Maiden Holdings Reports Q4 Net Loss: $10.1M
Bermuda-based Maiden Holdings, Ltd. reported a fourth quarter 2012 net operating loss of $10.1 million, or $0.14 per diluted common share, compared with net operating income of $17.2 million, or $0.24 per diluted common share, in the comparative quarter in 2011.
The net loss totaled $10.3 million, or $0.14 per diluted common share, in the fourth quarter of 2012 compared with net income of $17.5 million, or $0.24 per diluted common share, in the fourth quarter of 2011.
The fourth quarter of 2012 includes estimated underwriting losses from Superstorm Sandy of $31.1 million, or $0.43 per diluted common share, net of applicable reinsurance and the Company’s quarterly provision for normalized catastrophe losses.
Commenting on the Company’s earnings, Art Raschbaum, Maiden Holdings CEO, said: “Notwithstanding the significant impact of Sandy, in the past year Maiden has grown premiums, enhanced its capital position with two long-term capital raises, improved operating efficiency and continued to develop new clients through its U.S., U.K. and Bermuda platforms.
“Delivering value to our shareholders and providing outstanding products and services for our clients remain the ultimate goals of Maiden’s lower volatility business model, as we support the non-catastrophe reinsurance needs of regional and specialty insurers. An improving pricing environment, efficient capital management and prudent investing will all contribute to the achievement of these ambitions in 2013.”
