v3.21.2
Segment Information
 6 Months Ended
Jun. 30, 2021
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 Europe. Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”) and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), which are both in run-off effective January 1, 2019. Please refer to "Note 10. Related Party Transactions" for additional information regarding the AmTrust Reinsurance segment.
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; however general corporate expenses are not allocated 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, funds withheld receivable, loan to related party and restricted cash and investments. All remaining assets are allocated to Corporate.
The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net income:
For the Three Months Ended June 30, 2021Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$5,191 $(1,757)$3,434 
Net premiums written
$5,018 $(1,757)$3,261 
Net premiums earned
$6,962 $6,350 $13,312 
Other insurance revenue
539 — 539 
Net loss and LAE(1,247)6,574 5,327 
Commission and other acquisition expenses
(4,452)(2,447)(6,899)
General and administrative expenses
(3,033)(775)(3,808)
Underwriting (loss) income$(1,231)$9,702 8,471 
Reconciliation to net income
Net investment income and realized gains on investment8,127 
Interest and amortization expenses
(4,832)
Foreign exchange and other losses, net(1,588)
Other general and administrative expenses
(5,098)
Income tax benefit257 
Interest in income of equity method investments2,775 
Net income$8,112 
Net loss and LAE ratio(1)
16.6  %(103.5) %(38.5) %
Commission and other acquisition expense ratio(2)
59.4  %38.5  %49.8  %
General and administrative expense ratio(3)
40.4  %12.2  %64.3  %
Expense ratio(4)
99.8  %50.7  %114.1  %
Combined ratio(5)
116.4  %(52.8) %75.6  %
3. Segment Information (continued)
For the Three Months Ended June 30, 2020Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$9,687 $(4,705)$4,982 
Net premiums written
$8,553 $(4,463)$4,090 
Net premiums earned
$11,527 $9,781 $21,308 
Other insurance revenue
250 — 250 
Net loss and LAE
(6,038)(4,970)(11,008)
Commission and other acquisition expenses
(4,374)(3,780)(8,154)
General and administrative expenses
(1,746)(667)(2,413)
Underwriting (loss) income$(381)$364 (17)
Reconciliation to net income
Net investment income and realized gains on investment23,184 
Interest and amortization expenses
(4,830)
Foreign exchange and other losses, net(2,295)
Other general and administrative expenses
(6,848)
Income tax benefit18 
Net income$9,212 
Net loss and LAE ratio(1)
51.3 %50.8 %51.0 %
Commission and other acquisition expense ratio(2)
37.1 %38.6 %37.8 %
General and administrative expense ratio(3)
14.8 %6.9 %43.0 %
Expense ratio(4)
51.9 %45.5 %80.8 %
Combined ratio(5)
103.2 %96.3 %131.8 %
3. Segment Information (continued)
For the Six Months Ended June 30, 2021Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$5,263 $(4,219)$1,044 
Net premiums written
$4,784 $(4,219)$565 
Net premiums earned
$13,202 $11,874 $25,076 
Other insurance revenue
808 — 808 
Net loss and LAE
(2,662)5,630 2,968 
Commission and other acquisition expenses
(8,207)(4,634)(12,841)
General and administrative expenses
(4,607)(1,378)(5,985)
Underwriting (loss) income$(1,466)$11,492 10,026 
Reconciliation to net income
Net investment income and realized gains on investment26,069 
Interest and amortization expenses
(9,663)
Foreign exchange and other gains, net1,954 
Other general and administrative expenses
(16,918)
Income tax benefit208 
Interest in income from equity method investments5,722 
Net income$17,398 
Net loss and LAE ratio(1)
19.0 %(47.4)%(11.5)%
Commission and other acquisition expense ratio(2)
58.6 %39.0 %49.6 %
