Net realized investment gains (losses) (387 ) 3,949 — 3,562 Other income (loss) (66 ) 1,195 — 1,129 Total revenues 165,184 126,034 (12,931 ) 278,287 Losses and Expenses: Net losses and loss adjustment expenses 75,805 73,374 — 149,179 Acquisition costs and other underwriting expenses 61,864 37,320 — 99,184 Corporate and other operating expenses 1,747 14,127 — 15,874 Interest expense 824 13,147 (12,931 ) 1,040 Income (loss) before income taxes $ 24,944 $ (11,934 ) $ — $ 13,010
Components of Income Tax Expense (Benefit)	The following table summarizes the components of income tax expense (benefit): Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Current income tax expense (benefit): Foreign $ 92 $ 70 $ 205 $ 161 U.S. Federal — (2,657 ) — (1,547 ) Total current income tax expense (benefit) 92 (2,587 ) 205 (1,386 ) Deferred income tax expense (benefit): U.S. Federal (6,395 ) 1,242 (11,680 ) (3,515 ) Total deferred income tax expense (benefit) (6,395 ) 1,242 (11,680 ) (3,515 ) Total income tax benefit $ (6,303 ) $ (1,345 ) $ (11,475 ) $ (4,901 )
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 June 30, 2016 2015 (Dollars in thousands) Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (5,977 ) (52.1 %) $ (848 ) (8.7 %) Adjustments: Tax exempt interest (99 ) (0.9 ) (83 ) (0.8 ) Dividend exclusion (238 ) (2.1 ) (258 ) (2.6 ) Other 11 0.1 (156 ) (1.6 ) Actual tax on continuing operations $ (6,303 ) (55.0 %) $ (1,345 ) (13.7 %) Six Months Ended June 30, 2016 2015 (Dollars in thousands) Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (10,829 ) (113.9 %) $ (4,015 ) (30.9 %) Adjustments: Tax exempt interest (203 ) (2.1 ) (219 ) (1.7 ) Dividend exclusion (477 ) (5.0 ) (413 ) (3.2 ) Other 34 0.3 (254 ) (2.0 ) Actual tax on continuing operations $ (11,475 ) (120.7 %) $ (4,901 ) (37.8 %)

Liability for Unpaid Losses a26

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Balance at beginning of period $ 676,236 $ 770,119 $ 680,047 $ 675,472 Less: Ceded reinsurance receivables 106,957 140,508 108,130 123,201 Net balance at beginning of period 569,279 629,611 571,917 552,271 Purchased reserves, gross — (584 ) — 88,370 Less: Purchased reserves ceded — — — 11,681 Purchased reserves, net — (584 ) — 76,689 Incurred losses and loss adjustment expenses related to: Current year 87,032 84,724 158,412 157,838 Prior years (8,921 ) (5,164 ) (15,517 ) (8,659 ) Total incurred losses and loss adjustment expenses 78,111 79,560 142,895 149,179 Paid losses and loss adjustment expenses related to: Current year 43,560 45,379 63,386 60,061 Prior years 31,559 32,406 79,155 87,276 Total paid losses and loss adjustment expenses 75,119 77,785 142,541 147,337 Net balance at end of period 572,271 630,802 572,271 630,802 Plus: Ceded reinsurance receivables 111,579 138,497 111,579 138,497 Balance at end of period $ 683,850 $ 769,299 $ 683,850 $ 769,299

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016: Period (1) Total Number of Shares Purchased or Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar May 1 – 31, 2016 596 (2) $ 30.56 — — Total 596 $ 30.56 — (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 June 30, 2015: Period (1) Total of Shares Purchased or Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar May 1 – 31, 2015 596 (2) $ 27.01 — — Total 596 $ 27.01 — — (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)	6 Months Ended
	Jun. 30, 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 June 30, (Dollars in thousands) 2016 2015 Assumed earned premium $ (6 ) $ 886 Assumed losses and loss adjustment expenses (1 ) 239 Six Months Ended June 30, (Dollars in thousands) 2016 2015 Assumed earned premium $ 51 $ 2,248 Assumed losses and loss adjustment expenses (209 ) 643
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) June 30, December 31, Net payable balance $ (259 ) $ (110 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, except share and per share data) 2016 2015 2016 2015 Net income (loss) $ (5,165 ) $ 11,117 $ 1,960 $ 17,911 Basic earnings per share: Weighted average shares outstanding – basic 17,244,075 25,454,579 17,234,063 25,447,398 Net income (loss) per share $ (0.30 ) $ 0.44 $ 0.11 $ 0.70 Diluted earnings per share: Weighted average shares outstanding – diluted 17,244,075 25,680,997 17,484,980 25,659,869 Net income (loss) per share $ (0.30 ) $ 0.43 $ 0.11 $ 0.70
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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average shares for basic earnings per share 17,244,075 25,454,579 17,234,063 25,447,398 Non-vested restricted stock — 122,141 140,773 109,308 Options — 104,277 110,144 103,163 Weighted average shares for diluted earnings per share 17,244,075 25,680,997 17,484,980 25,659,869
Summarizes Options which Deemed to be Anti-dilutive	The following table summarizes options which are deemed to be anti-dilutive at June 30, 2016: Grant Date Expiration Date Outstanding Strike Price February 9, 2014 February 10, 2024 300,000 $ 32.38 300,000

