Blue Capital Reinsurance (BCRHF) 10-K9 Mar 162015 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Mar. 07, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	BLUE CAPITAL REINSURANCE HOLDINGS LTD.
Entity Central Index Key	1,582,086
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 104,976,265
Entity Common Stock, Shares Outstanding		8,752,335
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 6.1	$ 11.5
Reinsurance premiums receivable	15.9	5.9
Deferred reinsurance acquisition costs	0.1	0.1
Funds held by ceding companies	195.3	183.6
Other assets	0.2	0.2
Total Assets	217.6	201.3
Liabilities
Loss and loss adjustment expense reserves	4	7.9
Unearned reinsurance premiums	1.3	1.1
Debt	13	8
Reinsurance balances payable	7.6	2.8
Other liabilities (See Note 11)	4.1	1
Total Liabilities	30	20.8
Commitments and Contingent Liabilities (See Note 12)	0	0
Shareholders’ Equity
Common Shares at $1.00 par value per share - 100,000,000 shares authorized; 8,752,335 (2014: 8,750,000) shares issued and outstanding	8.8	8.8
Additional paid-in capital	165.3	165.2
Retained earnings	13.5	6.5
Total Shareholders’ Equity	187.6	180.5
Total Liabilities and Shareholders’ Equity	$ 217.6	$ 201.3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares authorized (in shares)	100,000,000	100,000,000
Common shares issued (in shares)	8,752,335	8,750,000
Common shares outstanding (in shares)	8,752,335	8,750,000

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Revenues
Reinsurance premiums written	$ 0	$ 38.6	$ 45
Change in net unearned reinsurance premiums	0	(0.3)	(1.1)
Net reinsurance premiums earned	0	38.3	43.9
Net (loss) income from derivative instruments	0	(0.2)	0.7
Total revenues	0	38.1	44.6
Underwriting expenses:
Loss and loss adjustment expenses	0	2.6	17.1
Reinsurance acquisition costs	0	8.6	7.7
General and administrative expenses	0.7	6.1	4.7
Non-underwriting expenses:
Interest expenses	0	0.1	0
Total expenses	0.7	17.4	29.5
Net income (loss)	(0.7)	20.7	15.1
Comprehensive income (loss)	$ (0.7)	$ 20.7	$ 15.1
Per share data:
Basic and diluted earnings (loss) per Common Share (in dollars per share)	$ (0.31)	$ 2.36	$ 1.72
Dividends declared per Common Share and RSU (in dollars per share)	$ 0	$ 1.56	$ 0.90

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Initial Capital contribution	IPO	Private Placement	Common Shares at par value	Common Shares at par valueInitial Capital contribution	Common Shares at par valueIPO	Common Shares at par valuePrivate Placement	Additional paid-in capital	Additional paid-in capitalInitial Capital contribution	Additional paid-in capitalIPO	Additional paid-in capitalPrivate Placement	Retained earnings (deficit)	Retained earnings (deficit)Initial Capital contribution	Retained earnings (deficit)IPO	Retained earnings (deficit)Private Placement
Balance at the start of the period at Jun. 23, 2013	$ 0				$ 0				$ 0				$ 0
Increase Decrease in Shareholder's Equity
Net income (loss)	(0.7)				0				0				(0.7)
Issuances of Common Shares:		$ 1	$ 125	$ 50		$ 0	$ 6.3	$ 2.5		$ 1	$ 118.7	$ 47.5		$ 0	$ 0	$ 0
Common Share issuance costs	(7.2)				0				(7.2)				0
Reimbursement of certain Common Share issuance costs (see Note 11)	6.2				0				6.2				0
Repurchase of Common Shares	(1)				0				(1)				0
Balance at the end of the period at Dec. 31, 2013	173.3				8.8				165.2				(0.7)
Increase Decrease in Shareholder's Equity
Net income (loss)	15.1				0				0				15.1
Dividends declared - Common Shares and RSUs	(7.9)				0				0				(7.9)
Balance at the end of the period at Dec. 31, 2014	180.5				8.8				165.2				6.5
Increase Decrease in Shareholder's Equity
Net income (loss)	20.7				0				0				20.7
Expense recognized for RSUs	0.1				0				0.1				0
Dividends declared - Common Shares and RSUs	(13.7)				0				0				(13.7)
Balance at the end of the period at Dec. 31, 2015	$ 187.6				$ 8.8				$ 165.3				$ 13.5

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operations:
Net income (loss)	$ (0.7)	$ 20.7	$ 15.1
Charges to reconcile net income (loss) to net cash from operations:
Expense recognized for RSUs	0	0.1	0
Net change in:
Loss and loss adjustment expense reserves	0	(3.9)	7.9
Unearned reinsurance premiums	0	0.2	1.1
Reinsurance balances payable	0	4.8	2.8
Deferred reinsurance acquisition costs	0	0	(0.1)
Reinsurance premiums receivable	0	(10)	(5.9)
Funds held by ceding companies	0	(11.7)	(183.6)
Other liabilities	2.2	3.1	(1.2)
Other assets	(1.7)	0	1.5
Net cash and cash equivalents provided from (used for) operations	(0.2)	3.3	(162.4)
Net cash and cash equivalents from investing activities	0	0	0
Cash flows from financing activities:
Net proceeds from issuance of Common Shares: In connection with the Company's initial capitalization	1	0	0
Net proceeds from issuance of Common Shares: In connection with the IPO, net of $7.2 million of Common Share issuance costs	117.8	0	0
Net proceeds from issuance of Common Shares: In connection with the Private Placement	50	0	0
Reimbursement of certain Common Share issuance costs (see Note 11)	6.2	0	0
Repurchase of Common Shares	(1)	0	0
Dividends paid - Common Shares and RSUs	0	(13.7)	(7.9)
Borrowings under the Credit Agreement	0	9	8
Repayment of borrowings under the Credit Agreement	0	(4)	0
Net cash and cash equivalents (used for) provided from financing activities	174	(8.7)	0.1
Net (decrease) increase in cash and cash equivalents during the period	173.8	(5.4)	(162.3)
Cash and cash equivalents - beginning of period	0	11.5	173.8
Cash and cash equivalents - end of period	$ 173.8	$ 6.1	$ 11.5

