v3.8.0.1

Segment Information | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located, primarily, in the U.S. and Europe. Our AmTrust Reinsurance segment includes all business ceded to our wholly owned subsidiary, Maiden Reinsurance Ltd. ("Maiden Bermuda") from AmTrust Financial Services, Inc. ("AmTrust"), primarily the AmTrust Quota Share and the European Hospital Liability Quota Share. In addition to our reportable segments, the results of operations of the former National General Holdings Corporation Quota Share ("NGHC Quota Share") segment and the remnants of the U.S. excess and surplus ("E&S") business have been included in the "Other" category. Please refer to "Note 8. Related Party Transactions" for additional information. The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied. The Company does not allocate general corporate expenses to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, loans, goodwill and intangible assets, restricted cash and cash equivalents and investments and unearned reinsurance premiums ceded, funds withheld receivable and reinsurance recoverable on paid losses (presented as part of other assets in the Condensed Consolidated Balance Sheet). All remaining assets are allocated to Corporate. The following tables summarize our reporting segment's underwriting results and the reconciliation of our reportable segments and Other category's underwriting results to our consolidated net income:
For the Three Months Ended September 30, 2017 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  | Other |  | Total
Gross premiums written |  | $ | 210,953 |  |  | $ | 420,019 |  |  | $ | — |  |  | $ | 630,972 |
Net premiums written |  | $ | 207,137 |  |  | $ | 410,193 |  |  | $ | — |  |  | $ | 617,330 |
Net premiums earned |  | $ | 217,513 |  |  | $ | 436,353 |  |  | $ | — |  |  | $ | 653,866 |
Other insurance revenue |  | 2,488 |  |  | — |  |  | — |  |  | 2,488 |
Net loss and loss adjustment expense ("loss and LAE") |  | (172,273 | ) |  | (355,030 | ) |  | (8,665 | ) |  | (535,968 | )
Commission and other acquisition expenses |  | (54,810 | ) |  | (138,650 | ) |  | (2 | ) |  | (193,462 | )
General and administrative expenses |  | (8,595 | ) |  | (771 | ) |  | — |  |  | (9,366 | )
Underwriting loss |  | $ | (15,677 | ) |  | $ | (58,098 | ) |  | $ | (8,667 | ) |  | (82,442 | )
Reconciliation to net loss |  |  |  |  |  |  |  |
Net investment income and net realized gains on investment |  |  |  |  |  |  |  | 46,682 |
Interest and amortization expenses |  |  |  |  |  |  |  | (4,829 | )
Amortization of intangible assets |  |  |  |  |  |  |  | (533 | )
Foreign exchange losses |  |  |  |  |  |  |  | (3,550 | )
Other general and administrative expenses |  |  |  |  |  |  |  | (10,126 | )
Income tax expense |  |  |  |  |  |  |  | (256 | )
Net loss |  |  |  |  |  |  |  | $ | (55,054 | )
Net loss and LAE ratio(1) |  | 78.3 | % |  | 81.4 | % |  |  |  | 81.6 | %
Commission and other acquisition expense ratio(2) |  | 24.9 | % |  | 31.7 | % |  |  |  | 29.5 | %
General and administrative expense ratio(3) |  | 3.9 | % |  | 0.2 | % |  |  |  | 3.0 | %
Expense ratio(4) |  | 28.8 | % |  | 31.9 | % |  |  |  | 32.5 | %
Combined ratio(5) |  | 107.1 | % |  | 113.3 | % |  |  |  | 114.1 | %
3. Segment Information (continued)
For the Three Months Ended September 30, 2016 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  | Other |  | Total
Gross premiums written |  | $ | 186,750 |  |  | $ | 520,104 |  |  | $ | — |  |  | $ | 706,854 |
Net premiums written |  | $ | 179,092 |  |  | $ | 511,561 |  |  | $ | — |  |  | $ | 690,653 |
Net premiums earned |  | $ | 175,141 |  |  | $ | 523,137 |  |  | $ | — |  |  | $ | 698,278 |
Other insurance revenue |  | 2,345 |  |  | — |  |  | — |  |  | 2,345 |
