Global Indemnity (GBLI) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 02, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	GBLI
Entity Registrant Name	Global Indemnity Ltd
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 Ordinary Shares, Shares Outstanding		13,427,223
Ordinary Shares B
Document Information [Line Items]
Entity Ordinary Shares, Shares Outstanding		4,133,366

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,309,245 and $1,241,339)	$ 1,309,753	$ 1,240,031
Equity securities:
Available for sale, at fair value (cost: $122,559 and $119,515)	128,705	120,557
Other invested assets	64,213	66,121
Total investments	1,502,671	1,426,709
Cash and cash equivalents	127,543	75,110
Premiums receivable, net	80,727	92,094
Reinsurance receivables, net	106,432	143,774
Funds held by ceding insurers	31,862	13,114
Deferred federal income taxes	41,989	40,957
Deferred acquisition costs	58,090	57,901
Intangible assets	22,946	23,079
Goodwill	6,521	6,521
Prepaid reinsurance premiums	33,108	42,583
Other assets	60,496	51,104
Total assets	2,072,385	1,972,946
Liabilities:
Unpaid losses and loss adjustment expenses	622,088	651,042
Unearned premiums	275,884	286,984
Federal income taxes payable	220	219
Ceded balances payable	7,550	14,675
Payable for securities purchased	8,387	3,717
Contingent commissions	3,553	9,454
Debt	296,454	163,143
Other liabilities	43,082	45,761
Total liabilities	1,257,218	1,174,995
Commitments and contingencies (Note 10)
Shareholders' equity:
Ordinary shares, $0.0001 par value, 900,000,000 ordinary shares authorized; A ordinary shares issued: 13,449,721 and 13,436,548 respectively; A ordinary shares outstanding: 13,420,756 and 13,436,548, respectively; B ordinary shares issued and outstanding: 4,133,366 and 4,133,366, respectively	2	2
Additional paid-in capital	431,404	430,283
Accumulated other comprehensive income, net of taxes	4,332	(618)
Retained earnings	380,566	368,284
Total shareholders' equity	815,167	797,951
Total liabilities and shareholders' equity	2,072,385	1,972,946
Ordinary Shares A
Shareholders' equity:
A ordinary shares in treasury, at cost: 28,965 and 0 shares, respectively	(1,137)
Total shareholders' equity	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Available for sale, amortized cost	$ 1,309,245	$ 1,241,339
Available for sale, at cost	$ 122,559	$ 119,515
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	13,449,721	13,436,548
Ordinary shares, shares outstanding	13,420,756	13,436,548
Treasury shares, cost	28,965	0
Ordinary Shares B
Ordinary shares, shares issued	4,133,366	4,133,366
Ordinary shares, shares outstanding	4,133,366	4,133,366

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Gross premiums written	$ 123,751	$ 141,366
Net premiums written	111,506	116,872
Net premiums earned	113,126	121,636
Net investment income	8,644	9,746
Net realized investment gains (losses):
Other than temporary impairment losses on investments	(110)	(1,050)
Other net realized investment gains (losses)	885	(6,443)
Total net realized investment gains (losses)	775	(7,493)
Other income	1,368	956
Total revenues	123,913	124,845
Losses and Expenses:
Net losses and loss adjustment expenses	62,561	64,784
Acquisition costs and other underwriting expenses	46,551	52,090
Corporate and other operating expenses	3,054	3,803
Interest expense	2,467	2,215
Income before income taxes	9,280	1,953
Income tax benefit	(3,002)	(5,172)
Net income	$ 12,282	$ 7,125
Net income
Basic	$ 0.71	$ 0.41
Diluted	$ 0.70	$ 0.41
Weighted-average number of shares outstanding
Basic	17,316,015	17,224,051
Diluted	17,646,080	17,444,020

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 12,282	$ 7,125
Other comprehensive income, net of tax:
Unrealized holding gains	5,178	10,130
Portion of other-than-temporary impairment losses recognized in other comprehensive income		(1)
Reclassification adjustment for gains included in net income	(406)	(970)
Unrealized foreign currency translation gains (losses)	178	(1)
Other comprehensive income (loss), net of tax	4,950	9,158
Comprehensive income, net of tax	$ 17,232	$ 16,283

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, 2015					3,110,795	16,424,546		4,133,366
Ordinary shares issued under share incentive plans						115,711
A ordinary shares purchased							28,099
Ordinary shares issued to directors						35,185
Reduction in treasury shares due to redomestication					(3,138,894)	(3,138,894)
Number at Dec. 31, 2016						13,436,548		4,133,366
Balance at Dec. 31, 2015		$ 529,872	$ 4,078	$ 318,416	$ (102,443)	$ 2		$ 1
A ordinary shares purchased, at cost							$ (805)
Other comprehensive income (loss):
Change in unrealized holding gains (losses)			(4,751)
Change in other than temporary impairment losses recognized in other comprehensive income			(3)
Unrealized foreign currency translation gains			58
Other comprehensive income (loss), net of tax			(4,696)
Net income				49,868
Reduction in treasury shares due to redomestication		(103,248)			$ 103,248	(1)
Share compensation plans		3,532
Tax benefit on share-based compensation expense		127
Balance at Dec. 31, 2016	$ 797,951	430,283	(618)	368,284		$ 1		1
Ordinary shares issued under share incentive plans						6,473
A ordinary shares purchased							28,965
Ordinary shares issued to directors						6,700
Number at Mar. 31, 2017					28,965	13,449,721
A ordinary shares purchased, at cost							$ (1,137)
Other comprehensive income (loss):
Change in unrealized holding gains (losses)			4,772
Unrealized foreign currency translation gains	178		178
Other comprehensive income (loss), net of tax	4,950		4,950
Net income	12,282			12,282
Share compensation plans		1,121
Balance at Mar. 31, 2017	$ 815,167	$ 431,404	$ 4,332	$ 380,566	$ (1,137)	$ 1		$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 12,282	$ 7,125
Adjustments to reconcile net income to net cash used for operating activities:
Amortization and depreciation	1,553	1,685
Amortization of debt issuance costs	34	31
Restricted stock and stock option expense	1,121	559
Deferred federal income taxes	(3,098)	(5,285)
Amortization of bond premium and discount, net	2,451	2,513
Net realized investment gains (losses)	(775)	7,493
Equity in the earnings of equity method limited liability investments	(1,692)	(2,034)
Changes in:
Premiums receivable, net	11,367	3,677
Reinsurance receivables, net	37,342	2,030
Funds held by ceding insurers	(18,651)	(1,244)
Unpaid losses and loss adjustment expenses	(28,954)	(3,811)
Unearned premiums	(11,100)	1,276
Ceded balances payable	(7,125)	1,172
Other assets and liabilities, net	(13,435)	(17,489)
Contingent commissions	(5,901)	(2,999)
Federal income tax receivable/payable	1	(103)
Deferred acquisition costs, net	(189)	1,179
Prepaid reinsurance premiums	9,475	(6,042)
Net cash used for operating activities	(15,294)	(10,267)
Cash flows from investing activities:
Proceeds from sale of fixed maturities	139,350	65,641
Proceeds from sale of equity securities	5,626	11,453
Proceeds from maturity of fixed maturities	14,418	30,352
Proceeds from limited partnerships	3,600	2,000
Amounts (paid) or received in connection with derivatives	114	(6,680)
Purchases of fixed maturities	(219,345)	(96,148)
Purchases of equity securities	(8,176)	(10,094)
Net cash used for investing activities	(64,413)	(3,476)
Cash flows from financing activities:
Net borrowings (repayments) under margin borrowing facility	7,497	(5,314)
Proceeds from issuance of subordinated notes	130,000
Debt issuance cost	(4,220)	(14)
Tax benefit on share-based compensation expense		125
Purchase of A ordinary shares	(1,137)	(787)
Net cash provided by (used for) financing activities	132,140	(5,990)
Net change in cash and cash equivalents	52,433	(19,733)
Cash and cash equivalents at beginning of period	75,110	67,037
Cash and cash equivalents at end of period	$ 127,543	$ 47,304

