Global Indemnity (GBLI) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 02, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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		10,075,346
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, 2018	Dec. 31, 2017
Fixed maturities:
Available for sale, at fair value (amortized cost: $1,281,954 and $1,243,144)	$ 1,262,996	$ 1,241,437
Equity securities:
At fair value (cost: $133,911 and $124,915)	133,911	140,229
Other invested assets	82,159	77,820
Total investments	1,479,066	1,459,486
Cash and cash equivalents	73,522	74,414
Premiums receivable, net	77,274	84,386
Reinsurance receivables, net	97,647	105,060
Funds held by ceding insurers	49,096	45,300
Federal income taxes receivable	10,157	10,332
Deferred federal income taxes	30,502	26,196
Deferred acquisition costs	61,425	61,647
Intangible assets	22,417	22,549
Goodwill	6,521	6,521
Prepaid reinsurance premiums	24,642	28,851
Receivable for securities sold		1,543
Other assets	31,445	75,384
Total assets	1,963,714	2,001,669
Liabilities:
Unpaid losses and loss adjustment expenses	615,125	634,664
Unearned premiums	281,062	285,397
Ceded balances payable	11,928	10,851
Payable for securities purchased	10,729
Contingent commissions	3,892	7,984
Debt	286,567	294,713
Other liabilities	50,659	49,666
Total liabilities	1,259,962	1,283,275
Commitments and contingencies (Note 9)
Shareholders' equity:
Ordinary shares, $0.0001 par value, 900,000,000 ordinary shares authorized; A ordinary shares issued: 10,150,130 and 10,102,927 respectively; A ordinary shares outstanding: 10,075,346 and 10,073,376, respectively; B ordinary shares issued and outstanding: 4,133,366 and 4,133,366, respectively	2	2
Additional paid-incapital	435,066	434,730
Accumulated other comprehensive income, net of taxes	(16,531)	8,983
Retained earnings	288,187	275,838
Total shareholders' equity	703,752	718,394
Total liabilities and shareholders' equity	1,963,714	2,001,669
Ordinary Shares A
Shareholders' equity:
A ordinary shares in treasury, at cost: 74,784 and 29,551 shares, respectively	(2,972)	(1,159)
Total shareholders' equity	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available for sale, amortized cost	$ 1,281,954	$ 1,243,144
Available for sale, at cost	$ 133,911	$ 124,915
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	10,150,130	10,102,927
Ordinary shares, shares outstanding	10,075,346	10,073,376
Treasury shares, shares	74,784	29,551
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, 2018	Mar. 31, 2017	Mar. 04, 2018
Revenues:
Gross premiums written	$ 124,247	$ 123,751
Net premiums written	107,870	111,506
Net premiums earned	108,002	113,126
Net investment income	11,404	8,644
Net realized investment gains (losses):
Other than temporary impairment losses on investments		(110)
Other net realized investment gains (losses)	(316)	885
Total net realized investment gains (losses)	(316)	775
Other income	554	1,368
Total revenues	119,644	123,913
Losses and Expenses:
Net losses and loss adjustment expenses	56,072	62,561
Acquisition costs and other underwriting expenses	45,003	46,551
Corporate and other operating expenses	9,260	3,054
Interest expense	4,861	2,467
Income before income taxes	4,448	9,280
Income tax benefit	(1,253)	(3,002)
Net income	$ 5,701	$ 12,282
Net income
Basic	$ 0.41	$ 0.71
Diluted	$ 0.40	$ 0.70
Weighted-average number of shares outstanding
Basic	14,055,022	17,316,015
Diluted	14,285,837	17,646,080
Cash dividends declared per share	$ 0.25	$ 0	$ 0.25

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 5,701	$ 12,282
Other comprehensive income (loss), net of tax:
Unrealized holding gains (losses)	(15,188)	5,178
Portion of other-than-temporary impairment losses recognized in other comprehensive income (losses)	(1)
Reclassification adjustment for gains included in net income	75	(406)
Unrealized foreign currency translation gains (losses)	(372)	178
Other comprehensive income (loss)	(15,486)	4,950
Comprehensive income (loss), net of tax	$ (9,785)	$ 17,232

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, 2016						13,436,548		4,133,366
A ordinary shares purchased							29,551
Ordinary shares issued under share incentive plans						2,204
Ordinary shares issued to directors						27,121
Ordinary shares redeemed						(3,397,031)
Adjustment for shares redeemed indirectly owned by subsidiary						34,085
Number at Dec. 31, 2017					29,551	10,102,927	29,551	4,133,366
Balance at Dec. 31, 2016		$ 430,283	$ (618)	$ 368,284		$ 1		$ 1
A ordinary shares purchased, at cost							$ (1,159)
Other comprehensive income (loss):
Change in unrealized holding gains (losses)			8,829
Change in other than temporary impairment losses recognized in other comprehensive income			(3)
Unrealized foreign currency translation gains			775
Other comprehensive income (loss)			9,601
Ordinary shares redeemed				(83,015)
Adjustment for gain on shares redeemed indirectly owned by subsidiary		706		120
Net income (loss)				(9,551)
Share compensation plans		3,741
Balance at Dec. 31, 2017	$ 718,394	434,730	8,983	275,838	$ (1,159)	$ 1		$ 1
A ordinary shares purchased							45,233
Ordinary shares issued under share incentive plans						38,061
Ordinary shares issued to directors						9,142
Ordinary shares redeemed						0
Adjustment for shares redeemed indirectly owned by subsidiary						0
Number at Mar. 31, 2018						10,150,130	74,784	4,133,366
A ordinary shares purchased, at cost							$ (1,813)
Other comprehensive income (loss):
Change in unrealized holding gains (losses)			(15,113)
Change in other than temporary impairment losses recognized in other comprehensive income			(1)
Unrealized foreign currency translation gains	(372)		(372)
Other comprehensive income (loss)	(15,486)		(15,486)
Ordinary shares redeemed				0
Adjustment for gain on shares redeemed indirectly owned by subsidiary				0
Net income (loss)	5,701			5,701
Share compensation plans		336
Dividends to shareholders ($0.25 per share)				(3,550)
Balance at Mar. 31, 2018	703,752	$ 435,066	(16,531)	288,187	$ (2,972)	$ 1		$ 1
Other comprehensive income (loss):
Cumulative effect adjustment resulting from adoption of new accounting guidance	$ (10,028)		$ (10,028)	$ 10,198

Consolidated Statements of Cha7

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Dividends per share	$ 0.25
Retained Earnings
Dividends per share	$ 0.25	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 5,701	$ 12,282
Adjustments to reconcile net income to net cash used for operating activities:
Amortization and depreciation	1,791	1,553
Amortization of debt issuance costs	66	34
Restricted stock and stock option expense	336	1,121
Deferred federal income taxes	(1,998)	(3,098)
Amortization of bond premium and discount, net	1,543	2,451
Net realized investment gains (losses)	316	(775)
Changes in:
Premiums receivable, net	7,112	11,367
Reinsurance receivables, net	7,413	37,342
Funds held by ceding insurers	(4,168)	(18,651)
Unpaid losses and loss adjustment expenses	(19,539)	(28,954)
Unearned premiums	(4,335)	(11,100)
Ceded balances payable	1,077	(7,125)
Other assets and liabilities, net	45,398	(13,435)
Contingent commissions	(4,092)	(5,901)
Federal income tax receivable/payable	175	1
Deferred acquisition costs, net	222	(189)
Prepaid reinsurance premiums	4,209	9,475
Net cash provided by (used for) operating activities	41,227	(13,602)
Cash flows from investing activities:
Proceeds from sale of fixed maturities	47,148	139,350
Proceeds from sale of equity securities	9,283	5,626
Proceeds from maturity of fixed maturities	18,281	14,418
Proceeds from limited partnerships	2,711	1,908
Amounts received in connection with derivatives	5,490	114
Purchases of fixed maturities	(93,603)	(219,345)
Purchases of equity securities	(7,340)	(8,176)
Purchases of other invested assets	(7,050)
Acquisition of business	(3,515)
Net cash used for investing activities	(28,595)	(66,105)
Cash flows from financing activities:
Net borrowings (repayments) under margin borrowing facility	(8,212)	7,497
Proceeds from issuance of subordinated notes		130,000
Debt issuance cost		(4,220)
Dividends paid to shareholders	(3,499)
Purchase of A ordinary shares	(1,813)	(1,137)
Net cash provided by (used for) financing activities	(13,524)	132,140
Net change in cash and cash equivalents	(892)	52,433
Cash and cash equivalents at beginning of period	74,414	75,110
Cash and cash equivalents at end of period	$ 73,522	$ 127,543