CONSOLIDATED STATEMENT OF CASH7

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
IPO
Cash flows from financing activities:
Common Share issuance costs	$ 7,200,000	$ 0	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Basis of Presentation and Overview Blue Capital Reinsurance Holdings Ltd. (the "Company" or the "Registrant") is a Bermuda exempted limited liability company that, through its subsidiaries (collectively "Blue Capital"), provides collateralized reinsurance in the property catastrophe market and invests in various insurance-linked securities. The Company was incorporated under the laws of Bermuda on June 24, 2013, commenced operations on November 12, 2013 and has a limited operating history. The Company’s headquarters and principal executive offices are located at Waterloo House, 100 Pitts Bay Road, Pembroke, Bermuda HM 08, which is also our registered office. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues earned and expenses incurred during the period. Actual results could differ materially from those estimates. The significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, loss and loss adjustment expense ("LAE") reserves and written and earned reinsurance premiums. Certain prior period amounts, all of which are immaterial, have been reclassified to conform to the current period presentation. On November 5, 2013, the Company’s registration statement on Form S-1 was declared effective, pursuant to which it sold 6,250,000 Common Shares to the public at a price of $20.00 per share (the "IPO"). Concurrent with the IPO, the Company completed a private placement with Montpelier Reinsurance Ltd. ("Montpelier Re"), a wholly-owned subsidiary of Montpelier Re Holdings Ltd. ("Montpelier"), pursuant to which it sold an additional 2,500,000 Common Shares at a price of $20.00 per share (the "Private Placement"). The Company’s total gross proceeds from the IPO and the Private Placement were $175.0 million , and its total net proceeds (expressed after its net expenses associated with the IPO) were $174.0 million . The Company’s Common Shares began trading on the New York Stock Exchange on November 6, 2013 under the symbol "BCRH" and were subsequently listed on the Bermuda Stock Exchange under the symbol "BCRH.BH." On March 31, 2015, Endurance Specialty Holdings Ltd. ("Endurance") announced the signing of a definitive agreement and plan of merger (the "Merger Agreement") with Montpelier and Millhill Holdings Ltd., a direct, wholly-owned subsidiary of Endurance ("Merger Sub"), under which Endurance, through Merger Sub, acquired all of the outstanding common shares of Montpelier (the "Merger"). The Merger was completed on July 31, 2015 (the "Closing Date") and on the Closing Date Merger Sub merged into Endurance. Effective on the Closing Date: (i) Endurance became the beneficial owner of 33.3% of the Company’s outstanding Common Shares, representing those Common Shares formerly beneficially owned by Montpelier and its wholly-owned subsidiary Montpelier Re; and (ii) Endurance and its subsidiaries began providing each of the services to Blue Capital that had formerly been provided by Montpelier and its subsidiaries. On December 29, 2015, Montpelier Re was merged into Endurance Specialty Insurance Ltd. ("Endurance Bermuda") and by operation of law Endurance Bermuda became the direct owner of the Company’s Outstanding Common Shares previously held by Montpelier Re. Prior to the Closing Date, Blue Capital leveraged Montpelier and its subsidiaries' reinsurance underwriting expertise and infrastructure to conduct its business. See Note 11. The Company operates as a single business segment through its wholly-owned subsidiaries: (i) Blue Capital Re Ltd. ("Blue Capital Re"), a Bermuda Class 3A insurer which provides collateralized reinsurance; and (ii) Blue Capital Re ILS Ltd. ("Blue Capital Re ILS"), a Bermuda exempted limited liability company which conducts hedging and other investment activities, including entering into industry loss warranties and related instruments, in support of Blue Capital Re’s operations. The Company’s business strategy is to build and maintain a diversified portfolio of reinsurance risks that will generate underwriting profits, which it intends principally to distribute to its shareholders through the payment of dividends, with returns commensurate with the amount of risk assumed. The Company seeks to provide its shareholders with the opportunity to own an alternative asset class whose returns are believed to have historically been largely uncorrelated to those of other asset classes, such as global equities and bonds. Subject to the discretion of the Company’s board of directors (the "Board"), the Company NOTE 1. Summary of Significant Accounting Policies, cont'd intends to distribute through dividends or repurchases of Common Shares a minimum of 90% of its annual Distributable Income to its holders of Common Shares and RSUs. "Distributable Income," a non-GAAP measure, means GAAP net income plus (minus) non-cash expenses (revenues) recorded in net income for the period. Subject to the discretion of the Board, the Company intends to make regular quarterly dividend payments for each of the first three quarters of each year, followed by Common Share repurchases or a fourth "special" dividend after the end of the year to meet its income distribution target for each calendar year. Through each of the following roles and relationships, Blue Capital leverages Endurance’s reinsurance underwriting expertise and infrastructure to conduct its business: (i) Blue Capital Management Ltd. (the "Manager"), a wholly-owned subsidiary of Endurance, manages Blue Capital Re’s and Blue Capital Re ILS’ reinsurance underwriting decisions; (ii) Blue Water Re Ltd., Endurance’s wholly-owned special purpose insurance and reinsurance vehicle, is a significant source of reinsurance business for Blue Capital Re; and (iii) certain employees of Endurance also serve as the Company’s Chief Executive Officer (the "CEO"), the Company’s Chief Financial Officer (the "CFO"), and as two of the Company’s five directors, including the role of Chairman of the Board. Endurance is a publicly traded company listed on the New York Stock Exchange and headquartered in Bermuda. See Note 11. The Company qualifies as an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Cash and Cash Equivalents Blue Capital’s cash and cash equivalents of $6.1 million and $11.5 million at December 31, 2015 and 2014 , respectively, consist of cash and fixed income investments with maturities of less than three months, as measured from the date of purchase. For all periods presented, the amortized cost of each of Blue Capital’s cash equivalents approximated their fair value. Net investment income is recorded net of investment management, custody and other investment-related expenses. For all periods presented, the amount of net investment income that Blue Capital earned on its cash and cash equivalents totaled less than $0.1 million . Amounts Held in Trust for the Benefit of Ceding Companies Blue Capital Re does not operate with a financial strength rating and, instead, fully collateralizes its reinsurance obligations through cash and cash equivalents held in various trust funds established for the benefit of ceding companies. As of December 31, 2015 , Blue Capital had pledged $5.1 million of its cash and cash equivalents to trust accounts established for the benefit of third parties ( $5.1 million ) and Blue Water Re (less than $0.1 million ). As of December 31, 2014 , Blue Capital Re and Blue Capital Re ILS had collectively pledged $10.4 million of their cash and cash equivalents to trust accounts established for the benefit of third parties ( $10.0 million ) and Blue Water Re ( $0.4 million ). The cash and cash equivalents pledged to Blue Water Re represent funds that have not yet been formally transferred to a trust account established by Blue Water Re for its benefit pursuant to the BW Retrocessional Agreement (see below). These amounts are presented on the Company’s Consolidated Balance Sheets as "cash and cash equivalents." As of December 31, 2015 and 2014 , Blue Capital had transferred $195.3 million and $183.6 million of its cash and cash equivalents to a trust account established by Blue Water Re for its benefit pursuant to the BW Retrocessional Agreement. These amounts are presented on the Company’s Consolidated Balance Sheets as "funds held by ceding companies." NOTE 1. Summary of Significant Accounting Policies, cont'd Reinsurance Premiums and Acquisition Costs Blue Capital Re writes reinsurance contracts on both an excess-of-loss and a pro-rata basis. For excess-of-loss contracts, written premiums are typically based on the deposit or minimum premium specified in the reinsurance contract. For pro-rata contracts, written premiums are recognized based on estimates of ultimate premiums provided by either the ceding companies or the Manager. All of Blue Capital Re’s reinsurance contracts are currently being written on a losses-occurring basis, which means that all loss events occurring during the period of the contract are covered, regardless of the inception dates of the underlying policies. Any loss events occurring after the expiration of a losses-occurring contract are not covered. For reinsurance contracts which incorporate minimum premium amounts, Blue Capital Re typically writes the entire ultimate premium at inception, and earns the associated premium after the premium is written over the term of the contract. For reinsurance contracts which do not incorporate minimum premium amounts, Blue Capital Re typically writes the premium over the term of the contract, and earns the associated premium in the same periods that the premium is written. Subsequent adjustments of written premium, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium, are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods have expired, in which case the premium adjustments are fully earned when written. Unearned reinsurance premiums represent the portion of premiums written that are applicable to future reinsurance coverage provided by in-force contracts. Reinsurance premiums receivable are recorded at amounts due less any provision for doubtful accounts. As of December 31, 2015 and 2014 , Blue Capital Re did not require a provision for doubtful accounts. When a reinsurance contract provides for a reinstatement of coverage following a covered loss, the associated reinstatement premiums are recorded as both written and earned when Blue Capital Re determines that such a loss event has occurred. Deferred reinsurance acquisition costs are comprised of commissions, brokerage costs, premium taxes and excise taxes, each of which relates directly to the writing of reinsurance contracts. Deferred reinsurance acquisition costs are typically amortized over the underlying risk period of the related contracts. However, if the sum of a contract’s expected losses and LAE and deferred reinsurance acquisition costs exceeds related unearned premiums and any projected investment income, a premium deficiency is determined to exist. In this event, deferred reinsurance acquisition costs are immediately expensed to the extent necessary to eliminate the premium deficiency. If the premium deficiency exceeds deferred reinsurance acquisition costs then a liability is accrued for the excess deficiency. There were no premium deficiency adjustments recognized during the periods presented. Profit commissions incurred are included in reinsurance acquisition costs within the Company’s Consolidated Statement of Operations and Comprehensive Income. Accrued profit commissions payable are included in reinsurance balances payable within the Company’s Consolidated Balance Sheets. Reinsurance Balances Payable Reinsurance balances payable consist of: (i) losses and LAE that have been approved for payment; and (ii) profit commissions payable. As of December 31, 2015 and 2014 , Blue Capital Re had reinsurance balances payable of $7.6 million and $2.8 million , respectively. NOTE 1. Summary of Significant Accounting Policies, cont'd Ceded Reinsurance In the normal course of business, Blue Capital Re may purchase reinsurance in order to manage its exposures. The amount of reinsurance that Blue Capital Re may buy will vary from year to year depending on its risk appetite, as well as the availability and cost of the reinsurance coverage. Ceded reinsurance premiums will be accounted for on a basis consistent with those used in accounting for the underlying reinsurance premiums assumed and will be reported as a reduction of net reinsurance premiums written and earned. Under Blue Capital Re’s reinsurance security policy, its reinsurers are typically required to be rated "A-" (Excellent) or better by A.M. Best (or an equivalent rating with another recognized rating agency) at the time the policy is written. Blue Capital Re also considers reinsurers that are not rated or do not fall within this threshold on a case-by-case basis if collateralized up to policy limits, net of any premiums owed. The Manager will monitor the financial condition and ratings of Blue Capital’s reinsurers on an ongoing basis. As of December 31, 2015 and 2014 , Blue Capital Re had not purchased any reinsurance. Derivative Instruments Current accounting guidance requires the recognition of all derivative financial instruments including embedded derivative instruments, as either assets or liabilities in the Consolidated Balance Sheets at fair value. The Company participates in derivative instruments in the form of industry loss warranty swaps as a way to access certain risks. Derivatives are recorded at fair value with changes in fair value and any gains or losses recognized in net income (loss) from derivative instruments in the Consolidated Statements of Operations and Comprehensive Income. Fair Value Hierarchy GAAP establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value of certain assets and liabilities into the three broad levels described below. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date, Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, and Level 3 inputs are unobservable inputs (i.e., on the basis of pricing models with significant unobservable inputs or non-binding broker quotes) for the asset or liability. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 provides comprehensive guidance on 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 these goods or services. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 was to be effective for public business entities in annual and interim periods beginning after December 15, 2016, however, in July 2015, the FASB decided to defer by one year the effective dates of ASU 2014-09, and as a result, ASU 2014-09 will be effective for public business entities in annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis" ("ASU 2015-02"). Under ASU 2015-02, all legal entities are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 set forth amendments: (1) modifying the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; (2) eliminating the presumption that a general partner should consolidate a limited partnership; (3) affecting the consolidation analysis of reporting entities that are involved with VIEs, particularly those that NOTE 1. Summary of Significant Accounting Policies, cont'd have fee arrangements and related party relationships; and (4) providing a scope exception from consolidation guidance for certain reporting entities. ASU 2015-02 is effective for public business entities for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. ASU 2015-02 may be applied retrospectively or by using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the year of adoption. This standard does not impact the Company's Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs by requiring direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for public business entities in annual and interim periods beginning after December 15, 2015. Early adoption is permitted. ASU 2015-03 should be applied retrospectively, and upon transition, applicable disclosures for a change in accounting principle shall be provided, including the transition method, a description of the prior period information that has been retrospectively adjusted, and the effect of the change on the applicable financial statement line items. This standard does not impact the Company's Consolidated Financial Statements. In May 2015, the FASB issued ASU 2015-09, "Disclosures about Short-Duration Contracts" ("ASU 2015-09"). The objective of ASU 2015-09 is to make targeted improvements to disclosure requirements for insurance companies that issue short-duration contracts. The guidance requires additional disclosures of claims development tables, frequency of reported claims, and history of claims duration. This information is required to be disaggregated so that useful information is not obscured by either the inclusion of a large amount of insignificant detail, or the aggregation of items that have significantly different characteristics. ASU 2015-09 is effective for public entities for annual periods beginning after December 15, 2015, and interim periods beginning after December 15, 2016. ASU 2015-09 should be applied retrospectively and early adoption is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on its Consolidated Financial Statements.

Loss and LAE Reserve Movements

Loss and LAE Reserve Movements	12 Months Ended
Loss and LAE Reserve Movements	Dec. 31, 2015
Insurance Loss Reserves [Abstract]
Loss and LAE Reserve Movements	Loss and LAE Reserve Movements The following table summarizes Blue Capital Re’s loss and LAE reserve movements for the years ended December 31, 2015 and 2014 : Year Ended Year Ended ($ in millions) December 31, 2015 December 31, 2014 Gross and net unpaid loss and LAE reserves - beginning $ 7.9 $ — Losses and LAE incurred: Current year losses 3.2 17.1 Prior year losses (0.6 ) — Total incurred losses and LAE 2.6 17.1 Losses and LAE paid and approved for payment: Current year losses (1.2 ) (9.2 ) Prior year losses (5.3 ) — Total losses and LAE paid and approved for payment (6.5 ) (9.2 ) Gross and net unpaid loss and LAE reserves - ending $ 4.0 $ 7.9 Loss and LAE reserves are comprised of case reserves (which are based on claims that have been reported) and incurred but not reported ("IBNR") reserves (which are based on losses that are believed to have occurred but for which claims have not yet been reported and may include a provision for expected future development on existing case reserves). Case reserves are set on the basis of loss reports received from third parties. IBNR reserves are estimated by management using various actuarial methods as well as a combination of the Manager’s own loss experience, historical industry loss experience and management and the Manager’s professional judgment. NOTE 2. Loss and LAE Reserve Movements, cont'd The uncertainties inherent in the reserving process and potential delays by cedants and brokers in the reporting of loss information, together with the potential for unforeseen adverse developments, may result in loss and LAE reserves ultimately being significantly greater or less than the reserve provided at the end of any given reporting period. The degree of uncertainty is further increased when a significant loss event takes place near the end of a reporting period. Loss and LAE reserve estimates are regularly reviewed and updated as new information becomes known. Any resulting adjustments are reflected in income in the period in which they become known. Blue Capital Re’s reserving process is highly dependent on loss information received from its cedants and the Manager. During 2015, Blue Capital Re’s estimated ultimate loss for prior accident period accident years were reduced by $0.6 million due to claims being settled for less than previously estimated.

Written and Earned Reinsurance

Written and Earned Reinsurance Premiums	12 Months Ended
Written and Earned Reinsurance Premiums	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Written and Earned Reinsurance Premiums	Written and Earned Reinsurance Premiums Written premiums represent business bound from ceding companies and net earned premiums represent the portion of net written premiums (gross written premiums less any ceded reinsurance) which is recognized as revenue over the period of time that coverage is provided. See Note 1. Blue Capital seeks to diversify its exposure across geographic zones around the world in order to obtain a prudent spread of risk. The spread of these exposures is also a function of market conditions and opportunities. The following table sets forth a breakdown of Blue Capital’s gross reinsurance premiums written by geographic area of risks insured for the years ended December 31, 2015 and 2014 : Year Ended Year Ended ($ in millions) December 31, 2015 December 31, 2014 Worldwide (1) $ 24.1 62 % $ 30.5 68 % USA: Nationwide 5.6 15 % 4.7 11 % Florida 2.4 6 % 3.7 8 % Gulf region 1.7 4 % 1.5 3 % California 0.7 2 % 1.2 3 % Mid-Atlantic region 0.4 1 % 1.0 2 % Midwest region and other 0.6 2 % 1.0 2 % Worldwide, excluding U.S.(2) 3.1 8 % 1.4 3 % Total gross premiums written $ 38.6 100 % $ 45.0 100 % (1) "Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S. (2) "Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S. The following table sets forth a breakdown of Blue Capital’s net reinsurance premiums earned by geographic area of risks insured for the years ended December 31, 2015 and 2014 : NOTE 3. Written and Earned Reinsurance Premiums, cont'd Year Ended Year Ended ($ in millions) December 31, 2015 December 31, 2014 Worldwide (1) $ 24.1 63 % $ 30.5 69 % USA: Nationwide 5.6 15 % 4.6 11 % Florida 2.3 6 % 2.8 7 % Gulf region 1.8 5 % 1.4 3 % California 0.7 2 % 1.2 3 % Mid-Atlantic region 0.4 1 % 1.0 2 % Midwest region and other 0.6 1 % 1.0 2 % Worldwide, excluding U.S.(2) 2.8 7 % 1.4 3 % Total net premiums earned $ 38.3 100 % $ 43.9 100 % (1) "Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S. (2) "Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S. Blue Capital did not write or earn any reinsurance premiums during 2013.