Principles of Consolidation and

Principles of Consolidation and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Principles of Consolidation and Basis of Presentation	1. Principles of Consolidation and Basis of Presentation Global Indemnity Limited (“Global Indemnity” or “the Company”) was incorporated on February 9, 2016 and is domiciled in the Cayman Islands. On November 7, 2016, Global Indemnity replaced Global Indemnity plc as the ultimate parent company as a result of a redomestication transaction. The Company’s A ordinary shares are publicly traded on the NASDAQ Global Select Market under the ticker symbol GBLI. Please see Note 2 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2016 Annual Report on Form 10-K The Company manages its business through three business segments: Commercial Lines, Personal Lines, and Reinsurance Operations. The Company’s Commercial Lines, managed in Bala Cynwyd, Pennsylvania, 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 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, Arizona. 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”). During the 1 st re-evaluated The interim consolidated financial statements are unaudited, but have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”), which differs in certain respects from those principles followed in reports to insurance regulatory authorities. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair statement of results for the interim periods. Results of operations for the quarters ended March 31, 2017 and 2016 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 2016 Annual Report on Form 10-K. The consolidated financial statements include the accounts of Global Indemnity and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments	2. Investments The amortized cost and estimated fair value of investments were as follows as of March 31, 2017 and December 31, 2016: (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than As of March 31, 2017 Fixed maturities: U.S. treasury and agency obligations $ 106,847 $ 782 $ (206 ) $ 107,423 $ — Obligations of states and political subdivisions 164,397 1,490 (287 ) 165,600 — Mortgage-backed securities 100,863 761 (527 ) 101,097 — Asset-backed securities 252,025 571 (483 ) 252,113 (2 ) Commercial mortgage-backed securities 149,676 72 (1,430 ) 148,318 — Corporate bonds 422,444 2,037 (2,068 ) 422,413 — Foreign corporate bonds 112,993 263 (467 ) 112,789 — Total fixed maturities 1,309,245 5,976 (5,468 ) 1,309,753 (2 ) Common stock 122,559 9,334 (3,188 ) 128,705 — Other invested assets 64,213 — — 64,213 — Total $ 1,496,017 $ 15,310 $ (8,656 ) $ 1,502,671 $ (2 ) (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, 2016 Fixed maturities: U.S. treasury and agency obligations $ 71,517 $ 763 $ (233 ) $ 72,047 $ — Obligations of states and political subdivisions 155,402 1,423 (379 ) 156,446 — Mortgage-backed securities 88,131 895 (558 ) 88,468 — Asset-backed securities 233,890 684 (583 ) 233,991 (4 ) Commercial mortgage-backed securities 184,821 118 (1,747 ) 183,192 — Corporate bonds 381,209 1,666 (2,848 ) 380,027 — Foreign corporate bonds 126,369 164 (673 ) 125,860 — Total fixed maturities 1,241,339 5,713 (7,021 ) 1,240,031 (4 ) Common stock 119,515 3,445 (2,403 ) 120,557 — Other invested assets 66,121 — — 66,121 — Total $ 1,426,975 $ 9,158 $ (9,424 ) $ 1,426,709 $ (4 ) (1) Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income (“AOCI”). Excluding U.S. treasuries and agency bonds, the Company did not hold any debt or equity investments in a single issuer that was in excess of 5% of shareholders’ equity at March 31, 2017 or December 31, 2016. The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at March 31, 2017, 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 $ 96,874 $ 96,991 Due in one year through five years 631,581 632,225 Due in five years through ten years 68,871 69,608 Due in ten years through fifteen years 3,245 3,237 Due after fifteen years 6,110 6,164 Mortgage-backed securities 100,863 101,097 Asset-backed securities 252,025 252,113 Commercial mortgage-backed securities 149,676 148,318 Total $ 1,309,245 $ 1,309,753 The following table contains an analysis of the Company’s securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of March 31, 2017: 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 $ 67,936 $ (206 ) $ — $ — $ 67,936 $ (206 ) Obligations of states and political subdivisions 38,479 (265 ) 2,355 (22 ) 40,834 (287 ) Mortgage-backed securities 75,197 (509 ) 288 (18 ) 75,485 (527 ) Asset-backed securities 102,014 (476 ) 2,240 (7 ) 104,254 (483 ) Commercial mortgage-backed securities 84,067 (1,043 ) 47,882 (387 ) 131,949 (1,430 ) Corporate bonds 140,178 (1,997 ) 5,764 (71 ) 145,942 (2,068 ) Foreign corporate bonds 63,510 (467 ) — — 63,510 (467 ) Total fixed maturities 571,381 (4,963 ) 58,529 (505 ) 629,910 (5,468 ) Common stock 40,696 (3,188 ) — — 40,696 (3,188 ) Total $ 612,077 $ (8,151 ) $ 58,529 $ (505 ) $ 670,606 $ (8,656 ) (1) Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit 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, 2016: Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. treasury and agency obligations $ 39,570 $ (233 ) $ — $ — $ 39,570 $ (233 ) Obligations of states and political subdivisions 46,861 (369 ) 670 (10 ) 47,531 (379 ) Mortgage-backed securities 52,780 (541 ) 298 (17 ) 53,078 (558 ) Asset-backed securities 62,737 (493 ) 23,937 (90 ) 86,674 (583 ) Commercial mortgage-backed securities 94,366 (1,090 ) 69,747 (657 ) 164,113 (1,747 ) Corporate bonds 171,621 (2,731 ) 9,218 (117 ) 180,839 (2,848 ) Foreign corporate bonds 76,036 (673 ) — — 76,036 (673 ) Total fixed maturities 543,971 (6,130 ) 103,870 (891 ) 647,841 (7,021 ) Common stock 57,439 (2,403 ) — — 57,439 (2,403 ) Total $ 601,410 $ (8,533 ) $ 103,870 $ (891 ) $ 705,280 $ (9,424 ) (1) Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit The Company regularly performs various analytical valuation procedures with respect to its investments, including reviewing each fixed maturity security in an unrealized loss position to assess whether the security has a credit loss. Specifically, the Company considers credit rating, market price, and issuer specific financial information, among other factors, to assess the likelihood of collection of all principal and interest as contractually due. Securities for which the Company determines that a credit loss is likely are subjected to further analysis through discounted cash flow testing to estimate the credit loss to be recognized in earnings, if any. The specific methodologies and significant assumptions used by asset class are discussed below. Upon identification of such securities and periodically thereafter, a detailed review is performed to determine whether the decline is considered other than temporary. This review includes an analysis of several factors, including but not limited to, the credit ratings and cash flows of the securities and the magnitude and length of time that the fair value of such securities is below cost. For fixed maturities, the factors considered in reaching the conclusion that a decline below cost is other than temporary include, among others, whether: (1) the issuer is in financial distress; (2) the investment is secured; (3) a significant credit rating action occurred; (4) scheduled interest payments were delayed or missed; (5) changes in laws or regulations have affected an issuer or industry; (6) the investment has an unrealized loss and was identified by the Company’s investment manager as an investment to be sold before recovery or maturity; and (7) the investment failed cash flow projection testing to determine if anticipated principal and interest payments will be realized. According to accounting guidance for debt securities in an unrealized loss position, the Company is required to assess whether it has the intent to sell the debt security or more likely than not will be required to sell the debt security before the anticipated recovery. If either of these conditions is met the Company must recognize an other than temporary impairment with the entire unrealized loss being recorded through earnings. For debt securities in an unrealized loss position not meeting these conditions, the Company assesses whether the impairment of a security is other than temporary. If the impairment is deemed to be other than temporary, the Company must separate the other than temporary impairment into two components: the amount representing the credit loss and the amount related to all other factors, such as changes in interest rates. The credit loss represents the portion of the amortized book value in excess of the net present value of the projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. The credit loss component of the other than temporary impairment is recorded through earnings, whereas the amount relating to factors other than credit losses is recorded in other comprehensive income, net of taxes. For equity securities, management carefully reviews all securities with unrealized losses to determine if a security should be impaired and further focuses on securities that have either: (1) persisted with unrealized losses for more than twelve consecutive months or (2) the value of the investment has been 20% or more below cost for six continuous months or more. The amount of any write-down, including those that are deemed to be other than temporary, is included in earnings as a realized loss in the period in which the impairment arose. The following is a description, by asset type, of the methodology and significant inputs that the Company used to measure the amount of credit loss recognized in earnings, if any: U.S. treasury and agency obligations Obligations of states and political subdivisions in-house Mortgage-backed securities (“MBS”) – HPI-adjusted Asset-backed securities (“ABS”) - in-depth Commercial mortgage-backed securities (“CMBS”) - re-underwritten Corporate bonds - A-. Foreign bonds Common stock The Company recorded the following other than temporary impairments (“OTTI”) on its investment portfolio for the quarters ended March 31, 2017 and 2016: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Fixed maturities: OTTI losses, gross $ (31 ) $ (56 ) Portion of loss recognized in other comprehensive income (pre-tax) — — Net impairment losses on fixed maturities recognized in earnings (31 ) (56 ) Equity securities (79 ) (994 ) Total $ (110 ) $ (1,050 ) The following table is an analysis of the credit losses recognized in earnings on fixed maturities held by the Company for the quarters ended March 31, 2017 and 2016 for which a portion of the OTTI loss was recognized in other comprehensive income. Quarters Ended March 31, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 31 $ 31 Additions where no OTTI was previously recorded — — Additions where an OTTI was previously recorded — — Reductions for securities for which the company intends to sell or more likely than not will be required to sell before recovery — — Reductions reflecting increases in expected cash flows to be collected — — Reductions for securities sold during the period — — Balance at end of period $ 31 $ 31 Accumulated Other Comprehensive Income, Net of Tax Accumulated other comprehensive income, net of tax, as of March 31, 2017 and December 31, 2016 was as follows: (Dollars in thousands) March 31, 2017 December 31, 2016 Net unrealized gains (losses)from: Fixed maturities $ 508 $ (1,308 ) Common stock 6,146 1,042 Foreign currency fluctuations 97 — Deferred taxes (2,419 ) (352 ) Accumulated other comprehensive income, net of tax $ 4,332 $ (618 ) The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the quarters ended March 31, 2017 and 2016: Quarter Ended March 31, 2017 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ (554 ) $ (64 ) $ (618 ) Other comprehensive income (loss) before Reclassification 5,171 185 5,356 Amounts reclassified from accumulated other comprehensive income (loss) (399 ) (7 ) (406 ) Other comprehensive income (loss) 4,772 178 4,950 Ending balance $ 4,218 $ 114 $ 4,332 Quarter Ended March 31, 2016 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 4,200 $ (122 ) $ 4,078 Other comprehensive income (loss) before Reclassification 10,129 (1 ) 10,128 Amounts reclassified from accumulated other comprehensive income (loss) (970 ) — (970 ) Other comprehensive income (loss) 9,159 (1 ) 9,158 Ending balance $ 13,359 $ (123 ) $ 13,236 The reclassifications out of accumulated other comprehensive income for the quarters ended March 31, 2017 and 2016 were as follows: (Dollars in thousands) Amounts Reclassified from Quarters Ended March 31, Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Consolidated Statements of Operations 2017 2016 Unrealized gains and losses on available for sale securities Other net realized investment gains $ (701 ) $ (2,535 ) Other than temporary impairment losses on investments 110 1,050 Total before tax (591 ) (1,485 ) Income tax expense 192 515 Unrealized gains and losses on available for sale securities, net of tax $ (399 ) $ (970 ) Foreign currency items Other net realized investment gains $ (11 ) $ — Income tax expense 4 — Foreign currency items, net of tax $ (7 ) $ — Total reclassifications Total reclassifications, net of tax $ (406 ) $ (970 ) Net Realized Investment Gains (Losses) The components of net realized investment gains (losses) for the quarters ended March 31, 2017 and 2016 were as follows: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Fixed maturities: Gross realized gains $ 189 $ 180 Gross realized losses (83 ) (72 ) Net realized gains 106 108 Common stock: Gross realized gains 575 2,564 Gross realized losses (79 ) (1,187 ) Net realized gains 496 1,377 Derivatives: Gross realized gains 1,236 — Gross realized losses (1,063 ) (8,978 ) Net realized gains (losses) (1) 173 (8,978 ) Total net realized investment gains (losses) $ 775 $ (7,493 ) (1) Includes $1.1 million and $1.2 million of periodic net interest settlements related to the derivatives for the quarters ended March 31, 2017 and 2016, respectively. The proceeds from sales and redemptions of available-for-sale Quarters Ended March 31, (Dollars in thousands) 2017 2016 Fixed maturities $ 139,350 $ 65,641 Equity securities 5,626 11,453 Net Investment Income The sources of net investment income for the quarters ended March 31, 2017 and 2016 were as follows: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Fixed maturities $ 6,678 $ 7,224 Equity securities 990 1,189 Cash and cash equivalents 84 30 Other invested assets 1,692 2,034 Total investment income 9,444 10,477 Investment expense (800 ) (731 ) Net investment income $ 8,644 $ 9,746 The Company’s total investment return on a pre-tax Quarters Ended March 31, (Dollars in thousands) 2017 2016 Net investment income $ 8,644 $ 9,746 Net realized investment gain (losses) 775 (7,493 ) Change in unrealized holding gains and losses 7,017 11,808 Net realized and unrealized investment returns 7,792 4,315 Total investment return $ 16,436 $ 14,061 Total investment return % (1) 1.1 % 0.9 % Average investment portfolio (2) $ 1,559,965 $ 1,511,204 (1) Not annualized. (2) Average of total cash and invested assets, net of receivable/payable for securities purchased and sold, as of the beginning and end of the period. Insurance Enhanced Asset Backed and Credit Securities As of March 31, 2017, the Company held insurance enhanced asset backed and credit securities with a market value of approximately $30.2 million. Approximately $8.0 million of these securities were tax free municipal bonds, which represented approximately 0.5% 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 “AA-.” pre-refunded A summary of the Company’s insurance enhanced municipal bonds that are backed by financial guarantors, including the pre-refunded (Dollars in thousands) Financial Guarantor Total Pre-refunded Government Exposure Net of Pre-refunded & Government Securities Ambac Financial Group $ 1,042 $ — $ — $ 1,042 Municipal Bond Insurance Association 2,637 — — 2,637 Gov’t National Housing Association 440 — 440 — Total backed by financial guarantors 4,119 — 440 3,679 Other credit enhanced municipal bonds 3,912 3,912 — — Total $ 8,031 $ 3,912 $ 440 $ 3,679 In addition to the tax-free The Company had no direct investments in the entities that have provided financial guarantees or other credit support to any security held by the Company at March 31, 2017. Bonds Held on Deposit Certain cash balances, cash equivalents, equity securities and bonds available for sale were deposited with various governmental authorities in accordance with statutory requirements, were held as collateral pursuant to borrowing arrangements, or were held in trust pursuant to intercompany reinsurance agreements. The fair values were as follows as of March 31, 2017 and December 31, 2016: Estimated Fair Value (Dollars in thousands) March 31, 2017 December 31, 2016 On deposit with governmental authorities $ 29,008 $ 29,079 Intercompany trusts held for the benefit of U.S. policyholders 347,065 351,002 Held in trust pursuant to third party requirements 81,487 88,178 Letter of credit held for third party requirements 4,137 4,871 Securities held as collateral for borrowing arrangements (1) 91,360 85,939 Total $ 553,057 $ 559,069 (1) Amount required to collateralize margin borrowing facility. 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 two 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 VIE’s, which invests in distressed securities and assets, was $30.3 million and $32.9 million as of March 31, 2017 and December 31, 2016, respectively. The Company’s maximum exposure to loss from this VIE, which factors in future funding commitments, was $46.0 million at March 31, 2017 and $48.6 million at December 31, 2016. The Company also invested in a new limited partnership during 2016 that is also considered a VIE. The Company’s investment in this partnership has a fair value of $33.9 million at March 31, 2017 and $33.2 million at December 31, 2016. The Company’s maximum exposure to loss from this VIE, which factors in future funding commitments, was $43.0 million at March 31, 2017 and $42.3 million at December 31, 2016. The Company’s investment in VIEs is included in other invested assets on the consolidated balance sheet with changes in fair value recorded in the consolidated statements of operations.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
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 The following table summarizes information on the location and the gross amount of the derivatives’ fair value on the consolidated balance sheets as of March 31, 2017 and December 31, 2016: (Dollars in thousands) March 31, 2017 December 31, 2016 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 $ (10,287 ) $ 200,000 $ (11,524 ) The following table summarizes the net gain (loss) included in the consolidated statements of operations for changes in the fair value of the derivatives and the periodic net interest settlements under the derivatives for the quarters ended March 31, 2017 and 2016: Quarters Ended March 31, (Dollars in thousands) Consolidated Statements of Operations Line 2017 2016 Interest rate swap agreements Net realized investment gain (loss) $ 173 $ (8,978 ) As of March 31, 2017 and December 31, 2016, the Company is due $3.7 million and $5.3 million, respectively, for funds it needed to post to execute the swap transaction and $13.0 million and $12.6 million, respectively, for margin calls made in connection with the interest rate swaps. These amounts are included in other assets on the consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements	4. Fair Value Measurements The accounting standards related to fair value measurements define fair value, establish a framework for measuring fair value, outline a fair value hierarchy based on inputs used to measure fair value, and enhance disclosure requirements for fair value measurements. These standards do not change existing guidance as to whether or not an instrument is carried at fair value. The Company has determined that its fair value measurements are in accordance with the requirements of these accounting standards. The Company’s invested assets and derivative instruments are carried at their fair value and are categorized based upon a fair value hierarchy: • Level 1 - inputs utilize quoted prices (unadjusted) in active markets for identical assets that the Company has the ability to access at the measurement date. • Level 2 - inputs utilize other than quoted prices included in Level 1 that are observable for similar assets, either directly or indirectly. • Level 3 - inputs are unobservable for the asset, and include situations where there is little, if any, market activity for the asset. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset. The following table presents information about the Company’s invested assets and derivative instruments measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. As of March 31, 2017 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 107,423 $ — $ — $ 107,423 Obligations of states and political subdivisions — 165,600 — 165,600 Mortgage-backed securities — 101,097 — 101,097 Commercial mortgage-backed securities — 148,318 — 148,318 Asset-backed securities — 252,113 — 252,113 Corporate bonds — 422,413 — 422,413 Foreign corporate bonds — 112,789 — 112,789 Total fixed maturities 107,423 1,202,330 — 1,309,753 Common stock 128,705 — — 128,705 Total assets measured at fair value (1) $ 236,128 $ 1,202,330 $ — $ 1,438,458 Liabilities: Derivative instruments $ — $ 10,287 $ — $ 10,287 Total liabilities measured at fair value $ — $ 10,287 $ — $ 10,287 (1) Excluded from the table above are limited partnerships of $64.2 million at March 31, 2017 whose fair value is based on net asset value as a practical expedient. As of December 31, 2016 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 72,047 $ — $ — $ 72,047 Obligations of states and political subdivisions — 156,446 — 156,446 Mortgage-backed securities — 88,468 — 88,468 Commercial mortgage-backed securities — 183,192 — 183,192 Asset-backed securities — 233,991 — 233,991 Corporate bonds — 380,027 — 380,027 Foreign corporate bonds — 125,860 — 125,860 Total fixed maturities 72,047 1,167,984 — 1,240,031 Common stock 120,557 — — 120,557 Total assets measured at fair value (1) $ 192,604 $ 1,167,984 $ — $ 1,360,588 Liabilities: Derivative instruments $ — $ 11,524 $ — $ 11,524 Total liabilities measured at fair value $ — $ 11,524 $ — $ 11,524 (1) Excluded from the table above are limited partnerships of $66.1 million at December 31, 2016 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 derivative instruments, consisting of interest rate swaps, is obtained from a third party financial institution that utilizes observable inputs such as the forward interest rate curve. For the Company’s material debt arrangements, the current fair value of the Company’s debt at March 31, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Margin Borrowing Facility $ 74,144 $ 74,144 $ 66,646 $ 66,646 7.75% Subordinated Notes due 2045 (1) 96,527 98,127 96,497 95,697 7.875% Subordinated Notes due 2047 (2) 125,783 125,783 — — Total $ 296,454 $ 298,054 $ 163,143 $ 162,343 (1) As of March 31, 2017 and December 31, 2016, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.5 million. (2) As of March 31, 2017, the carrying value and fair value of the 7.875% Subordinated Notes due 2047 are net of unamortized debt issuance cost of $4.2 million. The fair value of the margin borrowing facility approximates its carrying value due to the facility being due on demand. The subordinated notes due 2045 and 2047, respectively, are publicly traded instruments and are classified as Level 1 in the fair value hierarchy. There were no transfers between Level 1 and Level 2 during the quarters ended March 31, 2017 and 2016. Fair Value of Alternative Investments Other invested assets consist of limited liability partnerships whose fair value is based on net asset value per share as a practical expedient. The following table provides the fair value and future funding commitments related to these investments at March 31, 2017 and December 31, 2016. March 31, 2017 December 31, 2016 (Dollars in thousands) Fair Value Future Funding Fair Value Future Funding Real Estate Fund, LP (1) $ — $ — $ — $ — European Non-Performing 30,308 15,714 32,922 15,714 Private Middle Market Loan Fund, LP (3) 33,905 9,054 33,199 9,054 Total $ 64,213 $ 24,768 $ 66,121 $ 24,768 (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 (3) This limited partnership provides financing for 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 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 investment income or loss associated with these limited liability companies or limited partnerships, which is reflected in the consolidated statements of operations, was $1.7 million and $2.0 million during the quarters end March 31, 2017 and 2016, respectively. Pricing The Company’s pricing vendors provide prices for all investment categories except for investments in limited partnerships whose fair value is based on net asset values as a practical expedient. Two primary vendors are utilized to 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, • 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 provides information regarding rating changes and securities placed on watch. This procedure allows the Company to understand why a particular security’s market value may have changed or may potentially change. • Understanding and periodically evaluating the various pricing methods and procedures used by the Company’s pricing vendors to ensure that investments are properly classified within the fair value hierarchy. • On a quarterly basis, the Company corroborates investment security prices received from its pricing vendors by obtaining pricing from a second pricing vendor for a sample of securities. During the quarters ended March 31, 2017 and 2016, the Company has not adjusted quotes or prices obtained from the pricing vendors.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
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, 27.08% in the Duchy of Luxembourg, 0.25% to 2.5% in Barbados, and 25% on non-trading pre-tax pre-tax The Company’s income before income taxes from its non-U.S. Quarter Ended March 31, 2017: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 54,102 $ 107,936 $ (38,287 ) $ 123,751 Net premiums written $ 54,087 $ 57,419 $ — $ 111,506 Net premiums earned $ 50,933 $ 62,193 $ — $ 113,126 Net investment income 12,328 4,959 (8,643 ) 8,644 Net realized investment gains 41 734 — 775 Other income 87 1,281 — 1,368 Total revenues 63,389 69,167 (8,643 ) 123,913 Losses and Expenses: Net losses and loss adjustment expenses 20,860 41,701 — 62,561 Acquisition costs and other underwriting expenses 22,688 23,863 — 46,551 Corporate and other operating expenses 1,207 1,847 — 3,054 Interest expense 2,324 8,786 (8,643 ) 2,467 Income (loss) before income taxes $ 16,310 $ (7,030 ) $ — $ 9,280 Quarter Ended March 31, 2016: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 31,823 $ 128,631 $ (19,088 ) $ 141,366 Net premiums written $ 31,823 $ 85,049 $ — $ 116,872 Net premiums earned $ 55,985 $ 65,651 $ — $ 121,636 Net investment income 13,103 5,135 (8,492 ) 9,746 Net realized investment gains (losses) 13 (7,506 ) — (7,493 ) Other income 94 862 — 956 Total revenues 69,195 64,142 (8,492 ) 124,845 Losses and Expenses: Net losses and loss adjustment expenses 25,672 39,112 — 64,784 Acquisition costs and other underwriting expenses 23,520 28,570 — 52,090 Corporate and other operating expenses 1,788 2,015 — 3,803 Interest expense 2,076 8,631 (8,492 ) 2,215 Income (loss) before income taxes $ 16,139 $ (14,186 ) $ — $ 1,953 The following table summarizes the components of income tax benefit: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Current income tax expense : Foreign $ 96 $ 113 U.S. Federal 0 — Total current income tax expense 96 113 Deferred income tax benefit: U.S. Federal (3,098 ) (5,285 ) Total deferred income tax benefit (3,098 ) (5,285 ) Total income tax benefit $ (3,002 ) $ (5,172 ) The weighted average expected tax provision has been calculated using income before income taxes in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. The following table summarizes the differences between the tax provision for financial statement purposes and the expected tax provision at the weighted average tax rate: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (2,364 ) (25.5 %) $ (4,852 ) (248.5 %) Adjustments: Tax exempt interest (84 ) (0.9 ) (104 ) (5.3 ) Dividend exclusion (193 ) (2.1 ) (239 ) (12.2 ) Other (361 ) (3.8 ) 23 1.2 Actual tax on continuing operations $ (3,002 ) (32.3 %) $ (5,172 ) (264.8 %) The effective income tax benefit rate for the quarter ended March 31, 2017 was 32.3%, compared with an effective income tax benefit rate of 264.8%, for the quarter ended March 31, 2016. The Company incurred a capital loss on its derivative instrument during the quarter ended March 31, 2016 which contributed to a much higher income tax benefit rate for the quarter ended March 31, 2016 as compared to the same period in 2017. 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 $11.0 million as of March 31, 2017 and December 31, 2016, which can be carried forward indefinitely. The Company has a net operating loss (“NOL”) carryforward of $8.4 million as of March 31, 2017, which begins to expire in 2035 based on when the original NOL was generated, and a NOL carryforward of $3.2 million as of December 31, 2016. The Company has a Section 163(j) (“163(j)”) carryforward of $8.1 million as of March 31, 2017 and December 31, 2016 which can be carried forward indefinitely. The 163(j) carryforward is for disqualified interest paid or accrued to a related entity that is not subject to U.S. tax.