Principles of Consolidation and

Principles of Consolidation and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
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 2017 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 offers specialty property and casualty insurance products in the excess and surplus lines marketplace. The Company manages its Commercial Lines by differentiating them into four 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; 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; and Vacant Express, which insures dwellings which are currently vacant, undergoing renovation, or are under construction and is distributed through aggregators, brokers, and retail agents. 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. Collectively, the Company’s U.S. insurance subsidiaries are licensed in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The Commercial Lines and Personal Lines segments comprise the Company’s U.S. Insurance Operations (‘Insurance Operations”). 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 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, 2018 and 2017 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 2017 Annual Report on Form 10-K. On January 1, 2018, the Company adopted new accounting guidance which requires equity investments, except for those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income. Upon adoption, the Company recorded a cumulative effect adjustment, net of tax, of $10.0 million which reduced accumulated other comprehensive income and increased retained earnings. During the quarter ended March 31, 2018, net realized investment gains (losses) included a loss of $4.9 million related to the change in the fair value of equity investments in accordance with this new accounting guidance. In addition, under the new guidance, equity investments, are no longer classified into different categories as either trading or available for sale. Prior to the adoption of this new guidance, equity securities were previously classified as available for sale. On January 1, 2018, the Company adopted new accounting guidance regarding the classification of certain cash receipts and cash payments within the statement of cash flows. Upon adoption, the Company made a policy election to use the cumulative earnings approach for presenting distributions received from equity method investees. Under this approach, distributions up to the amount of cumulative equity in earnings recognized will be treated as returns on investment and presented in operating activities and those in excess of that amount will be treated as returns of investment and presented in the investing section. Prior to adoption, all distributions received from equity method investees were presented in the investing section of the consolidated statements of cash flows. The provisions of this accounting guidance were adopted on a retrospective basis. As a result, the consolidated statement of cash flows for the quarter ended March 31, 2017 that was included in the Form 10-Q 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, 2018
Investments	2. Investments The amortized cost and estimated fair value of investments were as follows as of March 31, 2018 and December 31, 2017: (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than (1) As of March 31, 2018 Fixed maturities: U.S. treasury and agency obligations $ 99,713 $ 476 $ (2,060 ) $ 98,129 $ — Obligations of states and political subdivisions 95,708 304 (601 ) 95,411 — Mortgage-backed securities 176,983 313 (3,511 ) 173,785 — Asset-backed securities 203,834 115 (1,204 ) 202,745 (1) Commercial mortgage-backed securities 151,337 58 (3,554 ) 147,841 — Corporate bonds 431,814 417 (7,424 ) 424,807 — Foreign corporate bonds 122,565 9 (2,296 ) 120,278 — Total fixed maturities 1,281,954 1,692 (20,650 ) 1,262,996 (1) Common stock 133,911 — — 133,911 — Other invested assets 82,159 — — 82,159 — Total $ 1,498,024 $ 1,692 $ (20,650 ) $ 1,479,066 $ (1) (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 Fair Value Other than (1) As of December 31, 2017 Fixed maturities: U.S. treasury and agency obligations $ 105,311 $ 562 $ (1,193 ) $ 104,680 $ — Obligations of states and political subdivisions 94,947 441 (274 ) 95,114 — Mortgage-backed securities 150,237 404 (1,291 ) 149,350 — Asset-backed securities 203,827 267 (393 ) 203,701 (1 ) Commercial mortgage-backed securities 140,761 101 (1,067 ) 139,795 — Corporate bonds 422,486 2,295 (1,391 ) 423,390 — Foreign corporate bonds 125,575 377 (545 ) 125,407 — Total fixed maturities 1,243,144 4,447 (6,154 ) 1,241,437 (1 ) Common stock 124,915 18,574 (3,260 ) 140,229 — Other invested assets 77,820 — — 77,820 — Total $ 1,445,879 $ 23,021 $ (9,414 ) $ 1,459,486 $ (1 ) (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 6% and 5% of shareholders’ equity at March 31, 2018 and December 31, 2017, respectively. The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at March 31, 2018, 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 Fair Value Due in one year or less $ 68,903 $ 68,736 Due in one year through five years 431,430 425,571 Due in five years through ten years 240,272 235,140 Due in ten years through fifteen years 4,215 4,170 Due after fifteen years 4,980 5,008 Mortgage-backed securities 176,983 173,785 Asset-backed securities 203,834 202,745 Commercial mortgage-backed securities 151,337 147,841 Total $ 1,281,954 $ 1,262,996 The following table contains an analysis of the Company’s fixed income securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of March 31, 2018. Due to new accounting guidance implemented in 2018 regarding the treatment of gains and losses on equity securities, common stock is no longer included in the table: 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 $ 69,992 $ (1,813 ) $ 20,223 $ (247 ) $ 90,215 $ (2,060 ) Obligations of states and political subdivisions 46,524 (454 ) 7,711 (147 ) 54,235 (601 ) Mortgage-backed securities 165,295 (3,453 ) 1,756 (58 ) 167,051 (3,511 ) Asset-backed securities 148,609 (1,158 ) 6,399 (46 ) 155,008 (1,204 ) Commercial mortgage-backed securities 113,728 (2,766 ) 27,292 (788 ) 141,020 (3,554 ) Corporate bonds 320,235 (6,429 ) 52,303 (995 ) 372,538 (7,424 ) Foreign corporate bonds 93,828 (1,951 ) 16,452 (345 ) 110,280 (2,296 ) Total fixed maturities $ 958,211 $ (18,024 ) $ 132,136 $ (2,626 ) $ 1,090,347 $ (20,650 ) (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, 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 $ 79,403 $ (962 ) $ 17,469 $ (231 ) $ 96,872 $ (1,193 ) Obligations of states and political subdivisions 34,537 (149 ) 12,060 (125 ) 46,597 (274 ) Mortgage-backed securities 127,991 (1,247 ) 1,866 (44 ) 129,857 (1,291 ) Asset-backed securities 97,817 (371 ) 6,423 (22 ) 104,240 (393 ) Commercial mortgage-backed securities 83,051 (523 ) 27,976 (544 ) 111,027 (1,067 ) Corporate bonds 147,064 (754 ) 53,024 (637 ) 200,088 (1,391 ) Foreign corporate bonds 53,320 (305 ) 20,582 (240 ) 73,902 (545 ) Total fixed maturities 623,183 (4,311 ) 139,400 (1,843 ) 762,583 (6,154 ) Common stock 32,759 (3,260 ) — — 32,759 (3,260 ) Total $ 655,942 $ (7,571 ) $ 139,400 $ (1,843 ) $ 795,342 $ (9,414 ) (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. 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 – Foreign bonds – The Company recorded the following other than temporary impairments (“OTTI”) on its investment portfolio for the quarters ended March 31, 2018 and 2017: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Fixed maturities: OTTI losses, gross $ — $ (31 ) Portion of loss recognized in other comprehensive income (pre-tax) — — Net impairment losses on fixed maturities recognized in earnings — (31 ) Equity securities — (79 ) Total $ — $ (110 ) The following table is an analysis of the credit losses recognized in earnings on fixed maturities held by the Company as of March 31, 2018 and 2017 for which a portion of the OTTI loss was recognized in other comprehensive income. Quarters Ended March 31, (Dollars in thousands) 2018 2017 Balance at beginning of period $ 13 $ 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 $ 13 $ 31 Accumulated Other Comprehensive Income, Net of Tax Accumulated other comprehensive income, net of tax, as of March 31, 2018 and December 31, 2017 was as follows: (Dollars in thousands) March 31, 2018 December 31, 2017 Net unrealized gains (losses) from: Fixed maturities $ (18,958 ) $ (1,707 ) Common stock — 15,314 Foreign currency fluctuations 179 551 Deferred taxes 2,248 (5,175 ) Accumulated other comprehensive income, net of tax $ (16,531 ) $ 8,983 The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the quarters ended March 31, 2018 and 2017: Quarter Ended March 31, 2018 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 8,272 $ 711 $ 8,983 Other comprehensive income (loss) before reclassification (15,189 ) (372 ) (15,561 ) Amounts reclassified from accumulated other comprehensive income (loss) 75 — 75 Other comprehensive income (loss) (15,114 ) (372 ) (15,486 ) Cumulative-effect adjustment (9,868 ) (160 ) (10,028 ) Ending balance $ (16,710 ) $ 179 $ (16,531 ) 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 The reclassifications out of accumulated other comprehensive income for the quarters ended March 31, 2018 and 2017 were as follows: (Dollars in thousands) Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Consolidated Statements of Operations Amounts Reclassified 2018 2017 Unrealized gains and losses on available for sale securities Other net realized investment (gains) losses $ 93 $ (701 ) Other than temporary impairment losses on investments — 110 Total before tax 93 (591 ) Income tax (benefit) (18 ) 192 Unrealized gains and losses on available for sale securities, net of tax 75 (399 ) 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 $ 75 $ (406 ) Net Realized Investment Gains (Losses) The components of net realized investment gains (losses) for the quarters ended March 31, 2018 and 2017 were as follows: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Fixed maturities: Gross realized gains $ 24 $ 189 Gross realized losses (117 ) (83 ) Net realized gains (losses) (93 ) 106 Common stock: Gross realized gains 3,453 575 Gross realized losses (7,827 ) (79 ) Net realized gains (losses) (4,374 ) 496 Derivatives: Gross realized gains 4,801 1,236 Gross realized losses (650 ) (1,063 ) Net realized gains (1) 4,151 173 Total net realized investment gains (losses) $ (316 ) $ 775 (1) Includes $0.7 million and $1.1 million of periodic net interest settlements related to the derivatives for the quarters ended March 31, 2018 and 2017, respectively. New accounting guidance regarding equity securities was implemented during the quarter ended March 31, 2018 which requires companies to disclose realized gains and losses for equity securities still held at period end and gains and losses from securities sold during the period. See Note 13 for additional information regarding new accounting pronouncements. The following table shows the calculation of the portion of realized gains and losses related to common stock being held as of March 31, 2018: Quarter (Dollars in thousands) 2018 Net gains and losses recognized during the period on equity securities $ (4,374 ) Less: Net gains and losses recognized during the period on equity securities sold during the period 554 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ (4,928 ) The proceeds from sales and redemptions of available for sale and equity securities resulting in net realized investment gains (losses) for the quarters ended March 31, 2018 and 2017 were as follows: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Fixed maturities $ 47,148 $ 139,350 Equity securities 9,283 5,626 Net Investment Income The sources of net investment income for the quarters ended March 31, 2018 and 2017 were as follows: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Fixed maturities $ 8,528 $ 6,678 Equity securities 999 990 Cash and cash equivalents 264 84 Other invested assets 2,323 1,692 Total investment income 12,114 9,444 Investment expense (710 ) (800 ) Net investment income $ 11,404 $ 8,644 The Company’s total investment return on a pre-tax Quarters Ended March 31, (Dollars in thousands) 2018 2017 Net investment income $ 11,404 $ 8,644 Net realized investment gains (losses) (316 ) 775 Change in unrealized holding gains (losses) (17,623 ) 7,017 Net realized and unrealized investment returns (17,939 ) 7,792 Total investment return $ (6,535 ) $ 16,436 Total investment return % (1) (0.4 %) 1.1 % Average investment portfolio (2) $ 1,538,651 $ 1,559,965 (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, 2018, the Company held insurance enhanced asset-backed, commercial mortgage-backed, and credit securities with a market value of approximately $33.0 million. Approximately $1.1 million of these securities were tax-free 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 Securities Municipal Bond Insurance Association $ 1,136 $ — $ — $ 1,136 Total backed by financial guarantors 1,136 — — 1,136 Other credit enhanced municipal bonds — — — — Total $ 1,136 $ — $ — $ 1,136 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, 2018. 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, 2018 and December 31, 2017: Estimated Fair Value (Dollars in thousands) March 31, 2018 December 31, 2017 On deposit with governmental authorities $ 26,412 $ 26,852 Intercompany trusts held for the benefit of U.S. policyholders 291,974 328,494 Held in trust pursuant to third party requirements 96,803 94,098 Letter of credit held for third party requirements 2,707 3,944 Securities held as collateral for borrowing arrangements (1) 78,053 88,040 Total $ 495,949 $ 541,428 (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 three 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 $22.9 million and $26.3 million as of March 31, 2018 and December 31, 2017, respectively. The Company’s maximum exposure to loss from this VIE, which factors in future funding commitments, was $37.2 million and $40.5 million at March 31, 2018 and December 31, 2017, respectively. The fair value of a second VIE that provides financing for middle market companies, was $36.4 million and $33.8 million at March 31, 2018 and December 31, 2017, respectively. The Company’s maximum exposure to loss from this VIE, which factors in future funding commitments, was $41.6 million and $43.8 million at March 31, 2018 and December 31, 2017, respectively. The fair value of a third VIE that also invests in distressed securities and assets, was $22.9 million and $17.8 million as of March 31, 2018 and December 31, 2017, respectively. The Company’s maximum exposure to loss from this VIE, which factors in future funding commitments, was $52.1 million and $51.3 million at March 31, 2018 and December 31, 2017, respectively. 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, 2018
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, 2018 and December 31, 2017: (Dollars in thousands) March 31, 2018 December 31, 2017 Derivatives Not Designated as Hedging Instruments under ASC 815 Balance Sheet Location Notional Fair Value Notional Fair Value Interest rate swap agreements Other liabilities $ 200,000 $ (3,168 ) $ 200,000 $ (7,968 ) The following table summarizes the net gain 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, 2018 and 2017: Consolidated Statements of Operations Line Quarters Ended March 31, (Dollars in thousands) 2018 2017 Interest rate swap agreements Net realized investment gain $ 4,151 $ 173 As of March 31, 2018 and December 31, 2017, the Company is due $2.9 million and $3.1 million, respectively, for funds it needed to post to execute the swap transaction and $3.6 million and $9.5 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, 2018
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, 2018 and December 31, 2017 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. As of March 31, 2018 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 98,129 $ — $ — $ 98,129 Obligations of states and political subdivisions — 95,411 — 95,411 Mortgage-backed securities — 173,785 — 173,785 Commercial mortgage-backed securities — 147,841 — 147,841 Asset-backed securities — 202,745 — 202,745 Corporate bonds — 424,807 — 424,807 Foreign corporate bonds — 120,278 — 120,278 Total fixed maturities 98,129 1,164,867 — 1,262,996 Common stock 133,911 — — 133,911 Total assets measured at fair value (1) $ 232,040 $ 1,164,867 $ — $ 1,396,907 Liabilities: Derivative instruments $ — $ 3,168 $ — $ 3,168 Total liabilities measured at fair value $ — $ 3,168 $ — $ 3,168 (1) Excluded from the table above are limited partnerships of $82.2 million at March 31, 2018 whose fair value is based on net asset value as a practical expedient. As of December 31, 2017 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 104,680 $ — $ — $ 104,680 Obligations of states and political subdivisions — 95,114 — 95,114 Mortgage-backed securities — 149,350 — 149,350 Commercial mortgage-backed securities — 139,795 — 139,795 Asset-backed securities — 203,701 — 203,701 Corporate bonds — 423,390 — 423,390 Foreign corporate bonds — 125,407 — 125,407 Total fixed maturities 104,680 1,136,757 — 1,241,437 Common stock 140,229 — — 140,229 Total assets measured at fair value (1) $ 244,909 $ 1,136,757 $ — $ 1,381,666 Liabilities: Derivative instruments $ — $ 7,968 $ — $ 7,968 Total liabilities measured at fair value $ — $ 7,968 $ — $ 7,968 (1) Excluded from the table above are limited partnerships of $77.8 million at December 31, 2017 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, 2018 and December 31, 2017 was as follows: March 31, 2018 December 31, 2017 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Margin Borrowing Facility $ 64,018 $ 64,018 $ 72,230 $ 72,230 7.75% Subordinated Notes due 2045 (1) 96,650 99,770 96,619 100,059 7.875% Subordinated Notes due 2047 (2) 125,899 129,175 125,864 130,429 Total $ 286,567 $ 292,963 $ 294,713 $ 302,718 (1) As of March 31, 2018 and December 31, 2017, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.4 million. (2) As of March 31, 2018 and December 31, 2017, the carrying value and fair value of the 7.875% Subordinated Notes due 2047 are net of unamortized debt issuance cost of $4.1 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 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, 2018 and 2017. Fair Value of Alternative Investments Other invested assets consist of limited liability partnerships whose fair value is based on net asset value per share practical expedient. The following table provides the fair value and future funding commitments related to these investments at March 31, 2018 and December 31, 2017. March 31, 2018 December 31, 2017 (Dollars in thousands) Fair Value Future Funding Fair Value Future Funding Real Estate Fund, LP (1) $ — $ — $ — $ — European Non-Performing (2) 22,938 14,214 26,262 14,214 Private Middle Market Loan Fund, LP (3) 36,361 5,200 33,760 10,000 Distressed Debt Fund, LP (4) 22,860 29,250 17,798 33,500 Total $ 82,159 $ 48,664 $ 77,820 $ 57,714 (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. (4) This limited partnership invests in stressed and distressed debt instruments. 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 to be redeemed no later than 2027. 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 associated with these limited liability companies or limited partnerships, which is reflected in the consolidated statements of operations, was $2.3 million and $1.7 million for the quarters ended March 31, 2018 and 2017, 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 terms and conditions sourced from commercial vendors. Bonds with similar characteristics are grouped into specific sectors. Both asset classes use standard inputs and utilize bid price or spread, quotes, benchmark yields, discount rates, market data feeds, and financial statements. • 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 benchmark 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, an integrated evaluation system is used. The pricing models incorporate trades, spreads, benchmark curves, market data feeds, new issue data, and trustee reports. • 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, various external analytical products are utilized and purchased from commercial vendors. 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, 2018 and 2017, the Company has not adjusted quotes or prices obtained from the pricing vendors.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Taxes	5. Income Taxes As of March 31, 2018, the statutory income tax rates of the countries where the Company conducts business are 21% in the United States, 0% in Bermuda, 0% in the Cayman Islands, 26.01% for companies with a registered office in Luxembourg City, 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, 2018: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 10,315 $ 113,932 $ — $ 124,247 Net premiums written $ 10,314 $ 97,556 $ — $ 107,870 Net premiums earned 48,022 59,980 — 108,002 Net investment income 15,221 7,188 (11,005 ) 11,404 Net realized investment losses (5 ) (311 ) — (316 ) Other income 51 503 — 554 Total revenues 63,289 67,360 (11,005 ) 119,644 Losses and Expenses: Net losses and loss adjustment expenses 20,565 35,507 — 56,072 Acquisition costs and other underwriting expenses 21,140 23,863 — 45,003 Corporate and other operating expenses 4,399 4,861 — 9,260 Interest expense 4,841 11,025 (11,005 ) 4,861 Income (loss) before income taxes $ 12,344 $ (7,896 ) $ — $ 4,448 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 For the quarter ended March 31, 2017, the Company’s income before income taxes from its non-U.S. The following table summarizes the components of income tax benefit: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Current income tax expense: Foreign $ 179 $ 96 U.S. Federal 566 — Total current income tax expense 745 96 Deferred income tax benefit: U.S. Federal (1,998 ) (3,098 ) Total income tax benefit $ (1,253 ) $ (3,002 ) 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) 2018 2017 Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (1,536 ) (34.5 %) $ (2,364 ) (25.5 %) Adjustments: Tax exempt interest (1 ) (0.0 ) (84 ) (0.9 ) Dividend exclusion (65 ) (1.5 ) (193 ) (2.1 ) Base Erosion Anti-Abuse Tax 566 12.7 — — Other (217 ) (4.9 ) (361 ) (3.8 ) Actual tax on continuing operations $ (1,253 ) (28.2 %) $ (3,002 ) (32.3 %) The effective income tax benefit rate for the quarter ended March 31, 2018 was 28.2%, compared with an effective income tax benefit rate of 32.3%, for the quarter ended March 31, 2017. The decrease in the effective income tax benefit rate in the quarter ended March 31, 2018 compared to the quarter ended March 31, 2017 is due to the change in the U.S. statutory tax rate from 35% to 21% effective January 1, 2018 and the Base Erosion Anti-Abuse Tax (“BEAT”) that became effective upon the passage of the Tax Cuts and Jobs Act (“TCJA”). Taxes were computed using a discrete period computation because a reliable estimate of an effective tax rate could not be made. Financial results for the quarter ended March 31, 2018 reflect provisional tax estimates related to the TCJA. These provisional estimates are based on the Company’s initial analysis and current interpretation of the legislation. Given the complexity of the legislation, anticipated guidance from the U.S. Treasury, and the potential for additional guidance from the Securities and Exchange Commission (“SEC”) or the Financial Accounting Standards Board (“FASB”), these estimates may be adjusted during 2018. During the quarter ended March 31, 2018, there were no adjustments to provisional tax estimates recorded in prior periods. The Company had an alternative minimum tax (“AMT”) credit carryforward of $11.0 million as of December 31, 2017. The TCJA repealed the corporate AMT. The AMT credit carryforward of $11.0 million was reclassed to federal income taxes receivable at December 31, 2017 and will be fully refunded by the end of 2021. The Company has a net operating loss (“NOL”) carryforward of $14.7 million as of March 31, 2018, which begins to expire in 2036 based on when the original NOL was generated. The Company’s NOL carryforward as of December 31, 2017 was $16.3 million. The Company has a Section 163(j) (“163(j)”) carryforward of $7.9 million as of March 31, 2018 and December 31, 2017 which can be carried forward indefinitely. The 163(j) carryforward is for disqualified interest paid or accrued.