Net loss and LAE |  | (132,396 | ) |  | (334,310 | ) |  | (45 | ) |  | (466,751 | )
Commission and other acquisition expenses |  | (39,868 | ) |  | (166,836 | ) |  | (2 | ) |  | (206,706 | )
General and administrative expenses |  | (9,038 | ) |  | (759 | ) |  | — |  |  | (9,797 | )
Underwriting (loss) income |  | $ | (3,816 | ) |  | $ | 21,232 |  |  | $ | (47 | ) |  | 17,369 |
Reconciliation to net income |  |  |  |  |  |  |  |
Net investment income and net realized gains on investment |  |  |  |  |  |  |  | 37,566 |
Interest and amortization expenses |  |  |  |  |  |  |  | (6,856 | )
Amortization of intangible assets |  |  |  |  |  |  |  | (616 | )
Foreign exchange gains |  |  |  |  |  |  |  | 687 |
Other general and administrative expenses |  |  |  |  |  |  |  | (7,155 | )
Income tax expense |  |  |  |  |  |  |  | (199 | )
Net income |  |  |  |  |  |  |  | $ | 40,796 |
Net loss and LAE ratio(1) |  | 74.6 | % |  | 63.9 | % |  |  |  | 66.6 | %
Commission and other acquisition expense ratio(2) |  | 22.5 | % |  | 31.9 | % |  |  |  | 29.5 | %
General and administrative expense ratio(3) |  | 5.1 | % |  | 0.1 | % |  |  |  | 2.4 | %
Expense ratio(4) |  | 27.6 | % |  | 32.0 | % |  |  |  | 31.9 | %
Combined ratio(5) |  | 102.2 | % |  | 95.9 | % |  |  |  | 98.5 | %
3. Segment Information (continued)
For the Nine Months Ended September 30, 2017 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  | Other |  | Total
Gross premiums written |  | $ | 683,839 |  |  | $ | 1,575,677 |  |  | $ | 81 |  |  | $ | 2,259,597 |
Net premiums written |  | $ | 671,880 |  |  | $ | 1,529,980 |  |  | $ | 90 |  |  | $ | 2,201,950 |
Net premiums earned |  | $ | 623,574 |  |  | $ | 1,450,811 |  |  | $ | 90 |  |  | $ | 2,074,475 |
Other insurance revenue |  | 7,816 |  |  | — |  |  | — |  |  | 7,816 |
Net loss and LAE |  | (487,759 | ) |  | (1,047,222 | ) |  | (10,176 | ) |  | (1,545,157 | )
Commission and other acquisition expenses |  | (159,744 | ) |  | (465,789 | ) |  | 3 |  |  | (625,530 | )
General and administrative expenses |  | (25,819 | ) |  | (2,240 | ) |  | — |  |  | (28,059 | )
Underwriting loss |  | $ | (41,932 | ) |  | $ | (64,440 | ) |  | $ | (10,083 | ) |  | (116,455 | )
Reconciliation to net loss |  |  |  |  |  |  |  |
Net investment income and net realized gains on investment |  |  |  |  |  |  |  | 131,808 |
Interest and amortization expenses |  |  |  |  |  |  |  | (18,430 | )
Accelerated amortization of senior note issuance cost |  |  |  |  |  |  |  | (2,809 | )
Amortization of intangible assets |  |  |  |  |  |  |  | (1,599 | )
Foreign exchange losses |  |  |  |  |  |  |  | (12,193 | )
Other general and administrative expenses |  |  |  |  |  |  |  | (24,193 | )
Income tax expense |  |  |  |  |  |  |  | (1,017 | )
Net loss |  |  |  |  |  |  |  | $ | (44,888 | )
Net loss and LAE ratio(1) |  | 77.2 | % |  | 72.2 | % |  |  |  | 74.2 | %
Commission and other acquisition expense ratio(2) |  | 25.3 | % |  | 32.1 | % |  |  |  | 30.0 | %
General and administrative expense ratio(3) |  | 4.1 | % |  | 0.1 | % |  |  |  | 2.5 | %
Expense ratio(4) |  | 29.4 | % |  | 32.2 | % |  |  |  | 32.5 | %
Combined ratio(5) |  | 106.6 | % |  | 104.4 | % |  |  |  | 106.7 | %
3. Segment Information (continued)
For the Nine Months Ended September 30, 2016 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  | Other |  | Total
Gross premiums written |  | $ | 667,388 |  |  | $ | 1,591,902 |  |  | $ | — |  |  | $ | 2,259,290 |
Net premiums written |  | $ | 626,522 |  |  | $ | 1,507,389 |  |  | $ | — |  |  | $ | 2,133,911 |
Net premiums earned |  | $ | 538,152 |  |  | $ | 1,413,699 |  |  | $ | — |  |  | $ | 1,951,851 |
Other insurance revenue |  | 8,696 |  |  | — |  |  | — |  |  | 8,696 |