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2017
Liability for Unpaid Losses and Loss Adjustment Expenses	6. Liability for Unpaid Losses and Loss Adjustment Expenses Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 651,042 $ 680,047 Less: Ceded reinsurance receivables 130,439 108,130 Net balance at beginning of period 520,603 571,917 Purchased reserves gross 2,496 — Purchased reserves ceded 549 — Purchased reserves, net of third party reinsurance 3,045 — Incurred losses and loss adjustment expenses related to: Current year 72,691 71,380 Prior years (10,130 ) (6,596 ) Total incurred losses and loss adjustment expenses 62,561 64,784 Paid losses and loss adjustment expenses related to: Current year 24,384 19,826 Prior years 42,383 47,596 Total paid losses and loss adjustment expenses 66,767 67,422 Net balance at end of period 519,442 569,279 Plus: Ceded reinsurance receivables 102,646 106,957 Balance at end of period $ 622,088 $ 676,236 When analyzing loss reserves and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates. In the first quarter of 2017, the Company reduced its prior accident year loss reserves by $10.1 million, which consisted of a $5.3 million decrease related to Commercial Lines, a $3.2 million decrease related to Personal Lines, and a $1.7 million decrease related to Reinsurance Operations. The $5.3 million reduction of prior accident year loss reserves related to Commercial Lines primarily consisted of the following: • Property: • General Liability: The $3.2 million reduction of prior accident year loss reserves related to Personal Lines primarily consisted of the following: • Property: • General Liability: The $1.7 million reduction related to Reinsurance Operations was from the property lines. Ultimate losses were lowered in the 2013 through 2015 accident years based on a review of the experience reported from cedants In the first quarter of 2016, the Company reduced its prior accident year loss reserves by $6.6 million, which consisted of a $5.6 million decrease related to Commercial Lines and a $1.0 million decrease related to Reinsurance Operations. The $5.6 million reduction of prior accident year loss reserves related to Commercial Lines primarily consisted of the following: • Property: non-catastrophe • General Liability: The $1.0 million reduction related to Reinsurance Operations was from the property lines. Ultimate losses were lowered in the 2014 and 2015 accident years based on a review of the experience reported from cedants.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt	7. Debt 7.875% Subordinated Notes due 2047 On March 23, 2017, the Company issued Subordinated Notes due in 2047 in the aggregate principal amount of $120.0 million through an underwritten public offering (the “2047 Notes”). Pursuant to the underwriting agreement, the Company granted the underwriters a 30 day option to purchase up to an additional $18 million aggregate principal amount of the 2047 Notes solely to cover over-allotments, if any. On March 30, 2017, the underwriters exercised their over-allotment option in the amount of $10 million principal amount of the 2047 Notes. As a result, the aggregate principal amount of the 2047 Notes increased to $130.0 million. The sale of the 2047 Notes pursuant to the over-allotment option closed on March 30, 2017. The 2047 Notes bear interest at an annual rate equal to 7.875%, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing July 15, 2017. The 2047 Notes mature on April 15, 2047. The Company has the right to redeem the 2047 Notes in $25 increments, in whole or in part, on and after April 15, 2022, or on any interest payment date thereafter, at a redemption price equal to 100% of the principal amount of the 2047 Notes being redeemed plus accrued and unpaid interest to, but not including, the date of redemption. If the Company redeems only a portion of the 2047 Notes on any date of redemption, the Company may subsequently redeem additional 2047 Notes. The 2047 Notes are subordinated unsecured obligations and rank (i) senior to the Company’s existing and future capital stock, (ii) senior in right of payment to future junior subordinated debt, (iii) equally in right of payment with any existing unsecured, subordinated debt that the Company has issued or may issue in the future that ranks equally with the 2047 Notes, including the Company’s 7.75% subordinated notes for $100.0 million due 2045 and (iv) subordinate in right of payment to any of the Company’s future senior debt. In addition, the 2047 Notes are structurally subordinated to all existing and future indebtedness, liabilities and other obligations of the Company’s subsidiaries including the Company’s margin borrowing facilities. The 2047 Notes do not require the maintenance of any financial ratios or specified levels of net worth or liquidity, and do not contain provisions that would afford holders of the 2047 Notes protection in the event of a sudden and dramatic decline in the Company’s credit quality resulting from any highly leveraged transaction, reorganization, restructuring, merger or similar transaction involving the Company that may adversely affect holders. The 2047 Notes do not restrict the Company in any way, now or in the future, from incurring additional indebtedness, including senior indebtedness that would rank senior in right of payment to the 2047 Notes. There is no right of acceleration of maturity of the 2047 Notes in the case of default in the payment of principal, premium, if any, or interest on, the 2047 Notes or in the performance of any other obligation of the Company under the notes or if the Company defaults on any other debt securities. Holders may accelerate payment of indebtedness on the 2047 Notes only upon the Company’s bankruptcy, insolvency or reorganization. The Company incurred $4.2 million in deferred issuance costs associated with the 2047 Notes, which is being amortized over the term of the 2047 Notes. Interest expense, including amortization of deferred issuance costs, recognized on the 2047 Notes was $0.2 million for the quarters ended March 31, 2017. Please see Note 12 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2016 Annual Report on Form 10-K

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Shareholders' Equity	8. Shareholders’ Equity Repurchases of the Company’s Ordinary Shares The following table provides information with respect to the A ordinary shares that were surrendered or repurchased during the quarter ended March 31, 2017: Period (1) Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar January 1-31, 13,656 (2) $ 38.21 — — February 1-28, 15,309 (2) $ 40.18 — — Total 28,965 $ 39.25 — (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 or repurchased during the quarter ended March 31, 2016: Period (1) Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar January 1-31, 12,410 (2) $ 29.02 — — February 1 – 29, 2016 15,093 (2) $ 28.25 — — Total 27,503 $ 28.60 — (1) Based on settlement date. (2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock. There were no B ordinary shares that were surrendered or repurchased during the quarters ended March 31, 2017 or 2016. Please see Note 13 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2016 Annual Report on Form 10-K

