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Discontinued Operations
 6 Months Ended
Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Sale of U.S. Treaty Reinsurance operations
As described in "Note 1. Basis of Presentation", the Company entered into a Renewal Rights transaction with TransRe on August 29, 2018. The Company continued to earn premiums and remain liable for losses occurring subsequent to August 29, 2018 for any policies in force prior to and as of August 29, 2018, through December 27, 2018, the date the sale of Maiden US was closed pursuant to the U.S. Sale Agreement with Enstar.
Maiden US was a substantial portion of our Diversified Reinsurance segment, therefore, the Company concluded that the sale represented a strategic shift that has a major effect on its ongoing operations and financial results and that all of the held for sale criteria have been met. Accordingly, all transactions related to the U.S. treaty reinsurance operations are reported and presented as part of discontinued operations. Furthermore, all of the assets and liabilities related to the sale of the U.S. treaty reinsurance operations are removed from the Condensed Consolidated Balance Sheets of the Company and any remaining assets and liabilities related to the retrocession agreement and true up of sale consideration, are classified as held for sale in the Condensed Consolidated Balance Sheets as at June 30, 2019 and December 31, 2018. The operations of the Company's U.S. treaty reinsurance business for the three and six months ended June 30, 2018 have been reclassified as part of the results from discontinued operations in the Condensed Consolidated Statements of Income.
The classes of assets and liabilities to be sold and classified as held for sale as of June 30, 2019 and December 31, 2018 comprise:
 
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
Fixed maturities, available-for-sale, at fair value
 
$
—

 
$
63,560

Restricted cash and cash equivalents
 
—

 
6,113

Reinsurance balances receivable, net
 
689

 
689

Reinsurance recoverable on unpaid losses
 
65,320

 
70,158

Other assets
 
—

 
33,955

Total assets held for sale
 
$
66,009

 
$
174,475

LIABILITIES
 
 
 
 
Reserve for loss and loss adjustment expenses
 
$
65,320

 
$
76,521

Accrued expenses and other liabilities
 
689

 
79,440

Total liabilities held for sale
 
$
66,009

 
$
155,961


The following table summarizes the major classes of line items constituting the results from discontinued operations for the three and six months ended June 30, 2019 and 2018, respectively, presented in the Condensed Consolidated Statements of Income:
 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Gross premiums written
 
$
—

 
$
132,710

 
$
—

 
$
362,022

Net premiums written
 
$
—

 
$
124,560

 
$
—

 
$
351,242

Net premiums earned
 
$
—

 
$
162,958

 
$
—

 
$
331,577

Other revenue
 
—

 
—

 
62

 
—

Net investment income
 
—

 
10,053

 
—

 
20,054

Net loss and loss adjustment expenses
 
6,363

 
(121,553
)
 
6,363

 
(241,671
)
Commission and other acquisition expenses
 
—

 
(35,965
)
 
—

 
(77,951
)
General and administrative expenses
 
(815
)
 
(4,714
)
 
(1,832
)
 
(8,993
)
Amortization of intangible assets
 
—

 
(462
)
 
—

 
(924
)
Income from discontinued operations before income taxes
 
5,548

 
10,317

 
4,593

 
22,092

Loss on disposal of discontinued operations
 
(23,077
)
 
—

 
(25,474
)
 
—

Income tax expense
 
(1,169
)
 
(2,102
)
 
(1,169
)
 
(3,882
)
(Loss) income from discontinued operations, net of income tax
 
$
(18,698
)
 
$
8,215

 
$
(22,050
)
 
$
18,210


As described in "Note 13. Subsequent Events", as a result of the Settlement and Commutation Agreement entered into by Maiden and Enstar on July 31, 2019, Maiden recorded an additional loss from discontinued operations of $16,715 for the three and six months ended June 30, 2019.