Net loss and LAE |  | (395,718 | ) |  | (898,703 | ) |  | (2,940 | ) |  | (1,297,361 | )
Commission and other acquisition expenses |  | (139,895 | ) |  | (447,604 | ) |  | (2 | ) |  | (587,501 | )
General and administrative expenses |  | (26,717 | ) |  | (2,308 | ) |  | — |  |  | (29,025 | )
Underwriting (loss) income |  | $ | (15,482 | ) |  | $ | 65,084 |  |  | $ | (2,942 | ) |  | 46,660 |
Reconciliation to net income |  |  |  |  |  |  |  |
Net investment income and net realized gains on investment |  |  |  |  |  |  |  | 111,802 |
Interest and amortization expenses |  |  |  |  |  |  |  | (21,314 | )
Accelerated amortization of senior note issuance cost |  |  |  |  |  |  |  | (2,345 | )
Amortization of intangible assets |  |  |  |  |  |  |  | (1,846 | )
Foreign exchange gains |  |  |  |  |  |  |  | 6,474 |
Other general and administrative expenses |  |  |  |  |  |  |  | (20,713 | )
Income tax expense |  |  |  |  |  |  |  | (1,206 | )
Net income |  |  |  |  |  |  |  | $ | 117,512 |
Net loss and LAE ratio(1) |  | 72.4 | % |  | 63.5 | % |  |  |  | 66.2 | %
Commission and other acquisition expense ratio(2) |  | 25.6 | % |  | 31.7 | % |  |  |  | 30.0 | %
General and administrative expense ratio(3) |  | 4.8 | % |  | 0.2 | % |  |  |  | 2.5 | %
Expense ratio(4) |  | 30.4 | % |  | 31.9 | % |  |  |  | 32.5 | %
Combined ratio(5) |  | 102.8 | % |  | 95.4 | % |  |  |  | 98.7 | %
(1) | Calculated by dividing net loss and LAE by the sum of net premiums earned and other insurance revenue.
(2) | Calculated by dividing commission and other acquisition expenses by the sum of net premiums earned and other insurance revenue.
(3) | Calculated by dividing general and administrative expenses by the sum of net premiums earned and other insurance revenue.
(4) | Calculated by adding together the commission and other acquisition expense ratio and general and administrative expense ratio.
(5) | Calculated by adding together net loss and LAE ratio and the expense ratio.
The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at September 30, 2017 and December 31, 2016:
September 30, 2017 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  | Total
Total assets - reportable segments |  | $ | 1,898,036 |  |  | $ | 4,362,008 |  |  | $ | 6,260,044 |
Corporate assets |  | — |  |  | — |  |  | 579,053 |
Total Assets |  | $ | 1,898,036 |  |  | $ | 4,362,008 |  |  | $ | 6,839,097 |
December 31, 2016 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  | Total
Total assets - reportable segments |  | $ | 1,787,320 |  |  | $ | 3,900,067 |  |  | $ | 5,687,387 |
Corporate assets |  | — |  |  | — |  |  | 564,912 |
Total Assets |  | $ | 1,787,320 |  |  | $ | 3,900,067 |  |  | $ | 6,252,299 |
3. Segment Information (continued) The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the three and nine months ended September 30, 2017 and 2016:
For the Three Months Ended September 30, |  | 2017 |  | 2016
|  | Total |  | % of Total |  | Total |  | % of Total
Net premiums written |  |  |  |  |  |  |  |
Diversified Reinsurance |  |  |  |  |  |  |  |
Property |  | $ | 37,962 |  |  | 6.2 | % |  | $ | 30,606 |  |  | 4.4 | %
Casualty |  | 129,726 |  |  | 21.0 | % |  | 115,360 |  |  | 16.7 | %
Accident and Health |  | 16,946 |  |  | 2.7 | % |  | 14,845 |  |  | 2.2 | %
International |  | 22,503 |  |  | 3.7 | % |  | 18,281 |  |  | 2.6 | %
Total Diversified Reinsurance |  | 207,137 |  |  | 33.6 | % |  | 179,092 |  |  | 25.9 | %
AmTrust Reinsurance |  |  |  |  |  |  |  |
Small Commercial Business |  | 295,499 |  |  | 47.9 | % |  | 314,677 |  |  | 45.6 | %
Specialty Program |  | 63,816 |  |  | 10.3 | % |  | 98,895 |  |  | 14.3 | %
Specialty Risk and Extended Warranty |  | 50,878 |  |  | 8.2 | % |  | 97,989 |  |  | 14.2 | %