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Summary of Business Segment Information	The following are tabulations of business segment information for the quarters and six months ended June 30, 2016 and 2015. Quarter Ended June 30, 2016: (Dollars in thousands) Commercial Personal Reinsurance Operations(2) Total Revenues: Gross premiums written $ 58,030 $ 83,881 $ 12,408 $ 154,319 Net premiums written $ 52,452 $ 60,464 $ 12,394 $ 125,310 Net premiums earned $ 48,187 $ 60,729 $ 8,888 $ 117,804 Other income (loss) 160 701 (66 ) 795 Total revenues 48,347 61,430 8,822 118,599 Losses and Expenses: Net losses and loss adjustment expenses 29,712 44,687 3,712 78,111 Acquisition costs and other underwriting expenses 18,919 (3) 26,148 (4) 3,475 48,542 Income (loss) from segments $ (284 ) $ (9,405 ) $ 1,635 $ (8,054 ) Unallocated Items: Net investment income 6,562 Net realized investment losses (3,492 ) Corporate and other operating expenses (4,255 ) Interest expense (2,229 ) Income before income taxes (11,468 ) Income tax benefit 6,303 Net loss (5,165 ) Total assets $ 771,330 $ 522,473 $ 712,291 (5) $ 2,006,094 (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 $132 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $303 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 June 30, 2015: (Dollars in thousands) Commercial Personal Reinsurance Operations(2) Total Revenues: Gross premiums written $ 59,033 $ 89,004 $ 18,478 $ 166,515 Net premiums written $ 54,700 $ 72,827 $ 18,478 $ 146,005 Net premiums earned $ 49,614 $ 65,918 $ 13,345 $ 128,877 Other income 153 411 13 577 Total revenues 49,767 66,329 13,358 129,454 Losses and Expenses: Net losses and loss adjustment expenses 30,039 45,180 4,341 79,560 Acquisition costs and other underwriting expenses 20,008 (3) 26,065 (4) 4,853 50,926 Income (loss) from segments $ (280 ) $ (4,916 ) $ 4,164 $ (1,032 ) Unallocated Items: Net investment income 9,141 Net realized investment gains 6,532 Corporate and other operating expenses (4,334 ) Interest expense (535 ) Income before income taxes 9,772 Income tax benefit 1,345 Net income 11,117 Total assets $ 944,744 $ 554,302 $ 761,412 (5) $ 2,260,458 (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 $261 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $330 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. Six Months Ended June 30, 2016: (Dollars in thousands) Commercial Personal Reinsurance Operations (2) Total Revenues: Gross premiums written $ 107,121 $ 163,421 $ 25,143 $ 295,685 Net premiums written $ 96,010 $ 121,043 $ 25,129 $ 242,182 Net premiums earned $ 95,520 $ 122,815 $ 21,105 $ 239,440 Other income (loss) 323 1,400 28 1,751 Total revenues 95,843 124,215 21,133 241,191 Losses and Expenses: Net losses and loss adjustment expenses 54,718 79,860 8,317 142,895 Acquisition costs and other underwriting expenses 39,390 (3) 53,284 (4) 7,958 100,632 Income from segments $ 1,735 $ (8,929 ) $ 4,858 $ (2,336 ) Unallocated Items: Net investment income 16,308 Net realized investment losses (10,985 ) Corporate and other operating expenses (8,058 ) Interest expense (4,444 ) Income before income taxes (9,515 ) Income tax benefit 11,475 Net income 1,960 Total assets $ 771,330 $ 522,473 $ 712,291 (5) $ 2,006,094 (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 $259 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $614 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. Six Months Ended June 30, 2015: (Dollars in thousands) Commercial Personal Reinsurance Operations (2) Total Revenues: Gross premiums written $ 108,826 $ 162,215 $ 38,343 $ 309,384 Net premiums written $ 100,322 $ 133,483 $ 38,304 $ 272,109 Net premiums earned $ 100,328 $ 129,340 $ 26,546 $ 256,214 Other income (loss) 318 877 (66 ) 1,129 Total revenues 100,646 130,217 26,480 257,343 Losses and Expenses: Net losses and loss adjustment expenses 59,642 81,098 8,439 149,179 Acquisition costs and other underwriting expenses 40,631 (3) 48,811 (4) 9,742 99,184 Income from segments $ 373 $ 308 $ 8,299 $ 8,980 Unallocated Items: Net investment income 17,382 Net realized investment gains 3,562 Corporate and other operating expenses (15,874 ) Interest expense (1,040 ) Income before income taxes 13,010 Income tax benefit 4,901 Net income 17,911 Total assets $ 944,744 $ 554,302 $ 761,412 (5) $ 2,260,458 (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 $529 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $647 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 a31

Principles of Consolidation and Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 1,430,450	$ 1,441,082
Gross Unrealized Gains		37,441	23,261
Gross Unrealized Losses		(6,130)	(15,287)
Estimated Fair Value		1,461,761	1,449,056
Other than temporary impairments recognized in AOCI	[1]	(7)	(9)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		101,867	100,157
Gross Unrealized Gains		20,975	16,118
Gross Unrealized Losses		(3,834)	(5,960)
Estimated Fair Value		119,008	110,315
Other Invested Assets
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		35,798	32,592
Estimated Fair Value		35,798	32,592
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,292,785	1,308,333
Gross Unrealized Gains		16,466	7,143
Gross Unrealized Losses		(2,296)	(9,327)
Estimated Fair Value		1,306,955	1,306,149
Other than temporary impairments recognized in AOCI	[1]	(7)	(9)
Fixed Maturities | U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		83,247	106,303
Gross Unrealized Gains		1,999	1,140
Gross Unrealized Losses			(321)
Estimated Fair Value		85,246	107,122
Fixed Maturities | Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		175,427	203,121
Gross Unrealized Gains		3,877	2,576
Gross Unrealized Losses		(31)	(457)
Estimated Fair Value		179,273	205,240
Fixed Maturities | Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		154,119	157,753
Gross Unrealized Gains		3,369	2,113
Gross Unrealized Losses		(84)	(743)
Estimated Fair Value		157,404	159,123
Fixed Maturities | Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		269,093	261,008
Gross Unrealized Gains		1,286	435
Gross Unrealized Losses		(582)	(1,421)
Estimated Fair Value		269,797	260,022
Other than temporary impairments recognized in AOCI	[1]	(7)	(9)
Fixed Maturities | Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		134,472	142,742
Gross Unrealized Gains		229
Gross Unrealized Losses		(1,202)	(2,352)
Estimated Fair Value		133,499	140,390
Fixed Maturities | Corporate Bonds and Debt
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		358,411	334,720
Gross Unrealized Gains		4,660	685
Gross Unrealized Losses		(355)	(3,294)
Estimated Fair Value		362,716	332,111
Fixed Maturities | Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		118,016	102,686
Gross Unrealized Gains		1,046	194
Gross Unrealized Losses		(42)	(739)
Estimated Fair Value		$ 119,020	$ 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 ($)		Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 6,130,000	$ 15,287,000
Gross unrealized losses for 12 months or greater	[1]	849,000	$ 515,000
Investments in insurance enhanced asset backed and credit securities		38,200,000
Investments in insurance enhanced municipal bonds		13,786,000
Ratings without insurance		502,000
Investments in asset backed and taxable municipal bonds		$ 24,400,000
Asset backed and taxable municipal bonds as a percentage of total cash and invested assets		1.60%
Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		$ 19,500,000
Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		3,900,000
Ambac Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		900,000
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		$ 9,046,000
Taxable Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		23,200,000
Pre-Refunded Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		5,200,000
Pre-Refunded Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		460,000
A+ Rating
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		$ 13,800,000
Insurance enhanced municipal bonds as a percentage of total cash and invested assets		0.90%
Insurance enhanced municipal bonds		$ 8,600,000
Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		31,000
Obligations of States and Political Subdivisions | A Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		19,000
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		84,000
Mortgage Backed Securities | Investment Grade Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		12,000
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 582,000
Weighted average credit enhancement		22.60%
Investments in asset backed and taxable municipal bonds		$ 1,200,000
Asset-backed Securities | AA Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		178,000
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 1,202,000
Weighted average credit enhancement		32.60%
Commercial Mortgage-Backed Securities | A+ Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		$ 601,000
Corporate Bonds and Debt
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		355,000
Corporate Bonds and Debt | Investment Grade Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		19,000
Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		42,000
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		3,834,000	$ 5,960,000
Gross unrealized losses for 12 months or greater	[1]	20,000
One of the Company's variable interest VIE's
Schedule of Available-for-sale Securities [Line Items]
Significant variable interest in fair value of the non-consolidated VIE		33,300,000	32,600,000
Variable interest entities, maximum exposure to loss		55,400,000	$ 52,600,000
The remaining two variable interest VIE's
Schedule of Available-for-sale Securities [Line Items]
Significant variable interest in fair value of the non-consolidated VIE		2,500,000
Variable interest entities, maximum exposure to loss		$ 28,900,000
[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	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	$ 62,502
Due after one year through five years, Amortized Cost	630,003
Due after five years through ten years, Amortized Cost	39,088
Due after ten years through fifteen years, Amortized Cost	0
Due after fifteen years, Amortized Cost	3,508
Fixed maturities, amortized cost	1,292,785	$ 1,308,333
Due in one year or less, Estimated Fair value	62,746
Due after one year through five years, Estimated Fair value	639,527
Due after five years through ten years, Estimated Fair value	40,487
Due after ten years through fifteen years, Estimated Fair value	0
Due after fifteen years, Estimated Fair value	3,495
Fixed Maturities, estimated fair value	1,306,955	$ 1,306,149
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	154,119
Estimated Fair value	157,404
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	269,093
Estimated Fair value	269,797
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	134,472
Estimated Fair value	$ 133,499