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions	9. Related Party Transactions Fox Paine & Company As of March 31, 2017, 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. The Company did not receive any distribution from Fox Paine Capital Fund II during the quarters ended March 31, 2017 and 2016. The Company relies on Fox Paine to provide management services and other services related to the operations of the Company. The Company incurred management fees of $0.5 million in each of the quarters ended March 31, 2017 and 2016 as part of the annual management fee paid to Fox Paine. As of March 31, 2017 and December 31, 2016, unpaid management fees, which were included in other liabilities on the consolidated balance sheets, were $5.2 million and $4.6 million, respectively. Crystal & Company The Company incurred $0.1 million in brokerage fees to Crystal & Company, an insurance broker, during the quarter ended March 31, 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 on July 24, 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies	10. 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 In 2014, the Company entered into a $50 million commitment to purchase an alternative investment vehicle which is comprised of European non-performing In 2016, the Company entered into a $40 million commitment with an investment manager that provides financing for middle market companies. As of March 31, 2017, the Company has funded $30.9 million of this commitment leaving $9.1 million as unfunded.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2017
Share-Based Compensation Plans	11. Share-Based Compensation Plans Effective January 1, 2017, the Company adopted new accounting guidance which changed several aspects of the accounting for share-based payment transactions. Under the new guidance, all excess tax benefits and tax deficiencies associated with share-based payment awards are required to be recognized as an income tax benefit or expense in net income with the corresponding cash flows recognized as an operating activity in the Consolidated Statement of Cash Flow as opposed to being reported separately as a financing activity. Excess tax benefits and deficiencies are no longer recognized in additional paid-in-capital. Upon adoption of this new accounting guidance, the Company elected to retain its policy of accruing the compensation cost based on the number of awards that are expected to vest. The adoption of this accounting guidance did not result in any cumulative adjustment or restatement. The provisions of this new guidance were adopted on a prospective basis and did not have a material impact on the Company’s financial position, results of operations or cash flows. Options No stock options were awarded during the quarters ended March 31, 2017 and March 31, 2016. No unvested stock options were forfeited during the quarter ended March 31, 2017. 66,667 unvested stock options were forfeited during the quarter ended March 31, 2016. Restricted Shares During the quarter ended March 31, 2017, the Company granted 22,503 A ordinary shares, with a weighted average grant date value of $38.21 per share, to key employees under the Plan. These shares will vest as follows: • 16.5%, 16.5%, and 17.0% of the granted stock vest on January 1, 2018, January 1, 2019, and January 1, 2020, respectively. • Subject to Board approval, 50% of granted stock vests 100%, no later than March 15, 2020, following a re-measurement During the quarter ended March 31, 2016, the Company granted 121,346 A ordinary shares, with a weighted average grant date value of $28.97 per share, to key employees under the Plan. Of the shares granted during the quarter ended March 31, 2016, 11,199 were granted to the Company’s Chief Executive Officer and vest 33 1/3 on each subsequent anniversary date of the grant for a period of three years subject to a true-up • 16.5% vested on January 1, 2017. 16.5% and 17.0% of the granted stock will vest on January 1, 2018 and January 1, 2019, respectively. • Subject to Board approval 50% of granted stock vests 100%, no later than March 15, 2019, following a re-measurement During the quarters ended March 31, 2017 and 2016, the Company granted 6,700 and 9,442 A ordinary shares, respectively, at a weighted average grant date value of $38.49 and $31.13 per share, respectively, to non-employee non-employee

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share	12. 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: Quarters Ended March 31, (Dollars in thousands, except share and per share data) 2017 2016 Net income $ 12,282 $ 7,125 Basic earnings per share: Weighted average shares outstanding – basic 17,316,015 17,224,051 Net income per share $ 0.71 $ 0.41 Diluted earnings per share: Weighted average shares outstanding – diluted 17,646,080 17,444,020 Net income per share $ 0.70 $ 0.41 A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows: Quarters Ended March 31, 2017 2016 Weighted average shares for basic earnings per share 17,316,015 17,224,051 Non-vested 136,380 111,381 Options 193,685 108,588 Weighted average shares for diluted earnings per share 17,646,080 17,444,020 The weighted average shares outstanding used to determine dilutive earnings per share for the quarter ended March 31, 2016 do not include 433,333 shares which were deemed to be anti-dilutive. There were no anti-dilutive shares for March 31, 2017.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information	13. Segment Information The Company manages its business through three business segments. Commercial Lines offers specialty property and casualty products designed for product lines such as Small Business Binding Authority, Property Brokerage, and Programs. Personal Lines offers specialty personal lines and agricultural coverage. Reinsurance Operations provides reinsurance solutions through brokers and primary writers including insurance and reinsurance companies. During the 1 st re-evaluated The following are tabulations of business segment information for the quarters ended March 31, 2017 and 2016. Quarter Ended March 31, 2017: (Dollars in thousands) Commercial (1) Personal (1) Reinsurance Operations (2) Total Revenues: Gross premiums written $ 45,911 $ 62,017 (6 ) $ 15,823 $ 123,751 Net premiums written $ 41,115 $ 54,583 $ 15,808 $ 111,506 Net premiums earned $ 44,992 $ 58,663 $ 9,471 $ 113,126 Other income — 1,281 87 1,368 Total revenues 44,992 59,944 9,558 114,494 Losses and Expenses: Net losses and loss adjustment expenses 20,424 38,715 3,422 62,561 Acquisition costs and other underwriting expenses 19,019 (3 ) 24,534 (4 ) 2,998 46,551 Income (loss) from segments $ 5,549 $ (3,305 ) $ 3,138 $ 5,382 Unallocated Items: Net investment income 8,644 Net realized investment gain 775 Corporate and other operating expenses (3,054 ) Interest expense (2,467 ) Income before income taxes 9,280 Income tax benefit 3,002 Net income 12,282 Total assets $ 877,798 $ 479,640 $ 714,947 (5 ) $ 2,072,385 (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 $120 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $293 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. (6) Includes $1,051 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement. Quarter Ended March 31, 2016: (Dollars in thousands) Commercial (1) Personal (1) Reinsurance Operations (2) Total Revenues: Gross premiums written $ 48,480 $ 80,151 (6) $ 12,735 $ 141,366 Net premiums written $ 42,966 $ 61,171 $ 12,735 $ 116,872 Net premiums earned $ 47,077 $ 62,342 $ 12,217 $ 121,636 Other income — 862 94 956 Total revenues 47,077 63,204 12,311 122,592 Losses and Expenses: Net losses and loss adjustment expenses 25,162 35,017 4,605 64,784 Acquisition costs and other underwriting expenses 20,970 (3) 26,637 (4) 4,483 52,090 Income from segments $ 945 $ 1,550 $ 3,223 $ 5,718 Unallocated Items: Net investment income 9,746 Net realized investment losses (7,493 ) Corporate and other operating expenses (3,803 ) Interest expense (2,215 ) Income before income taxes 1,953 Income tax benefit 5,172 Net income 7,125 Total assets $ 742,784 $ 526,380 $ 697,485 (5) $ 1,966,649 (1) Includes business ceded to the Company’s Reinsurance Operations. (2) External business only, excluding business assumed from affiliates. (3) Includes federal excise tax of $126 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $312 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. (6) Includes $13,444 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements	14. New Accounting Pronouncements In March, 2017, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which amends the amortization period for certain purchased callable debt securities held at a premium. Under current generally accepted accounting principles, entities generally amortize the premium as an adjustment of yield over the contractual life of the instruments. Under the new guidance, the amortizations period would be shortened to the earliest call date. This guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is still evaluating the impact of this guidance on its financial condition, results of operations, and cash flows. In January, 2017, the FASB issued updated guidance that simplifies how an entity is required to test goodwill for impairment by eliminating the requirement to calculate the implied fair value of goodwill (i.e. Step 2 of the current goodwill impairment test). Under the new amendments, an entity may still first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized, if any. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. This guidance is effective for public business entities’ annual or interim goodwill impairment testing in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. 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, 2017, the FASB amended The Accounting Standards Codification to incorporate SEC Staff Announcements at from the September 22, 2016 and November 17, 2016 Emerging Issues Task Force (EITF) Meetings. The announcement from September 22, 2016 specifically addresses Accounting Standards Update (ASU) No. 2014-09, No. 2016-02, No. 2016-13, Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and provides the SEC staff view that a registrant should evaluate ASUs that have not yet been adopted to determine the appropriate financial statement disclosures about the potential material effects of those ASUs on the financial statements when adopted. If a registrant does not know or cannot reasonably estimate the impact that adoption of the ASUs referenced in this announcement is expected to have on the financial statements, then in addition to making a statement to that effect, that registrant should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the standard will have on the financial statements of the registrant when adopted. In this regard, the SEC staff expects the additional qualitative disclosures to include a description of the effect of the accounting policies that the registrant expects to apply, if determined, and a comparison to the registrant’s current accounting policies. Also, a registrant should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. This guidance, which is effective immediately, has been adopted by the Company. In February, 2016, the FASB issued ASU No. 2016-02, right-of-use In June, 2016, the FASB issued ASU 2016-13, In May, 2014, the FASB issued (ASU) No. 2014-09,

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events	15. Subsequent Events In April 2017, the Company entered into a $50 million commitment to purchase an alternative investment vehicle comprised of stressed and distressed debt instruments. As of May 5th, 2017, the Company has funded $16.5 million of this commitment leaving $33.5 million as unfunded.