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2018
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) 2018 2017 Balance at beginning of period $ 634,664 $ 651,042 Less: Ceded reinsurance receivables 97,243 130,439 Net balance at beginning of period 537,421 520,603 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 61,999 72,691 Prior years (5,927 ) (10,130 ) Total incurred losses and loss adjustment expenses 56,072 62,561 Paid losses and loss adjustment expenses related to: Current year 17,454 24,384 Prior years 53,228 42,383 Total paid losses and loss adjustment expenses 70,682 66,767 Net balance at end of period 522,811 519,442 Plus: Ceded reinsurance receivables 92,314 102,646 Balance at end of period $ 615,125 $ 622,088 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. During the first quarter of 2018, the Company reduced its prior accident year loss reserves by $5.9 million, which consisted of a $2.7 million decrease related to Commercial Lines, $1.1 million decrease related to Personal Lines, and a $2.1 million decrease related to Reinsurance Operations. The $2.7 million reduction of prior accident year loss reserves related to Commercial Lines primarily consisted of the following: • General Liability: • Commercial Auto Liability: • Property: non-catastrophe The $1.1 million reduction of prior accident year loss reserves related to Personal Lines primarily consisted of the following: • Property: The $2.1 million reduction of prior accident year loss reserves related to Reinsurance Operations was from the property lines for accident years 2015 and 2016, partially offset by increases in the 2013, 2014 and 2017 accident years. Ultimate losses were adjusted in these accident years based on a review of the experience reported from cedants. 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. Loss indemnification related to Purchase of American Reliable On March 8, 2018, the Company settled its final reserve calculation which resulted in $41.5 million being due to Global Indemnity Group, Inc. in accordance with the Stock Purchase Agreement between Global Indemnity Group, Inc. and American Bankers Insurance Group, Inc. for the purchase of American Reliable. The settlement is comprised of (i) receipt of $38.8 million for loss and loss adjustment expenses paid on or after January 1, 2015 or payable as of December 31, 2017 with respect to losses incurred prior to January 1, 2015, (ii) receipt of $6.2 million for accrued interest and (iii) payment of $3.5 million for the difference between the agreed upon purchase price and actual settlement on January 1, 2015. These amounts, which were included in other assets on the consolidated balance sheets as of December 31, 2017, were received on March 9, 2018.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2018
Shareholders' Equity	7. 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, 2018: Period (1) Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar January 1-31, 26,639 (2) $ 42.02 — — March 1-31, 18,594 (2) $ 37.27 — — Total 45,233 $ 40.07 — (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, 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. There were no B ordinary shares that were surrendered or repurchased during the quarters ended March 31, 2018 or 2017. Please see Note 13 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2017 Annual Report on Form 10-K Dividends On March 4, 2018, the Company’s Board of Directors approved a dividend payment of $0.25 per ordinary share to all shareholders of record on the close of business on March 21, 2018. On March 29, 2018, dividends totaling $3.5 million were paid to shareholders. As of March 31, 2018, accrued dividends on unvested shares, which were included in other liabilities on the consolidated balance sheets, were $0.05 million. Please see Note 13 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2017 Annual Report on Form 10-K

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions	8. Related Party Transactions Fox Paine & Company (“Fox Paine”) As of March 31, 2018, Fox Paine beneficially owned shares having approximately 82% 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, and Fox Paine may propose and negotiate transaction fees with the Company, subject to the provisions of the Company’s related party transaction policies including approval of the Company’s Audit Committee of the Board of Directors, for those services from time to time. The Company incurred management fees of $0.5 million during each of the quarters ended March 31, 2018 and 2017 as part of the annual management fee paid to Fox Paine. As of March 31, 2018 and December 31, 2017, unpaid management fees, which were included in other liabilities on the consolidated balance sheets, were $7.3 million and $6.8 million, respectively. During the quarter ended March 31, 2018, Fox Paine also performed advisory services for the Company in relation to a transaction whereby one of the Company’s indirect wholly owned subsidiaries became a co-obligor

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies	9. Commitments and Contingencies Legal Proceedings The Company is, from time to time, involved in various legal proceedings in the ordinary course of business. The Company maintains insurance and reinsurance coverage for such risks in amounts that it considers adequate. However, there can be no assurance that the insurance and reinsurance coverage that the Company maintains is sufficient or will be available in adequate amounts or at a reasonable cost. The Company does not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material adverse effect on its business, results of operations, cash flows, or financial condition. There is a greater potential for disputes with reinsurers who are in runoff. Some of the Company’s reinsurers’ have operations that are in runoff, and therefore, the Company closely monitors those relationships. The Company anticipates that, similar to the rest of the insurance and reinsurance industry, it will continue to be subject to litigation and arbitration proceedings in the ordinary course of business. Commitments 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, 2018, the Company has completely funded the $40.0 million commitment. Of this amount, $5.2 million is still recallable. In 2017, the Company entered into a $50 million commitment to purchase an alternative investment vehicle comprised of stressed and distressed debt instruments. As of March 31, 2018, the Company has funded $20.8 million of this commitment leaving $29.2 million as unfunded.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2018
Share-Based Compensation Plans	10. Share-Based Compensation Plans Options On March 6, 2018, the Company entered into a Chief Executive Agreement (the “Employment Agreement”) with Cynthia Y. Valko, the Company’s Chief Executive Officer. In accordance with the Employment Agreement, the vesting schedule on the 300,000 stock options issued in 2014 (“Tranche 2 Options”) was modified. The Tranche 2 Options will now vest on each December 31 of 2018, 2019 and 2020 in an amount based on Ms. Valko’s attainment of Return on Equity criteria specified in the Employment Agreement. As a result of applying modification accounting, stock based compensation was reduced by $0.3 million during the quarter ended March 31, 2018. Under the terms of the Employment Agreement, Ms. Valko was also granted an additional 300,000 Time-Based Options (“Tranche 3 Options”) with an exercise price of $50 per share. Tranche 3 Options vest 1/3 on December 31 of 2018, 2019 and 2020, if Ms. Valko remains employed and in good standing as of such date. Tranche 3 Options expire on the earlier of December 31, 2027 and 90 calendar days after Ms. Valko is neither employed by Global Indemnity nor a member of the Board of Directors. Other than the Tranche 3 Options granted to Ms. Valko, no additional stock options were awarded during the quarter ended March 31, 2018. No stock options were awarded during the quarter ended March 31, 2017. No unvested stock options were forfeited during the quarters ended March 31, 2018 or 2017. Restricted Shares During the quarter ended March 31, 2018, the Company granted 38,778 A ordinary shares, with a weighted average grant date value of $40.57 per share, to key employees under the Plan. 11,843 of these shares vested immediately. The remainder will vest as follows • 16.5%, 16.5%, and 17.0% of the granted stock vest on January 1, 2019, January 1, 2020, and January 1, 2021, respectively. • Subject to Board approval, 50% of granted stock vests 100%, no later than March 15, 2021, following a re-measurement of 2017 results as of December 31, 2020. 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 of 2016 results as of December 31, 2019. During the quarters ended March 31, 2018 and 2017, the Company granted 9,142 and 6,700 A ordinary shares, respectively, at a weighted average grant date value of $34.52 and $38.49 per share, respectively, to non-employee non-employee