Summary of Securities with Gros

Summary of Securities with Gross Unrealized Losses (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		$ 230,523	$ 827,179
Less than 12 months, Gross Unrealized Losses		(5,281)	(14,772)
12 months or longer, Fair Value	[1]	92,548	41,401
12 months or longer, Gross Unrealized Losses	[1]	(849)	(515)
Total, Fair Value		323,071	868,580
Total, Gross Unrealized Losses		(6,130)	(15,287)
Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(31)
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(84)
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(582)
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(1,202)
Corporate Bonds and Debt
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(355)
Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(42)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		30,349	36,798
Less than 12 months, Gross Unrealized Losses		(3,814)	(5,960)
12 months or longer, Fair Value	[1]	127
12 months or longer, Gross Unrealized Losses	[1]	(20)
Total, Fair Value		30,476	36,798
Total, Gross Unrealized Losses		(3,834)	(5,960)
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		200,174	790,381
Less than 12 months, Gross Unrealized Losses		(1,467)	(8,812)
12 months or longer, Fair Value	[1]	92,421	41,401
12 months or longer, Gross Unrealized Losses	[1]	(829)	(515)
Total, Fair Value		292,595	831,782
Total, Gross Unrealized Losses		(2,296)	(9,327)
Fixed Maturities | U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value			79,496
Less than 12 months, Gross Unrealized Losses			(321)
Total, Fair Value			79,496
Total, Gross Unrealized Losses			(321)
Fixed Maturities | Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		4,143	49,708
Less than 12 months, Gross Unrealized Losses		(12)	(373)
12 months or longer, Fair Value	[1]	1,066	7,732
12 months or longer, Gross Unrealized Losses	[1]	(19)	(84)
Total, Fair Value		5,209	57,440
Total, Gross Unrealized Losses		(31)	(457)
Fixed Maturities | Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		13,235	63,759
Less than 12 months, Gross Unrealized Losses		(72)	(743)
12 months or longer, Fair Value	[1]	322
12 months or longer, Gross Unrealized Losses	[1]	(12)
Total, Fair Value		13,557	63,759
Total, Gross Unrealized Losses		(84)	(743)
Fixed Maturities | Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		73,205	203,381
Less than 12 months, Gross Unrealized Losses		(404)	(1,404)
12 months or longer, Fair Value	[1]	35,766	4,843
12 months or longer, Gross Unrealized Losses	[1]	(178)	(17)
Total, Fair Value		108,971	208,224
Total, Gross Unrealized Losses		(582)	(1,421)
Fixed Maturities | Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		59,186	118,813
Less than 12 months, Gross Unrealized Losses		(601)	(2,005)
12 months or longer, Fair Value	[1]	50,086	21,577
12 months or longer, Gross Unrealized Losses	[1]	(601)	(347)
Total, Fair Value		109,272	140,390
Total, Gross Unrealized Losses		(1,202)	(2,352)
Fixed Maturities | Corporate Bonds and Debt
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		38,516	211,364
Less than 12 months, Gross Unrealized Losses		(336)	(3,269)
12 months or longer, Fair Value	[1]	5,181	2,120
12 months or longer, Gross Unrealized Losses	[1]	(19)	(25)
Total, Fair Value		43,697	213,484
Total, Gross Unrealized Losses		(355)	(3,294)
Fixed Maturities | Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		11,889	63,860
Less than 12 months, Gross Unrealized Losses		(42)	(697)
12 months or longer, Fair Value	[1]		5,129
12 months or longer, Gross Unrealized Losses	[1]		(42)
Total, Fair Value		11,889	68,989
Total, Gross Unrealized Losses		$ (42)	$ (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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
OTTI losses, gross	$ (36)	$ (13)	$ (93)	$ (23)
Portion of loss recognized in other comprehensive income (pre-tax)	0	0	0	0
Net impairment losses on fixed maturities recognized in earnings	(36)	(13)	(93)	(23)
Equity securities	(1,181)	(1,885)	(2,174)	(2,215)
Total	$ (1,217)	$ (1,898)	$ (2,267)	$ (2,238)