Derivative Instruments

Derivative Instruments	12 Months Ended
Derivative Instruments	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Inward Industry Loss Warranty ("ILW") Swaps In February 2015, Blue Capital Re ILS entered into an inward ILW swap (the "2015 Inward ILW Swap") with a third-party under which qualifying loss payments are triggered by reference to the level of losses incurred by the insurance industry as a whole, rather than by losses incurred by the insured. In return for a fixed payment received of $0.6 million , Blue Capital Re ILS is required to make a floating payment in the event of certain losses incurred from specified natural catastrophes in the U.S., Europe, Japan, Australia and New Zealand from February 2015 to February 2016. Blue Capital Re ILS’ maximum payment obligation under the 2015 Inward ILW Swap is $5.2 million . Through December 31, 2015 , Blue Capital Re ILS was not aware of any industry loss event occurring that would have triggered a payment obligation under the 2015 Inward ILW Swap. The 2015 Inward ILW Swap is valued on the basis of models developed by the Manager, which represent unobservable (Level 3) inputs. See Note 1. As of December 31, 2015 , the fair value of the 2015 Inward ILW Swap was $0.1 million , which was recorded as an "other liability" on the Company’s December 31, 2015 Consolidated Balance Sheet. During the year ended December 31, 2015 , Blue Capital Re ILS recognized income from derivative instruments of $0.5 million pursuant to the 2015 Inward ILW Swap. In December 2013, Blue Capital Re ILS entered into an inward ILW swap (the "2013 Inward ILW Swap") with a third-party under which qualifying loss payments were triggered by reference to the level of losses incurred by the insurance industry as a whole, rather than by losses incurred by the insured. In return for a fixed payment received of $1.5 million , Blue Capital Re ILS was required to make a floating payment in the event of certain losses incurred from specified natural catastrophes in the U.S., Europe, Japan, Australia and New Zealand from November 2013 to December 2014. Blue Capital Re ILS’ maximum payment obligation under the 2013 Inward ILW Swap was $10.0 million . During the term of the 2013 Inward ILW Swap, no industry loss event occurred which would have triggered a payment obligation by Blue Capital Re ILS. The 2013 Inward ILW Swap was valued on the basis of a model developed by the Manager, which represented unobservable (Level 3) inputs. See Note 1. NOTE 4. Derivative Instruments, cont'd During the year ended December 31, 2014 , Blue Capital Re ILS recognized income from derivative instruments of $1.4 million pursuant to the 2013 Inward ILW Swap. Outward ILW Swap s In June 2015, Blue Capital Re ILS entered into an outward ILW swap (the "2015 Outward ILW Swap") with a third-party in order to purchase protection against U.S. wind exposures from June 2015 to December 2015. In return for a fixed payment made of $0.7 million , Blue Capital Re ILS is entitled to receive a floating payment in the event of certain losses incurred by the insurance industry as a whole. The maximum recovery to Blue Capital Re ILS under the 2015 Outward ILW Swap is $3.7 million . Through December 31, 2015 , Blue Capital Re ILS was not aware of any industry loss event occurring which would have triggered a recovery under the 2015 Outward ILW Swap. The 2015 Outward ILW Swap was valued on the basis of a model developed by the Manager, which represented unobservable (Level 3) inputs. See Note 1. The 2015 Outward ILW Swap expired in December 2015. During the year ended December 31, 2015 , Blue Capital Re ILS recognized losses from derivative instruments of $0.7 million , pursuant to the 2015 Outward ILW Swap. In June 2014, Blue Capital Re ILS entered into an outward ILW swap (the "2014 Outward ILW Swap") with a third-party in order to purchase protection against U.S. wind exposures from June 2014 to December 2014. In return for a fixed payment made of $0.7 million , Blue Capital Re ILS was entitled to receive a floating payment in the event of certain losses incurred by the insurance industry as a whole. The maximum recovery to Blue Capital Re ILS under the 2014 Outward ILW Swap was $3.7 million . During the term of the 2014 Outward ILW Swap, no industry loss event occurred which would have triggered a recovery by Blue Capital Re ILS. The 2014 Outward ILW Swap was valued on the basis of a model developed by the Manager, which represented unobservable (Level 3) inputs. See Note 1. During the year ended December 31, 2014 , Blue Capital Re ILS recognized losses from derivative instruments of $0.7 million pursuant to the 2014 Outward ILW Swap.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Shares The Company’s share capital consists of Common Shares with a $1.00 par value per share. Holders of Common Shares are entitled to one vote for each share held , subject to any voting limitations imposed by the Company’s Bye-Laws. As of December 31, 2015 and 2014 , the Company had 8,752,335 and 8,750,000 Common Shares outstanding, respectively. On June 15, 2015, the Company issued a total of 2,335 Common Shares in satisfaction of vested restricted share unit ("RSU") obligations. See Note 8. Dividends to Holders of Common Shares and RSUs The Company declared and paid quarterly cash dividends of $0.30 per Common Share and RSU during each of the first three quarters of the year ended December 31, 2015 . In addition, in February 2015, the Company declared a special dividend with respect to its 2014 Distributable Income of $0.66 per Common Share and RSU. The total amount of such dividends declared and paid during 2015 was $13.7 million . The Company declared and paid quarterly cash dividends of $0.30 per Common Share and RSU during each of the first three quarters of the year ended December 31, 2014 . The total amount of such dividends declared and paid during 2014 was $7.9 million . NOTE 5. Shareholders’ Equity, cont'd On February 3, 2016, the Company announced a fourth "special" dividend with respect to its 2015 Distributable Income of $1.24 per Common Share and RSU, which is payable on March 15, 2016 to holders of record on February 29, 2016. The Company did not declare any dividends to holders of Common Shares or RSUs during 2013. There are restrictions on the payment of dividends by the Company, Blue Capital Re and Blue Capital Re ILS. See Note 10. Any future determination to pay dividends to holders of Common Shares and RSUs will be at the discretion of the Board and will be dependent upon many factors, including the Company’s results of operations, cash flows, financial position, capital requirements, general business opportunities, and legal, regulatory and contractual restrictions. Common Share Repurchase Authorization As of December 31, 2015 the Company had no Common Share repurchase authorization as part of publicly announced plans or programs. The Board of Directors of the Company may in the future authorize a share repurchase program.

Basic and Diluted Earnings (Los

Basic and Diluted Earnings (Loss) Per Common Share	12 Months Ended
Basic and Diluted Earnings (Loss) Per Common Share	Dec. 31, 2015
Earnings Per Share [Abstract]
Basic and Diluted Earnings (Loss) Per Common Share	Basic and Diluted Earnings (Loss) Per Common Share The Company applies the two-class method of calculating its earnings per Common Share. In applying the two-class method, any outstanding RSUs are considered to be participating securities. See Note 8. For all periods presented in which RSUs were outstanding, the two-class method was used to determine basic and diluted earnings per Common Share since this method yielded a more dilutive result than the treasury stock method. For purposes of determining basic and diluted earnings per Common Share, a portion of net income is allocated to outstanding RSUs which serves to reduce the Company’s earnings per Common Share numerators. Net losses are not allocated to outstanding RSUs and, therefore, do not impact the Company’s loss per Common Share numerators. The following table outlines the Company’s computation of its basic and diluted earnings per Common Share for the years ended December 31, 2015 and 2014 , and for the period from June 24, 2013 to December 31, 2013 : ($ in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 Period From June 24, 2013 to December 31, 2013 Net income (loss) $ 20.7 $ 15.1 $ (0.7 ) Less: net earnings allocated to participating securities (1) — — — Earnings (loss) per Common Share numerator $ 20.7 $ 15.1 $ (0.7 ) Average Common Shares outstanding (in thousands of shares) 8,751 8,750 2,303 Basic and diluted earnings (loss) per Common Share $ 2.36 $ 1.72 $ (0.31 ) (1) For all periods presented, the net earnings allocated to participating securities totaled less than $0.1 million .

Credit Agreement

Credit Agreement	12 Months Ended
Credit Agreement	Dec. 31, 2015
Line of Credit Facility [Abstract]
Credit Agreement	Credit Agreement On May 1, 2015, the Company renewed its 364-day unsecured credit agreement (the "Credit Agreement") which permits it to borrow up to $20.0 million on a revolving basis for working capital and general corporate purposes. Borrowings under the Credit Agreement bear interest, set at the time of the borrowing, at a rate equal to the 3 -month LIBOR rate plus 100 basis points. The Company is also subject to an ongoing annual commitment and guarantor fee of 0.375% of the facility’s total capacity. Endurance serves as a guarantor of the Company’s obligations under the Credit Agreement and receives an annual guarantee fee from the Company equal to 0.125% of the facility’s total capacity. See Note 11. NOTE 7. Credit Agreement, cont'd As of December 31, 2015 and 2014 , the Company had $13.0 million and $8.0 million of outstanding borrowings, respectively, under the Credit Agreement. With respect to the Company’s outstanding borrowings at December 31, 2015 , $4.0 million was repaid on February 2, 2016 and was subject to an annual interest rate of 1.33% , $5.0 million was repaid on February 22, 2016 and was subject to an annual interest rate of 1.48% and $4.0 million must be repaid or extended, in the form of a new borrowing, no later than March 11, 2016 and is subject to an annual interest rate of 1.51% . During the years ended December 31, 2015 and 2014 , the Company paid interest on its borrowings under the Credit Agreement of $0.1 million and less than $0.1 million , respectively. During the years ended December 31, 2015 and 2014 , the Company incurred $0.1 million and $0.1 million , respectively, in facility and structuring fees in connection with the Credit Agreement. These fees are included within ''general and administrative expenses'' in the Company's Consolidated Statements of Operations and Comprehensive Income. The Credit Agreement, which expires on April 30, 2016, contains covenants that limit the Company’s ability to, among other things, grant liens on its assets, sell assets, merge or consolidate, incur debt and enter into certain transactions with affiliates. The Credit Agreement also contains covenants that require: (i) the Company to maintain a debt to total capitalization ratio of less than or equal to 22.5% ; (ii) the Company to maintain a consolidated tangible net worth of no less than 70% of its consolidated tangible net worth as of May 2, 2014 (the original closing date of the Credit Agreement); (iii) Endurance to maintain a debt to total capitalization ratio of less than 35.0% ; (iv) Endurance to maintain a consolidated tangible net worth of no less than $1.8 billion ; and (v) each of Endurance’s regulated insurance subsidiaries that has a claims paying rating from A.M. Best to maintain a rating of at least "B++." If the Company or Endurance were to fail to comply with any of these covenants, the lender could revoke the facility and exercise remedies against the Company or Endurance. As of December 31, 2015 , the Company and Endurance were in compliance with all of their respective covenants associated with the Credit Agreement.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
Share-Based Compensation	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The Company’s 2013 Long-Term Incentive Plan (the "2013 LTIP"), which was adopted by the Board in September 2013, permits the issuance of up to one percent of the aggregate Common Shares outstanding to participants. Incentive awards that may be granted under the 2013 LTIP include RSUs, restricted Common Shares, incentive share options (on a limited basis), non-qualified share options, share appreciation rights, deferred share units, performance compensation awards, performance units, cash incentive awards and other equity-based and equity-related awards. At the discretion of the Board’s Compensation and Nominating Committee, incentive awards, the value of which are based on Common Shares, may be made to the Company’s directors, future employees and consultants pursuant to the 2013 LTIP. For all periods presented, the Company’s outstanding share-based incentive awards consisted solely of RSUs. RSUs are phantom (as opposed to actual) Common Shares which, depending on the individual award, vest in equal tranches over a one to five -year period, subject to the recipient maintaining a continuous relationship with the Company through the applicable vesting date. RSUs are payable in Common Shares upon vesting (the amount of which may be reduced by applicable statutory income tax withholdings at the recipient’s option). RSUs do not require the payment of an exercise price and are not entitled to voting rights, but they are entitled to receive payments equivalent to any dividends and distributions declared on the Common Shares underlying the RSUs. During 2015 , the Company awarded a total of 9,800 RSUs (the "2015 RSUs") to its directors. The 2015 RSUs earn ratably each year based on continued service as a director over a three -year vesting period. The grant date fair value of the 2015 RSUs was $0.2 million . In determining the grant date fair value associated with the 2015 RSUs, the Company assumed a forfeiture rate of zero . The forfeiture assumption associated with the 2015 RSUs may be adjusted, if necessary, based on future experience. During 2014 , the Company awarded a total of 7,000 RSUs (the "2014 RSUs") to its directors. The 2014 RSUs earn ratably each year based on continued service as a director over a three -year vesting period. The grant date fair value of the 2014 RSUs was $0.1 million . In determining the grant date fair value associated with the 2014 RSUs, the Company assumed a forfeiture NOTE 8. Share-Based Compensation, cont'd rate of zero . The forfeiture assumption associated with the 2014 RSUs may be adjusted, if necessary, based on future experience. On June 15, 2015, a total of 2,335 of the 2014 RSUs vested at an aggregate fair value of less than $0.1 million . See Note 5. During the year ended December 31, 2015 , Messrs. Christopher Harris, the Company’s former Chairman, and William Pollett, a former director and the Company’s former CEO, each resigned from all of their positions with the Company and Montpelier following the Merger (the "Resignations"). In connection with the Resignations, Messrs. Harris and Pollett collectively forfeited a total of 4,666 unvested RSUs. During the years ended December 31, 2015 and 2014 , the Company recognized $0.1 million and less than $0.1 million of RSU expense, respectively. The Company expects to incur future RSU expense associated with its currently outstanding RSUs of $0.1 million during 2016 and less than $0.1 million during each of 2017 and 2018 . As of December 31, 2015 and 2014 , there were 9,799 and 7,000 RSUs outstanding under the 2013 LTIP, respectively.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company and its subsidiaries are domiciled in Bermuda and each have received an assurance from the Bermuda government exempting them from all local income, withholding and capital gains taxes until March 31, 2035. At the present time, no such taxes are levied in Bermuda. The Company and its subsidiaries intend to conduct substantially all of their operations in Bermuda in a manner such that they will not be engaged in a trade or business in the U.S. However, because there is no definitive authority regarding activities that constitute being engaged in a trade or business in the U.S. for federal income tax purposes, the Company cannot assure that the U.S. Internal Revenue Service will not contend, perhaps successfully, that the Company or any of its subsidiaries is engaged in a trade or business in the U.S. A foreign corporation deemed to be so engaged would be subject to U.S. federal income tax, as well as branch profits tax, on its income that is treated as effectively connected with the conduct of that trade or business unless the corporation is entitled to relief under an applicable tax treaty.