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share	11. Earnings Per Share Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share: Quarters Ended March 31, (Dollars in thousands, except share and per share data) 2018 2017 Net income $ 5,701 $ 12,282 Basic earnings per share: Weighted average shares outstanding – basic 14,055,022 17,316,015 Net income per share $ 0.41 $ 0.71 Diluted earnings per share: Weighted average shares outstanding – diluted 14,285,837 17,646,080 Net income per share $ 0.40 $ 0.70 A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows: Quarters Ended March 31, 2018 2017 Weighted average shares for basic earnings per share 14,055,022 17,316,015 Non-vested 68,782 136,380 Options 162,033 193,685 Weighted average shares for diluted earnings per share 14,285,837 17,646,080 The weighted average shares outstanding used to determine dilutive earnings per share for the quarter ended March 31, 2018 does not include 600,000 shares which were deemed to be anti-dilutive. There were no anti-dilutive shares for the quarter ended March 31, 2017.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Information	12. 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. The following are tabulations of business segment information for the quarters ended March 31, 2018 and 2017. Quarter Ended March 31, 2018: (Dollars in thousands) Commercial (1) Personal (1) Reinsurance Operations (2) Total Revenues: Gross premiums written $ 53,773 $ 60,165 (6) $ 10,309 $ 124,247 Net premiums written $ 48,306 $ 49,255 $ 10,309 $ 107,870 Net premiums earned $ 47,362 $ 50,612 $ 10,028 $ 108,002 Other income — 503 51 554 Total revenues 47,362 51,115 10,079 108,556 Losses and Expenses: Net losses and loss adjustment expenses 25,029 27,621 3,422 56,072 Acquisition costs and other underwriting expenses 19,205 (3) 22,179 (4) 3,619 45,003 Income from segments $ 3,128 $ 1,315 $ 3,038 $ 7,481 Unallocated Items: Net investment income 11,404 Net realized investment loss (316 ) Corporate and other operating expenses (9,260 ) Interest expense (4,861 ) Income before income taxes 4,448 Income tax benefit 1,253 Net income $ 5,701 Total assets $ 893,115 $ 494,908 $ 575,691 (5) $ 1,963,714 (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 $174 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $206 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 ($867) 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, 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.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements	13. New Accounting Pronouncements Accounting Standards Adopted in 2018 In March, 2018, the FASB issued new accounting guidance whereby the SEC provided clarification to address any uncertainty or diversity of views in practice related to the application of ASC Topic 740, Income Taxes, in situations where a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting under Account Standards Codification (“ASC”) Topic 740 for certain income tax effects of the TCJA for the reporting period in which the Act was enacted. This guidance is effective immediately. Accordingly, provisional estimates were recorded based on the Company’s initial analysis and current interpretation of the legislation and disclosed in the notes above. The adoption of this new accounting guidance did not have a material impact to the Company’s financial condition, results of operation, or cash flows. In February, 2018, the FASB issued new accounting guidance which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the TCJA. The amendments in this Update also require certain disclosures related to stranded tax effects. The guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The Company early adopted the provisions of this new guidance on January 1, 2018 and made an election to reclassify, in its entirety, all stranded tax effects related to TCJA. As a result, the Company recorded a cumulative effect adjustment of $0.1 million which was reclassified from accumulated other comprehensive income to retained earnings. The adoption of this new accounting guidance did not have a material impact to the Company’s financial condition, results of operation, or cash flows. In May, 2017, the FASB issued updated accounting guidance which clarified whether changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This guidance is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company adopted this guidance during the first quarter of 2018. The provisions of this guidance were adopted on a prospective basis. As a result of adopting this guidance, stock based compensation was reduced by $0.3 million during the quarter ended March 31, 2018. The adjustment was due to the Company entering into an Employment Agreement with its Chief Executive Officer which modified the vesting schedule on 300,000 options issued in 2014. The Company did not record a cumulative effect adjustment to shareholders’ equity as a result of adopting this guidance and the adoption of this new accounting guidance did not have a material impact to the Company’s financial condition, results of operation, or cash flows. In October, 2016, the FASB issued new accounting guidance regarding intra-entity transfers of assets other than inventory. Prior to adoption, the tax effects of intra-entity asset transfers (intercompany sales) were deferred until the transferred asset was sold to a third party or otherwise recovered through use. This is an exception to the principle in ASC 740, Income Taxes, that generally requires comprehensive recognition of current and deferred income taxes. The new guidance eliminates the exception for all intra-entity sales of assets other than inventory. As a result, a reporting entity would recognize the tax expense from the sale of the asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax In August, 2016, the FASB issued new accounting guidance regarding the classification of certain cash receipts and cash payments within the statements of cash flows. The new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This guidance is effective for public business entities for fiscal periods beginning after December 15, 2017, and interim periods within those fiscal years. Upon adoption on January 1, 2018, the Company made an accounting policy election to use the cumulative earnings approach for presenting distributions received from equity method investees. Under this approach, distributions up to the amount of cumulative equity in earnings recognized will be treated as returns on investment and presented in operating activities and those in excess of that amount will be treated as returns of investment and presented in the investing section. Prior to adoption, all distributions received from equity method investees were presented in the investing section of the consolidated statements of cash flows. The other cash flow issues addressed by the new guidance did not impact the Company. The provisions of this accounting guidance were adopted on a retrospective basis. The adoption of this new accounting guidance did not have a material impact to the Company’s financial condition, results of operation, or cash flows. In January, 2016, the FASB issued new accounting guidance surrounding the accounting for financial instruments. The new guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. In particular, the guidance requires equity investments, except for those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income. It also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. This guidance is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Upon adoption on January 1, 2018, the Company recorded a cumulative effect adjustment, net of tax, of $10.0 million which reduced accumulated other comprehensive income and increased retained earnings. During the quarter ended March 31, 2018, net realized investment gains (losses) included a loss of $4.9 million related to the change in the fair value of equity investments in accordance with this new accounting guidance. In May, 2014, the FASB issued new accounting guidance regarding the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted the standard and all related amendments using the modified retrospective method. Long and short duration insurance contracts, which comprise the majority of the Company’s revenues, are excluded from this accounting guidance. As such, revenue within the scope of the new guidance primarily includes fee income. The adoption of this new accounting guidance did not have a material impact to the Company’s financial condition, results of operation, or cash flows. There were no material changes in the timing or measurement of revenues based upon the guidance. As a result, there is no cumulative effect on retained earnings. Recently Issued Accounting Guidance Not Yet Adopted Please see Note 22 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2017 Annual Report on Form 10-K

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events	14. Subsequent Events On April 25, 2018, Global Indemnity Group, Inc. (“GIGI”), an indirect wholly owned subsidiary of the Company, became a subordinated co-obligor In conjunction with the co-obligor

Principles of Consolidation a23

Principles of Consolidation and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Business Segments	The Company manages its business through three business segments: Commercial Lines, Personal Lines, and Reinsurance Operations. The Company’s Commercial Lines offers specialty property and casualty insurance products in the excess and surplus lines marketplace. The Company manages its Commercial Lines by differentiating them into four 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; 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; and Vacant Express, which insures dwellings which are currently vacant, undergoing renovation, or are under construction and is distributed through aggregators, brokers, and retail agents. 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. Collectively, the Company’s U.S. insurance subsidiaries are licensed in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The Commercial Lines and Personal Lines segments comprise the Company’s U.S. Insurance Operations (‘Insurance Operations”). 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 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.
Intercompany Balances and Transactions	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, 2018 and 2017 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 2017 Annual Report on Form 10-K. On January 1, 2018, the Company adopted new accounting guidance which requires equity investments, except for those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income. Upon adoption, the Company recorded a cumulative effect adjustment, net of tax, of $10.0 million which reduced accumulated other comprehensive income and increased retained earnings. During the quarter ended March 31, 2018, net realized investment gains (losses) included a loss of $4.9 million related to the change in the fair value of equity investments in accordance with this new accounting guidance. In addition, under the new guidance, equity investments, are no longer classified into different categories as either trading or available for sale. Prior to the adoption of this new guidance, equity securities were previously classified as available for sale. On January 1, 2018, the Company adopted new accounting guidance regarding the classification of certain cash receipts and cash payments within the statement of cash flows. Upon adoption, the Company made a policy election to use the cumulative earnings approach for presenting distributions received from equity method investees. Under this approach, distributions up to the amount of cumulative equity in earnings recognized will be treated as returns on investment and presented in operating activities and those in excess of that amount will be treated as returns of investment and presented in the investing section. Prior to adoption, all distributions received from equity method investees were presented in the investing section of the consolidated statements of cash flows. The provisions of this accounting guidance were adopted on a retrospective basis. As a result, the consolidated statement of cash flows for the quarter ended March 31, 2017 that was included in the Form 10-Q 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.
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 terms and conditions sourced from commercial vendors. Bonds with similar characteristics are grouped into specific sectors. Both asset classes use standard inputs and utilize bid price or spread, quotes, benchmark yields, discount rates, market data feeds, and financial statements. • 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 benchmark 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, an integrated evaluation system is used. The pricing models incorporate trades, spreads, benchmark curves, market data feeds, new issue data, and trustee reports. • 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, various external analytical products are utilized and purchased from commercial vendors.
Statutory Income Tax Rates	The statutory income tax rate of each country is applied against the expected annual taxable income of the Company in each country to estimate the annual income tax expense. Generally, during interim periods, the Company will divide total estimated annual income tax expense by total estimated annual 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, 2018
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, 2018 and December 31, 2017: (Dollars in thousands) Amortized Cost Gross Gross Estimated Other than (1) As of March 31, 2018 Fixed maturities: U.S. treasury and agency obligations $ 99,713 $ 476 $ (2,060 ) $ 98,129 $ — Obligations of states and political subdivisions 95,708 304 (601 ) 95,411 — Mortgage-backed securities 176,983 313 (3,511 ) 173,785 — Asset-backed securities 203,834 115 (1,204 ) 202,745 (1) Commercial mortgage-backed securities 151,337 58 (3,554 ) 147,841 — Corporate bonds 431,814 417 (7,424 ) 424,807 — Foreign corporate bonds 122,565 9 (2,296 ) 120,278 — Total fixed maturities 1,281,954 1,692 (20,650 ) 1,262,996 (1) Common stock 133,911 — — 133,911 — Other invested assets 82,159 — — 82,159 — Total $ 1,498,024 $ 1,692 $ (20,650 ) $ 1,479,066 $ (1) (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 Fair Value Other than (1) As of December 31, 2017 Fixed maturities: U.S. treasury and agency obligations $ 105,311 $ 562 $ (1,193 ) $ 104,680 $ — Obligations of states and political subdivisions 94,947 441 (274 ) 95,114 — Mortgage-backed securities 150,237 404 (1,291 ) 149,350 — Asset-backed securities 203,827 267 (393 ) 203,701 (1 ) Commercial mortgage-backed securities 140,761 101 (1,067 ) 139,795 — Corporate bonds 422,486 2,295 (1,391 ) 423,390 — Foreign corporate bonds 125,575 377 (545 ) 125,407 — Total fixed maturities 1,243,144 4,447 (6,154 ) 1,241,437 (1 ) Common stock 124,915 18,574 (3,260 ) 140,229 — Other invested assets 77,820 — — 77,820 — Total $ 1,445,879 $ 23,021 $ (9,414 ) $ 1,459,486 $ (1 ) (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, 2018, 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 Fair Value Due in one year or less $ 68,903 $ 68,736 Due in one year through five years 431,430 425,571 Due in five years through ten years 240,272 235,140 Due in ten years through fifteen years 4,215 4,170 Due after fifteen years 4,980 5,008 Mortgage-backed securities 176,983 173,785 Asset-backed securities 203,834 202,745 Commercial mortgage-backed securities 151,337 147,841 Total $ 1,281,954 $ 1,262,996
Summary of Securities With Gross Unrealized Losses	The following table contains an analysis of the Company’s fixed income securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of March 31, 2018. Due to new accounting guidance implemented in 2018 regarding the treatment of gains and losses on equity securities, common stock is no longer included in the table: 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 $ 69,992 $ (1,813 ) $ 20,223 $ (247 ) $ 90,215 $ (2,060 ) Obligations of states and political subdivisions 46,524 (454 ) 7,711 (147 ) 54,235 (601 ) Mortgage-backed securities 165,295 (3,453 ) 1,756 (58 ) 167,051 (3,511 ) Asset-backed securities 148,609 (1,158 ) 6,399 (46 ) 155,008 (1,204 ) Commercial mortgage-backed securities 113,728 (2,766 ) 27,292 (788 ) 141,020 (3,554 ) Corporate bonds 320,235 (6,429 ) 52,303 (995 ) 372,538 (7,424 ) Foreign corporate bonds 93,828 (1,951 ) 16,452 (345 ) 110,280 (2,296 ) Total fixed maturities $ 958,211 $ (18,024 ) $ 132,136 $ (2,626 ) $ 1,090,347 $ (20,650 ) (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, 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 $ 79,403 $ (962 ) $ 17,469 $ (231 ) $ 96,872 $ (1,193 ) Obligations of states and political subdivisions 34,537 (149 ) 12,060 (125 ) 46,597 (274 ) Mortgage-backed securities 127,991 (1,247 ) 1,866 (44 ) 129,857 (1,291 ) Asset-backed securities 97,817 (371 ) 6,423 (22 ) 104,240 (393 ) Commercial mortgage-backed securities 83,051 (523 ) 27,976 (544 ) 111,027 (1,067 ) Corporate bonds 147,064 (754 ) 53,024 (637 ) 200,088 (1,391 ) Foreign corporate bonds 53,320 (305 ) 20,582 (240 ) 73,902 (545 ) Total fixed maturities 623,183 (4,311 ) 139,400 (1,843 ) 762,583 (6,154 ) Common stock 32,759 (3,260 ) — — 32,759 (3,260 ) Total $ 655,942 $ (7,571 ) $ 139,400 $ (1,843 ) $ 795,342 $ (9,414 ) (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, 2018 and 2017: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Fixed maturities: OTTI losses, gross $ — $ (31 ) Portion of loss recognized in other comprehensive income (pre-tax) — — Net impairment losses on fixed maturities recognized in earnings — (31 ) Equity securities — (79 ) Total $ — $ (110 )
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 as of March 31, 2018 and 2017 for which a portion of the OTTI loss was recognized in other comprehensive income. Quarters Ended March 31, (Dollars in thousands) 2018 2017 Balance at beginning of period $ 13 $ 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 $ 13 $ 31
Schedule of Accumulated Other Comprehensive Income, Net of Tax	Accumulated Other Comprehensive Income, Net of Tax Accumulated other comprehensive income, net of tax, as of March 31, 2018 and December 31, 2017 was as follows: (Dollars in thousands) March 31, 2018 December 31, 2017 Net unrealized gains (losses) from: Fixed maturities $ (18,958 ) $ (1,707 ) Common stock — 15,314 Foreign currency fluctuations 179 551 Deferred taxes 2,248 (5,175 ) Accumulated other comprehensive income, net of tax $ (16,531 ) $ 8,983
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, 2018 and 2017: Quarter Ended March 31, 2018 (Dollars in thousands) Unrealized Gains Foreign Currency Accumulated Other Beginning balance $ 8,272 $ 711 $ 8,983 Other comprehensive income (loss) before reclassification (15,189 ) (372 ) (15,561 ) Amounts reclassified from accumulated other comprehensive income (loss) 75 — 75 Other comprehensive income (loss) (15,114 ) (372 ) (15,486 ) Cumulative-effect adjustment (9,868 ) (160 ) (10,028 ) Ending balance $ (16,710 ) $ 179 $ (16,531 ) 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
Reclassifications Out of Accumulated Other Comprehensive Income	The reclassifications out of accumulated other comprehensive income for the quarters ended March 31, 2018 and 2017 were as follows: (Dollars in thousands) Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Consolidated Statements of Operations Amounts Reclassified 2018 2017 Unrealized gains and losses on available for sale securities Other net realized investment (gains) losses $ 93 $ (701 ) Other than temporary impairment losses on investments — 110 Total before tax 93 (591 ) Income tax (benefit) (18 ) 192 Unrealized gains and losses on available for sale securities, net of tax 75 (399 ) 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 $ 75 $ (406 )
Components of Net Realized Investment Gains (Losses)	Net Realized Investment Gains (Losses) The components of net realized investment gains (losses) for the quarters ended March 31, 2018 and 2017 were as follows: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Fixed maturities: Gross realized gains $ 24 $ 189 Gross realized losses (117 ) (83 ) Net realized gains (losses) (93 ) 106 Common stock: Gross realized gains 3,453 575 Gross realized losses (7,827 ) (79 ) Net realized gains (losses) (4,374 ) 496 Derivatives: Gross realized gains 4,801 1,236 Gross realized losses (650 ) (1,063 ) Net realized gains (1) 4,151 173 Total net realized investment gains (losses) $ (316 ) $ 775 (1) Includes $0.7 million and $1.1 million of periodic net interest settlements related to the derivatives for the quarters ended March 31, 2018 and 2017, respectively.
Summary of Calculation of Realized Gains and Losses	The following table shows the calculation of the portion of realized gains and losses related to common stock being held as of March 31, 2018: Quarter (Dollars in thousands) 2018 Net gains and losses recognized during the period on equity securities $ (4,374 ) Less: Net gains and losses recognized during the period on equity securities sold during the period 554 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ (4,928 )
Proceeds from Sales and Redemptions of Available-for-Sale Securities	The proceeds from sales and redemptions of available for sale and equity securities resulting in net realized investment gains (losses) for the quarters ended March 31, 2018 and 2017 were as follows: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Fixed maturities $ 47,148 $ 139,350 Equity securities 9,283 5,626
Schedule of Investment Income	The sources of net investment income for the quarters ended March 31, 2018 and 2017 were as follows: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Fixed maturities $ 8,528 $ 6,678 Equity securities 999 990 Cash and cash equivalents 264 84 Other invested assets 2,323 1,692 Total investment income 12,114 9,444 Investment expense (710 ) (800 ) Net investment income $ 11,404 $ 8,644
Schedule of Total Investment Return	The Company’s total investment return on a pre-tax Quarters Ended March 31, (Dollars in thousands) 2018 2017 Net investment income $ 11,404 $ 8,644 Net realized investment gains (losses) (316 ) 775 Change in unrealized holding gains (losses) (17,623 ) 7,017 Net realized and unrealized investment returns (17,939 ) 7,792 Total investment return $ (6,535 ) $ 16,436 Total investment return % (1) (0.4 %) 1.1 % Average investment portfolio (2) $ 1,538,651 $ 1,559,965 (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 Securities Municipal Bond Insurance Association $ 1,136 $ — $ — $ 1,136 Total backed by financial guarantors 1,136 — — 1,136 Other credit enhanced municipal bonds — — — — Total $ 1,136 $ — $ — $ 1,136
Summary of Estimated Fair Values of Bonds Held on Deposit	The fair values were as follows as of March 31, 2018 and December 31, 2017: Estimated Fair Value (Dollars in thousands) March 31, 2018 December 31, 2017 On deposit with governmental authorities $ 26,412 $ 26,852 Intercompany trusts held for the benefit of U.S. policyholders 291,974 328,494 Held in trust pursuant to third party requirements 96,803 94,098 Letter of credit held for third party requirements 2,707 3,944 Securities held as collateral for borrowing arrangements (1) 78,053 88,040 Total $ 495,949 $ 541,428 (1) Amount required to collateralize margin borrowing facility.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 and December 31, 2017: (Dollars in thousands) March 31, 2018 December 31, 2017 Derivatives Not Designated as Hedging Instruments under ASC 815 Balance Sheet Location Notional Fair Value Notional Fair Value Interest rate swap agreements Other liabilities $ 200,000 $ (3,168 ) $ 200,000 $ (7,968 )
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 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, 2018 and 2017: Consolidated Statements of Operations Line Quarters Ended March 31, (Dollars in thousands) 2018 2017 Interest rate swap agreements Net realized investment gain $ 4,151 $ 173