Principles of Consolidation a23

Principles of Consolidation and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Business Segments	The Company manages its business through three business segments: Commercial Lines, Personal Lines, and Reinsurance Operations. The Company’s Commercial Lines, managed in Bala Cynwyd, Pennsylvania, 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 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, Arizona. 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”). During the 1 st re-evaluated
Intercompany Balances and Transactions	The interim consolidated financial statements are unaudited, but have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”), which differs in certain respects from those principles followed in reports to insurance regulatory authorities. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair statement of results for the interim periods. Results of operations for the quarters ended March 31, 2017 and 2016 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 2016 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 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
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 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, • 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 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, 27.08% in the Duchy of Luxembourg, 0.25% to 2.5% in Barbados, and 25% on non-trading pre-tax pre-tax
Loss Reserves and Prior Year Development	When analyzing loss reserves and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates.
Earnings Per Share Policy	Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Amortized Cost and Estimated Fair Value of Investments	The amortized cost and estimated fair value of investments were as follows as of March 31, 2017 and December 31, 2016: (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than As of March 31, 2017 Fixed maturities: U.S. treasury and agency obligations $ 106,847 $ 782 $ (206 ) $ 107,423 $ — Obligations of states and political subdivisions 164,397 1,490 (287 ) 165,600 — Mortgage-backed securities 100,863 761 (527 ) 101,097 — Asset-backed securities 252,025 571 (483 ) 252,113 (2 ) Commercial mortgage-backed securities 149,676 72 (1,430 ) 148,318 — Corporate bonds 422,444 2,037 (2,068 ) 422,413 — Foreign corporate bonds 112,993 263 (467 ) 112,789 — Total fixed maturities 1,309,245 5,976 (5,468 ) 1,309,753 (2 ) Common stock 122,559 9,334 (3,188 ) 128,705 — Other invested assets 64,213 — — 64,213 — Total $ 1,496,017 $ 15,310 $ (8,656 ) $ 1,502,671 $ (2 ) (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, 2016 Fixed maturities: U.S. treasury and agency obligations $ 71,517 $ 763 $ (233 ) $ 72,047 $ — Obligations of states and political subdivisions 155,402 1,423 (379 ) 156,446 — Mortgage-backed securities 88,131 895 (558 ) 88,468 — Asset-backed securities 233,890 684 (583 ) 233,991 (4 ) Commercial mortgage-backed securities 184,821 118 (1,747 ) 183,192 — Corporate bonds 381,209 1,666 (2,848 ) 380,027 — Foreign corporate bonds 126,369 164 (673 ) 125,860 — Total fixed maturities 1,241,339 5,713 (7,021 ) 1,240,031 (4 ) Common stock 119,515 3,445 (2,403 ) 120,557 — Other invested assets 66,121 — — 66,121 — Total $ 1,426,975 $ 9,158 $ (9,424 ) $ 1,426,709 $ (4 ) (1) Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income (“AOCI”).
Summary of Amortized Cost and Estimated Fair Value Through Fixed Maturities	The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at March 31, 2017, 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 $ 96,874 $ 96,991 Due in one year through five years 631,581 632,225 Due in five years through ten years 68,871 69,608 Due in ten years through fifteen years 3,245 3,237 Due after fifteen years 6,110 6,164 Mortgage-backed securities 100,863 101,097 Asset-backed securities 252,025 252,113 Commercial mortgage-backed securities 149,676 148,318 Total $ 1,309,245 $ 1,309,753
Summary of Securities With Gross Unrealized Losses	The following table contains an analysis of the Company’s securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of March 31, 2017: 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 $ 67,936 $ (206 ) $ — $ — $ 67,936 $ (206 ) Obligations of states and political subdivisions 38,479 (265 ) 2,355 (22 ) 40,834 (287 ) Mortgage-backed securities 75,197 (509 ) 288 (18 ) 75,485 (527 ) Asset-backed securities 102,014 (476 ) 2,240 (7 ) 104,254 (483 ) Commercial mortgage-backed securities 84,067 (1,043 ) 47,882 (387 ) 131,949 (1,430 ) Corporate bonds 140,178 (1,997 ) 5,764 (71 ) 145,942 (2,068 ) Foreign corporate bonds 63,510 (467 ) — — 63,510 (467 ) Total fixed maturities 571,381 (4,963 ) 58,529 (505 ) 629,910 (5,468 ) Common stock 40,696 (3,188 ) — — 40,696 (3,188 ) Total $ 612,077 $ (8,151 ) $ 58,529 $ (505 ) $ 670,606 $ (8,656 ) (1) Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit 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, 2016: Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. treasury and agency obligations $ 39,570 $ (233 ) $ — $ — $ 39,570 $ (233 ) Obligations of states and political subdivisions 46,861 (369 ) 670 (10 ) 47,531 (379 ) Mortgage-backed securities 52,780 (541 ) 298 (17 ) 53,078 (558 ) Asset-backed securities 62,737 (493 ) 23,937 (90 ) 86,674 (583 ) Commercial mortgage-backed securities 94,366 (1,090 ) 69,747 (657 ) 164,113 (1,747 ) Corporate bonds 171,621 (2,731 ) 9,218 (117 ) 180,839 (2,848 ) Foreign corporate bonds 76,036 (673 ) — — 76,036 (673 ) Total fixed maturities 543,971 (6,130 ) 103,870 (891 ) 647,841 (7,021 ) Common stock 57,439 (2,403 ) — — 57,439 (2,403 ) Total $ 601,410 $ (8,533 ) $ 103,870 $ (891 ) $ 705,280 $ (9,424 ) (1) Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit
Schedule of Other Than Temporary Impairments on Investments	The Company recorded the following other than temporary impairments (“OTTI”) on its investment portfolio for the quarters ended March 31, 2017 and 2016: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Fixed maturities: OTTI losses, gross $ (31 ) $ (56 ) Portion of loss recognized in other comprehensive income (pre-tax) — — Net impairment losses on fixed maturities recognized in earnings (31 ) (56 ) Equity securities (79 ) (994 ) Total $ (110 ) $ (1,050 )
Schedule of Credit Losses Recognized in Earnings	The following table is an analysis of the credit losses recognized in earnings on fixed maturities held by the Company for the quarters ended March 31, 2017 and 2016 for which a portion of the OTTI loss was recognized in other comprehensive income. Quarters Ended March 31, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 31 $ 31 Additions where no OTTI was previously recorded — — Additions where an OTTI was previously recorded — — Reductions for securities for which the company intends to sell or more likely than not will be required to sell before recovery — — Reductions reflecting increases in expected cash flows to be collected — — Reductions for securities sold during the period — — Balance at end of period $ 31 $ 31
Schedule of Accumulated Other Comprehensive Income, Net of Tax	Accumulated other comprehensive income, net of tax, as of March 31, 2017 and December 31, 2016 was as follows: (Dollars in thousands) March 31, 2017 December 31, 2016 Net unrealized gains (losses)from: Fixed maturities $ 508 $ (1,308 ) Common stock 6,146 1,042 Foreign currency fluctuations 97 — Deferred taxes (2,419 ) (352 ) Accumulated other comprehensive income, net of tax $ 4,332 $ (618 )
Changes in Accumulated Other Comprehensive Income	The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the quarters ended March 31, 2017 and 2016: Quarter Ended March 31, 2017 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ (554 ) $ (64 ) $ (618 ) Other comprehensive income (loss) before Reclassification 5,171 185 5,356 Amounts reclassified from accumulated other comprehensive income (loss) (399 ) (7 ) (406 ) Other comprehensive income (loss) 4,772 178 4,950 Ending balance $ 4,218 $ 114 $ 4,332 Quarter Ended March 31, 2016 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 4,200 $ (122 ) $ 4,078 Other comprehensive income (loss) before Reclassification 10,129 (1) 10,128 Amounts reclassified from accumulated other comprehensive income (loss) (970 ) — (970 ) Other comprehensive income (loss) 9,159 (1 ) 9,158 Ending balance $ 13,359 $ (123 ) $ 13,236
Reclassifications Out of Accumulated Other Comprehensive Income	The reclassifications out of accumulated other comprehensive income for the quarters ended March 31, 2017 and 2016 were as follows: (Dollars in thousands) Amounts Reclassified from Quarters Ended March 31, Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Consolidated Statements of Operations 2017 2016 Unrealized gains and losses on available for sale securities Other net realized investment gains $ (701 ) $ (2,535 ) Other than temporary impairment losses on investments 110 1,050 Total before tax (591 ) (1,485 ) Income tax expense 192 515 Unrealized gains and losses on available for sale securities, net of tax $ (399 ) $ (970 ) Foreign currency items Other net realized investment gains $ (11 ) $ — Income tax expense 4 — Foreign currency items, net of tax $ (7 ) $ — Total reclassifications Total reclassifications, net of tax $ (406 ) $ (970 )
Components of Net Realized Investment Gains (Losses)	The components of net realized investment gains (losses) for the quarters ended March 31, 2017 and 2016 were as follows: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Fixed maturities: Gross realized gains $ 189 $ 180 Gross realized losses (83 ) (72 ) Net realized gains 106 108 Common stock: Gross realized gains 575 2,564 Gross realized losses (79 ) (1,187 ) Net realized gains 496 1,377 Derivatives: Gross realized gains 1,236 — Gross realized losses (1,063 ) (8,978 ) Net realized gains (losses) (1) 173 (8,978 ) Total net realized investment gains (losses) $ 775 $ (7,493 ) (1) Includes $1.1 million and $1.2 million of periodic net interest settlements related to the derivatives for the quarters ended March 31, 2017 and 2016, respectively.
Proceeds from Sales and Redemptions of Available-for-Sale Securities	The proceeds from sales and redemptions of available-for-sale Quarters Ended March 31, (Dollars in thousands) 2017 2016 Fixed maturities $ 139,350 $ 65,641 Equity securities 5,626 11,453
Schedule of Investment Income	The sources of net investment income for the quarters ended March 31, 2017 and 2016 were as follows: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Fixed maturities $ 6,678 $ 7,224 Equity securities 990 1,189 Cash and cash equivalents 84 30 Other invested assets 1,692 2,034 Total investment income 9,444 10,477 Investment expense (800 ) (731 ) Net investment income $ 8,644 $ 9,746
Schedule of Total Investment Return	The Company’s total investment return on a pre-tax Quarters Ended March 31, (Dollars in thousands) 2017 2016 Net investment income $ 8,644 $ 9,746 Net realized investment gain (losses) 775 (7,493 ) Change in unrealized holding gains and losses 7,017 11,808 Net realized and unrealized investment returns 7,792 4,315 Total investment return $ 16,436 $ 14,061 Total investment return % (1) 1.1 % 0.9 % Average investment portfolio (2) $ 1,559,965 $ 1,511,204 (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.
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 (Dollars in thousands) Financial Guarantor Total Pre-refunded Government Exposure Net of Pre-refunded & Government Securities Ambac Financial Group $ 1,042 $ — $ — $ 1,042 Municipal Bond Insurance Association 2,637 — — 2,637 Gov’t National Housing Association 440 — 440 — Total backed by financial guarantors 4,119 — 440 3,679 Other credit enhanced municipal bonds 3,912 3,912 — — Total $ 8,031 $ 3,912 $ 440 $ 3,679
Summary of Estimated Fair Values of Bonds Held on Deposit	The fair values were as follows as of March 31, 2017 and December 31, 2016: Estimated Fair Value (Dollars in thousands) March 31, 2017 December 31, 2016 On deposit with governmental authorities $ 29,008 $ 29,079 Intercompany trusts held for the benefit of U.S. policyholders 347,065 351,002 Held in trust pursuant to third party requirements 81,487 88,178 Letter of credit held for third party requirements 4,137 4,871 Securities held as collateral for borrowing arrangements (1) 91,360 85,939 Total $ 553,057 $ 559,069 (1) Amount required to collateralize margin borrowing facility.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Summarized Information of Location and Gross Amount of Derivatives' Fair Value in Consolidated Balance Sheets	The following table summarizes information on the location and the gross amount of the derivatives’ fair value on the consolidated balance sheets as of March 31, 2017 and December 31, 2016: (Dollars in thousands) March 31, 2017 December 31, 2016 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 $ (10,287 ) $ 200,000 $ (11,524 )
Summary of Net Gain (Loss) Included in Consolidated Statements of Operations for Changes in Fair Value of Derivatives and Periodic Net Interest Settlements Under Derivatives	The following table summarizes the net gain (loss) included in the consolidated statements of operations for changes in the fair value of the derivatives and the periodic net interest settlements under the derivatives for the quarters ended March 31, 2017 and 2016: Quarters Ended March 31, (Dollars in thousands) Consolidated Statements of Operations Line 2017 2016 Interest rate swap agreements Net realized investment gain (loss) $ 173 $ (8,978 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Company's Invested Assets and Derivative Instruments Measured at Fair Value on Recurring Basis	The following table presents information about the Company’s invested assets and derivative instruments measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. As of March 31, 2017 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 107,423 $ — $ — $ 107,423 Obligations of states and political subdivisions — 165,600 — 165,600 Mortgage-backed securities — 101,097 — 101,097 Commercial mortgage-backed securities — 148,318 — 148,318 Asset-backed securities — 252,113 — 252,113 Corporate bonds — 422,413 — 422,413 Foreign corporate bonds — 112,789 — 112,789 Total fixed maturities 107,423 1,202,330 — 1,309,753 Common stock 128,705 — — 128,705 Total assets measured at fair value (1) $ 236,128 $ 1,202,330 $ — $ 1,438,458 Liabilities: Derivative instruments $ — $ 10,287 $ — $ 10,287 Total liabilities measured at fair value $ — $ 10,287 $ — $ 10,287 (1) Excluded from the table above are limited partnerships of $64.2 million at March 31, 2017 whose fair value is based on net asset value as a practical expedient. As of December 31, 2016 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 72,047 $ — $ — $ 72,047 Obligations of states and political subdivisions — 156,446 — 156,446 Mortgage-backed securities — 88,468 — 88,468 Commercial mortgage-backed securities — 183,192 — 183,192 Asset-backed securities — 233,991 — 233,991 Corporate bonds — 380,027 — 380,027 Foreign corporate bonds — 125,860 — 125,860 Total fixed maturities 72,047 1,167,984 — 1,240,031 Common stock 120,557 — — 120,557 Total assets measured at fair value (1) $ 192,604 $ 1,167,984 $ — $ 1,360,588 Liabilities: Derivative instruments $ — $ 11,524 $ — $ 11,524 Total liabilities measured at fair value $ — $ 11,524 $ — $ 11,524 (1) Excluded from the table above are limited partnerships of $66.1 million at December 31, 2016 whose fair value is based on net asset value as a practical expedient.
Current Fair Value of Debt	For the Company’s material debt arrangements, the current fair value of the Company’s debt at March 31, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Margin Borrowing Facility $ 74,144 $ 74,144 $ 66,646 $ 66,646 7.75% Subordinated Notes due 2045 (1) 96,527 98,127 96,497 95,697 7.875% Subordinated Notes due 2047 (2) 125,783 125,783 — — Total $ 296,454 $ 298,054 $ 163,143 $ 162,343 (1) As of March 31, 2017 and December 31, 2016, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.5 million. (2) As of March 31, 2017, the carrying value and fair value of the 7.875% Subordinated Notes due 2047 are net of unamortized debt issuance cost of $4.2 million.
Fair Value and Future Funding Commitments Related to These Investments	The following table provides the fair value and future funding commitments related to these investments at March 31, 2017 and December 31, 2016. March 31, 2017 December 31, 2016 (Dollars in thousands) Fair Value Future Funding Fair Value Future Funding Real Estate Fund, LP (1) $ — $ — $ — $ — European Non-Performing 30,308 15,714 32,922 15,714 Private Middle Market Loan Fund, LP (3) 33,905 9,054 33,199 9,054 Total $ 64,213 $ 24,768 $ 66,121 $ 24,768 (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 (3) This limited partnership provides financing for 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 investment management agreement, the Company anticipates its interest to be redeemed no later than 2024.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
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. Quarter Ended March 31, 2017: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 54,102 $ 107,936 $ (38,287 ) $ 123,751 Net premiums written $ 54,087 $ 57,419 $ — $ 111,506 Net premiums earned $ 50,933 $ 62,193 $ — $ 113,126 Net investment income 12,328 4,959 (8,643 ) 8,644 Net realized investment gains 41 734 — 775 Other income 87 1,281 — 1,368 Total revenues 63,389 69,167 (8,643 ) 123,913 Losses and Expenses: Net losses and loss adjustment expenses 20,860 41,701 — 62,561 Acquisition costs and other underwriting expenses 22,688 23,863 — 46,551 Corporate and other operating expenses 1,207 1,847 — 3,054 Interest expense 2,324 8,786 (8,643 ) 2,467 Income (loss) before income taxes $ 16,310 $ (7,030 ) $ — $ 9,280 Quarter Ended March 31, 2016: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 31,823 $ 128,631 $ (19,088 ) $ 141,366 Net premiums written $ 31,823 $ 85,049 $ — $ 116,872 Net premiums earned $ 55,985 $ 65,651 $ — $ 121,636 Net investment income 13,103 5,135 (8,492 ) 9,746 Net realized investment gains (losses) 13 (7,506 ) — (7,493 ) Other income 94 862 — 956 Total revenues 69,195 64,142 (8,492 ) 124,845 Losses and Expenses: Net losses and loss adjustment expenses 25,672 39,112 — 64,784 Acquisition costs and other underwriting expenses 23,520 28,570 — 52,090 Corporate and other operating expenses 1,788 2,015 — 3,803 Interest expense 2,076 8,631 (8,492 ) 2,215 Income (loss) before income taxes $ 16,139 $ (14,186 ) $ — $ 1,953
Components of Income Tax Benefit	The following table summarizes the components of income tax benefit: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Current income tax expense : Foreign $ 96 $ 113 U.S. Federal 0 — Total current income tax expense 96 113 Deferred income tax benefit: U.S. Federal (3,098 ) (5,285 ) Total deferred income tax benefit (3,098 ) (5,285 ) Total income tax benefit $ (3,002 ) $ (5,172 )
Differences in Tax and Estimated Tax Provisions at Weighted Average Tax Rate	The following table summarizes the differences between the tax provision for financial statement purposes and the expected tax provision at the weighted average tax rate: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (2,364 ) (25.5 %) $ (4,852 ) (248.5 %) Adjustments: Tax exempt interest (84 ) (0.9 ) (104 ) (5.3 ) Dividend exclusion (193 ) (2.1 ) (239 ) (12.2 ) Other (361 ) (3.8 ) 23 1.2 Actual tax on continuing operations $ (3,002 ) (32.3 %) $ (5,172 ) (264.8 %)