Schedule of Credit Losses Recog

Schedule of Credit Losses Recognized in Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Balance at beginning of period	$ 31	$ 50	$ 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		(19)		(19)
Balance at end of period	$ 31	$ 31	$ 31	$ 31

Schedule of Accumulated Other C

Schedule of Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Deferred taxes	$ (9,235)		$ (3,896)
Accumulated other comprehensive income, net of tax	22,076	$ 13,236	4,078	$ 20,102	$ 27,705	$ 23,384
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains (losses)	14,170		(2,184)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains (losses)	$ 17,141		$ 10,158

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 13,236	$ 27,705	$ 4,078	$ 23,384	$ 23,384
Other comprehensive income (loss) before reclassification	9,563	(6,686)	19,691	(566)
Amounts reclassified from accumulated other comprehensive income (loss)	(723)	(917)	(1,693)	(2,716)
Other comprehensive income (loss), net of tax	8,840	(7,603)	17,998	(3,282)
Ending balance	22,076	20,102	22,076	20,102	4,078
Unrealized Gains and Losses on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	13,359	28,206	4,200	23,647	23,647
Other comprehensive income (loss) before reclassification	9,873	(6,845)	20,002	(404)
Amounts reclassified from accumulated other comprehensive income (loss)	(721)	(1,160)	(1,691)	(3,042)
Other comprehensive income (loss), net of tax	9,152	(8,005)	18,311	(3,446)
Ending balance	22,511	20,201	22,511	20,201	4,200
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(123)	(501)	(122)	(263)	(263)
Other comprehensive income (loss) before reclassification	(310)	159	(311)	(162)
Amounts reclassified from accumulated other comprehensive income (loss)	(2)	243	(2)	326
Other comprehensive income (loss), net of tax	(312)	402	(313)	164
Ending balance	$ (435)	$ (99)	$ (435)	$ (99)	$ (122)

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	$ (723)	$ (917)	$ (1,693)	$ (2,716)
Other net realized investment (gains) losses	(2,275)	8,430	(8,718)	5,800
Other than temporary impairment losses on investments	(1,217)	(1,898)	(2,267)	(2,238)
Income (loss) before income taxes	(11,468)	9,772	(9,515)	13,010
Income tax expense (benefit)	6,303	1,345	11,475	4,901
Net income (loss)	(5,165)	11,117	1,960	17,911
Unrealized Gains and Losses on Available for Sale Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	(721)	(1,160)	(1,691)	(3,042)
Foreign Currency Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	(2)	243	(2)	326
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	(2,295)	(3,745)	(4,830)	(7,126)
Other than temporary impairment losses on investments	1,217	1,897	2,267	2,238
Income (loss) before income taxes	(1,078)	(1,848)	(2,563)	(4,888)
Income tax expense (benefit)	357	688	872	1,846
Net income (loss)	(721)	(1,160)	(1,691)	(3,042)
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	(4)	373	(4)	501
Income tax expense (benefit)	2	(130)	2	(175)
Net income (loss)	$ (2)	$ 243	$ (2)	$ 326

Components of Net Realized Inve

Components of Net Realized Investment Gains (Losses) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Total net realized investment gains (losses)	$ (3,492)	$ 6,532	$ (10,985)	$ 3,562
Not Designated as Hedging Instrument | Interest Rate Swap
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains		6,353		1,873
Gross realized losses	(4,574)	(1,296)	(13,552)	(2,698)
Total net realized investment gains (losses)	(4,574)	5,057	(13,552)	(825)
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	637	746	818	1,479
Gross realized losses	(71)	(110)	(144)	(241)
Total net realized investment gains (losses)	566	636	674	1,238
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	2,158	3,371	4,723	5,923
Gross realized losses	(1,642)	(2,532)	(2,830)	(2,870)
Total net realized investment gains (losses)	$ 516	$ 839	$ 1,893	3,053
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	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities	$ 200,045	$ 211,542
Equity securities	$ 20,967	22,327
Preferred stock		$ 1,540

Schedule of Investment Income (

Schedule of Investment Income (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Investment income		$ 9,034	$ 10,044	$ 19,511	$ 19,121
Investment expense	[1]	(2,472)	(903)	(3,203)	(1,739)
Net investment income		6,562	9,141	16,308	17,382
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Investment income		7,374	8,022	14,598	16,036
Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Investment income		760	924	1,949	1,716
Cash and Cash Equivalents
Schedule of Available-for-sale Securities [Line Items]
Investment income		37	9	67	27
Other Invested Assets
Schedule of Available-for-sale Securities [Line Items]
Investment income		$ 863	$ 1,089	$ 2,897	$ 1,342
[1]	Investment expense for both the quarter and six months ended June 30, 2016 include $1.5 million in upfront fees necessary to enter into a new investment. See Note 9 for additional information on the Company's $40 million commitment related to this new investment.

Schedule of Investment Income44

Schedule of Investment Income (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Investment expense	[1]	$ 2,472	$ 903	$ 3,203	$ 1,739
Commitment to purchase alternative investment		40,000		40,000		$ 50,000
Upfront Fees
Schedule of Available-for-sale Securities [Line Items]
Investment expense		$ 1,500		$ 1,500
[1]	Investment expense for both the quarter and six months ended June 30, 2016 include $1.5 million in upfront fees necessary to enter into a new investment. See Note 9 for additional information on the Company's $40 million commitment related to this new investment.

Schedule of Total Investment Re

Schedule of Total Investment Return (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Investment Income [Line Items]
Net investment income		$ 6,562	$ 9,141	$ 16,308	$ 17,382
Net realized investment gains (losses)		(3,492)	6,532	(10,985)	3,562
Change in unrealized holding gains and losses		11,529	(9,752)	23,337	(5,155)
Net realized and unrealized investment returns		8,037	(3,220)	12,352	(1,593)
Total investment return		$ 14,599	$ 5,921	$ 28,660	$ 15,789
Total investment return %	[1]	1.00%	0.30%	1.90%	0.90%
Average investment portfolio	[2]	$ 1,519,556	$ 1,776,326	$ 1,524,617	$ 1,758,103
[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	Jun. 30, 2016USD ($)
Financial Statement Details [Line Items]
Ratings with insurance	$ 502
Ratings without insurance	502
AA Rating
Financial Statement Details [Line Items]
Ratings with insurance	502
BBB Rating
Financial Statement Details [Line Items]
Ratings without insurance	$ 502