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 and December 31, 2017 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. As of March 31, 2018 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 98,129 $ — $ — $ 98,129 Obligations of states and political subdivisions — 95,411 — 95,411 Mortgage-backed securities — 173,785 — 173,785 Commercial mortgage-backed securities — 147,841 — 147,841 Asset-backed securities — 202,745 — 202,745 Corporate bonds — 424,807 — 424,807 Foreign corporate bonds — 120,278 — 120,278 Total fixed maturities 98,129 1,164,867 — 1,262,996 Common stock 133,911 — — 133,911 Total assets measured at fair value (1) $ 232,040 $ 1,164,867 $ — $ 1,396,907 Liabilities: Derivative instruments $ — $ 3,168 $ — $ 3,168 Total liabilities measured at fair value $ — $ 3,168 $ — $ 3,168 (1) Excluded from the table above are limited partnerships of $82.2 million at March 31, 2018 whose fair value is based on net asset value as a practical expedient. As of December 31, 2017 Fair Value Measurements (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed maturities: U.S. treasury and agency obligations $ 104,680 $ — $ — $ 104,680 Obligations of states and political subdivisions — 95,114 — 95,114 Mortgage-backed securities — 149,350 — 149,350 Commercial mortgage-backed securities — 139,795 — 139,795 Asset-backed securities — 203,701 — 203,701 Corporate bonds — 423,390 — 423,390 Foreign corporate bonds — 125,407 — 125,407 Total fixed maturities 104,680 1,136,757 — 1,241,437 Common stock 140,229 — — 140,229 Total assets measured at fair value (1) $ 244,909 $ 1,136,757 $ — $ 1,381,666 Liabilities: Derivative instruments $ — $ 7,968 $ — $ 7,968 Total liabilities measured at fair value $ — $ 7,968 $ — $ 7,968 (1) Excluded from the table above are limited partnerships of $77.8 million at December 31, 2017 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, 2018 and December 31, 2017 was as follows: March 31, 2018 December 31, 2017 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Margin Borrowing Facility $ 64,018 $ 64,018 $ 72,230 $ 72,230 7.75% Subordinated Notes due 2045 (1) 96,650 99,770 96,619 100,059 7.875% Subordinated Notes due 2047 (2) 125,899 129,175 125,864 130,429 Total $ 286,567 $ 292,963 $ 294,713 $ 302,718 (1) As of March 31, 2018 and December 31, 2017, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.4 million. (2) As of March 31, 2018 and December 31, 2017, the carrying value and fair value of the 7.875% Subordinated Notes due 2047 are net of unamortized debt issuance cost of $4.1 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, 2018 and December 31, 2017. March 31, 2018 December 31, 2017 (Dollars in thousands) Fair Value Future Funding Fair Value Future Funding Real Estate Fund, LP (1) $ — $ — $ — $ — European Non-Performing (2) 22,938 14,214 26,262 14,214 Private Middle Market Loan Fund, LP (3) 36,361 5,200 33,760 10,000 Distressed Debt Fund, LP (4) 22,860 29,250 17,798 33,500 Total $ 82,159 $ 48,664 $ 77,820 $ 57,714 (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. (4) This limited partnership invests in stressed and distressed debt instruments. 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 to be redeemed no later than 2027.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018: (Dollars in thousands) Non-U.S. Subsidiaries U.S. Subsidiaries Eliminations Total Revenues: Gross premiums written $ 10,315 $ 113,932 $ — $ 124,247 Net premiums written $ 10,314 $ 97,556 $ — $ 107,870 Net premiums earned 48,022 59,980 — 108,002 Net investment income 15,221 7,188 (11,005 ) 11,404 Net realized investment losses (5 ) (311 ) — (316 ) Other income 51 503 — 554 Total revenues 63,289 67,360 (11,005 ) 119,644 Losses and Expenses: Net losses and loss adjustment expenses 20,565 35,507 — 56,072 Acquisition costs and other underwriting expenses 21,140 23,863 — 45,003 Corporate and other operating expenses 4,399 4,861 — 9,260 Interest expense 4,841 11,025 (11,005 ) 4,861 Income (loss) before income taxes $ 12,344 $ (7,896 ) $ — $ 4,448 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
Components of Income Tax Benefit	The following table summarizes the components of income tax benefit: Quarters Ended March 31, (Dollars in thousands) 2018 2017 Current income tax expense: Foreign $ 179 $ 96 U.S. Federal 566 — Total current income tax expense 745 96 Deferred income tax benefit: U.S. Federal (1,998 ) (3,098 ) Total income tax benefit $ (1,253 ) $ (3,002 )
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) 2018 2017 Amount % of Pre- Tax Income Amount % of Pre- Tax Income Expected tax provision at weighted average rate $ (1,536 ) (34.5 %) $ (2,364 ) (25.5 %) Adjustments: Tax exempt interest (1 ) (0.0 ) (84 ) (0.9 ) Dividend exclusion (65 ) (1.5 ) (193 ) (2.1 ) Base Erosion Anti-Abuse Tax 566 12.7 — — Other (217 ) (4.9 ) (361 ) (3.8 ) Actual tax on continuing operations $ (1,253 ) (28.2 %) $ (3,002 ) (32.3 %)

Liability for Unpaid Losses a28

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2018
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) 2018 2017 Balance at beginning of period $ 634,664 $ 651,042 Less: Ceded reinsurance receivables 97,243 130,439 Net balance at beginning of period 537,421 520,603 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 61,999 72,691 Prior years (5,927 ) (10,130 ) Total incurred losses and loss adjustment expenses 56,072 62,561 Paid losses and loss adjustment expenses related to: Current year 17,454 24,384 Prior years 53,228 42,383 Total paid losses and loss adjustment expenses 70,682 66,767 Net balance at end of period 522,811 519,442 Plus: Ceded reinsurance receivables 92,314 102,646 Balance at end of period $ 615,125 $ 622,088

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Information with Respect to Ordinary Shares that were Surrendered, Repurchased or Redeemed	The following table provides information with respect to the A ordinary shares that were surrendered or repurchased during the quarter ended March 31, 2018: Period (1) Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Plan or Program Approximate Dollar January 1-31, 26,639 (2) $ 42.02 — — March 1-31, 18,594 (2) $ 37.27 — — Total 45,233 $ 40.07 — (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, 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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) 2018 2017 Net income $ 5,701 $ 12,282 Basic earnings per share: Weighted average shares outstanding – basic 14,055,022 17,316,015 Net income per share $ 0.41 $ 0.71 Diluted earnings per share: Weighted average shares outstanding – diluted 14,285,837 17,646,080 Net income per share $ 0.40 $ 0.70
Reconciliation of Weighted Average Shares for Basic and Diluted Earnings Per Share	A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows: Quarters Ended March 31, 2018 2017 Weighted average shares for basic earnings per share 14,055,022 17,316,015 Non-vested 68,782 136,380 Options 162,033 193,685 Weighted average shares for diluted earnings per share 14,285,837 17,646,080

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Business Segment Information	The following are tabulations of business segment information for the quarters ended March 31, 2018 and 2017. Quarter Ended March 31, 2018: (Dollars in thousands) Commercial (1) Personal (1) Reinsurance Operations (2) Total Revenues: Gross premiums written $ 53,773 $ 60,165 (6) $ 10,309 $ 124,247 Net premiums written $ 48,306 $ 49,255 $ 10,309 $ 107,870 Net premiums earned $ 47,362 $ 50,612 $ 10,028 $ 108,002 Other income — 503 51 554 Total revenues 47,362 51,115 10,079 108,556 Losses and Expenses: Net losses and loss adjustment expenses 25,029 27,621 3,422 56,072 Acquisition costs and other underwriting expenses 19,205 (3) 22,179 (4) 3,619 45,003 Income from segments $ 3,128 $ 1,315 $ 3,038 $ 7,481 Unallocated Items: Net investment income 11,404 Net realized investment loss (316 ) Corporate and other operating expenses (9,260 ) Interest expense (4,861 ) Income before income taxes 4,448 Income tax benefit 1,253 Net income $ 5,701 Total assets $ 893,115 $ 494,908 $ 575,691 (5) $ 1,963,714 (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 $174 relating to cessions from Commercial Lines to Reinsurance Operations. (4) Includes federal excise tax of $206 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 ($867) 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, 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.

