v3.22.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2022
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. This segment also includes transactions entered into by GLS which was formed in November 2020 as described in "Note 1. Basis of Presentation. 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 March 31, 2022 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  |  |  | Total
Gross premiums written |  | $ | 4,736 |  |  | $ | (14,906) |  |  |  |  | $ | (10,170) |
Net premiums written |  | $ | 4,583 |  |  | $ | (14,906) |  |  |  |  | $ | (10,323) |
Net premiums earned |  | $ | 5,955 |  |  | $ | (4,833) |  |  |  |  | $ | 1,122 |
Other insurance revenue |  | 51 |  |  | — |  |  |  |  | 51 |
Net loss and LAE |  | 1,360 |  |  | 923 |  |  |  |  | 2,283 |
Commission and other acquisition expenses |  | (3,771) |  |  | 1,243 |  |  |  |  | (2,528) |
General and administrative expenses |  | (2,098) |  |  | (485) |  |  |  |  | (2,583) |
Underwriting income (loss) |  | $ | 1,497 |  |  | $ | (3,152) |  |  |  |  | (1,655) |
Reconciliation to net loss |  |  |  |  |  |  |  |
Net investment income and net realized and unrealized investment gains |  |  |  |  |  |  |  | 8,876 |
Interest and amortization expenses |  |  |  |  |  |  |  | (4,832) |
Foreign exchange and other gains, net |  |  |  |  |  |  |  | 3,949 |
Other general and administrative expenses |  |  |  |  |  |  |  | (8,303) |
Income tax expense |  |  |  |  |  |  |  | (1,255) |
Interest in income of equity method investments |  |  |  |  |  |  |  | 1,271 |
Net loss |  |  |  |  |  |  |  | $ | (1,949) |
3. Segment Information (continued)
For the Three Months Ended March 31, 2021 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  |  |  | Total
Gross premiums written |  | $ | 72 |  |  | $ | (2,462) |  |  |  |  | $ | (2,390) |
Net premiums written |  | $ | (234) |  |  | $ | (2,462) |  |  |  |  | $ | (2,696) |
Net premiums earned |  | $ | 6,240 |  |  | $ | 5,524 |  |  |  |  | $ | 11,764 |
Other insurance revenue |  | 269 |  |  | — |  |  |  |  | 269 |
Net loss and LAE |  | (1,415) |  |  | (944) |  |  |  |  | (2,359) |
Commission and other acquisition expenses |  | (3,755) |  |  | (2,187) |  |  |  |  | (5,942) |
General and administrative expenses |  | (1,574) |  |  | (603) |  |  |  |  | (2,177) |
Underwriting (loss) income |  | $ | (235) |  |  | $ | 1,790 |  |  |  |  | 1,555 |
Reconciliation to net income |  |  |  |  |  |  |  |
Net investment income and net realized and unrealized investment gains |  |  |  |  |  |  |  | 17,942 |
Interest and amortization expenses |  |  |  |  |  |  |  | (4,831) |
Foreign exchange and other gains, net |  |  |  |  |  |  |  | 3,542 |
Other general and administrative expenses |  |  |  |  |  |  |  | (11,820) |
Income tax expense |  |  |  |  |  |  |  | (49) |
Interest in income from equity method investments |  |  |  |  |  |  |  | 2,947 |
Net income |  |  |  |  |  |  |  | $ | 9,286 |
The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at March 31, 2022 and December 31, 2021:
March 31, 2022 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  | Total
Total assets - reportable segments |  | $ | 126,905 |  |  | $ | 1,686,992 |  |  | $ | 1,813,897 |
Corporate assets |  | — |  |  | — |  |  | 402,075 |
Total Assets |  | $ | 126,905 |  |  | $ | 1,686,992 |  |  | $ | 2,215,972 |
December 31, 2021 |  | Diversified Reinsurance |  | AmTrust Reinsurance |  | Total
Total assets - reportable segments |  | $ | 126,116 |  |  | $ | 1,810,940 |  |  | $ | 1,937,056 |
Corporate assets |  | — |  |  | — |  |  | 385,554 |
Total Assets |  | $ | 126,116 |  |  | $ | 1,810,940 |  |  | $ | 2,322,610 |
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 months ended March 31, 2022 and 2021:
For the Three Months Ended March 31, |  | 2022 |  | 2021
Net premiums written |  | Total |  | % of Total |  | Total |  | % of Total
Diversified Reinsurance |  |  |  |  |  |  |  |
International |  | $ | 4,583 |  |  | (44.4) | % |  | $ | (244) |  |  | 9.1 | %
Other |  | — |  |  | — | % |  | 10 |  |  | (0.4) | %
Total Diversified Reinsurance |  | 4,583 |  |  | (44.4) | % |  | (234) |  |  | 8.7 | %
AmTrust Reinsurance |  |  |  |  |  |  |  |
Small Commercial Business |  | (11,722) |  |  | 113.5 | % |  | (2,478) |  |  | 91.9 | %
Specialty Program |  | 837 |  |  | (8.1) | % |  | (25) |  |  | 0.9 | %
Specialty Risk and Extended Warranty |  | (4,021) |  |  | 39.0 | % |  | 41 |  |  | (1.5) | %
Total AmTrust Reinsurance |  | (14,906) |  |  | 144.4 | % |  | (2,462) |  |  | 91.3 | %
Total Net Premiums Written |  | $ | (10,323) |  |  | 100.0 | % |  | $ | (2,696) |  |  | 100.0 | %
The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2022 and 2021:
For the Three Months Ended March 31, |  | 2022 |  | 2021
Net premiums earned |  | Total | % of Total |  | Total |  | % of Total
Diversified Reinsurance |  |  |  |  |  |  |  |
International |  | $ | 5,955 |  |  | 530.7 | % |  | $ | 6,230 |  |  | 53.0 | %
Other |  | — |  |  | — | % |  | 10 |  |  | 0.1 | %
Total Diversified Reinsurance |  | 5,955 |  |  | 530.7 | % |  | 6,240 |  |  | 53.1 | %
AmTrust Reinsurance |  |  |  |  |  |  |  |
Small Commercial Business |  | (11,710) |  |  | (1,043.6) | % |  | (2,351) |  |  | (20.0) | %
Specialty Program |  | 838 |  |  | 74.7 | % |  | (18) |  |  | (0.2) | %
Specialty Risk and Extended Warranty |  | 6,039 |  |  | 538.2 | % |  | 7,893 |  |  | 67.1 | %
Total AmTrust Reinsurance |  | (4,833) |  |  | (430.7) | % |  | 5,524 |  |  | 46.9 | %
Total Net Premiums Earned |  | $ | 1,122 |  |  | 100.0 | % |  | $ | 11,764 |  |  | 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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