Liability for Unpaid Losses a28

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Summarized Activity in Liability for Unpaid Losses and Loss Adjustment Expenses	Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Quarters Ended March 31, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 651,042 $ 680,047 Less: Ceded reinsurance receivables 130,439 108,130 Net balance at beginning of period 520,603 571,917 Purchased reserves gross 2,496 — Purchased reserves ceded 549 — Purchased reserves, net of third party reinsurance 3,045 — Incurred losses and loss adjustment expenses related to: Current year 72,691 71,380 Prior years (10,130 ) (6,596 ) Total incurred losses and loss adjustment expenses 62,561 64,784 Paid losses and loss adjustment expenses related to: Current year 24,384 19,826 Prior years 42,383 47,596 Total paid losses and loss adjustment expenses 66,767 67,422 Net balance at end of period 519,442 569,279 Plus: Ceded reinsurance receivables 102,646 106,957 Balance at end of period $ 622,088 $ 676,236

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Information with Respect to Ordinary Shares that were Surrendered or Repurchased	The following table provides information with respect to the A ordinary shares that were surrendered or repurchased during the quarter ended March 31, 2017: Period (1) Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar January 1-31, 13,656 (2) $ 38.21 — — February 1-28, 15,309 (2) $ 40.18 — — Total 28,965 $ 39.25 — (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 or repurchased during the quarter ended March 31, 2016: Period (1) Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar January 1-31, 12,410 (2) $ 29.02 — — February 1 – 29, 2016 15,093 (2) $ 28.25 — — Total 27,503 $ 28.60 — (1) Based on settlement date. (2) Surrendered by employees as payment of taxes withheld on the vesting of restricted stock.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Quarters Ended March 31, (Dollars in thousands, except share and per share data) 2017 2016 Net income $ 12,282 $ 7,125 Basic earnings per share: Weighted average shares outstanding – basic 17,316,015 17,224,051 Net income per share $ 0.71 $ 0.41 Diluted earnings per share: Weighted average shares outstanding – diluted 17,646,080 17,444,020 Net income per share $ 0.70 $ 0.41
Reconciliation of Weighted Average Shares for Basic and Diluted Earnings Per Share	A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows: Quarters Ended March 31, 2017 2016 Weighted average shares for basic earnings per share 17,316,015 17,224,051 Non-vested 136,380 111,381 Options 193,685 108,588 Weighted average shares for diluted earnings per share 17,646,080 17,444,020

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Business Segment Information	The following are tabulations of business segment information for the quarters ended March 31, 2017 and 2016. Quarter Ended March 31, 2017: (Dollars in thousands) Commercial (1) Personal (1) Reinsurance Operations (2) Total Revenues: Gross premiums written $ 45,911 $ 62,017 (6 ) $ 15,823 $ 123,751 Net premiums written $ 41,115 $ 54,583 $ 15,808 $ 111,506 Net premiums earned $ 44,992 $ 58,663 $ 9,471 $ 113,126 Other income — 1,281 87 1,368 Total revenues 44,992 59,944 9,558 114,494 Losses and Expenses: Net losses and loss adjustment expenses 20,424 38,715 3,422 62,561 Acquisition costs and other underwriting expenses 19,019 (3 ) 24,534 (4 ) 2,998 46,551 Income (loss) from segments $ 5,549 $ (3,305 ) $ 3,138 $ 5,382 Unallocated Items: Net investment income 8,644 Net realized investment gain 775 Corporate and other operating expenses (3,054 ) Interest expense (2,467 ) Income before income taxes 9,280 Income tax benefit 3,002 Net income 12,282 Total assets $ 877,798 $ 479,640 $ 714,947 (5 ) $ 2,072,385 (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 $120 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $293 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. (6) Includes $1,051 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement. Quarter Ended March 31, 2016: (Dollars in thousands) Commercial (1) Personal (1) Reinsurance Operations (2) Total Revenues: Gross premiums written $ 48,480 $ 80,151 (6) $ 12,735 $ 141,366 Net premiums written $ 42,966 $ 61,171 $ 12,735 $ 116,872 Net premiums earned $ 47,077 $ 62,342 $ 12,217 $ 121,636 Other income — 862 94 956 Total revenues 47,077 63,204 12,311 122,592 Losses and Expenses: Net losses and loss adjustment expenses 25,162 35,017 4,605 64,784 Acquisition costs and other underwriting expenses 20,970 (3) 26,637 (4) 4,483 52,090 Income from segments $ 945 $ 1,550 $ 3,223 $ 5,718 Unallocated Items: Net investment income 9,746 Net realized investment losses (7,493 ) Corporate and other operating expenses (3,803 ) Interest expense (2,215 ) Income before income taxes 1,953 Income tax benefit 5,172 Net income 7,125 Total assets $ 742,784 $ 526,380 $ 697,485 (5) $ 1,966,649 (1) Includes business ceded to the Company’s Reinsurance Operations. (2) External business only, excluding business assumed from affiliates. (3) Includes federal excise tax of $126 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $312 relating to cessions from Personal Lines to Reinsurance Operations. (5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries. (6) Includes $13,444 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

Principles of Consolidation a32

Principles of Consolidation and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017SegmentProduct
Organization And Basis Of Presentation [Line Items]
Date of incorporation	Feb. 9, 2016
State of incorporation	Cayman Islands
Kind of listing	A ordinary shares
Number of business segments | Segment	3
Commercial Lines Segment
Organization And Basis Of Presentation [Line Items]
Number of product classifications | Product	3

Schedule of Amortized Cost and

Schedule of Amortized Cost and Estimated Fair Value of Investments (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 1,496,017	$ 1,426,975
Gross Unrealized Gains		15,310	9,158
Gross Unrealized Losses		(8,656)	(9,424)
Estimated Fair Value		1,502,671	1,426,709
Other than temporary impairments recognized in AOCI	[1]	(2)	(4)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		122,559	119,515
Gross Unrealized Gains		9,334	3,445
Gross Unrealized Losses		(3,188)	(2,403)
Estimated Fair Value		128,705	120,557
Other Invested Assets
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		64,213	66,121
Estimated Fair Value		64,213	66,121
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,309,245	1,241,339
Gross Unrealized Gains		5,976	5,713
Gross Unrealized Losses		(5,468)	(7,021)
Estimated Fair Value		1,309,753	1,240,031
Other than temporary impairments recognized in AOCI	[1]	(2)	(4)
Fixed Maturities | U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		106,847	71,517
Gross Unrealized Gains		782	763
Gross Unrealized Losses		(206)	(233)
Estimated Fair Value		107,423	72,047
Fixed Maturities | Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		164,397	155,402
Gross Unrealized Gains		1,490	1,423
Gross Unrealized Losses		(287)	(379)
Estimated Fair Value		165,600	156,446
Fixed Maturities | Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		100,863	88,131
Gross Unrealized Gains		761	895
Gross Unrealized Losses		(527)	(558)
Estimated Fair Value		101,097	88,468
Fixed Maturities | Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		252,025	233,890
Gross Unrealized Gains		571	684
Gross Unrealized Losses		(483)	(583)
Estimated Fair Value		252,113	233,991
Other than temporary impairments recognized in AOCI	[1]	(2)	(4)
Fixed Maturities | Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		149,676	184,821
Gross Unrealized Gains		72	118
Gross Unrealized Losses		(1,430)	(1,747)
Estimated Fair Value		148,318	183,192
Fixed Maturities | Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		422,444	381,209
Gross Unrealized Gains		2,037	1,666
Gross Unrealized Losses		(2,068)	(2,848)
Estimated Fair Value		422,413	380,027
Fixed Maturities | Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		112,993	126,369
Gross Unrealized Gains		263	164
Gross Unrealized Losses		(467)	(673)
Estimated Fair Value		$ 112,789	$ 125,860
[1]	Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income ("AOCI").

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)		Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses less than 12 months		$ 8,151,000	$ 8,533,000
Gross unrealized losses		8,656,000	9,424,000
Gross unrealized losses for 12 months or greater	[1]	505,000	$ 891,000
Investments in insurance enhanced asset backed and credit securities		30,200,000
Investments in insurance enhanced municipal bonds		8,031,000
Ratings without insurance		0
Investments in asset backed and taxable municipal bonds		$ 22,200,000
Asset backed and taxable municipal bonds as a percentage of total cash and invested assets		1.40%
Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		$ 4,500,000
Build America Mutual
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		1,400,000
Assured Guaranty Corporation
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		$ 16,300,000
Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments in a single issuer as a percentage of shareholders' equity		5.00%	5.00%
Taxable Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in asset backed and taxable municipal bonds		$ 22,100,000
Pre-Refunded Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		3,912,000
AA- Rating
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		$ 8,000,000
Insurance enhanced municipal bonds as a percentage of total cash and invested assets		0.50%
Tax free insurance enhanced municipal bonds		$ 4,100,000
U.S. Treasury and Agency Obligations | AA+ Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses less than 12 months		206,000
Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		287,000
Obligations of States and Political Subdivisions | Investment Grade Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		22,000
Mortgage Backed Securities | Investment Grade Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		527,000
Gross unrealized losses for 12 months or greater		18,000
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 483,000
Weighted average credit enhancement		21.60%
Investments in asset backed and taxable municipal bonds		$ 100,000
Asset-backed Securities | AA Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		7,000
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 1,430,000
Weighted average credit enhancement		32.20%
Commercial Mortgage-Backed Securities | A+ Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		$ 387,000
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		2,068,000
Corporate Bonds | A- Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		71,000
Foreign Corporate Bonds | Investment Grade Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses less than 12 months		467,000
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses less than 12 months		3,188,000	$ 2,403,000
Gross unrealized losses		3,188,000	2,403,000
One of the Company's variable interest VIE's, invests in distressed securities and assets
Schedule of Available-for-sale Securities [Line Items]
Significant variable interest in fair value of the non-consolidated VIE		30,300,000	32,900,000
Variable interest entities, maximum exposure to loss		46,000,000	48,600,000
New variable interest VIE
Schedule of Available-for-sale Securities [Line Items]
Significant variable interest in fair value of the non-consolidated VIE		33,900,000	33,200,000
Variable interest entities, maximum exposure to loss		$ 43,000,000	$ 42,300,000
[1]	Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not other than temporarily impaired.

Summary of Amortized Cost and E

Summary of Amortized Cost and Estimated Fair Value Through Fixed Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	$ 96,874
Due in one year through five years, Amortized Cost	631,581
Due in five years through ten years, Amortized Cost	68,871
Due in ten years through fifteen years, Amortized Cost	3,245
Due after fifteen years, Amortized Cost	6,110
Fixed maturities, amortized cost	1,309,245	$ 1,241,339
Due in one year or less, Estimated Fair value	96,991
Due in one year through five years, Estimated Fair value	632,225
Due in five years through ten years, Estimated Fair value	69,608
Due in ten years through fifteen years, Estimated Fair value	3,237
Due after fifteen years, Estimated Fair value	6,164
Fixed Maturities, estimated fair value	1,309,753	$ 1,240,031
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	100,863
Estimated Fair value	101,097
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	252,025
Estimated Fair value	252,113
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	149,676
Estimated Fair value	$ 148,318

Summary of Securities with Gros

Summary of Securities with Gross Unrealized Losses (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		$ 612,077	$ 601,410
Less than 12 months, Gross Unrealized Losses		(8,151)	(8,533)
12 months or longer, Fair Value	[1]	58,529	103,870
12 months or longer, Gross Unrealized Losses	[1]	(505)	(891)
Total, Fair Value		670,606	705,280
Total, Gross Unrealized Losses		(8,656)	(9,424)
Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(287)
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(483)
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(1,430)
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(2,068)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		40,696	57,439
Less than 12 months, Gross Unrealized Losses		(3,188)	(2,403)
Total, Fair Value		40,696	57,439
Total, Gross Unrealized Losses		(3,188)	(2,403)
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		571,381	543,971
Less than 12 months, Gross Unrealized Losses		(4,963)	(6,130)
12 months or longer, Fair Value	[1]	58,529	103,870
12 months or longer, Gross Unrealized Losses	[1]	(505)	(891)
Total, Fair Value		629,910	647,841
Total, Gross Unrealized Losses		(5,468)	(7,021)
Fixed Maturities | U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		67,936	39,570
Less than 12 months, Gross Unrealized Losses		(206)	(233)
Total, Fair Value		67,936	39,570
Total, Gross Unrealized Losses		(206)	(233)
Fixed Maturities | Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		38,479	46,861
Less than 12 months, Gross Unrealized Losses		(265)	(369)
12 months or longer, Fair Value	[1]	2,355	670
12 months or longer, Gross Unrealized Losses	[1]	(22)	(10)
Total, Fair Value		40,834	47,531
Total, Gross Unrealized Losses		(287)	(379)
Fixed Maturities | Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		75,197	52,780
Less than 12 months, Gross Unrealized Losses		(509)	(541)
12 months or longer, Fair Value	[1]	288	298
12 months or longer, Gross Unrealized Losses	[1]	(18)	(17)
Total, Fair Value		75,485	53,078
Total, Gross Unrealized Losses		(527)	(558)
Fixed Maturities | Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		102,014	62,737
Less than 12 months, Gross Unrealized Losses		(476)	(493)
12 months or longer, Fair Value	[1]	2,240	23,937
12 months or longer, Gross Unrealized Losses	[1]	(7)	(90)
Total, Fair Value		104,254	86,674
Total, Gross Unrealized Losses		(483)	(583)
Fixed Maturities | Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		84,067	94,366
Less than 12 months, Gross Unrealized Losses		(1,043)	(1,090)
12 months or longer, Fair Value	[1]	47,882	69,747
12 months or longer, Gross Unrealized Losses	[1]	(387)	(657)
Total, Fair Value		131,949	164,113
Total, Gross Unrealized Losses		(1,430)	(1,747)
Fixed Maturities | Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		140,178	171,621
Less than 12 months, Gross Unrealized Losses		(1,997)	(2,731)
12 months or longer, Fair Value	[1]	5,764	9,218
12 months or longer, Gross Unrealized Losses	[1]	(71)	(117)
Total, Fair Value		145,942	180,839
Total, Gross Unrealized Losses		(2,068)	(2,848)
Fixed Maturities | Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		63,510	76,036
Less than 12 months, Gross Unrealized Losses		(467)	(673)
Total, Fair Value		63,510	76,036
Total, Gross Unrealized Losses		$ (467)	$ (673)
[1]	Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not other than temporarily impaired.