Principles of Consolidation a32

Principles of Consolidation and Basis of Presentation - Additional Information (Detail) $ in Thousands	Jan. 01, 2018USD ($)	Mar. 31, 2018USD ($)SegmentProduct	Mar. 31, 2017USD ($)
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
Unrealized gains and losses recognized during the reporting period on equity securities		$ (4,928)
Net cash flows from operating activities increase (decrease)		41,227	$ (13,602)
Net cash flows from investing activities increase (decrease)		(28,595)	(66,105)
Restatement Adjustment
Organization And Basis Of Presentation [Line Items]
Net cash flows from operating activities increase (decrease)			1,700
Net cash flows from investing activities increase (decrease)			$ (1,700)
Accounting Standards Update 2016-01
Organization And Basis Of Presentation [Line Items]
Cumulative effect adjustment, net of tax	$ 10,000
Unrealized gains and losses recognized during the reporting period on equity securities		$ (4,928)
Commercial Lines Segment
Organization And Basis Of Presentation [Line Items]
Number of product classifications | Product		4

Schedule of Amortized Cost and

Schedule of Amortized Cost and Estimated Fair Value of Investments (Detail) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 1,498,024	$ 1,445,879
Gross Unrealized Gains		1,692	23,021
Gross Unrealized Losses		(20,650)	(9,414)
Estimated Fair Value		1,479,066	1,459,486
Other than temporary impairments recognized in AOCI	[1]	(1)	(1)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		133,911	124,915
Gross Unrealized Gains			18,574
Gross Unrealized Losses			(3,260)
Estimated Fair Value		133,911	140,229
Other Invested Assets
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		82,159	77,820
Estimated Fair Value		82,159	77,820
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,281,954	1,243,144
Gross Unrealized Gains		1,692	4,447
Gross Unrealized Losses		(20,650)	(6,154)
Estimated Fair Value		1,262,996	1,241,437
Other than temporary impairments recognized in AOCI	[1]	(1)	(1)
Fixed Maturities | U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		99,713	105,311
Gross Unrealized Gains		476	562
Gross Unrealized Losses		(2,060)	(1,193)
Estimated Fair Value		98,129	104,680
Fixed Maturities | Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		95,708	94,947
Gross Unrealized Gains		304	441
Gross Unrealized Losses		(601)	(274)
Estimated Fair Value		95,411	95,114
Fixed Maturities | Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		176,983	150,237
Gross Unrealized Gains		313	404
Gross Unrealized Losses		(3,511)	(1,291)
Estimated Fair Value		173,785	149,350
Fixed Maturities | Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		203,834	203,827
Gross Unrealized Gains		115	267
Gross Unrealized Losses		(1,204)	(393)
Estimated Fair Value		202,745	203,701
Other than temporary impairments recognized in AOCI	[1]	(1)	(1)
Fixed Maturities | Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		151,337	140,761
Gross Unrealized Gains		58	101
Gross Unrealized Losses		(3,554)	(1,067)
Estimated Fair Value		147,841	139,795
Fixed Maturities | Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		431,814	422,486
Gross Unrealized Gains		417	2,295
Gross Unrealized Losses		(7,424)	(1,391)
Estimated Fair Value		424,807	423,390
Fixed Maturities | Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		122,565	125,575
Gross Unrealized Gains		9	377
Gross Unrealized Losses		(2,296)	(545)
Estimated Fair Value		$ 120,278	$ 125,407
[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 ($)		3 Months Ended
		Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses			$ 9,414,000
Gross unrealized losses for 12 months or greater	[1]		$ 1,843,000
Insurance enhanced asset-backed, commercial mortgage-backed, and credit securities		$ 33,000,000
Investments in insurance enhanced municipal bonds		1,136,000
Ratings without insurance		0
Investments in asset-backed, commercial mortgage-backed securities and taxable municipal bonds		$ 31,900,000
Asset backed and taxable municipal bonds as a percentage of total cash and invested assets		2.10%
Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments in a single issuer as a percentage of shareholders' equity		6.00%	5.00%
Pre-Refunded Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		$ 0
Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in asset-backed, commercial mortgage-backed securities and taxable municipal bonds		6,300,000
Assured Guaranty Corporation
Schedule of Available-for-sale Securities [Line Items]
Investments in asset-backed, commercial mortgage-backed securities and taxable municipal bonds		15,400,000
Taxable Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Investments in asset-backed, commercial mortgage-backed securities and taxable municipal bonds		21,600,000
Federal Home Loan Mortgage Corporation
Schedule of Available-for-sale Securities [Line Items]
Investments in asset-backed, commercial mortgage-backed securities and taxable municipal bonds		10,200,000
AA Rating
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds		$ 1,100,000
Insurance enhanced municipal bonds as a percentage of total cash and invested assets		0.10%
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		$ 22,900,000	$ 26,300,000
Variable interest entities, maximum exposure to loss		37,200,000	40,500,000
Second VIE that provides financing for middle market companies
Schedule of Available-for-sale Securities [Line Items]
Significant variable interest in fair value of the non-consolidated VIE		36,400,000	33,800,000
Variable interest entities, maximum exposure to loss		41,600,000	43,800,000
New limited partnership that invests in distressed securities and assets and considered a VIE
Schedule of Available-for-sale Securities [Line Items]
Significant variable interest in fair value of the non-consolidated VIE		22,900,000	17,800,000
Variable interest entities, maximum exposure to loss		52,100,000	$ 51,300,000
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 1,204,000
Weighted average credit enhancement		23.90%
Investments in asset-backed, commercial mortgage-backed securities 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		46,000
U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		2,060,000
U.S. Treasury and Agency Obligations | AA+ Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		247,000
Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		601,000
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		147,000
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		3,511,000
Mortgage Backed Securities | AA+ Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		$ 58,000
Percentage of unrealized losses for 12 months or greater		97.30%
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		$ 3,554,000
Weighted average credit enhancement		28.40%
Investments in asset-backed, commercial mortgage-backed securities and taxable municipal bonds		$ 10,200,000
Commercial Mortgage-Backed Securities | AA+ Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		788,000
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		7,424,000
Corporate Bonds | Investment Grade Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		995,000
Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses		2,296,000
Foreign Corporate Bonds | Investment Grade Rating
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses for 12 months or greater		$ 345,000
Percentage of unrealized losses for 12 months or greater		78.30%
[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, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	$ 68,903
Due in one year through five years, Amortized Cost	431,430
Due in five years through ten years, Amortized Cost	240,272
Due in ten years through fifteen years, Amortized Cost	4,215
Due after fifteen years, Amortized Cost	4,980
Fixed maturities, amortized cost	1,281,954	$ 1,243,144
Due in one year or less, Estimated Fair value	68,736
Due in one year through five years, Estimated Fair value	425,571
Due in five years through ten years, Estimated Fair value	235,140
Due in ten years through fifteen years, Estimated Fair value	4,170
Due after fifteen years, Estimated Fair value	5,008
Fixed Maturities, estimated fair value	1,262,996	$ 1,241,437
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	176,983
Estimated Fair value	173,785
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	203,834
Estimated Fair value	202,745
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	151,337
Estimated Fair value	$ 147,841

Summary of Securities with Gros

Summary of Securities with Gross Unrealized Losses (Detail) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value			$ 655,942
Less than 12 months, Gross Unrealized Losses			(7,571)
12 months or longer, Fair Value	[1]		139,400
12 months or longer, Gross Unrealized Losses	[1]		(1,843)
Total, Fair Value			795,342
Total, Gross Unrealized Losses			(9,414)
U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		$ (2,060)
Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(601)
Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(3,511)
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(1,204)
Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(3,554)
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(7,424)
Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Total, Gross Unrealized Losses		(2,296)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value			32,759
Less than 12 months, Gross Unrealized Losses			(3,260)
Total, Fair Value			32,759
Total, Gross Unrealized Losses			(3,260)
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		958,211	623,183
Less than 12 months, Gross Unrealized Losses		(18,024)	(4,311)
12 months or longer, Fair Value	[1]	132,136	139,400
12 months or longer, Gross Unrealized Losses	[1]	(2,626)	(1,843)
Total, Fair Value		1,090,347	762,583
Total, Gross Unrealized Losses		(20,650)	(6,154)
Fixed Maturities | U.S. Treasury and Agency Obligations
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		69,992	79,403
Less than 12 months, Gross Unrealized Losses		(1,813)	(962)
12 months or longer, Fair Value	[1]	20,223	17,469
12 months or longer, Gross Unrealized Losses	[1]	(247)	(231)
Total, Fair Value		90,215	96,872
Total, Gross Unrealized Losses		(2,060)	(1,193)
Fixed Maturities | Obligations of States and Political Subdivisions
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		46,524	34,537
Less than 12 months, Gross Unrealized Losses		(454)	(149)
12 months or longer, Fair Value	[1]	7,711	12,060
12 months or longer, Gross Unrealized Losses	[1]	(147)	(125)
Total, Fair Value		54,235	46,597
Total, Gross Unrealized Losses		(601)	(274)
Fixed Maturities | Mortgage Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		165,295	127,991
Less than 12 months, Gross Unrealized Losses		(3,453)	(1,247)
12 months or longer, Fair Value	[1]	1,756	1,866
12 months or longer, Gross Unrealized Losses	[1]	(58)	(44)
Total, Fair Value		167,051	129,857
Total, Gross Unrealized Losses		(3,511)	(1,291)
Fixed Maturities | Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		148,609	97,817
Less than 12 months, Gross Unrealized Losses		(1,158)	(371)
12 months or longer, Fair Value	[1]	6,399	6,423
12 months or longer, Gross Unrealized Losses	[1]	(46)	(22)
Total, Fair Value		155,008	104,240
Total, Gross Unrealized Losses		(1,204)	(393)
Fixed Maturities | Commercial Mortgage-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		113,728	83,051
Less than 12 months, Gross Unrealized Losses		(2,766)	(523)
12 months or longer, Fair Value	[1]	27,292	27,976
12 months or longer, Gross Unrealized Losses	[1]	(788)	(544)
Total, Fair Value		141,020	111,027
Total, Gross Unrealized Losses		(3,554)	(1,067)
Fixed Maturities | Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		320,235	147,064
Less than 12 months, Gross Unrealized Losses		(6,429)	(754)
12 months or longer, Fair Value	[1]	52,303	53,024
12 months or longer, Gross Unrealized Losses	[1]	(995)	(637)
Total, Fair Value		372,538	200,088
Total, Gross Unrealized Losses		(7,424)	(1,391)
Fixed Maturities | Foreign Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value		93,828	53,320
Less than 12 months, Gross Unrealized Losses		(1,951)	(305)
12 months or longer, Fair Value	[1]	16,452	20,582
12 months or longer, Gross Unrealized Losses	[1]	(345)	(240)
Total, Fair Value		110,280	73,902
Total, Gross Unrealized Losses		$ (2,296)	$ (545)
[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, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
OTTI losses, gross		$ (31)
Portion of loss recognized in other comprehensive income (pre-tax)	$ 0	0
Net impairment losses on fixed maturities recognized in earnings		(31)
Equity securities		(79)
Total		$ (110)

Schedule of Credit Losses Recog

Schedule of Credit Losses Recognized in Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Balance at beginning of period	$ 13	$ 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	$ 13	$ 31

Schedule of Accumulated Other C

Schedule of Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Foreign currency fluctuations	$ 179	$ 551
Deferred taxes	2,248	(5,175)
Accumulated other comprehensive income, net of tax	(16,531)	8,983	$ 4,332	$ (618)
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains (losses)	$ (18,958)	(1,707)
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains (losses)		$ 15,314

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 8,983	$ (618)	$ (618)
Other comprehensive income (loss) before reclassification	(15,561)	5,356
Amounts reclassified from accumulated other comprehensive income (loss)	75	(406)
Other comprehensive income (loss)	(15,486)	4,950
Cumulative-effect adjustment	(10,028)
Ending balance	(16,531)	4,332	8,983
Unrealized Gains and Losses on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	8,272	(554)	(554)
Other comprehensive income (loss) before reclassification	(15,189)	5,171
Amounts reclassified from accumulated other comprehensive income (loss)	75	(399)
Other comprehensive income (loss)	(15,114)	4,772
Cumulative-effect adjustment	(9,868)
Ending balance	(16,710)	4,218	8,272
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	711	(64)	(64)
Other comprehensive income (loss) before reclassification	(372)	185
Amounts reclassified from accumulated other comprehensive income (loss)		(7)
Other comprehensive income (loss)	(372)	178
Cumulative-effect adjustment	(160)
Ending balance	$ 179	$ 114	$ 711

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized investment gains	$ (316)	$ 885
Other than temporary impairment losses on investments		(110)
Income before income taxes	4,448	9,280
Income tax expense	1,253	3,002
Net income	5,701	12,282
Total reclassifications, net of tax	75	(406)
Unrealized Gains and Losses on Available for Sale Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	75	(399)
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	93	(701)
Other than temporary impairment losses on investments		110
Income before income taxes	93	(591)
Income tax expense	(18)	192
Net income	$ 75	(399)
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, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Total net realized investment gains (losses)		$ (316)	$ 775
Not Designated as Hedging Instrument | Interest Rate Swap
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains		4,801	1,236
Gross realized losses		(650)	(1,063)
Total net realized investment gains (losses)	[1]	4,151	173
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains		24	189
Gross realized losses		(117)	(83)
Total net realized investment gains (losses)		(93)	106
Common Shares
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains		3,453	575
Gross realized losses		(7,827)	(79)
Total net realized investment gains (losses)		$ (4,374)	$ 496
[1]	(1) Includes $0.7 million and $1.1 million of periodic net interest settlements related to the derivatives for the quarters ended March 31, 2018 and 2017, respectively.