Regulation and Capital Requirem

Regulation and Capital Requirements	12 Months Ended
Regulation and Capital Requirements	Dec. 31, 2015
Regulatory Capital Requirements [Abstract]
Regulation and Capital Requirements	Regulation and Capital Requirements Blue Capital Re is registered under The Insurance Act 1978 of Bermuda and related regulations, as amended (the "Insurance Act"), as a Class 3A insurer. Class 3A insurers benefit from an expedited application process, less regulatory stringency and minimal capital and surplus requirements. As a result of the approvals received from the Bermuda Monetary Authority (the "BMA") and the terms of Blue Capital Re’s business plan, Blue Capital Re’s reinsurance contracts must be fully-collateralized. While Blue Capital Re is not required to prepare and file statutory financial statements or statutory financial returns annually with the BMA, beginning December 31, 2014, Blue Capital Re is required to prepare and file annual audited GAAP financial statements with the BMA. The Insurance Act limits the maximum amount of annual dividends and distributions that may be paid by Blue Capital Re and provides that the value of the assets of an insurer must exceed the value of its liabilities by an amount greater than its prescribed minimum solvency margin. If Blue Capital Re were to fail to meet its minimum solvency margin on the last day of any financial year, it would be prohibited from declaring or paying any dividends during the next financial year without the approval of the BMA. Blue Capital Re’s minimum solvency margin has been set by the BMA to be $1.0 million at all times, so long as: (i) Blue Capital Re only enters into contracts of reinsurance that are fully collateralized; and (ii) each transaction represents no material deviation from the original business plan filed with BMA at the time of Blue Capital Re’s registration. The Insurance Act also limits the maximum amount of annual dividends and distributions that may be paid by Blue Capital Re. Annual distributions that would result in a reduction of Blue Capital Re’s prior year-end balance of combined statutory capital and surplus by more than 25% requires the approval of the BMA. Additionally, Blue Capital Re may not reduce its total capital by 15% or more, as set out in its previous year’s financial statements, unless it has received the prior approval of the BMA. Total capital consists of the insurer’s paid in share capital, its contributed surplus (sometimes called additional paid in NOTE 10. Regulation and Capital Requirements, cont'd capital) and any other fixed capital designated by the BMA as capital. With respect to the years ended December 31, 2015 and 2014 , Blue Capital Re had the ability to pay dividends of up to $50.6 million and $44.2 million to its parent without BMA approval. The Insurance Act further provides a minimum liquidity ratio and requires general business insurers and reinsurers to maintain the value of their relevant assets at not less than 75% of the amount of their relevant liabilities. Blue Capital Re exceeded its minimum liquidity requirements at December 31, 2015 and 2014 by $207.0 million and $188.9 million , respectively. Blue Capital Re’s 2015 , 2014 and 2013 statutory net income was $26.6 million , $19.3 million and less than $0.1 million respectively. Blue Capital Re's statutory capital and surplus at December 31, 2015 and 2014 was $202.4 million and $185.3 million , respectively. The Bermuda Companies Act 1981, as amended, also limits the Company’s, Blue Capital Re’s and Blue Capital Re ILS’ ability to pay dividends and make distributions to its shareholders. None of the Company, Blue Capital Re or Blue Capital Re ILS is permitted to declare or pay a dividend, or make a distribution out of contributed surplus, if it is, or would after the payment be, unable to pay its liabilities as they become due, or if the realizable value of its assets would be less than its liabilities.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Through each of the following roles and relationships, Blue Capital leverages Endurance's reinsurance underwriting expertise and infrastructure to conduct its business: (i) the Manager, a wholly-owned subsidiary of Endurance, manages Blue Capital Re’s and Blue Capital Re ILS’ reinsurance underwriting decisions; (ii) Blue Water Re is a significant source of reinsurance business for Blue Capital Re; (iii) the Manager’s Chief Executive Officer serves as a director and the Company's CEO; (iv) the Manager's Treasurer serves as the Company’s CFO; and (v) Endurance’s Chief Financial Officer serves as Chairman of the Board. All of the compensation that employees of Endurance are entitled to as directors of the Company is assigned directly to Endurance. As of December 31, 2015 , Endurance and its wholly owned subsidiary, Endurance Bermuda, owned 33.3% of the Company’s outstanding Common Shares. Services Provided to Blue Capital by Endurance Endurance provides services to Blue Capital through the following arrangements: BW Retrocessional Agreement . Through a retrocessional contract dated December 31, 2013 (the "BW Retrocessional Agreement"), between Blue Capital Re and Blue Water Re, Blue Water Re has the option to cede to Blue Capital Re up to 100% of its participation in the ceded reinsurance business it writes, provided that such business is in accordance with the Company’s underwriting guidelines. Pursuant to the BW Retrocessional Agreement, Blue Capital Re may participate in: (i) retrocessional, quota share or other agreements between Blue Water Re and Endurance Bermuda, a wholly-owned subsidiary of Endurance, or other third-party reinsurers, which provides it with the opportunity to participate in a diversified portfolio of risks on a proportional basis; and (ii) fronting agreements between Blue Water Re and Endurance Bermuda or other well capitalized third-party rated reinsurers, which allows Blue Capital Re to transact business with counterparties who prefer to enter into contracts with rated reinsurers. For all periods presented, all of the reinsurance business of Blue Capital Re was originated pursuant to the BW Retrocessional Agreement. NOTE 11. Related Party Transactions, cont'd Investment Management Agreement . The Company has entered into an Investment Management Agreement with the Manager. Pursuant to the terms of the Investment Management Agreement, the Manager has full discretionary authority, including the delegation of the provision of its services, to manage the Company’s assets, subject to the Company’s underwriting guidelines, the terms of the Investment Management Agreement and the oversight of the Board. Underwriting and Insurance Management Agreement . The Company, Blue Capital Re and the Manager have entered into an Underwriting and Insurance Management Agreement (the "Underwriting and Insurance Management Agreement"). Pursuant to the Underwriting and Insurance Management Agreement, the Manager provides underwriting, risk management, claims management, ceded retrocession agreements management and actuarial and reinsurance accounting services to Blue Capital Re. The Manager has full discretionary authority to manage the underwriting decisions of Blue Capital Re, subject to the Company’s underwriting guidelines, the terms of the Underwriting and Insurance Management Agreement and the oversight of the Company’s and Blue Capital Re’s boards of directors. Administrative Services Agreement. The Company has entered into an Administrative Services Agreement with the Manager, as amended on November 13, 2014 (the "Administrative Services Agreement"). Pursuant to the terms of the Administrative Services Agreement, the Manager provides Blue Capital with support services, including the services of our CEO and CFO, as well as finance and accounting, internal audit, claims management and policy wording, modeling software licenses, office space, information technology, human resources and administrative support. Fees Incurred Pursuant to the Aforementioned Agreements During the year ended December 31, 2015 , the Company incurred general and administrative expenses of $2.7 million pursuant to the Investment Management Agreement, $0.6 million pursuant to the Administrative Services Agreement and $1.3 million pursuant to the Underwriting and Insurance Management Agreement. During the year ended December 31, 2014 , the Company incurred general and administrative expenses of $2.6 million pursuant to the Investment Management Agreement, $0.6 million pursuant to the Administrative Services Agreement and less than $0.1 million pursuant to the Underwriting and Insurance Management Agreement. During the period from June 24, 2013 to December 31, 2013 , the Company incurred general and administrative expenses of $0.4 million pursuant to the Investment Management Agreement, $0.1 million pursuant to the Administrative Services Agreement and zero pursuant to the Underwriting and Insurance Management Agreement. During each of the years ended December 31, 2015 and 2014 , the Company incurred fees of less than $0.1 million pursuant to Endurance's guarantee of the Company’s obligations with respect to the Credit Agreement. See Note 7. As of December 31, 2015 and 2014 , the Company owed Endurance $2.9 million and $0.5 million for the services performed pursuant to the aforementioned agreements, respectively. Certain Organizational and IPO Costs Incurred and Paid by Montpelier Because the Company’s ability to commence its operations was contingent upon it obtaining sufficient equity capital through the IPO and the Private Placement, all organizational costs incurred prior to the IPO were incurred and paid directly by Montpelier. As a result, Blue Capital did not incur or pay any organizational expenses during the period from June 24, 2013 to December 31, 2013 . The total organizational costs incurred and paid by Montpelier during that period totaled less than $0.1 million . In addition, the underwriting discounts, professional fees and administrative expenses associated with the IPO were largely borne by Montpelier. In this regard, Montpelier: (i) reimbursed the Company for the underwriting discount it incurred, which was equal to five percent of the gross proceeds it received from third parties ( $6.2 million ); (ii) paid a structuring fee directly to a third party equal to one percent of the gross IPO proceeds received by the Company ( $1.3 million ); and (iii) paid $0.9 million of all other offering costs associated with the IPO directly to third parties (representing the amount of all other offering costs in excess of the $1.0 million of such costs borne by the Company).