Schedule of Other Than Temporar

Schedule of Other Than Temporary Impairments on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
OTTI losses, gross	$ (31)	$ (56)
Portion of loss recognized in other comprehensive income (pre-tax)	0	0
Net impairment losses on fixed maturities recognized in earnings	(31)	(56)
Equity securities	(79)	(994)
Total	$ (110)	$ (1,050)

Schedule of Credit Losses Recog

Schedule of Credit Losses Recognized in Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Balance at beginning of period	$ 31	$ 31
Additions where no OTTI was previously recorded	0	0
Additions where an OTTI was previously recorded	0	0
Reductions for securities for which the company intends to sell or more likely than not will be required to sell before recovery	0	0
Reductions reflecting increases in expected cash flows to be collected	0	0
Reductions for securities sold during the period	0	0
Balance at end of period	$ 31	$ 31

Schedule of Accumulated Other C

Schedule of Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Foreign currency fluctuations	$ 97
Deferred taxes	(2,419)	$ (352)
Accumulated other comprehensive income, net of tax	4,332	(618)	$ 13,236	$ 4,078
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains (losses)	508	(1,308)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains (losses)	$ 6,146	$ 1,042

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (618)	$ 4,078	$ 4,078
Other comprehensive income (loss) before Reclassification	5,356	10,128
Amounts reclassified from accumulated other comprehensive income (loss)	(406)	(970)
Other comprehensive income (loss), net of tax	4,950	9,158
Ending balance	4,332	13,236	(618)
Unrealized Gains and Losses on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(554)	4,200	4,200
Other comprehensive income (loss) before Reclassification	5,171	10,129
Amounts reclassified from accumulated other comprehensive income (loss)	(399)	(970)
Other comprehensive income (loss), net of tax	4,772	9,159
Ending balance	4,218	13,359	(554)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(64)	(122)	(122)
Other comprehensive income (loss) before Reclassification	185	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	(7)
Other comprehensive income (loss), net of tax	178	(1)
Ending balance	$ 114	$ (123)	$ (64)

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized investment gains	$ 885	$ (6,443)
Other than temporary impairment losses on investments	(110)	(1,050)
Income before income taxes	9,280	1,953
Income tax expense	3,002	5,172
Net income	12,282	7,125
Total reclassifications, net of tax	(406)	(970)
Unrealized Gains and Losses on Available for Sale Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	(399)	(970)
Foreign Currency Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	(7)
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	(701)	(2,535)
Other than temporary impairment losses on investments	110	1,050
Income before income taxes	(591)	(1,485)
Income tax expense	192	515
Net income	(399)	$ (970)
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	(11)
Income tax expense	4
Net income	$ (7)

Components of Net Realized Inve

Components of Net Realized Investment Gains (Losses) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Total net realized investment gains (losses)		$ 775	$ (7,493)
Not Designated as Hedging Instrument | Interest Rate Swap
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains		1,236
Gross realized losses		(1,063)	(8,978)
Total net realized investment gains (losses)	[1]	173	(8,978)
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains		189	180
Gross realized losses		(83)	(72)
Total net realized investment gains (losses)		106	108
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains		575	2,564
Gross realized losses		(79)	(1,187)
Total net realized investment gains (losses)		$ 496	$ 1,377
[1]	Includes $1.1 million and $1.2 million of periodic net interest settlements related to the derivatives for the quarters ended March 31, 2017 and 2016, respectively.

Components of Net Realized In43

Components of Net Realized Investment Gains (Losses) (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest Rate Swap
Schedule of Available-for-sale Securities [Line Items]
Net interest settlements	$ 1.1	$ 1.2

Schedule of Proceeds From Sales

Schedule of Proceeds From Sales and Redemptions of Available for Sale Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities	$ 139,350	$ 65,641
Equity securities	$ 5,626	$ 11,453

Schedule of Investment Income (

Schedule of Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 9,444	$ 10,477
Investment expense	(800)	(731)
Net investment income	8,644	9,746
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Investment income	6,678	7,224
Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Investment income	990	1,189
Cash and Cash Equivalents
Schedule of Available-for-sale Securities [Line Items]
Investment income	84	30
Other Invested Assets
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 1,692	$ 2,034

Schedule of Total Investment Re

Schedule of Total Investment Return (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Net Investment Income [Line Items]
Net investment income		$ 8,644	$ 9,746
Net realized investment gain (losses)		775	(7,493)
Change in unrealized holding gains and losses		7,017	11,808
Net realized and unrealized investment returns		7,792	4,315
Total investment return		$ 16,436	$ 14,061
Total investment return %	[1]	1.10%	0.90%
Average investment portfolio	[2]	$ 1,559,965	$ 1,511,204
[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.

Summary of Insurance Enhanced M

Summary of Insurance Enhanced Municipal Bonds Backed by Financial Guarantors (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	$ 8,031
Ambac Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	1,042
Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	2,637
Gov't National Housing Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	440
Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	4,119
Other Credit Enhanced Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	3,912
Pre-Refunded Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	3,912
Pre-Refunded Securities | Other Credit Enhanced Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	3,912
Government Guaranteed Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	440
Government Guaranteed Securities | Gov't National Housing Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	440
Government Guaranteed Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	440
Exposure Net Of Pre-refunded & Government Guaranteed Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	3,679
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	1,042
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	2,637
Exposure Net Of Pre-refunded & Government Guaranteed Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	$ 3,679

Summary of Estimated Fair Value

Summary of Estimated Fair Values of Bonds Held on Deposit (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		$ 553,057	$ 559,069
On Deposit With Governmental Authorities
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		29,008	29,079
Intercompany Trusts Held For Benefit Of U.S. Policyholders
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		347,065	351,002
Held In Trust Pursuant To Third Party Requirements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		81,487	88,178
Letter Of Credit Held For Third Party Requirements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		4,137	4,871
Securities held as collateral for borrowing arrangements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	[1]	$ 91,360	$ 85,939
[1]	Amount required to collateralize margin borrowing facility.

Summarized Information of Locat

Summarized Information of Location and Gross Amount of Derivatives' Fair Value in Consolidated Balance Sheets (Detail) - Not Designated as Hedging Instrument - Interest Rate Swap - Other Liabilities - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Notional Amount	$ 200,000	$ 200,000
Fair Value	$ (10,287)	$ (11,524)

Summary of Net Gain (Loss) Incl

Summary of Net Gain (Loss) Included in Consolidated Statements of Operations for Changes in Fair Value of Derivatives and Periodic Net Interest Settlements Under Derivatives (Detail) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net loss for changes in fair value and net settlements of derivatives	$ 1,100	$ 1,200
Net Realized Investment Losses
Derivative Instruments, Gain (Loss) [Line Items]
Net loss for changes in fair value and net settlements of derivatives	$ 173	$ (8,978)

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) - Other Assets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Funds needed to post execute swap transaction	$ 3.7	$ 5.3
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Margin calls made in connection with interest rate swaps	$ 13	$ 12.6

Company's Invested Assets and D

Company's Invested Assets and Derivative Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017		Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	$ 1,502,671		$ 1,426,709
Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	128,705		120,557
Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,309,753		1,240,031
Fixed Maturities | U.S. Treasury and Agency Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	107,423		72,047
Fixed Maturities | Obligations of States and Political Subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	165,600		156,446
Fixed Maturities | Mortgage Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	101,097		88,468
Fixed Maturities | Commercial Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	148,318		183,192
Fixed Maturities | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	252,113		233,991
Fixed Maturities | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	422,413		380,027
Fixed Maturities | Foreign Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	112,789		125,860
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,438,458	[1]	1,360,588	[2]
Total invested liabilities	10,287		11,524
Fair Value, Measurements, Recurring | Derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested liabilities	10,287		11,524
Fair Value, Measurements, Recurring | Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	128,705		120,557
Fair Value, Measurements, Recurring | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,309,753		1,240,031
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	107,423		72,047
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	165,600		156,446
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	101,097		88,468
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	148,318		183,192
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	252,113		233,991
Fair Value, Measurements, Recurring | Fixed Maturities | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	422,413		380,027
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	112,789		125,860
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	236,128	[1]	192,604	[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	128,705		120,557
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	107,423		72,047
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	107,423		72,047
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	1,202,330	[1]	1,167,984	[2]
Total invested liabilities	10,287		11,524
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	10,287		11,524
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	1,202,330		1,167,984
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	165,600		156,446
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	101,097		88,468
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	148,318		183,192
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	252,113		233,991
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Fixed Maturities | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	422,413		380,027
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	$ 112,789		$ 125,860
[1]	Excluded from the table above are limited partnerships of $64.2 million at March 31, 2017 whose fair value is based on net asset value as a practical expedient.
[2]	Excluded from the table above are limited partnerships of $66.1 million at December 31, 2016 whose fair value is based on net asset value as a practical expedient.

Company's Invested Assets and53

Company's Invested Assets and Derivative Instruments Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investment in limited partnership	$ 64,213	$ 66,121

Current Fair Value of Debt (Det

Current Fair Value of Debt (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt		$ 296,454	$ 163,143
Debt, fair value		298,054	162,343
7.75% Subordinated Notes due 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	[1]	96,527	96,497
Debt, fair value	[1]	98,127	95,697
7.875% Subordinated Notes due 2047
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	[2]	125,783
Debt, fair value	[2]	125,783
Margin borrowing facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt		74,144	66,646
Debt, fair value		$ 74,144	$ 66,646
[1]	As of March 31, 2017 and December 31, 2016, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.5 million.
[2]	As of March 31, 2017, the carrying value and fair value of the 7.875% Subordinated Notes due 2047 are net of unamortized debt issuance cost of $4.2 million.

Current Fair Value of Debt (Par

Current Fair Value of Debt (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
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	2,045
Unamortized Debt Issuance Costs	$ 3.5	$ 3.5
7.875% Subordinated Notes due 2047
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subordinated Notes percentage	7.875%	7.875%
Subordinated Notes due date	2,047	2,047
Unamortized Debt Issuance Costs	$ 4.2

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity in the earnings of liability companies or partnerships	$ 1,692	$ 2,034
7.75% Subordinated Notes due 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subordinated Notes due date	2,045		2,045
7.875% Subordinated Notes due 2047
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subordinated Notes due date	2,047		2,047
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 due date	2,045
Fair Value, Inputs, Level 1 | 7.875% Subordinated Notes due 2047
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Subordinated Notes due date	2,047

Fair Value and Future Funding C

Fair Value and Future Funding Commitments Related to These Investments (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 64,213	$ 66,121
Future Funding Commitments		24,768	24,768
Fair Value, Inputs, Level 3 | European Non-Performing Loan Fund, LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	[1]	30,308	32,922
Future Funding Commitments	[1]	15,714	15,714
Fair Value, Inputs, Level 3 | Private Middle Market Loans, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	[2]	33,905	33,199
Future Funding Commitments	[2]	$ 9,054	$ 9,054
[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 by 2020.
[2]	This limited partnership provides financing for 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 investment management agreement, the Company anticipates its interest to be redeemed no later than 2024.

Fair Value and Future Funding58

Fair Value and Future Funding Commitments Related to These Investments (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value written down	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax [Line Items]
Effective income tax benefit rate	(32.30%)	(264.80%)
Alternative minimum tax credit carry forward	$ 11		$ 11
Net operating loss carryforwards	8.4		3.2
Section 163(j) carryforward	$ 8.1		$ 8.1
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	27.08%
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%
BARBADOS | Minimum
Income Tax [Line Items]
Statutory income tax rates	0.25%
BARBADOS | Maximum
Income Tax [Line Items]
Statutory income tax rates	2.50%

Income Before Income Taxes from

Income Before Income Taxes from its Non-U.S. Subsidiaries and U.S. Subsidiaries (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Gross premiums written	$ 123,751	$ 141,366
Net premiums written	111,506	116,872
Net premiums earned	113,126	121,636
Net investment income	8,644	9,746
Net realized investment gains (losses)	775	(7,493)
Other income	1,368	956
Total revenues	123,913	124,845
Losses and Expenses:
Net losses and loss adjustment expenses	62,561	64,784
Acquisition costs and other underwriting expenses	46,551	52,090
Corporate and other operating expenses	3,054	3,803
Interest expense	2,467	2,215
Income (loss) before income taxes	9,280	1,953
Non-U.S. Subsidiaries
Revenues:
Gross premiums written	54,102	31,823
Net premiums written	54,087	31,823
Net premiums earned	50,933	55,985
Net investment income	12,328	13,103
Net realized investment gains (losses)	41	13
Other income	87	94
Total revenues	63,389	69,195
Losses and Expenses:
Net losses and loss adjustment expenses	20,860	25,672
Acquisition costs and other underwriting expenses	22,688	23,520
Corporate and other operating expenses	1,207	1,788
Interest expense	2,324	2,076
Income (loss) before income taxes	16,310	16,139
U.S. Subsidiaries
Revenues:
Gross premiums written	107,936	128,631
Net premiums written	57,419	85,049
Net premiums earned	62,193	65,651
Net investment income	4,959	5,135
Net realized investment gains (losses)	734	(7,506)
Other income	1,281	862
Total revenues	69,167	64,142
Losses and Expenses:
Net losses and loss adjustment expenses	41,701	39,112
Acquisition costs and other underwriting expenses	23,863	28,570
Corporate and other operating expenses	1,847	2,015
Interest expense	8,786	8,631
Income (loss) before income taxes	(7,030)	(14,186)
Eliminations
Revenues:
Gross premiums written	(38,287)	(19,088)
Net investment income	(8,643)	(8,492)
Total revenues	(8,643)	(8,492)
Losses and Expenses:
Interest expense	$ (8,643)	$ (8,492)