Summary of Insurance Enhanced M

Summary of Insurance Enhanced Municipal Bonds Backed by Financial Guarantors (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	$ 13,786
Ambac Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	1,529
Assured Guaranty Corporation
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	3,539
Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	3,425
Gov't National Housing Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	553
Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	9,046
Other Credit Enhanced Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	4,740
Pre-Refunded Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	5,200
Pre-Refunded Securities | Ambac Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	460
Pre-Refunded Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	460
Pre-Refunded Securities | Other Credit Enhanced Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	4,740
Government Guaranteed Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	553
Government Guaranteed Securities | Gov't National Housing Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	553
Government Guaranteed Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	553
Exposure Net Of Pre-refunded & Government Guaranteed Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	8,033
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	1,069
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	3,539
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	3,425
Exposure Net Of Pre-refunded & Government Guaranteed Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	$ 8,033

Summary of Estimated Fair Value

Summary of Estimated Fair Values of Bonds Held on Deposit (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		$ 816,535	$ 849,820
On Deposit With Governmental Authorities
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		36,349	38,815
Intercompany Trusts Held For Benefit Of U.S. Policyholders
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		616,325	643,216
Held In Trust Pursuant To Third Party Requirements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		60,209	66,544
Letter Of Credit Held For Third Party Requirements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		4,292	5,598
Securities held as collateral for borrowing arrangements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	[1]	$ 99,360	$ 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	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Notional Amount	$ 200,000	$ 200,000
Fair Value	$ (26,343)	$ (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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest Rate Swap | Net Realized Investment Gains
Derivative Instruments, Gain (Loss) [Line Items]
Net loss for changes in fair value and net settlements of derivatives	$ (4,574)	$ 5,057	$ (13,552)	$ (825)

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) - Other Assets - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Funds needed to post execute swap transaction	$ 4.7	$ 4.5
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Margin calls made in connection with interest rate swaps	$ 26.9	$ 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		Jun. 30, 2016		Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		$ 1,461,761		$ 1,449,056
Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		119,008		110,315
Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		1,306,955		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		85,246		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		179,273		205,240
Fixed Maturities | Mortgage Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		157,404		159,123
Fixed Maturities | Commercial Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		133,499		140,390
Fixed Maturities | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		269,797		260,022
Fixed Maturities | Corporate Bonds and Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		362,716		332,111
Fixed Maturities | Foreign Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		119,020		102,141
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		1,425,963	[1]	1,416,464	[2]
Total invested liabilities		26,343		15,256
Fair Value, Measurements, Recurring | Derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested liabilities		26,343		15,256
Fair Value, Measurements, Recurring | Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		119,008		110,315
Fair Value, Measurements, Recurring | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		1,306,955		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		85,246		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		179,273		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		157,404		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		133,499		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		269,797		260,022
Fair Value, Measurements, Recurring | Fixed Maturities | Corporate Bonds and Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		362,716		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		119,020		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		200,896	[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		119,008		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		81,888		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		81,888		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		1,213,847	[1]	1,204,885	[2]
Total invested liabilities		26,343		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		26,343		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		1,213,847		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		3,358		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		179,273		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		157,404		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		133,499		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		269,797		260,022
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | Corporate Bonds and Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		351,496		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		119,020		$ 102,141
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	[1]	11,220
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		11,220
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Fixed Maturities | Corporate Bonds and Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets		$ 11,220
[1]	Excluded from the table above are limited liability companies and limited partnerships of $35.8 million at June 30, 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	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investment in limited liability companies and limited partnership	$ 35,798	$ 32,592

Current Fair Value of Debt (Det

Current Fair Value of Debt (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt		$ 174,211	$ 172,034
Debt, fair value		174,571	167,394
7.75% Subordinated Notes due 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	[1]	96,435	96,388
Debt, fair value	[1]	96,795	91,748
Margin borrowing facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt		77,776	75,646
Debt, fair value		$ 77,776	$ 75,646
[1]	As of June 30, 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	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity in the earnings of liability companies or partnerships	$ 900	$ 1,100	$ 2,747	$ 1,342
Equity Method Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity in the earnings of liability companies or partnerships			$ 2,900	$ 1,342
7.75% Subordinated Notes due 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subordinated Notes percentage	7.75%		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%		7.75%
Subordinated Notes due date			2,045

Changes in Level 3 Investments

Changes in Level 3 Investments Measured at Fair Value on Recurring Basis (Detail) - Other Invested Assets - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Included in accumulated other comprehensive income (loss)	$ 0	$ 0	$ 0	$ 0
Purchases	11,220		11,220
Distributions	0	$ 0	0	$ 0
Ending balance	$ 11,220		$ 11,220

Fair Value and Future Funding C

Fair Value and Future Funding Commitments Related to These Investments (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 35,798	$ 32,592
Future Funding Commitments		48,335	20,014
European Non-Performing Loan Fund, LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	[1]	33,339	32,592
Future Funding Commitments	[1]	22,014	$ 20,014
Private Middle Market Loans, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	[2]	2,459
Future Funding Commitments	[2]	$ 26,321
[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.
[2]	This interest consists of two separate equity investments in limited liability companies whereby the Company is also a lender via separate loan agreements. Typical financing is used for growth, acquisitions, or buyouts. The Company classifies their portion of the middle market corporate debt as fixed maturities. The Company has committed $40 million to this investment strategy, including both the equity and financing provisions. While the Company is not able to estimate the proportion of future funding commitments between equity and financing, the total remaining commitment is $26.3 million. Based on the terms of the investment management agreement, the Company anticipates its interest to be redeemed no later than 2024.