General and administrative expense ratio(3)
32.9 %11.6 %88.5 %
Expense ratio(4)
91.5 %50.6 %138.1 %
Combined ratio(5)
110.5 %3.2 %126.6 %
3. Segment Information (continued)
For the Six Months Ended June 30, 2020Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$21,421 $(4,705)$16,716 
Net premiums written
$18,925 $(4,463)$14,462 
Net premiums earned
$24,058 $28,465 $52,523 
Other insurance revenue
658 — 658 
Net loss and LAE
(13,079)(19,015)(32,094)
Commission and other acquisition expenses
(9,353)(10,774)(20,127)
General and administrative expenses
(3,359)(1,311)(4,670)
Underwriting loss
$(1,075)$(2,635)(3,710)
Reconciliation to net income
Net investment income and realized gains on investment52,186 
Total other-than-temporary impairment losses
(1,506)
Interest and amortization expenses
(9,661)
Foreign exchange and other gains, net
5,902 
Other general and administrative expenses
(13,141)
Income tax benefit3 
Net income$30,073 
Net loss and LAE ratio(1)
52.9 %66.8 %60.4 %
Commission and other acquisition expense ratio(2)
37.8 %37.8 %37.8 %
General and administrative expense ratio(3)
13.6 %4.7 %33.5 %
Expense ratio(4)
51.4 %42.5 %71.3 %
Combined ratio(5)
104.3 %109.3 %131.7 %

(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 the Company's reportable segments including the reconciliation to the Company's consolidated total assets at June 30, 2021 and December 31, 2020:
June 30, 2021Diversified ReinsuranceAmTrust ReinsuranceTotal
Total assets - reportable segments
$132,083 $2,051,535 $2,183,618 
Corporate assets
— — 423,152 
Total Assets
$132,083 $2,051,535 $2,606,770 
December 31, 2020Diversified ReinsuranceAmTrust ReinsuranceTotal
Total assets - reportable segments
$156,380 $2,329,377 $2,485,757 
Corporate assets
— — 462,698 
Total Assets
$156,380 $2,329,377 $2,948,455 
3. Segment Information (continued)
The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,20212020
Net premiums written
TotalTotal
Diversified Reinsurance
International
$5,028 $8,498 
Other
(10)55 
Total Diversified Reinsurance
5,018 8,553 
AmTrust Reinsurance
Small Commercial Business
(1,594)(6,394)
Specialty Program
(4)477 
Specialty Risk and Extended Warranty
(159)1,454 
Total AmTrust Reinsurance
(1,757)(4,463)
Total Net Premiums Written
$3,261 $4,090 
For the Six Months Ended June 30,20212020
Net premiums writtenTotalTotal
Diversified Reinsurance
International$4,784 $18,870 
Other— 55 
Total Diversified Reinsurance4,784 18,925 
AmTrust Reinsurance
Small Commercial Business
(4,072)(6,394)
Specialty Program
(29)477 
Specialty Risk and Extended Warranty
(118)1,454 
Total AmTrust Reinsurance
(4,219)(4,463)
Total Net Premiums Written
$565 $14,462 
3. Segment Information (continued)
The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,20212020
Net premiums earned
Total% of TotalTotal% of Total
Diversified Reinsurance
International
$6,972 52.4 %$11,472 53.8 %
Other
(10)(0.1)%55 0.3 %
Total Diversified Reinsurance
6,962 52.3 %11,527 54.1 %
AmTrust Reinsurance
Small Commercial Business
(1,495)(11.2)%(7,112)(33.4)%
Specialty Program
2 — %426 2.0 %
Specialty Risk and Extended Warranty
7,843 58.9 %16,467 77.3 %
Total AmTrust Reinsurance
6,350 47.7 %9,781 45.9 %
Total Net Premiums Earned
$13,312 100.0 %$21,308 100.0 %
For the Six Months Ended June 30,20212020
Net premiums earnedTotal% of TotalTotal% of Total
Diversified Reinsurance
International$13,202 52.6 %$24,003 45.7 %
Other— — %55 0.1 %
Total Diversified Reinsurance13,202 52.6 %24,058 45.8 %
AmTrust Reinsurance
Small Commercial Business
(3,846)(15.3)%(6,173)(11.8)%
Specialty Program
(16)(0.1)%501 1.0 %
Specialty Risk and Extended Warranty
15,736 62.8 %34,137 65.0 %
Total AmTrust Reinsurance
11,874 47.4 %28,465 54.2 %
Total Net Premiums Earned
$25,076 100.0 %$52,523 100.0 %