Maiden Holdings Reports 2017 Q4 Net Loss
Bermuda-based Maiden Holdings reported a fourth quarter 2017 net loss attributable to Maiden common shareholders of $133.6 million or $1.59 per diluted common share compared to net loss attributable to Maiden common shareholders of $74.7 million or $0.87 per diluted common share in the fourth quarter of 2016.
“While we are disappointed with our results for the fourth quarter, we believe we have taken significant steps to strengthen our reserves for losses which will help to accelerate a return to profitability in 2018 and beyond,” said Art Raschbaum, Chief Executive Officer of Maiden.
“Our reserve actions in the fourth quarter reflect a more aggressive response to observed development in the quarter and throughout the year on the AmTrust Reinsurance segment as well as our Diversified segment.
“Despite these actions, Maiden’s inception to date AmTrust underwriting results remain profitable and with the exception of pre-2016 underwriting year commercial auto liability the balance of our U.S. Diversified segment historical portfolio and more recent underwriting years continue to perform profitably and within expectations.”
“Notwithstanding the reserve actions and re-underwriting processes that have been implemented, we are also actively engaged in efforts to develop and implement further initiatives and strategies aimed at strengthening shareholder value,” said Raschbaum. “We are committed to do whatever is necessary to deliver greater value for shareholders, customers, and employees.”