Fair Value and Future Funding59

Fair Value and Future Funding Commitments Related to These Investments (Parenthetical) (Detail)		6 Months Ended
		Jun. 30, 2016USD ($)Investment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value written down		$ 0
Commitment to purchase alternative investment		40,000,000		$ 50,000,000
Future Funding Commitments		$ 48,335,000	$ 20,014,000
Private Middle Market Loans, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of investments | Investment		2
Future Funding Commitments	[1]	$ 26,321,000
[1]	This interest consists of two separate equity investments in limited liability companies whereby the Company is also a lender via separate loan agreements. Typical financing is used for growth, acquisitions, or buyouts. The Company classifies their portion of the middle market corporate debt as fixed maturities. The Company has committed $40 million to this investment strategy, including both the equity and financing provisions. While the Company is not able to estimate the proportion of future funding commitments between equity and financing, the total remaining commitment is $26.3 million. Based on the terms of the investment management agreement, the Company anticipates its interest to be redeemed no later than 2024.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax [Line Items]
Effective income tax benefit rate	(55.00%)	(13.70%)	(120.70%)	(37.80%)
Alternative minimum tax credit carry forward	$ 10.9		$ 10.9		$ 10.9
Net operating loss carryforwards	10.6		10.6		1.9
Section 163(j) carryforward	$ 3.1		$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Gross premiums written	$ 154,319	$ 166,515	$ 295,685	$ 309,384
Net premiums written	125,310	146,005	242,182	272,109
Net premiums earned	117,804	128,877	239,440	256,214
Net investment income	6,562	9,141	16,308	17,382
Net realized investment gains (losses)	(3,492)	6,532	(10,985)	3,562
Other income (loss)	795	577	1,751	1,129
Total revenues	121,669	145,127	246,514	278,287
Losses and Expenses:
Net losses and loss adjustment expenses	78,111	79,560	142,895	149,179
Acquisition costs and other underwriting expenses	48,542	50,926	100,632	99,184
Corporate and other operating expenses	4,255	4,334	8,058	15,874
Interest expense	2,229	535	4,444	1,040
Income (loss) before income taxes	(11,468)	9,772	(9,515)	13,010
Non-U.S. Subsidiaries
Revenues:
Gross premiums written	57,574	83,601	89,397	222,397
Net premiums written	57,560	83,601	89,383	222,358
Net premiums earned	52,454	72,471	108,439	144,135
Net investment income	12,132	11,320	25,235	21,502
Net realized investment gains (losses)	57	(118)	70	(387)
Other income (loss)	(66)	13	28	(66)
Total revenues	64,577	83,686	133,772	165,184
Losses and Expenses:
Net losses and loss adjustment expenses	30,550	39,621	56,222	75,805
Acquisition costs and other underwriting expenses	23,587	31,570	47,107	61,864
Corporate and other operating expenses	2,488	(334)	4,276	1,747
Interest expense	2,076	430	4,152	824
Income (loss) before income taxes	5,876	12,399	22,015	24,944
U.S. Subsidiaries
Revenues:
Gross premiums written	141,911	148,038	270,542	271,042
Net premiums written	67,750	62,404	152,799	49,751
Net premiums earned	65,350	56,406	131,001	112,079
Net investment income	2,925	4,325	8,060	8,811
Net realized investment gains (losses)	(3,549)	6,650	(11,055)	3,949
Other income (loss)	861	564	1,723	1,195
Total revenues	65,587	67,945	129,729	126,034
Losses and Expenses:
Net losses and loss adjustment expenses	47,561	39,939	86,673	73,374
Acquisition costs and other underwriting expenses	24,955	19,356	53,525	37,320
Corporate and other operating expenses	1,767	4,668	3,782	14,127
Interest expense	8,648	6,609	17,279	13,147
Income (loss) before income taxes	(17,344)	(2,627)	(31,530)	(11,934)
Eliminations
Revenues:
Gross premiums written	(45,166)	(65,124)	(64,254)	(184,055)
Net premiums written			0
Net premiums earned			0
Net investment income	(8,495)	(6,504)	(16,987)	(12,931)
Net realized investment gains (losses)			0
Other income (loss)			0
Total revenues	(8,495)	(6,504)	(16,987)	(12,931)
Losses and Expenses:
Net losses and loss adjustment expenses			0
Acquisition costs and other underwriting expenses			0
Corporate and other operating expenses			0
Interest expense	$ (8,495)	$ (6,504)	(16,987)	$ (12,931)
Income (loss) before income taxes			$ 0

Components of Income Tax Expens

Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Current income tax expense (benefit):
Foreign	$ 92	$ 70	$ 205	$ 161
U.S. Federal		(2,657)		(1,547)
Total current income tax expense (benefit)	92	(2,587)	205	(1,386)
Deferred income tax expense (benefit):
U.S. Federal	(6,395)	1,242	(11,680)	(3,515)
Total deferred income tax expense (benefit)	(6,395)	1,242	(11,680)	(3,515)
Actual tax on continuing operations	$ (6,303)	$ (1,345)	$ (11,475)	$ (4,901)

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax [Line Items]
Expected tax provision at weighted average rate	$ (5,977)	$ (848)	$ (10,829)	$ (4,015)
Adjustments:
Tax exempt interest	(99)	(83)	(203)	(219)
Dividend exclusion	(238)	(258)	(477)	(413)
Other	11	(156)	34	(254)
Actual tax on continuing operations	$ (6,303)	$ (1,345)	$ (11,475)	$ (4,901)
Expected tax provision at weighted average rate	(52.10%)	(8.70%)	(113.90%)	(30.90%)
Adjustments:
Tax exempt interest, % of Pre-Tax Income	(0.90%)	(0.80%)	(2.10%)	(1.70%)
Dividend exclusion, % of Pre-Tax Income	(2.10%)	(2.60%)	(5.00%)	(3.20%)
Other, % of Pre-Tax Income	0.10%	(1.60%)	0.30%	(2.00%)
Actual tax on continuing operations, % of Pre-Tax Income	(55.00%)	(13.70%)	(120.70%)	(37.80%)

Summarized Activity in Liabilit

Summarized Activity in Liability for Unpaid Losses and Loss Adjustment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Liability for Claims and Claims Adjustment Expense [Line Items]
Balance at beginning of period	$ 676,236	$ 770,119	$ 680,047	$ 675,472
Less:Ceded reinsurance receivables	106,957	140,508	108,130	123,201
Net balance at beginning of period	569,279	629,611	571,917	552,271
Purchased reserves, gross		(584)		88,370
Less: Purchased reserves ceded				11,681
Purchased reserves, net		(584)		76,689
Incurred losses and loss adjustment expenses related to:
Current year	87,032	84,724	158,412	157,838
Prior years	(8,921)	(5,164)	(15,517)	(8,659)
Total incurred losses and loss adjustment expenses	78,111	79,560	142,895	149,179
Paid losses and loss adjustment expenses related to:
Current year	43,560	45,379	63,386	60,061
Prior years	31,559	32,406	79,155	87,276
Total paid losses and loss adjustment expenses	75,119	77,785	142,541	147,337
Net balance at end of period	572,271	630,802	572,271	630,802
Plus:Ceded reinsurance receivables	111,579	138,497	111,579	138,497
Balance at end of period	$ 683,850	$ 769,299	$ 683,850	$ 769,299

