v2.4.0.8

Segments (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Underwriting results of operating segments

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

3. Segments (continued)

For the Three Months Ended September 30, 2013		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Net premiums written		$	185,620			$	259,633			$	18,165			$	463,418
Net premiums earned		$	198,966			$	243,408			$	65,752			$	508,126
Other insurance revenue		3,271				—				—				3,271
Net loss and loss adjustment expenses		(137,080		)		(160,212		)		(44,337		)		(341,629		)
Commission and other acquisition expenses		(51,657		)		(71,869		)		(20,668		)		(144,194		)
General and administrative expenses		(9,688		)		(504		)		(177		)		(10,369		)
Underwriting income		$	3,812			$	10,823			$	570			$	15,205
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment														23,730
Amortization of intangible assets														(945		)
Foreign exchange and other losses														(23		)
Interest and amortization expenses														(9,571		)
Other general and administrative expenses														(2,882		)
Income tax expense														(481		)
Income attributable to noncontrolling interest														(36		)
Dividends on preference shares														(3,093		)
Net income attributable to Maiden common shareholders														$	21,904
Net loss and loss adjustment expense ratio*		67.8		%		65.8		%		67.4		%		66.8		%
Commission and other acquisition expense ratio**		25.5		%		29.5		%		31.4		%		28.2		%
General and administrative expense ratio***		4.8		%		0.3		%		0.3		%		2.6		%
Combined ratio****		98.1		%		95.6		%		99.1		%		97.6		%

3. Segments (continued)

For the Three Months Ended September 30, 2012		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Net premiums written		$	193,943			$	186,258			$	75,646			$	455,847
Net premiums earned		$	200,020			$	177,293			$	71,660			$	448,973
Other insurance revenue		2,622				—				—				2,622
Net loss and loss adjustment expenses		(141,625		)		(120,942		)		(46,579		)		(309,146		)
Commission and other acquisition expenses		(47,801		)		(50,525		)		(22,597		)		(120,923		)
General and administrative expenses		(9,256		)		(535		)		(199		)		(9,990		)
Underwriting income		$	3,960			$	5,291			$	2,285			$	11,536
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment														23,960
Amortization of intangible assets														(1,090		)
Foreign exchange gains														1,213
Interest and amortization expenses														(9,569		)
Other general and administrative expenses														(3,588		)
Income tax expense														(528		)
Income attributable to noncontrolling interest														(15		)
Net income attributable to Maiden common shareholders														$	21,919
Net loss and loss adjustment expense ratio*		69.9		%		68.2		%		65.0		%		68.5		%
Commission and other acquisition expense ratio**		23.6		%		28.5		%		31.5		%		26.8		%
General and administrative expense ratio***		4.5		%		0.3		%		0.3		%		2.9		%
Combined ratio****		98.0		%		97.0		%		96.8		%		98.2		%

3. Segments (continued)

For the Nine Months Ended September 30, 2013		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Net premiums written		$	588,164			$	895,029			$	167,233			$	1,650,426
Net premiums earned		$	573,551			$	725,100			$	211,190			$	1,509,841
Other insurance revenue		11,266				—				—				11,266
Net loss and loss adjustment expenses		(398,680		)		(478,782		)		(142,409		)		(1,019,871		)
Commission and other acquisition expenses		(140,877		)		(213,199		)		(66,020		)		(420,096		)
General and administrative expenses		(31,639		)		(1,498		)		(530		)		(33,667		)
Underwriting income		$	13,621			$	31,621			$	2,231			$	47,473
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment														69,684
Amortization of intangible assets														(2,835		)
Foreign exchange and other gains														2,573
Interest and amortization expenses														(28,711		)
Other general and administrative expenses														(10,496		)
Income tax expense														(1,217		)
Income attributable to noncontrolling interest														(95		)
Dividends on preference shares														(9,281		)
Net income attributable to Maiden common shareholders														$	67,095
Net loss and loss adjustment expense ratio*		68.2		%		66.0		%		67.4		%		67.0		%
Commission and other acquisition expense ratio**		24.1		%		29.4		%		31.3		%		27.6		%
General and administrative expense ratio***		5.4		%		0.2		%		0.2		%		3.0		%
Combined ratio****		97.7		%		95.6		%		98.9		%		97.6		%

3. Segments (continued)

For the Nine Months Ended September 30, 2012		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Net premiums written		$	626,220			$	607,902			$	224,518			$	1,458,640
Net premiums earned		$	603,613			$	512,988			$	207,984			$	1,324,585
Other insurance revenue		9,650				—				—				9,650
Net loss and loss adjustment expenses		(412,437		)		(350,553		)		(134,508		)		(897,498		)
Commission and other acquisition expenses		(159,895		)		(142,284		)		(65,665		)		(367,844		)
General and administrative expenses		(31,849		)		(1,444		)		(566		)		(33,859		)
Underwriting income		$	9,082			$	18,707			$	7,245			$	35,034
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment														60,908
Amortization of intangible assets														(3,271		)
Foreign exchange gains														1,318
Interest and amortization expenses														(26,815		)
Other general and administrative expenses														(8,758		)
Income tax expense														(1,498		)
Income attributable to noncontrolling interest														(81		)
Net income attributable to Maiden common shareholders														$	56,837
Net loss and loss adjustment expense ratio*		67.3		%		68.3		%		64.7		%		67.3		%
Commission and other acquisition expense ratio**		26.1		%		27.7		%		31.6		%		27.6		%
General and administrative expense ratio***		5.1		%		0.4		%		0.2		%		3.1		%
Combined ratio****		98.5		%		96.4		%		96.5		%		98.0		%

* 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)

