Maiden Holdings Announce Q2 Financial Results
Maiden Holdings, Ltd. reported second quarter 2020 net income of $9.2 million or $0.11 per diluted common share, compared to a net loss of $15.4 million or $0.19 per diluted common share in the second quarter of 2019.
Non-GAAP operating earnings were $1.2 million or $0.01 per diluted common share for the second quarter of 2020, compared to a non-GAAP operating loss of $21.3 million or $0.26 per diluted common share for the same period in 2019.
Maiden’s book value per common share was $0.78 at June 30, 2020 compared to $0.51 at December 31, 2019. On a non-GAAP basis, adjusted for the unamortized deferred gain on retroactive reinsurance recognized as of June 30, 2020 of $111.5 million, the Company’s adjusted book value per common share was $2.09 at June 30, 2020.
Commenting on the second quarter of 2020 financial results, Lawrence F. Metz, Maiden’s President and Co-Chief Executive Officer said, “We are pleased to report our second consecutive profitable quarter, during which loss experience continued to stabilize and we regained compliance with Nasdaq listing rules.
“As we increase our emphasis on asset and capital management, we are also remaining vigilant in managing our operating expenses to ensure that we are positioned for further increases in Maiden’s profitability. The impacts of COVID-19 pandemic on our operations have been immaterial as expected.”
Patrick J. Haveron, Maiden’s Co-Chief Executive Officer and Chief Financial Officer added, “Our book value recovered sharply in the second quarter as we reported another profit and asset prices recovered quickly from the volatility experienced at the end of the first quarter due to the COVID-19 pandemic.
“Once again in the quarter we were able to capture realized investment gains in conjunction with expected settlement of our run-off insurance liabilities. While the ultimate loss development of our run-off portfolio still requires further maturity to fully emerge, the continuation of more recent stable loss development trends have been encouraging, although there is no guarantee these trends will persist.
“We are actively evaluating the strategic options available to us in order to deploy our assets and capital to further increase Maiden’s value to all shareholders.”