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities Commitments As of December 31, 2015 and 2014 , Blue Capital had no commitments for operating leases or capital expenditures and does not expect any material expenditures of this type during the foreseeable future. The Company and its subsidiaries may not terminate the Investment Management Agreement, the Underwriting and Insurance Management Agreement or the Administrative Services Agreement until the fifth anniversary of the completion of the IPO, whether or not the Manager’s performance results are satisfactory. Upon any termination or non-renewal of either of the Investment Management Agreement or the Underwriting and Insurance Management Agreement (other than for a material breach by, or the insolvency of, the Manager), the Company must pay a one-time termination fee to the Manager equal to 5% of its GAAP shareholders’ equity (approximately $9.4 million as of December 31, 2015 ). Litigation Blue Capital Re, as a reinsurer, is subject to litigation and arbitration proceedings in the normal course of its business. Such proceedings often involve reinsurance contract disputes which are typical for the reinsurance industry. Blue Capital Re’s estimates of possible losses incurred in connection with such legal proceedings are provided for as loss and LAE on its Consolidated Statements of Operations and Comprehensive Income and are included within loss and LAE reserves on its Consolidated Balance Sheets. The Company and its subsidiaries had no unresolved legal proceedings at December 31, 2015 and 2014 . Concentrations of Credit and Counterparty Risk Blue Capital Re ILS’ derivative instruments are subject to counterparty risk. The Company and the Manager routinely monitor this risk. Blue Capital Re markets retrocessional and reinsurance policies worldwide through brokers. Credit risk exists to the extent that any of these brokers is unable to fulfill its contractual obligations to Blue Capital Re. For example, Blue Capital Re is required to pay amounts owed on claims under policies to brokers, and these brokers, in turn, pay these amounts to the ceding companies that have reinsured a portion of their liabilities with Blue Capital Re. In some jurisdictions, if a broker fails to make such a payment, Blue Capital Re might remain liable to the ceding company for the deficiency. In addition, in certain jurisdictions, when the ceding company pays premiums for these policies to brokers, these premiums are considered to have been paid and the ceding insurer is no longer liable to Blue Capital Re for those amounts, whether or not the premiums have actually been received. Blue Capital Re remains liable for losses it incurs to the extent that any third-party reinsurer is unable or unwilling to make timely payments under reinsurance agreements. Blue Capital Re would also be liable in the event that its ceding companies were unable to collect amounts due from underlying third-party reinsurers.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP requires disclosure of fair value information for certain financial instruments. For those financial instruments in which quoted market prices are not available, fair values are estimated by discounting future cash flows using current market rates or quoted market prices for similar obligations. These estimates are not necessarily indicative of amounts that could be realized in a current market exchange. Blue Capital carries its assets and liabilities that constitute financial instruments on its Consolidated Balance Sheets at fair value with the exception of its debt. At December 31, 2015 the fair value of BCRH’s outstanding borrowings under the Credit Agreement, which must be repaid in early 2016, approximated their carrying value of $13.0 million ( 2014 - $ 8.0 million ). See Note 7.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (Unaudited)	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (Unaudited)	SELECTED QUARTERLY FINANCIAL DATA (Unaudited) Selected quarterly financial data for 2015 and 2014 is shown in the following table. The quarterly financial data includes, in the opinion of management, all recurring adjustments necessary for a fair presentation of the consolidated results of operations for the interim periods. 2015 Three Months Ended 2014 Three Months Ended Millions, except per share amounts Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Net reinsurance premiums earned $ 9.3 $ 9.5 $ 9.7 $ 9.8 $ 11.2 $ 11.4 $ 11.1 $ 10.2 Net income (loss) from derivative instruments 0.1 (0.3 ) — — 0.3 0.2 0.1 0.1 Total revenues 9.4 9.2 9.7 9.8 11.5 11.6 11.2 10.3 Underwriting expenses 4.0 4.7 4.2 4.4 6.9 8.4 10.0 4.2 Interest expense — 0.1 — — — — — — Total expenses 4.0 4.8 4.2 4.4 6.9 8.4 10.0 4.2 Net income $ 5.4 $ 4.4 $ 5.5 $ 5.4 $ 4.6 $ 3.2 $ 1.2 $ 6.1 Amounts per Common Share: Basic and diluted earnings $ 0.62 $ 0.50 $ 0.63 $ 0.61 $ 0.52 $ 0.37 $ 0.13 $ 0.70 Fully converted book value $ 21.41 $ 20.80 $ 20.59 $ 20.28 $ 20.62 $ 20.09 $ 20.02 $ 20.20

Schedule II - CONDENSED FINANCI

Schedule II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT	SCHEDULE II BLUE CAPITAL REINSURANCE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS December 31, (In millions of U.S. dollars) 2015 2014 Assets: Cash and cash equivalents $ 0.1 $ 1.1 Investment in subsidiary, on the equity method of accounting 202.6 185.5 Intercompany receivables 0.5 2.5 Other assets 0.1 0.1 Total Assets $ 203.3 $ 189.2 Liabilities: Debt 13.0 8.0 Accounts payable and accrued expenses 2.7 0.7 Total Liabilities 15.7 8.7 Shareholders’ Equity: 187.6 180.5 Total Liabilities and Shareholders’ Equity $ 203.3 $ 189.2 CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended Year Ended Period From June 24, 2013 to (In millions of U.S. dollars) December 31, 2015 December 31, 2014 December 31, 2013 Revenues $ — $ — $ — Expenses 5.9 4.4 0.7 Parent only net loss (5.9 ) (4.4 ) (0.7 ) Equity in earnings of subsidiaries 26.6 19.5 — Net income (loss) and comprehensive income (loss) $ 20.7 $ 15.1 $ (0.7 ) SCHEDULE II (continued) BLUE CAPITAL REINSURANCE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS Year Ended Year Ended Period From June 24, 2013 to (In millions of U.S. dollars) December 31, 2015 December 31, 2014 December 31, 2013 Cash flows from operations: Net income (loss) $ 20.7 $ 15.1 $ (0.7 ) Charges (credits) to reconcile net income (loss) to net cash from operations: Equity in earnings of subsidiary (26.6 ) (19.5 ) — Expense recognized for RSUs 0.1 — — Net change in: Intercompany receivables 2.0 (2.5 ) — Other assets — — (0.1 ) Accounts payable and accrued expenses 2.0 0.1 0.6 Net cash used for operations (1.8 ) (6.8 ) (0.2 ) Cash flows from investing activities: Dividends received from subsidiary 3.0 — — Contribution of capital from (to) subsidiary 6.5 (6.0 ) (160.0 ) Net cash provided from (used for) investing activities 9.5 (6.0 ) (160.0 ) Cash flows from financing activities: Borrowings under the Credit Agreement 9.0 8.0 — Repayment of borrowings (4.0 ) — — Dividends paid - Common Shares and RSUs (13.7 ) (7.9 ) — Issuances of Common Shares, net of Common Share issuance costs — — 168.8 Reimbursement of certain Common Share issuance costs — — 6.2 Repurchases of Common Shares — — (1.0 ) Net cash (used for) provided from financing activities (8.7 ) 0.1 174.0 Net (decrease) increase in cash and cash equivalents during the year (1.0 ) (12.7 ) 13.8 Cash and cash equivalents - beginning of period 1.1 13.8 — Cash and cash equivalents - end of period $ 0.1 $ 1.1 $ 13.8

Schedule III - SUPPLEMENTARY IN

Schedule III - SUPPLEMENTARY INSURANCE INFORMATION	12 Months Ended
Schedule III - SUPPLEMENTARY INSURANCE INFORMATION	Dec. 31, 2015
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract]
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	SCHEDULE III BLUE CAPITAL REINSURANCE HOLDINGS LTD. SUPPLEMENTARY INSURANCE INFORMATION (In millions of U.S. dollars) Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K Deferred policy acquisition costs Reserves for unpaid claims and claim adjustment expenses Unearned premiums Other policy claims and benefits payable Net premiums earned Net investment income Claims and claims adjustment expenses Amortization of policy acquisition costs Other underwriting expenses Net premiums written December 31, 2015 $ 0.1 $ 4.0 $ 1.3 $ — $ 38.3 $ — $ 2.6 $ 8.6 $ 6.1 $ 38.6 December 31, 2014 0.1 7.9 1.1 — 43.9 — 17.1 7.7 4.7 45.0 December 31, 2013 — — — — — — — — 0.7 —

Schedule IV - REINSURANCE

Schedule IV - REINSURANCE	12 Months Ended
Schedule IV - REINSURANCE	Dec. 31, 2015
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block]	BLUE CAPITAL REINSURANCE HOLDINGS LTD. REINSURANCE (In millions of U.S. dollars) Column A Column B Column C Column D Column E Column F Premiums Written Gross Ceded to Other Companies Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net Year ended December 31, 2015 Property and liability insurance $ 38.6 $ — $ 38.6 $ 38.6 100 % Year ended December 31, 2014 Property and liability insurance $ 45.0 $ — $ 45.0 $ 45.0 100 %

