Maiden Holdings Announce Q2 Financial Results
Bermuda-based Maiden Holdings, Ltd. reported a second quarter 2019 net loss attributable to Maiden common shareholders of $15.4 million or $0.19 per diluted common share, compared to a net loss attributable to Maiden common shareholders of $5.9 million or $0.07 per diluted common share in the second quarter of 2018. The non-GAAP operating loss was $22.0 million, or $0.27 per diluted common share compared with $18.5 million, or $0.22 per diluted common share in the second quarter of 2018.
Maiden’s book value per common share was $1.51 at June 30, 2019, an increase of 39.8% from December 31, 2018.
Lawrence F. Metz, Maiden’s President and Chief Executive Officer said, “Our balance sheet continued to stabilize in the second quarter and this improvement, combined with the strategic transactions announced on August 5, further advance Maiden’s recovery. While work remains to further reduce expenses and return to operating profitability, we continue to make steps toward the objective of building shareholder value.”
Patrick J. Haveron, Maiden’s Chief Financial Officer and Chief Operating Officer added, “We expect our solvency ratios to continue to improve throughout 2019 and beyond, reflecting the cumulative effect of the strategic measures we have implemented to materially strengthen our capital position. Restoring a very strong capital position remains our primary objective and we continue to evaluate how to further advance our progress.”
