v2.4.0.8

Segments (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Underwriting results of operating segments

The following tables summarize the underwriting results of our operating segments:

For the Three Months Ended June 30, 2013		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Net premiums written		$	134,934			$	290,578			$	72,437			$	497,949
Net premiums earned		$	178,336			$	261,404			$	73,533			$	513,273
Other insurance revenue		2,780				—				—				2,780
Net loss and loss adjustment expenses		(120,837		)		(172,925		)		(49,585		)		(343,347		)
Commission and other acquisition expenses		(44,438		)		(76,198		)		(22,936		)		(143,572		)
General and administrative expenses		(11,153		)		(505		)		(179		)		(11,837		)
Underwriting income		$	4,688			$	11,776			$	833			$	17,297
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized losses on investment														20,692
Amortization of intangible assets														(945		)
Foreign exchange and other gains														1,049
Interest and amortization expenses														(9,570		)
Other general and administrative expenses														(4,980		)
Income tax expense														(212		)
Income attributable to noncontrolling interest														(32		)
Dividends on preference shares														(3,094		)
Net income attributable to Maiden common shareholders														$	20,205
Net loss and loss adjustment expense ratio*		66.7		%		66.2		%		67.4		%		66.5		%
Commission and other acquisition expense ratio**		24.5		%		29.1		%		31.2		%		27.8		%
General and administrative expense ratio***		6.2		%		0.2		%		0.3		%		3.3		%
Combined ratio****		97.4		%		95.5		%		98.9		%		97.6		%

3. Segments (continued)

For the Three Months Ended June 30, 2012		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Net premiums written		$	143,981			$	195,629			$	72,350			$	411,960
Net premiums earned		$	199,130			$	167,816			$	70,170			$	437,116
Other insurance revenue		2,274				—				—				2,274
Net loss and loss adjustment expenses		(138,420		)		(116,755		)		(45,260		)		(300,435		)
Commission and other acquisition expenses		(47,945		)		(44,590		)		(22,128		)		(114,663		)
General and administrative expenses		(12,145		)		(530		)		(194		)		(12,869		)
Underwriting income		$	2,894			$	5,941			$	2,588			$	11,423
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized losses on investment														17,146
Amortization of intangible assets														(1,091		)
Foreign exchange losses														(874		)
Interest and amortization expenses														(9,568		)
Other general and administrative expenses														(2,339		)
Income tax expense														(91		)
Income attributable to noncontrolling interest														(65		)
Net income attributable to Maiden common shareholders														$	14,541
Net loss and loss adjustment expense ratio*		68.7		%		69.6		%		64.5		%		68.4		%
Commission and other acquisition expense ratio**		23.8		%		26.6		%		31.5		%		26.1		%
General and administrative expense ratio***		6.1		%		0.3		%		0.3		%		3.4		%
Combined ratio****		98.6		%		96.5		%		96.3		%		97.9		%

3. Segments (continued)

For the Six Months Ended June 30, 2013		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Net premiums written		$	402,544			$	635,396			$	149,068			$	1,187,008
Net premiums earned		$	374,585			$	481,692			$	145,438			$	1,001,715
Other insurance revenue		7,995				—				—				7,995
Net loss and loss adjustment expenses		(261,600		)		(318,570		)		(98,072		)		(678,242		)
Commission and other acquisition expenses		(89,220		)		(141,330		)		(45,352		)		(275,902		)
General and administrative expenses		(21,951		)		(994		)		(353		)		(23,298		)
Underwriting income		$	9,809			$	20,798			$	1,661			$	32,268
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment														45,954
Amortization of intangible assets														(1,890		)
Foreign exchange and other gains														2,596
Interest and amortization expenses														(19,140		)
Other general and administrative expenses														(7,614		)
Income tax expense														(736		)
Income attributable to noncontrolling interest														(59		)
Dividends on preference shares														(6,188		)
Net income attributable to Maiden common shareholders														$	45,191
Net loss and loss adjustment expense ratio*		68.4		%		66.1		%		67.4		%		67.2		%
Commission and other acquisition expense ratio**		23.3		%		29.3		%		31.2		%		27.3		%
General and administrative expense ratio***		5.7		%		0.3		%		0.3		%		3.1		%
Combined ratio****		97.4		%		95.7		%		98.9		%		97.6		%