Components of Net Realized In43

Components of Net Realized Investment Gains (Losses) (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest Rate Swap
Schedule of Available-for-sale Securities [Line Items]
Net interest settlements	$ 0.7	$ 1.1

Summary of Calculation of Reali

Summary of Calculation of Realized Gains and Losses (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Schedule of Available-for-sale Securities [Line Items]
Net gains and losses recognized during the period on equity securities	$ (4,374)
Less: Net gains and losses recognized during the period on equity securities sold during the period	554
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$ (4,928)

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, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities	$ 47,148	$ 139,350
Equity securities	$ 9,283	$ 5,626

Schedule of Investment Income (

Schedule of Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 12,114	$ 9,444
Investment expense	(710)	(800)
Net investment income	11,404	8,644
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Investment income	8,528	6,678
Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Investment income	999	990
Cash and Cash Equivalents
Schedule of Available-for-sale Securities [Line Items]
Investment income	264	84
Other Invested Assets
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 2,323	$ 1,692

Schedule of Total Investment Re

Schedule of Total Investment Return (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Net Investment Income [Line Items]
Net investment income		$ 11,404	$ 8,644
Net realized investment gains (losses)		(316)	775
Change in unrealized holding gains (losses)		(17,623)	7,017
Net realized and unrealized investment returns		(17,939)	7,792
Total investment return		$ (6,535)	$ 16,436
Total investment return %	[1]	(0.40%)	1.10%
Average investment portfolio	[2]	$ 1,538,651	$ 1,559,965
[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, 2018USD ($)
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	$ 1,136
Municipal Bond Insurance Association
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	1,136
Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	1,136
Exposure Net Of Pre-refunded & Government Guaranteed Securities
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	1,136
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	1,136
Exposure Net Of Pre-refunded & Government Guaranteed Securities | Financial Guarantors
Schedule of Available-for-sale Securities [Line Items]
Investments in insurance enhanced municipal bonds	$ 1,136

Summary of Estimated Fair Value

Summary of Estimated Fair Values of Bonds Held on Deposit (Detail) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		$ 495,949	$ 541,428
On Deposit With Governmental Authorities
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		26,412	26,852
Intercompany Trusts Held For Benefit Of U.S. Policyholders
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		291,974	328,494
Held In Trust Pursuant To Third Party Requirements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		96,803	94,098
Letter Of Credit Held For Third Party Requirements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value		2,707	3,944
Securities held as collateral for borrowing arrangements
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	[1]	$ 78,053	$ 88,040
[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, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Notional Amount	$ 200,000	$ 200,000
Fair Value	$ (3,168)	$ (7,968)

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, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) for changes in fair value and net settlements of derivatives	$ 700	$ 1,100
Net Realized Investment Gains (Losses)
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) for changes in fair value and net settlements of derivatives	$ 4,151	$ 173

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) - Other Assets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Funds needed to post execute swap transaction	$ 2.9	$ 3.1
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Margin calls made in connection with interest rate swaps	$ 3.6	$ 9.5

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, 2018		Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	$ 1,479,066		$ 1,459,486
Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	133,911		140,229
Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,262,996		1,241,437
Fixed Maturities | U.S. Treasury and Agency Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	98,129		104,680
Fixed Maturities | Obligations of States and Political Subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	95,411		95,114
Fixed Maturities | Mortgage Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	173,785		149,350
Fixed Maturities | Commercial Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	147,841		139,795
Fixed Maturities | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	202,745		203,701
Fixed Maturities | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	424,807		423,390
Fixed Maturities | Foreign Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	120,278		125,407
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,396,907	[1]	1,381,666	[2]
Total invested liabilities	3,168		7,968
Fair Value, Measurements, Recurring | Derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested liabilities	3,168		7,968
Fair Value, Measurements, Recurring | Common Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	133,911		140,229
Fair Value, Measurements, Recurring | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	1,262,996		1,241,437
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	98,129		104,680
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	95,411		95,114
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	173,785		149,350
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	147,841		139,795
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	202,745		203,701
Fair Value, Measurements, Recurring | Fixed Maturities | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total invested assets	424,807		423,390
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	120,278		125,407
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	232,040	[1]	244,909	[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	133,911		140,229
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	98,129		104,680
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	98,129		104,680
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	1,164,867	[1]	1,136,757	[2]
Total invested liabilities	3,168		7,968
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	3,168		7,968
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	1,164,867		1,136,757
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	95,411		95,114
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	173,785		149,350
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	147,841		139,795
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	202,745		203,701
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	424,807		423,390
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	$ 120,278		$ 125,407
[1]	Excluded from the table above are limited partnerships of $82.2 million at March 31, 2018 whose fair value is based on net asset value as a practical expedient.
[2]	Excluded from the table above are limited partnerships of $77.8 million at December 31, 2017 whose fair value is based on net asset value as a practical expedient.

Company's Invested Assets and54

Company's Invested Assets and Derivative Instruments Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investment in limited partnership	$ 82,159	$ 77,820

Current Fair Value of Debt (Det

Current Fair Value of Debt (Detail) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt		$ 286,567	$ 294,713
Debt, fair value		292,963	302,718
7.75% Subordinated Notes due 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	[1]	96,650	96,619
Debt, fair value	[1]	99,770	100,059
7.875% Subordinated Notes due 2047
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	[2]	125,899	125,864
Debt, fair value	[2]	129,175	130,429
Margin borrowing facilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt		64,018	72,230
Debt, fair value		$ 64,018	$ 72,230
[1]	As of March 31, 2018 and December 31, 2017, the carrying value and fair value of the 7.75% Subordinated Notes due 2045 are net of unamortized debt issuance cost of $3.4 million.
[2]	As of March 31, 2018 and December 31, 2017, the carrying value and fair value of the 7.875% Subordinated Notes due 2047 are net of unamortized debt issuance cost of $4.1 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, 2018	Dec. 31, 2017
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	$ (3.4)	$ (3.4)
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	$ (4.1)	$ (4.1)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Equity Method Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity in the earnings of liability companies or partnerships	$ 2.3	$ 1.7
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, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 82,159	$ 77,820
Future Funding Commitments		48,664	57,714
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]	22,938	26,262
Future Funding Commitments	[1]	14,214	14,214
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]	36,361	33,760
Future Funding Commitments	[2]	5,200	10,000
Fair Value, Inputs, Level 3 | Distressed Debt Fund, LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	[3]	22,860	17,798
Future Funding Commitments	[3]	$ 29,250	$ 33,500
[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.
[3]	This limited partnership invests in stressed and distressed debt instruments. 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 to be redeemed no later than 2027.

Fair Value and Future Funding59

Fair Value and Future Funding Commitments Related to These Investments (Parenthetical) (Detail)	12 Months Ended
	Mar. 31, 2018USD ($)
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 Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax [Line Items]
Statutory income tax rates	21.00%	35.00%
Effective income tax benefit rate	(28.20%)	(32.30%)
Adjustments to provisional tax estimates	$ 0
Alternative minimum tax credit carry forward			$ 11,000
Net operating loss carryforwards	14,700		16,300
AMT credit carryforward reclassed to federal income tax receivable	10,157		10,332
Section 163(j) carryforward	$ 7,900		7,900
Alternative Minimum Tax Credits
Income Tax [Line Items]
AMT credit carryforward reclassed to federal income tax receivable			$ 11,000
UNITED STATES
Income Tax [Line Items]
Statutory income tax rates	21.00%
BERMUDA
Income Tax [Line Items]
Statutory income tax rates	0.00%
CAYMAN ISLANDS
Income Tax [Line Items]
Statutory income tax rates	0.00%
LUXEMBOURG
Income Tax [Line Items]
Statutory income tax rates	26.01%
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, 2018	Mar. 31, 2017
Revenues:
Gross premiums written	$ 124,247	$ 123,751
Net premiums written	107,870	111,506
Net premiums earned	108,002	113,126
Net investment income	11,404	8,644
Net realized investment gains	(316)	775
Other income	554	1,368
Total revenues	119,644	123,913
Losses and Expenses:
Net losses and loss adjustment expenses	56,072	62,561
Acquisition costs and other underwriting expenses	45,003	46,551
Corporate and other operating expenses	9,260	3,054
Interest expense	4,861	2,467
Income (loss) before income taxes	4,448	9,280
Non-U.S. Subsidiaries
Revenues:
Gross premiums written	10,315	54,102
Net premiums written	10,314	54,087
Net premiums earned	48,022	50,933
Net investment income	15,221	12,328
Net realized investment gains	(5)	41
Other income	51	87
Total revenues	63,289	63,389
Losses and Expenses:
Net losses and loss adjustment expenses	20,565	20,860
Acquisition costs and other underwriting expenses	21,140	22,688
Corporate and other operating expenses	4,399	1,207
Interest expense	4,841	2,324
Income (loss) before income taxes	12,344	16,310
U.S. Subsidiaries
Revenues:
Gross premiums written	113,932	107,936
Net premiums written	97,556	57,419
Net premiums earned	59,980	62,193
Net investment income	7,188	4,959
Net realized investment gains	(311)	734
Other income	503	1,281
Total revenues	67,360	69,167
Losses and Expenses:
Net losses and loss adjustment expenses	35,507	41,701
Acquisition costs and other underwriting expenses	23,863	23,863
Corporate and other operating expenses	4,861	1,847
Interest expense	11,025	8,786
Income (loss) before income taxes	(7,896)	(7,030)
Eliminations
Revenues:
Gross premiums written		(38,287)
Net investment income	(11,005)	(8,643)
Total revenues	(11,005)	(8,643)
Losses and Expenses:
Interest expense	$ (11,005)	$ (8,643)

Components of Income Tax Benefi

Components of Income Tax Benefit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Current income tax expense:
Foreign	$ 179	$ 96
U.S. Federal	566
Total current income tax expense	745	96
Deferred income tax benefit:
U.S. Federal	(1,998)	(3,098)
Actual tax on continuing operations	$ (1,253)	$ (3,002)

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, 2018	Mar. 31, 2017
Income Tax [Line Items]
Expected tax provision at weighted average rate	$ (1,536)	$ (2,364)
Adjustments:
Tax exempt interest	(1)	(84)
Dividend exclusion	(65)	(193)
Base Erosion Anti-Abuse Tax	566
Other	(217)	(361)
Actual tax on continuing operations	$ (1,253)	$ (3,002)
Expected tax provision at weighted average rate	(34.50%)	(25.50%)
Adjustments:
Tax exempt interest, % of Pre-Tax Income	(0.00%)	(0.90%)
Dividend exclusion, % of Pre-Tax Income	(1.50%)	(2.10%)
Base Erosion Anti-Abuse Tax	12.70%
Other, % of Pre-Tax Income	(4.90%)	(3.80%)
Actual tax on continuing operations, % of Pre-Tax Income	(28.20%)	(32.30%)

Summarized Activity in Liabilit

Summarized Activity in Liability for Unpaid Losses and Loss Adjustment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Liability for Claims and Claims Adjustment Expense [Line Items]
Balance at beginning of period	$ 634,664	$ 651,042
Less: Ceded reinsurance receivables	97,243	130,439
Net balance at beginning of period	537,421	520,603
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	61,999	72,691
Prior years	(5,927)	(10,130)
Total incurred losses and loss adjustment expenses	56,072	62,561
Paid losses and loss adjustment expenses related to:
Current year	17,454	24,384
Prior years	53,228	42,383
Total paid losses and loss adjustment expenses	70,682	66,767
Net balance at end of period	522,811	519,442
Plus: Ceded reinsurance receivables	92,314	102,646
Balance at end of period	$ 615,125	$ 622,088