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block]	Current accounting guidance requires the recognition of all derivative financial instruments including embedded derivative instruments, as either assets or liabilities in the Consolidated Balance Sheets at fair value. The Company participates in derivative instruments in the form of industry loss warranty swaps as a way to access certain risks. Derivatives are recorded at fair value with changes in fair value and any gains or losses recognized in net income (loss) from derivative instruments in the Consolidated Statements of Operations and Comprehensive Income.
Basis of Presentation	Blue Capital Reinsurance Holdings Ltd. (the "Company" or the "Registrant") is a Bermuda exempted limited liability company that, through its subsidiaries (collectively "Blue Capital"), provides collateralized reinsurance in the property catastrophe market and invests in various insurance-linked securities. The Company was incorporated under the laws of Bermuda on June 24, 2013, commenced operations on November 12, 2013 and has a limited operating history. The Company’s headquarters and principal executive offices are located at Waterloo House, 100 Pitts Bay Road, Pembroke, Bermuda HM 08, which is also our registered office. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues earned and expenses incurred during the period. Actual results could differ materially from those estimates. The significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, loss and loss adjustment expense ("LAE") reserves and written and earned reinsurance premiums. Certain prior period amounts, all of which are immaterial, have been reclassified to conform to the current period presentation.
Cash and Cash Equivalents	Blue Capital’s cash and cash equivalents of $6.1 million and $11.5 million at December 31, 2015 and 2014 , respectively, consist of cash and fixed income investments with maturities of less than three months, as measured from the date of purchase. For all periods presented, the amortized cost of each of Blue Capital’s cash equivalents approximated their fair value. Net investment income is recorded net of investment management, custody and other investment-related expenses. For all periods presented, the amount of net investment income that Blue Capital earned on its cash and cash equivalents totaled less than $0.1 million .
Amounts Held in Trust for the Benefit of Ceding Companies	Blue Capital Re does not operate with a financial strength rating and, instead, fully collateralizes its reinsurance obligations through cash and cash equivalents held in various trust funds established for the benefit of ceding companies. As of December 31, 2015 , Blue Capital had pledged $5.1 million of its cash and cash equivalents to trust accounts established for the benefit of third parties ( $5.1 million ) and Blue Water Re (less than $0.1 million ). As of December 31, 2014 , Blue Capital Re and Blue Capital Re ILS had collectively pledged $10.4 million of their cash and cash equivalents to trust accounts established for the benefit of third parties ( $10.0 million ) and Blue Water Re ( $0.4 million ). The cash and cash equivalents pledged to Blue Water Re represent funds that have not yet been formally transferred to a trust account established by Blue Water Re for its benefit pursuant to the BW Retrocessional Agreement (see below). These amounts are presented on the Company’s Consolidated Balance Sheets as "cash and cash equivalents." As of December 31, 2015 and 2014 , Blue Capital had transferred $195.3 million and $183.6 million of its cash and cash equivalents to a trust account established by Blue Water Re for its benefit pursuant to the BW Retrocessional Agreement. These amounts are presented on the Company’s Consolidated Balance Sheets as "funds held by ceding companies." NOTE 1. Summary of Significant Accounting Policies, cont'd
Reinsurance Premiums and Acquisition Costs	Blue Capital Re writes reinsurance contracts on both an excess-of-loss and a pro-rata basis. For excess-of-loss contracts, written premiums are typically based on the deposit or minimum premium specified in the reinsurance contract. For pro-rata contracts, written premiums are recognized based on estimates of ultimate premiums provided by either the ceding companies or the Manager. All of Blue Capital Re’s reinsurance contracts are currently being written on a losses-occurring basis, which means that all loss events occurring during the period of the contract are covered, regardless of the inception dates of the underlying policies. Any loss events occurring after the expiration of a losses-occurring contract are not covered. For reinsurance contracts which incorporate minimum premium amounts, Blue Capital Re typically writes the entire ultimate premium at inception, and earns the associated premium after the premium is written over the term of the contract. For reinsurance contracts which do not incorporate minimum premium amounts, Blue Capital Re typically writes the premium over the term of the contract, and earns the associated premium in the same periods that the premium is written. Subsequent adjustments of written premium, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium, are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods have expired, in which case the premium adjustments are fully earned when written. Unearned reinsurance premiums represent the portion of premiums written that are applicable to future reinsurance coverage provided by in-force contracts. Reinsurance premiums receivable are recorded at amounts due less any provision for doubtful accounts. As of December 31, 2015 and 2014 , Blue Capital Re did not require a provision for doubtful accounts. When a reinsurance contract provides for a reinstatement of coverage following a covered loss, the associated reinstatement premiums are recorded as both written and earned when Blue Capital Re determines that such a loss event has occurred. Deferred reinsurance acquisition costs are comprised of commissions, brokerage costs, premium taxes and excise taxes, each of which relates directly to the writing of reinsurance contracts. Deferred reinsurance acquisition costs are typically amortized over the underlying risk period of the related contracts. However, if the sum of a contract’s expected losses and LAE and deferred reinsurance acquisition costs exceeds related unearned premiums and any projected investment income, a premium deficiency is determined to exist. In this event, deferred reinsurance acquisition costs are immediately expensed to the extent necessary to eliminate the premium deficiency. If the premium deficiency exceeds deferred reinsurance acquisition costs then a liability is accrued for the excess deficiency. There were no premium deficiency adjustments recognized during the periods presented. Profit commissions incurred are included in reinsurance acquisition costs within the Company’s Consolidated Statement of Operations and Comprehensive Income. Accrued profit commissions payable are included in reinsurance balances payable within the Company’s Consolidated Balance Sheets.
Ceded Reinsurance	Reinsurance Balances Payable Reinsurance balances payable consist of: (i) losses and LAE that have been approved for payment; and (ii) profit commissions payable. As of December 31, 2015 and 2014 , Blue Capital Re had reinsurance balances payable of $7.6 million and $2.8 million , respectively. NOTE 1. Summary of Significant Accounting Policies, cont'd Ceded Reinsurance In the normal course of business, Blue Capital Re may purchase reinsurance in order to manage its exposures. The amount of reinsurance that Blue Capital Re may buy will vary from year to year depending on its risk appetite, as well as the availability and cost of the reinsurance coverage. Ceded reinsurance premiums will be accounted for on a basis consistent with those used in accounting for the underlying reinsurance premiums assumed and will be reported as a reduction of net reinsurance premiums written and earned. Under Blue Capital Re’s reinsurance security policy, its reinsurers are typically required to be rated "A-" (Excellent) or better by A.M. Best (or an equivalent rating with another recognized rating agency) at the time the policy is written. Blue Capital Re also considers reinsurers that are not rated or do not fall within this threshold on a case-by-case basis if collateralized up to policy limits, net of any premiums owed. The Manager will monitor the financial condition and ratings of Blue Capital’s reinsurers on an ongoing basis. As of December 31, 2015 and 2014 , Blue Capital Re had not purchased any reinsurance.
Fair Value Hierarchy	GAAP establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value of certain assets and liabilities into the three broad levels described below. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date, Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, and Level 3 inputs are unobservable inputs (i.e., on the basis of pricing models with significant unobservable inputs or non-binding broker quotes) for the asset or liability.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 provides comprehensive guidance on 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 these goods or services. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 was to be effective for public business entities in annual and interim periods beginning after December 15, 2016, however, in July 2015, the FASB decided to defer by one year the effective dates of ASU 2014-09, and as a result, ASU 2014-09 will be effective for public business entities in annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis" ("ASU 2015-02"). Under ASU 2015-02, all legal entities are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 set forth amendments: (1) modifying the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; (2) eliminating the presumption that a general partner should consolidate a limited partnership; (3) affecting the consolidation analysis of reporting entities that are involved with VIEs, particularly those that NOTE 1. Summary of Significant Accounting Policies, cont'd have fee arrangements and related party relationships; and (4) providing a scope exception from consolidation guidance for certain reporting entities. ASU 2015-02 is effective for public business entities for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. ASU 2015-02 may be applied retrospectively or by using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the year of adoption. This standard does not impact the Company's Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs by requiring direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for public business entities in annual and interim periods beginning after December 15, 2015. Early adoption is permitted. ASU 2015-03 should be applied retrospectively, and upon transition, applicable disclosures for a change in accounting principle shall be provided, including the transition method, a description of the prior period information that has been retrospectively adjusted, and the effect of the change on the applicable financial statement line items. This standard does not impact the Company's Consolidated Financial Statements. In May 2015, the FASB issued ASU 2015-09, "Disclosures about Short-Duration Contracts" ("ASU 2015-09"). The objective of ASU 2015-09 is to make targeted improvements to disclosure requirements for insurance companies that issue short-duration contracts. The guidance requires additional disclosures of claims development tables, frequency of reported claims, and history of claims duration. This information is required to be disaggregated so that useful information is not obscured by either the inclusion of a large amount of insignificant detail, or the aggregation of items that have significantly different characteristics. ASU 2015-09 is effective for public entities for annual periods beginning after December 15, 2015, and interim periods beginning after December 15, 2016. ASU 2015-09 should be applied retrospectively and early adoption is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on its Consolidated Financial Statements.

Loss and LAE Reserve Movements

Loss and LAE Reserve Movements (Tables)	12 Months Ended
Loss and LAE Reserve Movements (Tables)	Dec. 31, 2015
Insurance Loss Reserves [Abstract]
Summary of loss and LAE reserve movements	The following table summarizes Blue Capital Re’s loss and LAE reserve movements for the years ended December 31, 2015 and 2014 : Year Ended Year Ended ($ in millions) December 31, 2015 December 31, 2014 Gross and net unpaid loss and LAE reserves - beginning $ 7.9 $ — Losses and LAE incurred: Current year losses 3.2 17.1 Prior year losses (0.6 ) — Total incurred losses and LAE 2.6 17.1 Losses and LAE paid and approved for payment: Current year losses (1.2 ) (9.2 ) Prior year losses (5.3 ) — Total losses and LAE paid and approved for payment (6.5 ) (9.2 ) Gross and net unpaid loss and LAE reserves - ending $ 4.0 $ 7.9

Written and Earned Reinsuranc27

Written and Earned Reinsurance Premiums (Tables)	12 Months Ended
Written and Earned Reinsurance Premiums (Tables)	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Schedules of gross reinsurance premiums written and net premiums earned by geographic area	The following table sets forth a breakdown of Blue Capital’s gross reinsurance premiums written by geographic area of risks insured for the years ended December 31, 2015 and 2014 : Year Ended Year Ended ($ in millions) December 31, 2015 December 31, 2014 Worldwide (1) $ 24.1 62 % $ 30.5 68 % USA: Nationwide 5.6 15 % 4.7 11 % Florida 2.4 6 % 3.7 8 % Gulf region 1.7 4 % 1.5 3 % California 0.7 2 % 1.2 3 % Mid-Atlantic region 0.4 1 % 1.0 2 % Midwest region and other 0.6 2 % 1.0 2 % Worldwide, excluding U.S.(2) 3.1 8 % 1.4 3 % Total gross premiums written $ 38.6 100 % $ 45.0 100 % (1) "Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S. (2) "Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S. The following table sets forth a breakdown of Blue Capital’s net reinsurance premiums earned by geographic area of risks insured for the years ended December 31, 2015 and 2014 : NOTE 3. Written and Earned Reinsurance Premiums, cont'd Year Ended Year Ended ($ in millions) December 31, 2015 December 31, 2014 Worldwide (1) $ 24.1 63 % $ 30.5 69 % USA: Nationwide 5.6 15 % 4.6 11 % Florida 2.3 6 % 2.8 7 % Gulf region 1.8 5 % 1.4 3 % California 0.7 2 % 1.2 3 % Mid-Atlantic region 0.4 1 % 1.0 2 % Midwest region and other 0.6 1 % 1.0 2 % Worldwide, excluding U.S.(2) 2.8 7 % 1.4 3 % Total net premiums earned $ 38.3 100 % $ 43.9 100 % (1) "Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S. (2) "Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S.

Basic and Diluted Earnings (L28

Basic and Diluted Earnings (Loss) Per Common Share (Tables)	12 Months Ended
Basic and Diluted Earnings (Loss) Per Common Share (Tables)	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings (loss) per Common Share	The following table outlines the Company’s computation of its basic and diluted earnings per Common Share for the years ended December 31, 2015 and 2014 , and for the period from June 24, 2013 to December 31, 2013 : ($ in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 Period From June 24, 2013 to December 31, 2013 Net income (loss) $ 20.7 $ 15.1 $ (0.7 ) Less: net earnings allocated to participating securities (1) — — — Earnings (loss) per Common Share numerator $ 20.7 $ 15.1 $ (0.7 ) Average Common Shares outstanding (in thousands of shares) 8,751 8,750 2,303 Basic and diluted earnings (loss) per Common Share $ 2.36 $ 1.72 $ (0.31 ) (1) For all periods presented, the net earnings allocated to participating securities totaled less than $0.1 million .