Total AmTrust Reinsurance |  | 410,193 |  |  | 66.4 | % |  | 511,561 |  |  | 74.1 | %
Total Net Premiums Written |  | $ | 617,330 |  |  | 100.0 | % |  | $ | 690,653 |  |  | 100.0 | %
For the Nine Months Ended September 30, |  | 2017 |  | 2016
|  | Total |  | % of Total |  | Total |  | % of Total
Net premiums written |  |  |  |  |  |  |  |
Diversified Reinsurance |  |  |  |  |  |  |  |
Property |  | $ | 132,398 |  |  | 6.0 | % |  | $ | 123,991 |  |  | 5.8 | %
Casualty |  | 391,503 |  |  | 17.8 | % |  | 365,332 |  |  | 17.1 | %
Accident and Health |  | 74,504 |  |  | 3.4 | % |  | 68,140 |  |  | 3.2 | %
International |  | 73,475 |  |  | 3.3 | % |  | 69,059 |  |  | 3.2 | %
Total Diversified Reinsurance |  | 671,880 |  |  | 30.5 | % |  | 626,522 |  |  | 29.3 | %
AmTrust Reinsurance |  |  |  |  |  |  |  |
Small Commercial Business |  | 1,028,905 |  |  | 46.7 | % |  | 983,601 |  |  | 46.1 | %
Specialty Program |  | 255,767 |  |  | 11.6 | % |  | 268,193 |  |  | 12.6 | %
Specialty Risk and Extended Warranty |  | 245,308 |  |  | 11.2 | % |  | 255,595 |  |  | 12.0 | %
Total AmTrust Reinsurance |  | 1,529,980 |  |  | 69.5 | % |  | 1,507,389 |  |  | 70.7 | %
Other |  | 90 |  |  | — | % |  | — |  |  | — | %
Total Net Premiums Written |  | $ | 2,201,950 |  |  | 100.0 | % |  | $ | 2,133,911 |  |  | 100.0 | %
3. Segment Information (continued) The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2017 and 2016:
For the Three Months Ended September 30, |  | 2017 |  | 2016
|  | Total |  | % of Total |  | Total |  | % of Total
Net premiums earned |  |  |  |  |  |  |  |
Diversified Reinsurance |  |  |  |  |  |  |  |
Property |  | $ | 43,362 |  |  | 6.6 | % |  | $ | 29,921 |  |  | 4.3 | %
Casualty |  | 130,428 |  |  | 20.0 | % |  | 105,893 |  |  | 15.2 | %
Accident and Health |  | 22,780 |  |  | 3.5 | % |  | 18,436 |  |  | 2.6 | %
International |  | 20,943 |  |  | 3.2 | % |  | 20,891 |  |  | 3.0 | %
Total Diversified Reinsurance |  | 217,513 |  |  | 33.3 | % |  | 175,141 |  |  | 25.1 | %
AmTrust Reinsurance |  |  |  |  |  |  |  |
Small Commercial Business |  | 314,773 |  |  | 48.1 | % |  | 320,596 |  |  | 45.9 | %
Specialty Program |  | 59,143 |  |  | 9.1 | % |  | 89,856 |  |  | 12.9 | %
Specialty Risk and Extended Warranty |  | 62,437 |  |  | 9.5 | % |  | 112,685 |  |  | 16.1 | %
Total AmTrust Reinsurance |  | 436,353 |  |  | 66.7 | % |  | 523,137 |  |  | 74.9 | %
Total Net Premiums Earned |  | $ | 653,866 |  |  | 100.0 | % |  | $ | 698,278 |  |  | 100.0 | %
For the Nine Months Ended September 30, |  | 2017 |  | 2016
|  | Total |  | % of Total |  | Total |  | % of Total
Net premiums earned |  |  |  |  |  |  |  |
Diversified Reinsurance |  |  |  |  |  |  |  |
Property |  | $ | 122,888 |  |  | 5.9 | % |  | $ | 103,023 |  |  | 5.3 | %
Casualty |  | 375,141 |  |  | 18.1 | % |  | 313,736 |  |  | 16.1 | %
Accident and Health |  | 63,878 |  |  | 3.1 | % |  | 55,788 |  |  | 2.8 | %
International |  | 61,667 |  |  | 3.0 | % |  | 65,605 |  |  | 3.4 | %
Total Diversified Reinsurance |  | 623,574 |  |  | 30.1 | % |  | 538,152 |  |  | 27.6 | %
AmTrust Reinsurance |  |  |  |  |  |  |  |
Small Commercial Business |  | 946,782 |  |  | 45.6 | % |  | 864,699 |  |  | 44.3 | %
Specialty Program |  | 251,153 |  |  | 12.1 | % |  | 251,543 |  |  | 12.9 | %
Specialty Risk and Extended Warranty |  | 252,876 |  |  | 12.2 | % |  | 297,457 |  |  | 15.2 | %
Total AmTrust Reinsurance |  | 1,450,811 |  |  | 69.9 | % |  | 1,413,699 |  |  | 72.4 | %
Other |  | 90 |  |  | — | % |  | — |  |  | — | %
Total Net Premiums Earned |  | $ | 2,074,475 |  |  | 100.0 | % |  | $ | 1,951,851 |  |  | 100.0 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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