Liability for Unpaid Losses a65

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	$ (8,921)	$ (5,164)	$ (15,517)	$ (8,659)
Commercial Lines Segment
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(6,700)	(3,600)	(12,300)	(5,600)
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)
Commercial Lines Segment | Umbrella Lines | Accident years 2004 and 2011
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	700		700
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			(1,200)
Commercial Lines Segment | Property Lines | Accident Years 2009 through 2013
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve				(800)
Commercial Lines Segment | Property Lines | Accident years 2008 through 2013 and 2015
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 2012 and 2015
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	300
Commercial Lines Segment | Property Lines | Accident years 2012, 2014 and 2015
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve			300
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	(7,900)		(12,100)
Commercial Lines Segment | General Liability | Accident Years 2011 and 2012
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(1,100)		(1,800)
Commercial Lines Segment | General Liability | Accident years 2011 through 2015 | Construction Defect
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(2,000)		(1,600)
Commercial Lines Segment | General Liability | Accident years 2007 through 2012 | Other General Liability
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(5,900)		(10,500)
Commercial Lines Segment | Professional | Accident years 2006 through 2011
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(2,900)		(2,900)
Reinsurance Operations
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(2,200)	(1,600)	(3,200)	(3,100)
Reinsurance Operations | Property Lines
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(2,200)		(3,200)
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		$ (1,600)		$ (3,100)
Reinsurance Operations | Property Lines | Accident years 2013 and 2014
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(3,300)		(4,000)
Reinsurance Operations | Property Lines | Accident year 2015
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	$ 1,100		$ 800

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
		Jun. 30, 2016	Jun. 30, 2015
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased or Redeemed		596	596
Average Price Paid Per Share		$ 30.56	$ 27.01
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
May 1 - 31, 2016
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased or Redeemed	[1],[2]	596
Average Price Paid Per Share	[1]	$ 30.56
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
May 1 - 31, 2015
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased or Redeemed	[1],[2]		596
Average Price Paid Per Share	[1]		$ 27.01
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	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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%		84.00%
Minimum voting power required to nominate Directors		25.00%		25.00%
Management fees		$ 500,000	$ 500,000	$ 1,000,000	1,000,000
Unpaid management fees		3,600,000		3,600,000		$ 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	0	0	800,000
Cozen O'Connor
Related Party Transaction [Line Items]
Cost incurred for legal services rendered			200,000		300,000
Crystal & Company
Related Party Transaction [Line Items]
Brokerage fee incurred		60,000	$ 60,000	100,000	$ 100,000
Commission paid		$ 0		$ 0

Estimated Earned Premium and In

Estimated Earned Premium and Incurred Losses (Detail) - Hiscox Bermuda - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Assumed earned premium	$ (6)	$ 886	$ 51	$ 2,248
Assumed losses and loss adjustment expenses	$ (1)	$ 239	$ (209)	$ 643

Net Balances due to Global Inde

Net Balances due to Global Indemnity Reinsurance (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Hiscox Bermuda
Related Party Transaction [Line Items]
Net payable balance	$ (259)	$ (110)

Commitments And Contingencies -

Commitments And Contingencies - Additional Information (Detail)		1 Months Ended
		Jun. 30, 2016USD ($)Investment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Commitments and Contingencies [Line Items]
Commitment to purchase alternative investment		$ 40,000,000		$ 50,000,000
Future Funding Commitments		48,335,000	$ 20,014,000
European Non-Performing Loan Fund, LP
Commitments and Contingencies [Line Items]
Funded commitment amount		28,000,000
Future Funding Commitments	[1]	22,014,000	$ 20,014,000
Private Middle Market Loans, LLC
Commitments and Contingencies [Line Items]
Funded commitment amount		13,700,000
Future Funding Commitments	[2]	26,321,000
Target earnings before interest taxes depreciation and amortization, minimum		10,000,000
Target earnings before interest taxes depreciation and amortization, maximum		$ 50,000,000
Number of equity investments | Investment		2
Private Middle Market Loans, LLC | Middle Market Corporate Debt
Commitments and Contingencies [Line Items]
Funded commitment amount		$ 11,200,000
Private Middle Market Loans, LLC | Equity Investments
Commitments and Contingencies [Line Items]
Funded commitment amount		2,500,000
Unfunded Commitments | European Non-Performing Loan Fund, LP
Commitments and Contingencies [Line Items]
Future Funding Commitments		22,000,000
Unfunded Commitments | Private Middle Market Loans, LLC
Commitments and Contingencies [Line Items]
Future Funding Commitments		$ 26,300,000
[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.
[2]	This interest consists of two separate equity investments in limited liability companies whereby the Company is also a lender via separate loan agreements. Typical financing is used for growth, acquisitions, or buyouts. The Company classifies their portion of the middle market corporate debt as fixed maturities. The Company has committed $40 million to this investment strategy, including both the equity and financing provisions. While the Company is not able to estimate the proportion of future funding commitments between equity and financing, the total remaining commitment is $26.3 million. Based on the terms of the investment management agreement, the Company anticipates its interest to be redeemed no later than 2024.

Share-Based Compensation Plans

Share-Based Compensation Plans - Additional Information (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded	0	0
Unvested stock options forfeited	133,333	0	200,000	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	0	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 | 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 | 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 | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date			33.33%	33.33%
Number of shares issued			11,199	10,574
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
Vesting date				Jan. 1, 2018
Restricted Stock | Chief Executive Officer And Other Key Employee | January 1, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date				100.00%
Restricted Stock | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	10,172	8,798	19,614	18,045
Weighted average fair value per share	$ 27.53	$ 28.08	$ 29.26	$ 27.91
Restricted Stock | Another Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued			5,309
Vesting date			Feb. 7, 2019
Restricted Stock | Another Key Employees | February 7, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date			100.00%
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%
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded			0	200,000
Strike price per share				$ 28.37
Performance Based Stock Options | December 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date				33.33%
Performance Based Stock Options | December 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date				33.33%
Performance Based Stock Options | December 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date				33.33%

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income (loss)		$ (5,165)	$ 11,117	$ 1,960	$ 17,911
Weighted average shares outstanding - basic		17,244,075	25,454,579	17,234,063	25,447,398
Net income (loss) per share	[1]	$ (0.30)	$ 0.44	$ 0.11	$ 0.70
Weighted average shares outstanding - diluted		17,244,075	25,680,997	17,484,980	25,659,869
Net income (loss) per share	[1]	$ (0.30)	$ 0.43	$ 0.11	$ 0.70
[1]	For the quarter ended June 30, 2016, "diluted" loss per share is the same as "basic" loss per share since there was a net loss for the period.