SELECTED QUARTERLY FINANCIAL 29

SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	Selected quarterly financial data for 2015 and 2014 is shown in the following table. The quarterly financial data includes, in the opinion of management, all recurring adjustments necessary for a fair presentation of the consolidated results of operations for the interim periods. 2015 Three Months Ended 2014 Three Months Ended Millions, except per share amounts Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Net reinsurance premiums earned $ 9.3 $ 9.5 $ 9.7 $ 9.8 $ 11.2 $ 11.4 $ 11.1 $ 10.2 Net income (loss) from derivative instruments 0.1 (0.3 ) — — 0.3 0.2 0.1 0.1 Total revenues 9.4 9.2 9.7 9.8 11.5 11.6 11.2 10.3 Underwriting expenses 4.0 4.7 4.2 4.4 6.9 8.4 10.0 4.2 Interest expense — 0.1 — — — — — — Total expenses 4.0 4.8 4.2 4.4 6.9 8.4 10.0 4.2 Net income $ 5.4 $ 4.4 $ 5.5 $ 5.4 $ 4.6 $ 3.2 $ 1.2 $ 6.1 Amounts per Common Share: Basic and diluted earnings $ 0.62 $ 0.50 $ 0.63 $ 0.61 $ 0.52 $ 0.37 $ 0.13 $ 0.70 Fully converted book value $ 21.41 $ 20.80 $ 20.59 $ 20.28 $ 20.62 $ 20.09 $ 20.02 $ 20.20

Basis of Presentation and Sum30

Basis of Presentation and Summary of Significant Accounting Policies - Basis of presentation (Details) $ / shares in Units, $ in Millions	Jun. 15, 2015shares	Nov. 05, 2013USD ($)$ / sharesshares	Dec. 31, 2015Director	Jul. 31, 2015
Basis of Presentation
Number of shares issued	2,335
Total number of the directors of the company \| Director			5
Minimum
Basis of Presentation
Percentage of distributable income intends to distribute in form of cash dividends			90.00%
Endurance
Basis of Presentation
Total number of the directors of the company \| Director			2
IPO and Private Placement
Basis of Presentation
Gross proceeds from issuance of shares \| $		$ 175
Net proceeds from issuance of shares \| $		$ 174
IPO \| Common Shares at par value
Basis of Presentation
Number of shares issued		6,250,000
Price of shares issued (in dollars per share) \| $ / shares		$ 20
Private Placement \| Common Shares at par value
Basis of Presentation
Number of shares issued		2,500,000
Price of shares issued (in dollars per share) \| $ / shares		$ 20
Endurance
Basis of Presentation
Common Stock Shares Outstanding Percentage				33.30%

- Accounting policies (Details)

- Accounting policies (Details) - USD ($)	6 Months Ended	12 Months Ended
- Accounting policies (Details) - USD ($)	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Jun. 23, 2013
Cash and Cash Equivalents
Cash and cash equivalents	$ 173,800,000	$ 6,100,000	$ 11,500,000	$ 0
Amounts Held in Trust for the Benefit of Ceding Companies
Funds held by ceding companies		195,300,000	183,600,000
Reinsurance Premiums and Acquisition Costs
Premium deficiency adjustments	0	0	0
Reinsurance Balances Payable
Reinsurance balances payable		7,600,000	2,800,000
Maximum
Cash and Cash Equivalents
Net investment income on cash and cash equivalents	$ 100,000	100,000	100,000
Cash and Cash Equivalents
Amounts Held in Trust for the Benefit of Ceding Companies
Financial instruments pledged to trust accounts		5,100,000	10,400,000
Third Parties \| Cash and Cash Equivalents
Amounts Held in Trust for the Benefit of Ceding Companies
Financial instruments pledged to trust accounts		5,100,000	10,000,000
Blue Water Re \| Cash and Cash Equivalents
Amounts Held in Trust for the Benefit of Ceding Companies
Financial instruments pledged to trust accounts			400,000
Funds held by ceding companies		195,300,000	$ 183,600,000
Blue Water Re \| Cash and Cash Equivalents \| Maximum
Amounts Held in Trust for the Benefit of Ceding Companies
Financial instruments pledged to trust accounts		$ 100,000

Loss and LAE Reserve Movement32

Loss and LAE Reserve Movements (Details) - USD ($)	6 Months Ended	12 Months Ended
Loss and LAE Reserve Movements (Details) - USD ($)	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Loss and LAE Reserve Movements
Gross unpaid loss and LAE reserves - beginning		$ 7,900,000
Current year losses and LAE incurred	$ 0	2,600,000	$ 17,100,000
Gross unpaid loss and LAE reserves - ending		4,000,000	7,900,000
Blue Capital Re
Loss and LAE Reserve Movements
Gross unpaid loss and LAE reserves - beginning		7,900,000	0
Reinsurance recoverable on unpaid losses - beginning		0	0
Net unpaid loss and LAE reserves - beginning		7,900,000	0
Current year losses and LAE incurred		3,200,000	17,100,000
Prior year losses and LAE incurred		(600,000)	0
Total incurred losses and LAE		2,600,000	17,100,000
Current year losses and LAE paid and approved for payment		(1,200,000)	(9,200,000)
Prior year losses and LAE paid and approved for payment		(5,300,000)	0
Total losses and LAE paid and approved for payment		(6,500,000)	(9,200,000)
Net unpaid loss and LAE reserves - ending	0	4,000,000	7,900,000
Reinsurance recoverable on unpaid losses - ending	0	0	0
Gross unpaid loss and LAE reserves - ending	$ 0	$ 4,000,000	$ 7,900,000

Written and Earned Reinsuranc33

Written and Earned Reinsurance Premiums (Details) - USD ($) $ in Millions		3 Months Ended								6 Months Ended	12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Gross reinsurance premiums written										$ 0	$ 38.6	$ 45
Percentage of gross reinsurance premiums written by geographic area of risks insured											100.00%	100.00%
Net reinsurance premiums earned		$ 9.3	$ 9.5	$ 9.7	$ 9.8	$ 11.2	$ 11.4	$ 11.1	$ 10.2	$ 0	$ 38.3	$ 43.9
Percentage of net earned reinsurance premiums by geographic area of risks insured											100.00%	100.00%
Worldwide
Gross reinsurance premiums written	[1]										$ 24.1	$ 30.5
Percentage of gross reinsurance premiums written by geographic area of risks insured	[1]										62.00%	68.00%
Net reinsurance premiums earned	[1]										$ 24.1	$ 30.5
Percentage of net earned reinsurance premiums by geographic area of risks insured	[1]										63.00%	69.00%
USA: Nationwide
Gross reinsurance premiums written											$ 5.6	$ 4.7
Percentage of gross reinsurance premiums written by geographic area of risks insured											15.00%	11.00%
Net reinsurance premiums earned											$ 5.6	$ 4.6
Percentage of net earned reinsurance premiums by geographic area of risks insured											15.00%	11.00%
USA: Florida
Gross reinsurance premiums written											$ 2.4	$ 3.7
Percentage of gross reinsurance premiums written by geographic area of risks insured											6.00%	8.00%
Net reinsurance premiums earned											$ 2.3	$ 2.8
Percentage of net earned reinsurance premiums by geographic area of risks insured											6.00%	7.00%
USA: Gulf Region
Gross reinsurance premiums written											$ 1.7	$ 1.5
Percentage of gross reinsurance premiums written by geographic area of risks insured											4.00%	3.00%
Net reinsurance premiums earned											$ 1.8	$ 1.4
Percentage of net earned reinsurance premiums by geographic area of risks insured											5.00%	3.00%
USA: California
Gross reinsurance premiums written											$ 0.7	$ 1.2
Percentage of gross reinsurance premiums written by geographic area of risks insured											2.00%	3.00%
Net reinsurance premiums earned											$ 0.7	$ 1.2
Percentage of net earned reinsurance premiums by geographic area of risks insured											2.00%	3.00%
USA: Mid-Atlantic Region
Gross reinsurance premiums written											$ 0.4	$ 1
Percentage of gross reinsurance premiums written by geographic area of risks insured											1.00%	2.00%
Net reinsurance premiums earned											$ 0.4	$ 1
Percentage of net earned reinsurance premiums by geographic area of risks insured											1.00%	2.00%
USA: Midwest Region and Other
Gross reinsurance premiums written											$ 0.6	$ 1
Percentage of gross reinsurance premiums written by geographic area of risks insured											2.00%	2.00%
Net reinsurance premiums earned											$ 0.6	$ 1
Percentage of net earned reinsurance premiums by geographic area of risks insured											1.00%	2.00%
Worldwide, excluding U.S.
Gross reinsurance premiums written	[2]										$ 3.1	$ 1.4
Percentage of gross reinsurance premiums written by geographic area of risks insured	[2]										8.00%	3.00%
Net reinsurance premiums earned	[2]										$ 2.8	$ 1.4
Percentage of net earned reinsurance premiums by geographic area of risks insured	[2]										7.00%	3.00%

[1]	"Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S.
[2]	"Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S.

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	1 Months Ended				3 Months Ended								6 Months Ended	12 Months Ended
Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Feb. 28, 2015	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments
Net (loss) income from derivative instruments					$ 0.1	$ (0.3)	$ 0	$ 0	$ 0.3	$ 0.2	$ 0.1	$ 0.1	$ 0	$ (0.2)	$ 0.7
Blue Capital Re ILS \| Inward Swap
Derivative Instruments
Net (loss) income from derivative instruments														0.5	1.4
Fixed-rate payment on swap		$ 0.6		$ 1.5
Maximum payment obligation under each swap		$ 5.2		$ 10
Blue Capital Re ILS \| Inward Swap \| Level 3
Derivative Instruments
Fair value of swap					$ 0.1									0.1
Blue Capital Re ILS \| Outward Swap
Derivative Instruments
Net (loss) income from derivative instruments														$ (0.7)	$ (0.7)
Fixed-rate payment on swap	$ 0.7		$ 0.7
Maximum recovery under each swap	$ 3.7		$ 3.7

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	Feb. 03, 2016	Jun. 15, 2015	Feb. 28, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Dividends declared per Common Share and RSU (in dollars per share)			$ 0.66	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0	$ 1.56	$ 0.90
Common shares, par value (in dollars per share)											$ 1	$ 1
Voting rights of common stock											one vote for each share held
Common shares outstanding (in shares)										8,750,000	8,752,335	8,750,000
Common Shares issued (in shares)		2,335
Dividends paid per Common Share and RSU (in dollars per share)				$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30
Dividends paid										$ 0	$ 13,700,000	$ 7,900,000
Common Shares authorized for repurchase as part of publicly announced plans or programs											$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per Common Share and RSU (in dollars per share)	$ 1.24

Basic and Diluted Earnings (L36

Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended								6 Months Ended	12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Basic and Diluted Earnings Per Common Share
Net income (loss)		$ 5.4	$ 4.4	$ 5.5	$ 5.4	$ 4.6	$ 3.2	$ 1.2	$ 6.1	$ (0.7)	$ 20.7	$ 15.1
Less: net earnings allocated to participating securities (1)	[1]									0	0	0
Earnings (loss) per Common Share numerator										$ (0.7)	$ 20.7	$ 15.1
Average Common Shares outstanding (in thousands of shares)										2,303	8,751	8,750
Basic and diluted earnings (loss) per Common Share (in dollars per share)		$ 0.62	$ 0.50	$ 0.63	$ 0.61	$ 0.52	$ 0.37	$ 0.13	$ 0.70	$ (0.31)	$ 2.36	$ 1.72
Maximum
Basic and Diluted Earnings Per Common Share
Less: net earnings allocated to participating securities (1)										$ 0.1	$ 0.1	$ 0.1

[1]	For all periods presented, the net earnings allocated to participating securities totaled less than $0.1 million.