Liability for Unpaid Losses a65

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 08, 2018	Mar. 31, 2018	Mar. 31, 2017
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		$ (5,927)	$ (10,130)
Commercial Lines Segment
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(2,700)	(5,300)
Commercial Lines Segment | Property Lines | Accident Year 2016 | Catastrophe segment
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve			(1,700)
Commercial Lines Segment | Property Lines | Accident Years 2015 through 2017
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(400)
Commercial Lines Segment | General Liability | Accident Years 2007 Through 2013 | Non Construction Defect
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 | General Liability | Accident Years 2004 through 2014 and 2015 through 2017 | Non Construction Defect
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(1,400)
Commercial Lines Segment | Commercial Auto Liability | Accident years 2010 through 2012
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(1,000)
Personal Lines
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(1,100)	(3,200)
Personal Lines | Property Lines | Accident Year 2016
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve			(2,700)
Personal Lines | Property Lines | Accident Years 2015 through 2017
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(900)
Personal Lines | General Liability | Accident Year 2016 | Agriculture Reserve
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve			(500)
Reinsurance Operations
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		(2,100)	(1,700)
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)
Reinsurance Operations | Property Lines | Accident Years 2013 through 2017
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Changes in prior year reserve		$ (2,100)
Global Indemnity Group Inc | American Reliable Insurance Company
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Reserve Settlement	$ 41,500
Proceeds for loss and loss adjustment expenses paid	38,800
Proceeds for accrued interest	6,200
Payment for the difference between the agreed upon purchase price and actual settlement	$ 3,500

Information with Respect to Ord

Information with Respect to Ordinary Shares that were Surrendered, Repurchased or Redeemed (Detail) - Ordinary Shares A - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased		45,233	28,965
Average Price Paid Per Share		$ 40.07	$ 39.25
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]		13,656
Average Price Paid Per Share	[2]		$ 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]		15,309
Average Price Paid Per Share	[2]		$ 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, 2018
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased	[1]	26,639
Average Price Paid Per Share	[2]	$ 42.02
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
March 1 -31, 2018
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased	[1]	18,594
Average Price Paid Per Share	[2]	$ 37.27
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]	Surrendered by employees as payment of taxes withheld on the vesting of restricted stock.
[2]	Based on settlement date.

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 29, 2018	Mar. 04, 2018	Mar. 31, 2018	Mar. 31, 2017
Equity [Line Items]
Dividend declared date		Mar. 4, 2018
Dividend payable, per share		$ 0.25	$ 0.25	$ 0
Dividend payable date		Mar. 29, 2018
Dividend payable, date of record		Mar. 21, 2018
Dividends paid to shareholders	$ 3,500		$ 3,499
Accrued dividends			$ 50
Ordinary Shares B
Equity [Line Items]
Shares repurchased			0	0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Fox Paine and Company - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Company's total outstanding voting power	82.00%
Minimum voting power required to nominate Directors	25.00%
Management fees	$ 500	$ 500
Unpaid management fees	7,300		$ 6,800
Advisory services fees estimated	$ 12,500
Estimated percentage of services provided	50.00%
Other Liabilities
Related Party Transaction [Line Items]
Advisory services fees estimated	$ 6,250
Corporate Expense and Other Accrued Liabilities
Related Party Transaction [Line Items]
Advisory services fees estimated	$ 6,250

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Commitments and Contingencies [Line Items]
Commitment to purchase alternative investment		$ 50,000	$ 40,000	$ 50,000
Future Funding Commitments	$ 48,664	$ 57,714
Distressed Debt Fund, LP
Commitments and Contingencies [Line Items]
Funded commitment amount	20,800
European Non-Performing Loan Fund, LP
Commitments and Contingencies [Line Items]
Funded commitment amount	35,800
Private Middle Market Loans, LLC
Commitments and Contingencies [Line Items]
Funded commitment amount	40,000
Unfunded Commitments | Distressed Debt Fund, LP
Commitments and Contingencies [Line Items]
Future Funding Commitments	29,200
Unfunded Commitments | European Non-Performing Loan Fund, LP
Commitments and Contingencies [Line Items]
Future Funding Commitments	14,200
Unfunded Commitments | Private Middle Market Loans, LLC
Commitments and Contingencies [Line Items]
Future Funding Commitments	$ 5,200

Share-Based Compensation Plans

Share-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded		0
Unvested stock options forfeited	0	0
Accounting Standards Update 2016-09
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 0.3
Restricted Stock | Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	38,778	22,503
Weighted average fair value per share	$ 40.57	$ 38.21
Shares vested	11,843
Restricted Stock | Key Employees | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Jan. 1, 2019	Jan. 1, 2018
Percentage of shares vested on each anniversary of the grant date	16.50%	16.50%
Restricted Stock | Key Employees | Share-based Compensation Award, Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Jan. 1, 2020	Jan. 1, 2019
Percentage of shares vested on each anniversary of the grant date	16.50%	16.50%
Restricted Stock | Key Employees | Share-based Compensation Award, Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Jan. 1, 2021	Jan. 1, 2020
Percentage of shares vested on each anniversary of the grant date	17.00%	17.00%
Restricted Stock | Key Employees | Vesting Schedule Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Mar. 15, 2021	Mar. 15, 2020
Percentage of shares vested on each anniversary of the grant date	100.00%	100.00%
Percentage of stock award subject to vesting	50.00%	50.00%
Restricted Stock | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	9,142	6,700
Weighted average fair value per share	$ 34.52	$ 38.49
Stock Options | Chief Executive Officer | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded	0
Stock Options | Chief Executive Officer | Share-based Compensation Award, Tranche 2 | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded			300,000
Stock Options | Chief Executive Officer | Vesting Schedule Two | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Dec. 31, 2019
Stock Options | Chief Executive Officer | Vesting Schedule One | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Dec. 31, 2018
Stock Options | Chief Executive Officer | Vesting Schedule Three | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Dec. 31, 2020
Time Based Option Award | Chief Executive Officer | Share-based Compensation Award, Tranche 3 | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	300,000
Strike price per share	$ 50
Percentage of shares vested on each anniversary of the grant date	33.33%
Time Based Option Award | Chief Executive Officer | Vesting Schedule Two | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Dec. 31, 2019
Time Based Option Award | Chief Executive Officer | Vesting Schedule One | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Dec. 31, 2018
Time Based Option Award | Chief Executive Officer | Vesting Schedule Three | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting date	Dec. 31, 2020
Expiration date	Dec. 31, 2027

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, 2018	Mar. 31, 2017
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 5,701	$ 12,282
Weighted average shares outstanding - basic	14,055,022	17,316,015
Net income per share	$ 0.41	$ 0.71
Weighted average shares outstanding - diluted	14,285,837	17,646,080
Net income per share	$ 0.40	$ 0.70

Reconciliation of Weighted Aver

Reconciliation of Weighted Average Shares for Basic and Diluted Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Weighted average shares for basic earnings per share	14,055,022	17,316,015
Weighted average shares for diluted earnings per share	14,285,837	17,646,080
Restricted Stock
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Non-vested restricted stock and options	68,782	136,380
Stock Options
Reconciliation Of Basic Weighted Average Shares To Diluted Weighted Average Shares [Line Items]
Non-vested restricted stock and options	162,033	193,685

Earning Per Share - Additional

Earning Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Line Items]
Shares excluded from calculation of diluted earnings per share	600,000	0

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018Segment
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, 2018		Mar. 31, 2017		Dec. 31, 2017
Revenues:
Gross premiums written		$ 124,247		$ 123,751
Net premiums written		107,870		111,506
Net premiums earned		108,002		113,126
Other income		554		1,368
Total revenues		108,556		114,494
Losses and Expenses:
Net losses and loss adjustment expenses		56,072		62,561
Acquisition costs and other underwriting expenses		45,003		46,551
Income (loss) from segments		7,481		5,382
Unallocated Items:
Net investment income		11,404		8,644
Net realized investment gain		(316)		775
Corporate and other operating expenses		(9,260)		(3,054)
Interest expense		(4,861)		(2,467)
Income before income taxes		4,448		9,280
Income tax benefit		1,253		3,002
Net income		5,701		12,282
Total assets		1,963,714		2,072,385		$ 2,001,669
Commercial Lines Segment
Revenues:
Gross premiums written	[1]	53,773		45,911
Net premiums written	[1]	48,306		41,115
Net premiums earned	[1]	47,362		44,992
Total revenues	[1]	47,362		44,992
Losses and Expenses:
Net losses and loss adjustment expenses	[1]	25,029		20,424
Acquisition costs and other underwriting expenses	[1]	19,205	[2]	19,019	[3]
Income (loss) from segments	[1]	3,128		5,549
Unallocated Items:
Total assets	[1]	893,115		877,798
Personal Lines
Revenues:
Gross premiums written	[1]	60,165	[4]	62,017	[5]
Net premiums written	[1]	49,255		54,583
Net premiums earned	[1]	50,612		58,663
Other income	[1]	503		1,281
Total revenues	[1]	51,115		59,944
Losses and Expenses:
Net losses and loss adjustment expenses	[1]	27,621		38,715
Acquisition costs and other underwriting expenses	[1]	22,179	[6]	24,534	[7]
Income (loss) from segments	[1]	1,315		(3,305)
Unallocated Items:
Total assets	[1]	494,908		479,640
Reinsurance Operations
Revenues:
Gross premiums written	[8]	10,309		15,823
Net premiums written	[8]	10,309		15,808
Net premiums earned	[8]	10,028		9,471
Other income	[8]	51		87
Total revenues	[8]	10,079		9,558
Losses and Expenses:
Net losses and loss adjustment expenses	[8]	3,422		3,422
Acquisition costs and other underwriting expenses	[8]	3,619		2,998
Income (loss) from segments	[8]	3,038		3,138
Unallocated Items:
Total assets	[8],[9]	$ 575,691		$ 714,947
[1]	Includes business ceded to the Company's Reinsurance Operations.
[2]	Includes federal excise tax of $174 relating to cessions from Commercial Lines to Reinsurance Operations.
[3]	Includes federal excise tax of $120 relating to cessions from Commercial Lines to Reinsurance Operations.
[4]	Includes ($867) of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.
[5]	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.
[6]	Includes federal excise tax of $206 relating to cessions from Personal Lines to Reinsurance Operations.
[7]	Includes federal excise tax of $293 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, 2018	Mar. 31, 2017
Commercial Lines Segment
Segment Reporting Information [Line Items]
Federal excise tax relating to cessions from Insurance Operations to Reinsurance Operations	$ 174	$ 120
Personal Lines
Segment Reporting Information [Line Items]
Federal excise tax relating to cessions from Insurance Operations to Reinsurance Operations	206	293
American Reliable Insurance Company | Personal Lines
Segment Reporting Information [Line Items]
Ceded premiums written	$ (867)	$ 1,051
Quota share agreement percentage	100.00%	100.00%

New Accounting Pronouncements -

New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2014	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment	$ (10,028)
Stock options awarded		0
Unrealized gains and losses recognized during the reporting period on equity securities	$ (4,928)
Stock Options | Chief Executive Officer | Employment Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock options awarded	0
Stock Options | Chief Executive Officer | Share-based Compensation Award, Tranche 2 | Employment Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock options awarded			300,000
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment				$ 10,000
Unrealized gains and losses recognized during the reporting period on equity securities	$ (4,928)
Accounting Standard Update 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment				100
Accounting Standard Update 2017-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment	0
Stock based compensation expense	$ (300)
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment				$ 200

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 25, 2018	Mar. 31, 2018	Dec. 31, 2017
7.75% Subordinated Notes due 2045
Subsequent Event [Line Items]
Subordinated Notes percentage		7.75%	7.75%
Subordinated Notes due date		2,045	2,045
7.875% Subordinated Notes due 2047
Subsequent Event [Line Items]
Subordinated Notes percentage		7.875%	7.875%
Subordinated Notes due date		2,047	2,047
Fox Paine and Company
Subsequent Event [Line Items]
Advisory services fees estimated		$ 12,500
Estimated percentage of services provided		50.00%
Fox Paine and Company | Other Liabilities
Subsequent Event [Line Items]
Advisory services fees estimated		$ 6,250
Fox Paine and Company | Corporate Expense and Other Accrued Liabilities
Subsequent Event [Line Items]
Advisory services fees estimated		$ 6,250
Subsequent Events | 7.75% Subordinated Notes due 2045
Subsequent Event [Line Items]
Subordinated Notes percentage	7.75%
Subordinated Notes due date	2,045
Subsequent Events | 7.875% Subordinated Notes due 2047
Subsequent Event [Line Items]
Subordinated Notes percentage	7.875%
Subordinated Notes due date	2,047