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, 2022Diversified ReinsuranceAmTrust ReinsuranceTotal
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 LAE1,360 923 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 $(3,152)(1,655)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains8,876 
Interest and amortization expenses
(4,832)
Foreign exchange and other gains, net3,949 
Other general and administrative expenses
(8,303)
Income tax expense(1,255)
Interest in income of equity method investments1,271 
Net loss$(1,949)
3. Segment Information (continued)
For the Three Months Ended March 31, 2021Diversified ReinsuranceAmTrust ReinsuranceTotal
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 gains17,942 
Interest and amortization expenses
(4,831)
Foreign exchange and other gains, net3,542 
Other general and administrative expenses
(11,820)
Income tax expense(49)
Interest in income from equity method investments2,947 
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, 2022Diversified ReinsuranceAmTrust ReinsuranceTotal
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, 2021Diversified ReinsuranceAmTrust ReinsuranceTotal
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 31,20222021
Net premiums written
Total% of TotalTotal% 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 31,20222021
Net premiums earned
Total% of TotalTotal% 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 %