Maiden Holdings 2015 Q3 Net Income: $22.5M
Bermuda-based Maiden Holdings reported third quarter 2015 net operating earnings of $25.8 million compared with $29.3 million in the third quarter of 2014. Net income attributable to Maiden common shareholders in the third quarter of 2015 was $22.5 million compared to net income attributable to Maiden common shareholders of $27.8 million in the third quarter of 2014.
Commenting on the Company’s results, Art Raschbaum, Chief Executive Officer of Maiden, said: “Maiden continues to generate solid earnings and double digit operating returns despite a challenging operating environment. Importantly, we continue to enjoy growth in invested assets and strong year-on-year growth in investment income.
“While comparative year-on-year earnings and underwriting results have been impacted by adverse commercial auto experience in the Diversified Reinsurance segment, we are confident that we are effectively responding to these issues. While these actions have adversely impacted revenue in the quarter, we remain confident in our ability to expand our Diversified Reinsurance segment in the U.S., with continued growth from existing clients and a strong flow of year-end opportunities.
“In Europe, we expect the recently announced branded automotive OEM solutions partnership with Allianz to drive growth in the Diversified Reinsurance segment, along with additional Solvency II related initiatives. Our AmTrust segment continues to benefit from strong business growth and strong underwriting performance.”
Highlights for the quarter ended September 30, 2015
- Net operating earningsof $25.8 million, or $0.34 per diluted common share compared with net operating earnings of $29.3 million, or $0.38 per diluted common share in the third quarter of 2014;
- Annualized operating return on common equity[1] of 11.3% compared to 12.9% in the third quarter of 2014;
- Net income attributable to Maiden common shareholders of $22.5 million or $0.30 per diluted common share compared with net income of $27.8 million, or $0.36 per diluted common share in the third quarter of 2014;
- Gross premiums written increased 0.9% to $628.5 million compared to the third quarter of 2014;
- Net premiums written decreased 1.0% to $599.2 million compared to the third quarter of 2014;
- Combined ratio of 99.6 % compared to 97.8% in the third quarter of 2014;
- Net investment income was $32.8 million, an increase of 11.3% compared to the third quarter of 2014; and
- Book value per common share of $12.28 at September 30, 2015 decreased 3.2% versus December 31, 2014
Highlights for the nine months ended September 30, 2015
- Net operating earnings of $80.8 million, or $1.05 per diluted common share compared with net operating earnings of $83.1 million, or $1.09 per diluted common share in the first nine months of 2014;
- Annualized operating return on common equity[1] of 11.8% compared to 13.0% in the first three quarters 2014;
- Net income attributable to Maiden common shareholders of $75.4 million or $0.99 per diluted common share compared with $49.5 million, or $0.67 per diluted common share in the first nine months of 2014;
- Gross premiums written increased 12.2% to $2.1 billion compared to the first three quarters of 2014;
- Net premiums written increased 9.1% to $2.0 billion in the first nine months of 2015 compared to the same period last year;
- Combined ratio of 99.1% compared to 97.8% in the first nine months of 2014; and
- Net investment income was $96.3 million, an increase of 12.6% compared to the first three quarters of 2014.