Components of Income Tax Benefi

Components of Income Tax Benefit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Current income tax expense :
Foreign	$ 96	$ 113
U.S. Federal	0
Total current income tax expense	96	113
Deferred income tax benefit:
U.S. Federal	(3,098)	(5,285)
Total deferred income tax benefit	(3,098)	(5,285)
Actual tax on continuing operations	$ (3,002)	$ (5,172)

Differences in Tax Provision fo

Differences in Tax Provision for Financial Statement Purposes and Expected Tax Provision at Weighted Average Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax [Line Items]
Expected tax provision at weighted average rate	$ (2,364)	$ (4,852)
Adjustments:
Tax exempt interest	(84)	(104)
Dividend exclusion	(193)	(239)
Other	(361)	23
Actual tax on continuing operations	$ (3,002)	$ (5,172)
Expected tax provision at weighted average rate	(25.50%)	(248.50%)
Adjustments:
Tax exempt interest, % of Pre-Tax Income	(0.90%)	(5.30%)
Dividend exclusion, % of Pre-Tax Income	(2.10%)	(12.20%)
Other, % of Pre-Tax Income	(3.80%)	1.20%
Actual tax on continuing operations, % of Pre-Tax Income	(32.30%)	(264.80%)

Summarized Activity in Liabilit

Summarized Activity in Liability for Unpaid Losses and Loss Adjustment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Liability for Claims and Claims Adjustment Expense [Line Items]
Balance at beginning of period	$ 651,042	$ 680,047
Less:Ceded reinsurance receivables	130,439	108,130
Net balance at beginning of period	520,603	571,917
Purchased reserves gross	2,496
Purchased reserves ceded	549
Purchased reserves, net of third party reinsurance	3,045
Incurred losses and loss adjustment expenses related to:
Current year	72,691	71,380
Prior years	(10,130)	(6,596)
Total incurred losses and loss adjustment expenses	62,561	64,784
Paid losses and loss adjustment expenses related to:
Current year	24,384	19,826
Prior years	42,383	47,596
Total paid losses and loss adjustment expenses	66,767	67,422
Net balance at end of period	519,442	569,279
Plus:Ceded reinsurance receivables	102,646	106,957
Balance at end of period	$ 622,088	$ 676,236

Liability for Unpaid Losses a64

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	$ (10,130)	$ (6,596)
Commercial Lines Segment
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(5,300)	(5,600)
Commercial Lines Segment | General Liability | Accident Years 2008 through 2011
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(4,200)
Commercial Lines Segment | General Liability | Accident Years 2007 Through 2013
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(4,000)
Commercial Lines Segment | Property Lines
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(1,500)
Commercial Lines Segment | Property Lines | 2016 Accident Year
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(1,700)
Reinsurance Operations
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(1,700)	(1,000)
Reinsurance Operations | Property Lines | Accident years 2014 and 2015
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		$ (1,000)
Reinsurance Operations | Property Lines | Accident years 2013 through 2015
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(1,700)
Personal Lines Segment
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(3,200)
Personal Lines Segment | General Liability | 2016 Accident Year
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	(500)
Personal Lines Segment | Property Lines | 2016 Accident Year
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve	$ (2,700)

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 23, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Interest expense, including amortization of deferred issuance cost		$ 2,467	$ 2,215
7.875% Subordinated Notes due 2047
Debt Instrument [Line Items]
Debt instrument, face amount	$ 120,000	$ 130,000
Number of days granted to uderwriters option to purchase	30 days
Additional aggregate principal amount purchased pursuant to over-allotment option granted to the underwriters	$ 18,000
Subordinated Notes percentage		7.875%			7.875%
Debt instrument, interest rate terms		Payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year
Debt instrument, maturity date		Apr. 15, 2047
Debt instrument, redemption description		The Company has the right to redeem the 2047 Notes in $25 increments, in whole or in part, on and after April 15, 2022, or on any interest payment date thereafter, at a redemption price equal to 100% of the principal amount of the 2047 Notes being redeemed plus accrued and unpaid interest to, but not including, the date of redemption.
Debt instrument, redemption price, percentage of principal amount redeemed		100.00%
Deferred issuance costs		$ 4,200
Interest expense, including amortization of deferred issuance cost		200
7.875% Subordinated Notes due 2047 | Over-Allotment Option
Debt Instrument [Line Items]
Debt instrument, face amount				$ 10,000
7.75% Subordinated Notes due 2045
Debt Instrument [Line Items]
Debt instrument, face amount		$ 100,000
Subordinated Notes percentage		7.75%			7.75%

Information with Respect to Ord

Information with Respect to Ordinary Shares that were Surrendered or Repurchased (Detail) - Ordinary Shares A - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased		28,965	27,503
Average Price Paid Per Share		$ 39.25	$ 28.60
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program		0	0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs		$ 0	$ 0
January 1-31, 2017
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased	[1],[2]	13,656
Average Price Paid Per Share	[1]	$ 38.21
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program		0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs		$ 0
February 1 - 28, 2017
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased	[1],[2]	15,309
Average Price Paid Per Share	[1]	$ 40.18
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program		0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs		$ 0
January 1-31, 2016
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased	[1],[2]		12,410
Average Price Paid Per Share	[1]		$ 29.02
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program			0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 0
February 1 - 29, 2016
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased	[1],[2]		15,093
Average Price Paid Per Share	[1]		$ 28.25
Total Number of Shares Purchased as Part of Publicly Announced Plan or Program			0
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 0
[1]	Based on settlement date.
[2]	Surrendered by employees as payment of taxes withheld on the vesting of restricted stock.

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares	Mar. 31, 2017	Mar. 31, 2016
Ordinary Shares B
Equity, Class of Treasury Stock [Line Items]
Ordinary shares agreed to redeem, shares	0	0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Distribution received from the limited partnership	$ 3,600,000	$ 2,000,000
Fox Paine and Company
Related Party Transaction [Line Items]
Company's total outstanding voting power	84.00%
Minimum voting power required to nominate Directors	25.00%
Management fees	$ 500,000	500,000
Unpaid management fees	5,200,000		$ 4,600,000
Fox Paine Capital Fund II Limited Partner | Global Indemnity Reinsurance
Related Party Transaction [Line Items]
Distribution received from the limited partnership	$ 0	0
Crystal & Company
Related Party Transaction [Line Items]
Brokerage fee incurred		$ 100,000

Commitments And Contingencies -

Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Commitments and Contingencies [Line Items]
Commitment to purchase alternative investment		$ 40,000	$ 50,000
Future Funding Commitments	$ 24,768	$ 24,768
European Non-Performing Loan Fund, LP
Commitments and Contingencies [Line Items]
Funded commitment amount	34,300
Private Middle Market Loans, LLC
Commitments and Contingencies [Line Items]
Funded commitment amount	30,900
Unfunded Commitments | European Non-Performing Loan Fund, LP
Commitments and Contingencies [Line Items]
Future Funding Commitments	15,700
Unfunded Commitments | Private Middle Market Loans, LLC
Commitments and Contingencies [Line Items]
Future Funding Commitments	$ 9,100

Share-Based Compensation Plans

Share-Based Compensation Plans - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded	0	0
Unvested stock options forfeited	0	66,667
Restricted Stock | Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	22,503	121,346
Weighted average fair value per share	$ 38.21	$ 28.97
Restricted Stock | Key Employees | Share-based Compensation Award, Tranche One
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 date	Jan. 1, 2018	Jan. 1, 2017
Restricted Stock | Key Employees | Share-based Compensation Award, Tranche Two
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 date	Jan. 1, 2019	Jan. 1, 2018
Restricted Stock | Key Employees | Share-based Compensation Award, Tranche Three
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 date	Jan. 1, 2020	Jan. 1, 2019
Restricted Stock | Key Employees | Time Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		96,585
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 date	Mar. 15, 2020	Mar. 15, 2019
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]
Number of shares granted		11,199
Vesting period		3 years
Restricted Stock | Chief Executive Officer | Each subsequent anniversary date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date		33.33%
Restricted Stock | Another Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		5,309
Vesting date		Feb. 7, 2019
Restricted Stock | Another Key Employees | Vest on 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 granted		8,253
Restricted Stock | Other Key Employees | Share-based Compensation Award, Tranche One
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 | Share-based Compensation Award, Tranche Two
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 | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested on each anniversary of the grant date		34.00%
Restricted Stock | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	6,700	9,442
Weighted average fair value per share	$ 38.49	$ 31.13

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 12,282	$ 7,125
Weighted average shares outstanding - basic	17,316,015	17,224,051
Net income per share	$ 0.71	$ 0.41
Weighted average shares outstanding - diluted	17,646,080	17,444,020
Net income per share	$ 0.70	$ 0.41

Reconciliation of Weighted Aver

Reconciliation of Weighted Average Shares for Basic and Diluted Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Weighted average shares for basic earnings per share	17,316,015	17,224,051
Weighted average shares for diluted earnings per share	17,646,080	17,444,020
Restricted Stock
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Non-vested restricted stock and options	136,380	111,381
Stock Options
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Non-vested restricted stock and options	193,685	108,588

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Line Items]
Shares excluded from calculation of diluted earnings per share	0	433,333

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Segment
Segment Reporting Information [Line Items]
Number of reportable business segments managed	3

Summary of Business Segment Inf

Summary of Business Segment Information (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017		Mar. 31, 2016		Dec. 31, 2016
Revenues:
Gross premiums written		$ 123,751		$ 141,366
Net premiums written		111,506		116,872
Net premiums earned		113,126		121,636
Other income		1,368		956
Total revenues		114,494		122,592
Losses and Expenses:
Net losses and loss adjustment expenses		62,561		64,784
Acquisition costs and other underwriting expenses		46,551		52,090
Income (loss) from segments		5,382		5,718
Unallocated Items:
Net investment income		8,644		9,746
Net realized investment gain		775		(7,493)
Corporate and other operating expenses		(3,054)		(3,803)
Interest expense		(2,467)		(2,215)
Income before income taxes		9,280		1,953
Income tax benefit		3,002		5,172
Net income		12,282		7,125
Total assets		2,072,385		1,966,649		$ 1,972,946
Commercial Lines Segment
Revenues:
Gross premiums written	[1]	45,911		48,480
Net premiums written	[1]	41,115		42,966
Net premiums earned	[1]	44,992		47,077
Total revenues	[1]	44,992		47,077
Losses and Expenses:
Net losses and loss adjustment expenses	[1]	20,424		25,162
Acquisition costs and other underwriting expenses	[1]	19,019	[2]	20,970	[3]
Income (loss) from segments	[1]	5,549		945
Unallocated Items:
Total assets	[1]	877,798		742,784
Personal Lines Segment
Revenues:
Gross premiums written	[1]	62,017	[4]	80,151	[5]
Net premiums written	[1]	54,583		61,171
Net premiums earned	[1]	58,663		62,342
Other income	[1]	1,281		862
Total revenues	[1]	59,944		63,204
Losses and Expenses:
Net losses and loss adjustment expenses	[1]	38,715		35,017
Acquisition costs and other underwriting expenses	[1]	24,534	[6]	26,637	[7]
Income (loss) from segments	[1]	(3,305)		1,550
Unallocated Items:
Total assets	[1]	479,640		526,380
Reinsurance Operations
Revenues:
Gross premiums written	[8]	15,823		12,735
Net premiums written	[8]	15,808		12,735
Net premiums earned	[8]	9,471		12,217
Other income	[8]	87		94
Total revenues	[8]	9,558		12,311
Losses and Expenses:
Net losses and loss adjustment expenses	[8]	3,422		4,605
Acquisition costs and other underwriting expenses	[8]	2,998		4,483
Income (loss) from segments	[8]	3,138		3,223
Unallocated Items:
Total assets	[8],[9]	$ 714,947		$ 697,485
[1]	Includes business ceded to the Company's Reinsurance Operations.
[2]	Includes federal excise tax of $120 relating to cessions from Commercial Lines to Reinsurance Operations.
[3]	Includes federal excise tax of $126 relating to cessions from Commercial Lines to Reinsurance Operations.
[4]	Includes $1,051 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.
[5]	Includes $13,444 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.
[6]	Includes federal excise tax of $293 relating to cessions from Personal Lines to Reinsurance Operations.
[7]	Includes federal excise tax of $312 relating to cessions from Personal Lines to Reinsurance Operations.
[8]	External business only, excluding business assumed from affiliates.
[9]	Comprised of Global Indemnity Reinsurance's total assets less its investment in subsidiaries.

Summary of Business Segment I76

Summary of Business Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Commercial Lines Segment
Segment Reporting Information [Line Items]
Federal excise tax relating to cessions from Insurance Operations to Reinsurance Operations	$ 120	$ 126
Personal Lines Segment
Segment Reporting Information [Line Items]
Federal excise tax relating to cessions from Insurance Operations to Reinsurance Operations	293	312
American Reliable Insurance Company | Personal Lines Segment
Segment Reporting Information [Line Items]
Ceded premiums written	$ 1,051	$ 13,444
Quota share agreement percentage	100.00%	100.00%

New Accounting Pronouncements -

New Accounting Pronouncements - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
ASU No. 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fee income	$ 0.6

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	May 05, 2017	Apr. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Subsequent Event [Line Items]
Commitment to purchase alternative investment				$ 40,000	$ 50,000
Future Funding Commitments			$ 24,768	$ 24,768
Subsequent Events
Subsequent Event [Line Items]
Commitment to purchase alternative investment		$ 50,000
Funded commitment amount	$ 16,500
Subsequent Events | Unfunded Commitments
Subsequent Event [Line Items]
Future Funding Commitments	$ 33,500