Maiden Holdings Announces Q4 2014 Earnings
Bermuda-based Maiden Holdings, Ltd. reported record fourth quarter 2014 net operating earnings of $34.6 million, or $0.44 per diluted common share compared with $23.3 million, or $0.30 per diluted common share in the fourth quarter of 2013.
In the fourth quarter of 2014, net income attributable to Maiden common shareholders was $27.5 million compared to net income attributable to Maiden common shareholders of $20.8 million in the fourth quarter of 2013.
Commenting on the Company’s results, Art Raschbaum, Chief Executive Officer of Maiden, said, “In 2014 we continued to make solid progress driving record operating income and improving operating ROE, while increasing our active client count, expanding existing client relationships and growing our invested asset base.
“We are confident in our ability to further enhance our operating performance going forward. Importantly, our disciplined specialist focus on developing a low volatility underwriting portfolio while serving the reinsurance capital needs of regional and specialty insurers remains unchanged.”
Highlights for the quarter ended December 31, 2014
- Annualized operating return on common equity[1] of 15.1% compared to 11.3% in the fourth quarter of 2013;
- Net operating earnings[1] of $34.6 million, or $0.44 per diluted common share compared with net operating earnings of $23.3 million, or $0.30 per diluted common share in the fourth quarter of 2013;
- Net premiums written increased 35% to $601.9 million for the fourth quarter of 2014 compared to the same period last year;
- Combined ratio[10] of 98.6% compared to 97.3% in the fourth quarter of 2013;
- Record quarterly net investment income was $31.7 million, an increase of 25.1% compared to the fourth quarter of 2013; and
- Book value per common share[4] of $12.69 increased 2.9% versus September 30, 2014, reflecting retained earnings and increased market values of the fixed income investment portfolio during the fourth quarter of 2014.
Highlights for the year ended December 31, 2014
- Annualized operating return on common equity[1] of 13.6% compared to 10.5% in 2013;
- Record net operating earnings[1] of $117.7 million, or $1.53 per diluted common share compared with $87.5 million, or $1.18 per diluted common share in 2013;
- Net premiums written increased 17.3% to $2.5 billion versus $2.1 billion in 2013; excluding the cancelled National General Holdings Corporation ["NGHC"] Quota Share, the underlying growth rate was 27.3%;
- Combined ratio[10] of 98.0% compared to 97.5% in 2013;
- Record annual net investment income was $117.2 million, an increase of 28.3% compared to 2013; and
- Book value per common share[4] of $12.69 increased 13.9% compared to December 31, 2013 reflecting a significant contribution from earnings and the increased market values of the fixed income investment portfolio during the year.