Reconciliation of Weighted Aver

Reconciliation of Weighted Average Shares for Basic and Diluted Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Weighted average shares for basic earnings per share	17,244,075	25,454,579	17,234,063	25,447,398
Weighted average shares for diluted earnings per share	17,244,075	25,680,997	17,484,980	25,659,869
Restricted Stock
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Non-vested restricted stock and options		122,141	140,773	109,308
Stock Options
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Non-vested restricted stock and options		104,277	110,144	103,163

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Line Items]
Weighted average shares for diluted earnings per share	17,511,617
Shares excluded from calculation of diluted earnings per share	300,000	512,500	300,000	512,500
Restricted Stock Diluted
Earnings Per Share [Line Items]
Non-vested restricted stock and options	155,967
Stock Options Diluted
Earnings Per Share [Line Items]
Non-vested restricted stock and options	111,575

Summarizes Options which Deemed

Summarizes Options which Deemed to be Anti-dilutive (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Potentially Dilutive Securities Outstanding [Line Items]
Shares excluded from calculation of diluted earnings per share	300,000	512,500	300,000	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

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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				6 Months Ended
		Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015		Dec. 31, 2015
Revenues:
Gross premiums written		$ 154,319		$ 166,515		$ 295,685		$ 309,384
Net premiums written		125,310		146,005		242,182		272,109
Net premiums earned		117,804		128,877		239,440		256,214
Other income (loss)		795		577		1,751		1,129
Total revenues		118,599		129,454		241,191		257,343
Losses and Expenses:
Net losses and loss adjustment expenses		78,111		79,560		142,895		149,179
Acquisition costs and other underwriting expenses		48,542		50,926		100,632		99,184
Income (loss) from segments		(8,054)		(1,032)		(2,336)		8,980
Unallocated Items:
Net investment income		6,562		9,141		16,308		17,382
Net realized investment gains (losses)		(3,492)		6,532		(10,985)		3,562
Corporate and other operating expenses		(4,255)		(4,334)		(8,058)		(15,874)
Interest expense		(2,229)		(535)		(4,444)		(1,040)
Income (loss) before income taxes		(11,468)		9,772		(9,515)		13,010
Income tax benefit		6,303		1,345		11,475		4,901
Net income (loss)		(5,165)		11,117		1,960		17,911
Total assets		2,006,094		2,260,458		2,006,094		2,260,458		$ 1,957,294
Reinsurance Operations
Revenues:
Gross premiums written	[1]	12,408		18,478		25,143		38,343
Net premiums written	[1]	12,394		18,478		25,129		38,304
Net premiums earned	[1]	8,888		13,345		21,105		26,546
Other income (loss)	[1]	(66)		13		28		(66)
Total revenues	[1]	8,822		13,358		21,133		26,480
Losses and Expenses:
Net losses and loss adjustment expenses	[1]	3,712		4,341		8,317		8,439
Acquisition costs and other underwriting expenses	[1]	3,475		4,853		7,958		9,742
Income (loss) from segments	[1]	1,635		4,164		4,858		8,299
Unallocated Items:
Total assets	[1],[2]	712,291		761,412		712,291		761,412
Commercial Lines
Revenues:
Gross premiums written	[3]	58,030		59,033		107,121		108,826
Net premiums written	[3]	52,452		54,700		96,010		100,322
Net premiums earned	[3]	48,187		49,614		95,520		100,328
Other income (loss)	[3]	160		153		323		318
Total revenues	[3]	48,347		49,767		95,843		100,646
Losses and Expenses:
Net losses and loss adjustment expenses	[3]	29,712		30,039		54,718		59,642
Acquisition costs and other underwriting expenses	[3]	18,919	[4]	20,008	[5]	39,390	[6]	40,631	[7]
Income (loss) from segments	[3]	(284)		(280)		1,735		373
Unallocated Items:
Total assets	[3]	771,330		944,744		771,330		944,744
Personal Lines
Revenues:
Gross premiums written	[3]	83,881		89,004		163,421		162,215
Net premiums written	[3]	60,464		72,827		121,043		133,483
Net premiums earned	[3]	60,729		65,918		122,815		129,340
Other income (loss)	[3]	701		411		1,400		877
Total revenues	[3]	61,430		66,329		124,215		130,217
Losses and Expenses:
Net losses and loss adjustment expenses	[3]	44,687		45,180		79,860		81,098
Acquisition costs and other underwriting expenses	[3]	26,148	[8]	26,065	[9]	53,284	[10]	48,811	[11]
Income (loss) from segments	[3]	(9,405)		(4,916)		(8,929)		308
Unallocated Items:
Total assets	[3]	$ 522,473		$ 554,302		$ 522,473		$ 554,302
[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 $132 relating to cessions from Commercial Lines to Reinsurance Operations.
[5]	Includes federal excise tax of $261 relating to cessions from Commercial Lines to Reinsurance Operations.
[6]	Includes federal excise tax of $259 relating to cessions from Commercial Lines to Reinsurance Operations.
[7]	Includes federal excise tax of $529 relating to cessions from Commercial Lines to Reinsurance Operations.
[8]	Includes federal excise tax of $303 relating to cessions from Personal Lines to Reinsurance Operations.
[9]	Includes federal excise tax of $330 relating to cessions from Personal Lines to Reinsurance Operations.
[10]	Includes federal excise tax of $614 relating to cessions from Personal Lines to Reinsurance Operations.
[11]	Includes federal excise tax of $647 relating to cessions from Personal Lines to Reinsurance Operations.

Summary of Business Segment I78

Summary of Business Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commercial Lines
Segment Reporting Information [Line Items]
Federal excise tax relating to cessions from Insurance Operations to Reinsurance Operations	$ 132	$ 261	$ 259	$ 529
Personal Lines
Segment Reporting Information [Line Items]
Federal excise tax relating to cessions from Insurance Operations to Reinsurance Operations	$ 303	$ 330	$ 614	$ 647