Maiden Holdings Announces Quarterly Earnings

August 8, 2014

Bermuda-based Maiden Holdings, Ltd. reported record second quarter 2014 net operating earnings of $28.2 million, or $0.37 per diluted common share compared with $20.4 million, or $0.28 per diluted common share in the second quarter of 2013. In the second quarter of 2014, net income attributable to Maiden common shareholders was $25.8 million compared to net income attributable to Maiden common shareholders of $20.2 million in the second quarter of 2013.

Commenting on the Company’s results, Art Raschbaum, Chief Executive Officer of Maiden, said: “Maiden continued to realize strong disciplined growth across the platform in both the Diversified and AmTrust segments. Our underwriting portfolio continues to benefit significantly from organic growth of existing client relationships and select additions of new client relationships.

In the quarter, unrealized gains and net income boosted shareholders’ equity by over $79 million, an increase of 6.9%. Quarterly net operating income set a record at $28.2 million, reflecting growth in invested assets partially offset by a slightly higher combined ratio. Going forward, we are focused on enhancing underwriting performance and strengthening operating returns.”

Highlights for the quarter ended June 30, 2014

  • Annualized operating return on common equity of 13.0% compared to 9.7% in the second quarter of 2013;
  • Record net operating earnings of $28.2 million, or $0.37 per diluted common share compared with net operating earnings of $20.4 million, or $0.28 per diluted common share in the second quarter of 2013;
  • Net premiums written increased 8.6% to $540.9 million for the second quarter of 2014 compared to the same period last year; excluding the cancelled National General Holdings Quota Share, the underlying growth rate was 27.1%;
  • Combined ratio of 98.0% compared to 97.6% in the second quarter of 2013; and
  • Net investment income was $28.1 million, an increase of 35.5% compared to the second quarter of 2013.

Highlights for the six months ended June 30, 2014

  • Annualized operating return on common equity of 12.6% compared to 10.0% in the first six months of last year;
  • Record net operating earnings of $53.7 million, or $0.70 per diluted common share compared with $41.5 million, or $0.56 per diluted common share in the first six months of 2013;
  • Net premiums written increased 5.4% to $1.3 billion versus the same period last year; excluding the cancelled National General Holdings Quota Share, the underlying growth rate was 20.6%;
  • Combined ratio of 97.8% compared to 97.6% in the first six months of 2013;
  • Net investment income was $55.9 million, an increase of 31.0% compared to the first six months of 2013; and
  • Book value per common share of $12.46 increased 11.8% compared to December 31, 2013 reflecting increased market values of Maiden’s fixed income investment portfolio during the first half of 2014.
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