September 30, 2013		Diversified Reinsurance				AmTrust Quota Share Reinsurance				NGHC Quota Share				Total
Reinsurance balances receivable, net		$	283,368			$	210,447			$	60,865			$	554,680
Funds withheld		45,492				—				—				45,492
Prepaid reinsurance premiums		49,515				—				—				49,515
Reinsurance recoverable on unpaid losses		97,334				—				—				97,334
Deferred commission and other acquisition expenses		88,060				202,691				19,975				310,726
Loan to related party		—				167,975				—				167,975
Goodwill and intangible assets, net		91,558				—				—				91,558
Restricted cash and cash equivalents and investments		1,107,671				1,095,601				101,397				2,304,669
Other assets		8,164				—				—				8,164
Total assets - operating segments		1,771,162				1,676,714				182,237				3,630,113
Corporate assets		—				—				—				819,559
Total Assets		$	1,771,162			$	1,676,714			$	182,237			$	4,449,672

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 nine months ended September 30, 2013 and 2012:

3. Segments (continued)

		For the Three Months Ended September 30,
		2013							2012
Net premiums written		Total				% of Total			Total				% of Total
Diversified Reinsurance
Property		$	26,783			5.8	%		$	41,667			9.1	%
Casualty		122,600				26.4	%		114,655				25.2	%
Accident and Health		9,040				2.0	%		9,174				2.0	%
International		27,197				5.9	%		28,447				6.2	%
Total Diversified Reinsurance		185,620				40.1	%		193,943				42.5	%
AmTrust Quota Share Reinsurance
Small Commercial Business		136,725				29.5	%		84,024				18.4	%
Specialty Program		41,698				9.0	%		14,931				3.3	%
Specialty Risk and Extended Warranty		81,210				17.5	%		87,303				19.2	%
Total AmTrust Quota Share Reinsurance		259,633				56.0	%		186,258				40.9	%
NGHC Quota Share
Automobile Liability		9,707				2.1	%		39,019				8.6	%
Automobile Physical Damage		8,458				1.8	%		36,627				8.0	%
Total NGHC Quota Share		18,165				3.9	%		75,646				16.6	%
		$	463,418			100.0	%		$	455,847			100.0	%

		For the Three Months Ended September 30,
		2013							2012
Net premiums earned		Total				% of Total			Total				% of Total
Diversified Reinsurance
Property		$	41,652			8.2	%		$	50,688			11.3	%
Casualty		126,091				24.8	%		119,572				26.6	%
Accident and Health		8,994				1.8	%		11,176				2.5	%
International		22,229				4.4	%		18,584				4.1	%
Total Diversified Reinsurance		198,966				39.2	%		200,020				44.5	%
AmTrust Quota Share Reinsurance
Small Commercial Business		130,472				25.7	%		81,287				18.1	%
Specialty Program		39,661				7.8	%		9,828				2.2	%
Specialty Risk and Extended Warranty		73,275				14.4	%		86,178				19.2	%
Total AmTrust Quota Share Reinsurance		243,408				47.9	%		177,293				39.5	%
NGHC Quota Share
Automobile Liability		38,015				7.5	%		38,374				8.6	%
Automobile Physical Damage		27,737				5.4	%		33,286				7.4	%
Total NGHC Quota Share		65,752				12.9	%		71,660				16.0	%
		$	508,126			100.0	%		$	448,973			100.0	%

3. Segments (continued)

		For the Nine Months Ended September 30,
		2013							2012
Net premiums written		Total				% of Total			Total				% of Total
Diversified Reinsurance
Property		$	112,861			6.8	%		$	157,628			10.8	%
Casualty		359,816				21.8	%		349,356				24.0	%
Accident and Health		31,649				1.9	%		34,484				2.3	%
International		83,838				5.1	%		84,752				5.8	%
Total Diversified Reinsurance		588,164				35.6	%		626,220				42.9	%
AmTrust Quota Share Reinsurance
Small Commercial Business		434,951				26.4	%		256,198				17.6	%
Specialty Program		115,313				7.0	%		63,877				4.4	%
Specialty Risk and Extended Warranty		344,765				20.9	%		287,827				19.7	%
Total AmTrust Quota Share Reinsurance		895,029				54.3	%		607,902				41.7	%
NGHC Quota Share
Automobile Liability		95,631				5.8	%		118,288				8.1	%
Automobile Physical Damage		71,602				4.3	%		106,230				7.3	%
Total NGHC Quota Share		167,233				10.1	%		224,518				15.4	%
		$	1,650,426			100.0	%		$	1,458,640			100.0	%

		For the Nine Months Ended September 30,
		2013							2012
Net premiums earned		Total				% of Total			Total				% of Total
Diversified Reinsurance
Property		$	116,970			7.7	%		$	164,739			12.4	%
Casualty		359,988				23.8	%		334,559				25.3	%
Accident and Health		27,356				1.8	%		32,547				2.5	%
International		69,237				4.6	%		71,768				5.4	%
Total Diversified Reinsurance		573,551				37.9	%		603,613				45.6	%
AmTrust Quota Share Reinsurance
Small Commercial Business		350,295				23.2	%		218,086				16.4	%
Specialty Program		105,122				7.0	%		60,414				4.6	%
Specialty Risk and Extended Warranty		269,683				17.9	%		234,488				17.7	%
Total AmTrust Quota Share Reinsurance		725,100				48.1	%		512,988				38.7	%
NGHC Quota Share
Automobile Liability		122,118				8.1	%		113,168				8.5	%
Automobile Physical Damage		89,072				5.9	%		94,816				7.2	%
Total NGHC Quota Share		211,190				14.0	%		207,984				15.7	%
		$	1,509,841			100.0	%		$	1,324,585			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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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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