Credit Agreement (Details)

Credit Agreement (Details) - USD ($) $ in Millions	May. 01, 2015	May. 02, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Credit agreement
Repayments of Lines of Credit											$ 0	$ 4	$ 0
Interest paid			$ 0	$ 0.1	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Revolving credit facility
Credit agreement
Term of facility	364 days
Maximum borrowing capacity	$ 20
Facility and structuring fees in connection with the Credit Agreement												0.1	0.1
Annual commitment and guarantor fee (as a percent)	0.375%
Outstanding borrowings			13				$ 8					13	8
Interest paid												$ 0.1
Minimum net worth to be maintained as of closing date per debt covenant		70.00%
Revolving credit facility \| Maximum
Credit agreement
Interest paid													$ 0.1
Debt to total capitalization ratio required per debt covenant												22.50%
Revolving credit facility \| Endurance
Credit agreement
Percentage of annual guarantee fee entitled by guarantor for serving guarantee		0.125%
Minimum Net Worth Required for Compliance			1,800									$ 1,800
Revolving credit facility \| Endurance \| Maximum
Credit agreement
Debt to total capitalization ratio required per debt covenant												35.00%
Revolving credit facility \| London Interbank Offered Rate (LIBOR) [Member]
Credit agreement
Variable rate basis (in number of months)	3
Basis spread (as a percent)		1.00%
Revolving credit facility \| Borrowings Due February 2, 2016 [Member]
Credit agreement
Outstanding borrowings			4									$ 4
Annual effective interest rate												1.33%
Revolving credit facility \| Borrowings Due February 22, 2016 [Member]
Credit agreement
Outstanding borrowings			5									$ 5
Annual effective interest rate												1.48%
Revolving credit facility \| Borrowings Due March 11, 2016 [Member]
Credit agreement
Outstanding borrowings			$ 4									$ 4
Annual effective interest rate												1.51%

Share-Based Compensation (Detai

Share-Based Compensation (Details) - 2013 LTIP - USD ($)	Jun. 15, 2015	Dec. 31, 2015	Dec. 31, 2014
Share-Based Compensation
Percentage of aggregate common shares outstanding		1.00%
Estimated future expense
Incentive awards outstanding (in shares)		9,799	7,000
RSUs
Share-Based Compensation
Number of RSUs vested	2,335
Number of RSUs forfeited		4,666
Expenses recognized		$ 100,000
Estimated future expense
2,016		$ 100,000
RSUs \| Directors
Share-Based Compensation
Vesting period		3 years	3 years
RSUs awarded (in shares)		9,800	7,000
Total grant date fair value of the RSUs awarded		$ 200,000	$ 100,000
Forfeiture rate (as a percent)		0.00%	0.00%
Minimum \| RSUs
Share-Based Compensation
Vesting period		1 year
Maximum \| RSUs
Share-Based Compensation
Vesting period		5 years
Fair value of RSUs vested	$ 100,000
Expenses recognized			$ 100,000
Estimated future expense
2,017		$ 100,000
2,018		$ 100,000

Regulation and Capital Requir39

Regulation and Capital Requirements (Details) - Blue Capital Re - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Regulation and Capital Requirements
Minimum solvency margin		$ 1
Statutory Accounting Practices Reduction Percentage Of Total Capital From Prior Year Requiring Approval		25.00%
Threshold reduction percentage in total capital without prior statutory approval		15.00%
Amount available for dividend payments to parent without regulatory approval		$ 50.6	$ 44.2
Minimum liquidity ratio (as a percent)		75.00%
Amount by which value of relevant assets exceeded the value of relevant liabilities		$ 207	188.9
Statutory net income		26.6	19.3
Statutory capital and surplus		$ 202.4	$ 185.3
Maximum
Regulation and Capital Requirements
Statutory net income	$ 0.1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related party transactions
Reimbursement of certain Common Share issuance costs	$ 6,200,000
Threshold limit of other offering costs that the entity borne	1,000,000
Investment Management Agreement
Related party transactions
General and administrative expenses		$ 2,700,000	$ 2,600,000	$ 0
Underwriting and Insurance Management Agreement
Related party transactions
General and administrative expenses	0	1,300,000
Underwriting and Insurance Management Agreement \| Maximum
Related party transactions
General and administrative expenses			100,000
Administrative Services Agreement
Related party transactions
General and administrative expenses	$ 100,000	$ 600,000	600,000
Montpelier
Related party transactions
Reimbursement as a percentage of gross proceeds by the related party	5.00%
Reimbursement of certain Common Share issuance costs	$ 6,200,000
Structuring fee as a percentage of gross IPO proceeds paid to third parties	1.00%
Amount of structuring fee paid to third parties	$ 1,300,000
Other offering costs paid by related party	900,000
Montpelier \| Maximum
Related party transactions
Fees and expenses incurred by related party	$ 100,000
Endurance
Related party transactions
Percent of ownership in the company		33.30%
Amount due to for services performed		$ 2,900,000	500,000
Endurance \| Credit Agreement [Member] \| Maximum
Related party transactions
Fees and expenses incurred by related party		$ 100,000	$ 100,000
Blue Capital Re \| Blue Water Re \| BW Retrocessional Agreement \| Maximum
Related party transactions
Percentage of participation in the ceded reinsurance business of the related party for which option to cede exists		100.00%

Commitments and Contingent Li41

Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Commitments and contingent liabilities
Commitments for operating leases	$ 0	$ 0
Commitments for capital expenditures	$ 0	$ 0
Investment Management Agreement
Commitments and contingent liabilities
Period after IPO during which contract may not be terminated	5 years
Underwriting and Insurance Management Agreement
Commitments and contingent liabilities
Period after IPO during which contract may not be terminated	5 years
Administrative Services Agreement
Commitments and contingent liabilities
Period after IPO during which contract may not be terminated	5 years
Investment Management Agreement Or Underwriting and Insurance Management Agreement
Commitments and contingent liabilities
One-time termination fee as a percent of shareholders' equity	5.00%
Amount of one-time termination fee payable	$ 9.4

Fair Value of Financial Instr42

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair value disclosures
Debt	$ 13	$ 8
Revolving credit facility
Fair value disclosures
Fair value of debt	$ 13	$ 8

SELECTED QUARTERLY FINANCIAL 43

SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Revenues
Net reinsurance premiums earned	$ 9.3	$ 9.5	$ 9.7	$ 9.8	$ 11.2	$ 11.4	$ 11.1	$ 10.2	$ 0	$ 38.3	$ 43.9
Net (loss) income from derivative instruments	0.1	(0.3)	0	0	0.3	0.2	0.1	0.1	0	(0.2)	0.7
Total revenues	9.4	9.2	9.7	9.8	11.5	11.6	11.2	10.3	0	38.1	44.6
Expenses
Underwriting expenses	4	4.7	4.2	4.4	6.9	8.4	10	4.2
Interest expenses	0	0.1	0	0	0	0	0	0
Total expenses	4	4.8	4.2	4.4	6.9	8.4	10	4.2	0.7	17.4	29.5
Net income	$ 5.4	$ 4.4	$ 5.5	$ 5.4	$ 4.6	$ 3.2	$ 1.2	$ 6.1	$ (0.7)	$ 20.7	$ 15.1
Per share data:
Basic and diluted earnings per Common Share (in dollars per share)	$ 0.62	$ 0.50	$ 0.63	$ 0.61	$ 0.52	$ 0.37	$ 0.13	$ 0.70	$ (0.31)	$ 2.36	$ 1.72
Fully converted book value	$ 21.41	$ 20.80	$ 20.59	$ 20.28	$ 20.62	$ 20.09	$ 20.02	$ 20.20

Schedule II - CONDENSED FINAN44

Schedule II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - Condensed Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 23, 2013
Assets
Cash and cash equivalents	$ 6.1	$ 11.5	$ 173.8	$ 0
Other assets	0.2	0.2
Total Assets	217.6	201.3
Liabilities
Debt	13	8
Total Liabilities	30	20.8
Shareholders’ Equity:	187.6	180.5	173.3	0
Total Liabilities and Shareholders’ Equity	217.6	201.3
Registrant
Assets
Cash and cash equivalents	0.1	1.1	$ 13.8	$ 0
Investment in subsidiary, on the equity method of accounting	202.6	185.5
Intercompany receivables	0.5	2.5
Other assets	0.1	0.1
Total Assets	203.3	189.2
Liabilities
Debt	13	8
Accounts payable and accrued expenses	2.7	0.7
Total Liabilities	15.7	8.7
Shareholders’ Equity:	187.6	180.5
Total Liabilities and Shareholders’ Equity	$ 203.3	$ 189.2

Schedule II - CONDENSED FINAN45

Schedule II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - Condensed Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Condensed Income Statements, Captions [Line Items]
Revenues	$ 9.4	$ 9.2	$ 9.7	$ 9.8	$ 11.5	$ 11.6	$ 11.2	$ 10.3	$ 0	$ 38.1	$ 44.6
Expenses	4	4.8	4.2	4.4	6.9	8.4	10	4.2	0.7	17.4	29.5
Net income (loss)	$ 5.4	$ 4.4	$ 5.5	$ 5.4	$ 4.6	$ 3.2	$ 1.2	$ 6.1	(0.7)	20.7	15.1
Comprehensive income (loss)									(0.7)	20.7	15.1
Registrant
Condensed Income Statements, Captions [Line Items]
Expenses									0.7	5.9	4.4
Parent only net loss									(0.7)	(5.9)	(4.4)
Equity in earnings of subsidiaries									0	26.6	19.5
Net income (loss)									(0.7)	20.7	15.1
Comprehensive income (loss)									$ (0.7)	$ 20.7	$ 15.1

Schedule II - CONDENSED FINAN46

Schedule II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operations:
Net income (loss)	$ 5.4	$ 4.4	$ 5.5	$ 5.4	$ 4.6	$ 3.2	$ 1.2	$ 6.1	$ (0.7)	$ 20.7	$ 15.1
Charges (credits) to reconcile net income (loss) to net cash from operations:
Expense recognized for RSUs									0	0.1	0
Net change in:
Other assets									(1.7)	0	1.5
Net cash and cash equivalents provided from (used for) operations									(0.2)	3.3	(162.4)
Cash flows from financing activities:
Borrowings under the Credit Agreement									0	9	8
Repayment of borrowings									0	(4)	0
Dividends paid - Common Shares and RSUs									0	(13.7)	(7.9)
Reimbursement of certain Common Share issuance costs									6.2	0	0
Repurchase of Common Shares									(1)	0	0
Net (decrease) increase in cash and cash equivalents during the year									173.8	(5.4)	(162.3)
Cash and cash equivalents - beginning of period				11.5				173.8	0	11.5	173.8
Cash and cash equivalents - end of period	6.1				11.5				173.8	6.1	11.5
Registrant
Cash flows from operations:
Net income (loss)									(0.7)	20.7	15.1
Charges (credits) to reconcile net income (loss) to net cash from operations:
Equity in earnings of subsidiary									0	(26.6)	(19.5)
Expense recognized for RSUs									0	0.1	0
Net change in:
Intercompany receivables									0	2	(2.5)
Other assets									(0.1)	0	0
Accounts payable and accrued expenses									0.6	2	0.1
Net cash and cash equivalents provided from (used for) operations									(0.2)	(1.8)	(6.8)
Cash flows from investing activities:
Dividends received from subsidiary									0	3	0
Contribution of capital from subsidiary										6.5
Contribution of capital to subsidiary									(160)		(6)
Net cash provided from (used for) investing activities									(160)	9.5	(6)
Cash flows from financing activities:
Borrowings under the Credit Agreement									0	9	8
Repayment of borrowings									0	(4)	0
Dividends paid - Common Shares and RSUs									0	(13.7)	(7.9)
Issuances of Common Shares, net of Common Share issuance costs									168.8	0	0
Reimbursement of certain Common Share issuance costs									6.2	0	0
Repurchase of Common Shares									(1)	0	0
Net cash (used for) provided from financing activities									174	(8.7)	0.1
Net (decrease) increase in cash and cash equivalents during the year									13.8	(1)	(12.7)
Cash and cash equivalents - beginning of period				$ 1.1				$ 13.8	0	1.1	13.8
Cash and cash equivalents - end of period	$ 0.1				$ 1.1				$ 13.8	$ 0.1	$ 1.1

Schedule III - SUPPLEMENTARY 47

Schedule III - SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract]
Deferred policy acquisition costs	$ 0	$ 100,000	$ 100,000
Reserves for unpaid claims and claim adjustment expenses	0	4,000,000	7,900,000
Unearned premiums	0	1,300,000	1,100,000
Net premiums earned	0	38,300,000	43,900,000
Net investment income	0	0	0
Claims and claims adjustment expenses	0	2,600,000	17,100,000
Amortization of policy acquisition costs	0	8,600,000	7,700,000
Other underwriting expenses	700,000	6,100,000	4,700,000
Net premiums written	$ 0	$ 38,600,000	$ 45,000,000

Schedule IV - REINSURANCE (Deta

Schedule IV - REINSURANCE (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
Schedule IV - REINSURANCE (Details) - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross	$ 0	$ 38.6	$ 45
Property and liability insurance
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross		38.6	45
Ceded to Other Companies		0	0
Assumed from Other Companies		38.6	45
Net Amount		$ 38.6	$ 45
Percentage of Amount Assumed to Net		100.00%	100.00%