3. Segments (continued)

For the Six Months Ended June 30, 2012		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Net premiums written		$	432,277			$	421,644			$	148,872			$	1,002,793
Net premiums earned		$	403,593			$	335,695			$	136,324			$	875,612
Other insurance revenue		7,028				—				—				7,028
Net loss and loss adjustment expenses		(270,812		)		(229,611		)		(87,929		)		(588,352		)
Commission and other acquisition expenses		(112,094		)		(91,759		)		(43,068		)		(246,921		)
General and administrative expenses		(22,593		)		(909		)		(367		)		(23,869		)
Underwriting income		$	5,122			$	13,416			$	4,960			$	23,498
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized losses on investment														36,948
Amortization of intangible assets														(2,181		)
Foreign exchange gains														105
Interest and amortization expenses														(17,246		)
Other general and administrative expenses														(5,170		)
Income tax expense														(970		)
Income attributable to noncontrolling interest														(66		)
Net income attributable to Maiden common shareholders														$	34,918
Net loss and loss adjustment expense ratio*		66.0		%		68.4		%		64.5		%		66.7		%
Commission and other acquisition expense ratio**		27.3		%		27.3		%		31.6		%		28.0		%
General and administrative expense ratio***		5.5		%		0.3		%		0.3		%		3.2		%
Combined ratio****		98.8		%		96.0		%		96.4		%		97.9		%

* Calculated by dividing net loss and loss adjustment expenses by the sum of net premiums earned and other insurance revenue.

** Calculated by dividing commission and other acquisition expenses by the sum of net premiums earned and other insurance revenue.

*** Calculated by dividing general and administrative expenses by the sum of net premiums earned and other insurance revenue.

**** Calculated by adding together net loss and loss adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

3. Segments (continued)

June 30, 2013		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Reinsurance balances receivable, net		$	304,635			$	284,286			$	96,174			$	685,095
Funds withheld		43,706				—				—				43,706
Prepaid reinsurance premiums		48,944				—				—				48,944
Reinsurance recoverable on unpaid losses		101,143				—				—				101,143
Deferred commission and other acquisition expenses		84,080				195,848				34,911				314,839
Loan to related party		—				167,975				—				167,975
Goodwill and intangible assets, net		92,503				—				—				92,503
Restricted cash and cash equivalents and investments		1,096,736				964,770				95,464				2,156,970
Other assets		6,485				—				—				6,485
Total assets - operating segments		1,778,232				1,612,879				226,549				3,617,660
Corporate assets		—				—				—				788,190
Total Assets		$	1,778,232			$	1,612,879			$	226,549			$	4,405,850

December 31, 2012		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Reinsurance balances receivable, net		$	260,161			$	170,983			$	91,470			$	522,614
Funds withheld		42,712				—				—				42,712
Prepaid reinsurance premiums		38,725				—				—				38,725
Reinsurance recoverable on unpaid losses		110,858				—				—				110,858
Deferred commission and other acquisition expenses		83,287				153,530				33,852				270,669
Loan to related party		—				167,975				—				167,975
Goodwill and intangible assets, net		94,393				—				—				94,393
Restricted cash and cash equivalents and investments		1,219,454				857,013				90,851				2,167,318
Other assets		5,864				—				—				5,864
Total assets - operating segments		1,855,454				1,349,501				216,173				3,421,128
Corporate assets		—				—				—				717,035
Total Assets		$	1,855,454			$	1,349,501			$	216,173			$	4,138,163

Net premiums by major line of business

The following tables set forth financial information relating to net premiums written and earned by major line of business for the three and six months ended June 30, 2013 and 2012:

		For the Three Months Ended June 30,
		2013							2012
Net premiums written		Total				% of Total			Total				% of Total
Diversified Reinsurance
Property		$	16,556			3.3	%		$	35,855			8.7	%
Casualty		88,793				17.8	%		82,762				20.1	%
Accident and Health		7,080				1.4	%		5,838				1.4	%
International		22,505				4.5	%		19,526				4.7	%
Total Diversified Reinsurance		134,934				27.0	%		143,981				34.9	%
AmTrust Quota Share Reinsurance
Small Commercial Business		136,208				27.4	%		81,882				19.9	%
Specialty Program		38,669				7.8	%		26,758				6.5	%
Specialty Risk and Extended Warranty		115,701				23.2	%		86,989				21.1	%
Total AmTrust Quota Share Reinsurance		290,578				58.4	%		195,629				47.5	%
NGHC Quota Share
Automobile Liability		41,585				8.4	%		35,401				8.6	%
Automobile Physical Damage		30,852				6.2	%		36,949				9.0	%
Total NGHC Quota Share		72,437				14.6	%		72,350				17.6	%
		$	497,949			100.0	%		$	411,960			100.0	%

		For the Three Months Ended June 30,
		2013							2012
Net premiums earned		Total				% of Total			Total				% of Total
Diversified Reinsurance
Property		$	27,771			5.4	%		$	55,903			12.8	%
Casualty		116,838				22.8	%		111,008				25.4	%
Accident and Health		9,729				1.9	%		10,727				2.5	%
International		23,998				4.7	%		21,492				4.9	%
Total Diversified Reinsurance		178,336				34.8	%		199,130				45.6	%
AmTrust Quota Share Reinsurance
Small Commercial Business		117,566				22.9	%		69,907				16.0	%
Specialty Program		32,115				6.2	%		22,948				5.2	%
Specialty Risk and Extended Warranty		111,723				21.8	%		74,961				17.1	%
Total AmTrust Quota Share Reinsurance		261,404				50.9	%		167,816				38.3	%
NGHC Quota Share
Automobile Liability		42,473				8.3	%		36,657				8.4	%
Automobile Physical Damage		31,060				6.0	%		33,513				7.7	%
Total NGHC Quota Share		73,533				14.3	%		70,170				16.1	%
		$	513,273			100.0	%		$	437,116			100.0	%

3. Segments (continued)

		For the Six Months Ended June 30,
		2013							2012
Net premiums written		Total				% of Total			Total				% of Total
Diversified Reinsurance
Property		$	86,078			7.3	%		$	115,961			11.6	%
Casualty		237,216				20.0	%		234,701				23.4	%
Accident and Health		22,609				1.8	%		25,310				2.5	%
International		56,641				4.8	%		56,305				5.6	%
Total Diversified Reinsurance		402,544				33.9	%		432,277				43.1	%
AmTrust Quota Share Reinsurance
Small Commercial Business		298,226				25.1	%		172,174				17.2	%
Specialty Program		73,615				6.2	%		48,946				4.9	%
Specialty Risk and Extended Warranty		263,555				22.2	%		200,524				20.0	%
Total AmTrust Quota Share Reinsurance		635,396				53.5	%		421,644				42.1	%
NGHC Quota Share
Automobile Liability		85,924				7.2	%		79,269				7.9	%
Automobile Physical Damage		63,144				5.4	%		69,603				6.9	%
Total NGHC Quota Share		149,068				12.6	%		148,872				14.8	%
		$	1,187,008			100.0	%		$	1,002,793			100.0	%

		For the Six Months Ended June 30,
		2013							2012
Net premiums earned		Total				% of Total			Total				% of Total
Diversified Reinsurance
Property		$	75,318			7.5	%		$	114,051			13.0	%
Casualty		233,897				23.4	%		214,987				24.6	%
Accident and Health		18,362				1.8	%		21,371				2.4	%
International		47,008				4.7	%		53,184				6.1	%
Total Diversified Reinsurance		374,585				37.4	%		403,593				46.1	%
AmTrust Quota Share Reinsurance
Small Commercial Business		219,823				22.0	%		136,799				15.6	%
Specialty Program		65,461				6.5	%		50,586				5.8	%
Specialty Risk and Extended Warranty		196,408				19.6	%		148,310				16.9	%
Total AmTrust Quota Share Reinsurance		481,692				48.1	%		335,695				38.3	%
NGHC Quota Share
Automobile Liability		84,103				8.4	%		74,794				8.6	%
Automobile Physical Damage		61,335				6.1	%		61,530				7.0	%
Total NGHC Quota Share		145,438				14.5	%		136,324				15.6	%
		$	1,001,715			100.0	%		$	875,612			100.0	%

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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-Publisher FASB

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-SubTopic 10

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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