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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Maiden Holdings Ltd | NASDAQ:MHLD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.04 | 1.98 | 2.18 | 0 | 12:12:18 |
Bermuda | 001-34042 | 98-0570192 | ||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||||||||
☒ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Common Shares, par value $0.01 per share | MHLD | NASDAQ Capital Market |
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD. |
Item 8.01 | Other Events. |
Item 9.01 | Financial Statements and Exhibits. |
Date: | May 9, 2023 | MAIDEN HOLDINGS, LTD. | |||||||||
By: | /s/ Lawrence F. Metz | ||||||||||
Lawrence F. Metz Executive Vice Chairman and Group President | |||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Investments: | ||||||||||||||
Fixed maturities, available-for-sale, at fair value (amortized cost 2023 - $327,339; 2022 - $330,439) | $ | 313,363 | $ | 314,527 | ||||||||||
Equity securities, at fair value | 45,266 | 43,621 | ||||||||||||
Equity method investments | 71,896 | 80,159 | ||||||||||||
Other investments | 146,323 | 148,753 | ||||||||||||
Total investments | 576,848 | 587,060 | ||||||||||||
Cash and cash equivalents | 24,194 | 30,986 | ||||||||||||
Restricted cash and cash equivalents | 17,167 | 15,638 | ||||||||||||
Accrued investment income | 5,433 | 4,122 | ||||||||||||
Reinsurance balances receivable, net | 10,406 | 10,707 | ||||||||||||
Reinsurance recoverable on unpaid losses | 552,513 | 556,116 | ||||||||||||
Loan to related party | 167,975 | 167,975 | ||||||||||||
Deferred commission and other acquisition expenses, net | 21,989 | 24,976 | ||||||||||||
Funds withheld receivable | 371,416 | 441,412 | ||||||||||||
Other assets | 8,140 | 7,874 | ||||||||||||
Total assets | $ | 1,756,081 | $ | 1,846,866 | ||||||||||
LIABILITIES | ||||||||||||||
Reserve for loss and loss adjustment expenses | $ | 1,071,623 | $ | 1,131,408 | ||||||||||
Unearned premiums | 58,789 | 67,081 | ||||||||||||
Deferred gain on retroactive reinsurance | 49,281 | 47,708 | ||||||||||||
Accrued expenses and other liabilities | 50,975 | 60,518 | ||||||||||||
Senior notes - principal amount | 262,500 | 262,500 | ||||||||||||
Less: unamortized debt issuance costs | 7,881 | 6,928 | ||||||||||||
Senior notes, net | 254,619 | 255,572 | ||||||||||||
Total liabilities | 1,485,287 | 1,562,287 | ||||||||||||
Commitments and Contingencies | ||||||||||||||
EQUITY | ||||||||||||||
Common shares | 1,496 | 1,492 | ||||||||||||
Additional paid-in capital | 885,125 | 884,259 | ||||||||||||
Accumulated other comprehensive loss | (38,760) | (41,234) | ||||||||||||
Accumulated deficit | (459,704) | (442,863) | ||||||||||||
Treasury shares, at cost | (117,363) | (117,075) | ||||||||||||
Total Equity | 270,794 | 284,579 | ||||||||||||
Total Liabilities and Equity | $ | 1,756,081 | $ | 1,846,866 | ||||||||||
Book value per common share(1) | $ | 2.66 | $ | 2.80 | ||||||||||
Common shares outstanding | 101,763,727 | 101,532,151 |
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Revenues: | ||||||||||||||
Gross premiums written | $ | 836 | $ | (10,170) | ||||||||||
Net premiums written | $ | 760 | $ | (10,323) | ||||||||||
Change in unearned premiums | 8,242 | 11,445 | ||||||||||||
Net premiums earned | 9,002 | 1,122 | ||||||||||||
Other insurance (expense) revenue, net | (59) | 51 | ||||||||||||
Net investment income | 9,545 | 6,567 | ||||||||||||
Net realized and unrealized investment gains | 1,005 | 2,309 | ||||||||||||
Total revenues | 19,493 | 10,049 | ||||||||||||
Expenses: | ||||||||||||||
Net loss and loss adjustment expenses | 9,815 | (2,283) | ||||||||||||
Commission and other acquisition expenses | 4,235 | 2,528 | ||||||||||||
General and administrative expenses | 10,108 | 10,886 | ||||||||||||
Total expenses | 24,158 | 11,131 | ||||||||||||
Other expenses | ||||||||||||||
Interest and amortization expenses | 3,824 | 4,832 | ||||||||||||
Foreign exchange and other losses (gains) | 2,816 | (3,949) | ||||||||||||
Total other expenses | 6,640 | 883 | ||||||||||||
Loss before income taxes | (11,305) | (1,965) | ||||||||||||
Less: Income tax (benefit) expense | (28) | 1,255 | ||||||||||||
Interest in (loss) income of equity method investments | (51) | 1,271 | ||||||||||||
Net loss | (11,328) | (1,949) | ||||||||||||
Gain from repurchase of preference shares | — | 3,543 | ||||||||||||
Net (loss) income (attributable) available to Maiden common shareholders | $ | (11,328) | $ | 1,594 | ||||||||||
Basic and diluted (loss) earnings per share (attributable) available to Maiden common shareholders | $ | (0.11) | $ | 0.02 | ||||||||||
Annualized return on average common equity | (16.5) | % | 2.9 | % | ||||||||||
Weighted average number of common shares - basic | 101,552,364 | 86,547,173 | ||||||||||||
Adjusted weighted average number of common shares and assumed conversions - diluted | 101,552,364 | 86,550,815 |
For the Three Months Ended March 31, 2023 | Diversified Reinsurance | AmTrust Reinsurance | Total | |||||||||||||||||
Gross premiums written | $ | 6,849 | $ | (6,013) | $ | 836 | ||||||||||||||
Net premiums written | $ | 6,773 | $ | (6,013) | $ | 760 | ||||||||||||||
Net premiums earned | $ | 7,471 | $ | 1,531 | $ | 9,002 | ||||||||||||||
Other insurance expense, net | (59) | — | (59) | |||||||||||||||||
Net loss and loss adjustment expenses ("loss and LAE") | (3,156) | (6,659) | (9,815) | |||||||||||||||||
Commission and other acquisition expenses | (3,656) | (579) | (4,235) | |||||||||||||||||
General and administrative expenses(3) | (2,589) | (557) | (3,146) | |||||||||||||||||
Underwriting loss (4) | $ | (1,989) | $ | (6,264) | (8,253) | |||||||||||||||
Reconciliation to net loss | ||||||||||||||||||||
Net investment income and net realized and unrealized investment gains | 10,550 | |||||||||||||||||||
Interest and amortization expenses | (3,824) | |||||||||||||||||||
Foreign exchange and other losses, net | (2,816) | |||||||||||||||||||
Other general and administrative expenses(3) | (6,962) | |||||||||||||||||||
Income tax benefit | 28 | |||||||||||||||||||
Interest in loss of equity method investments | (51) | |||||||||||||||||||
Net loss | $ | (11,328) | ||||||||||||||||||
For the Three Months Ended March 31, 2022 | Diversified Reinsurance | AmTrust Reinsurance | Total | |||||||||||||||||
Gross premiums written | $ | 4,736 | $ | (14,906) | $ | (10,170) | ||||||||||||||
Net premiums written | $ | 4,583 | $ | (14,906) | $ | (10,323) | ||||||||||||||
Net premiums earned | $ | 5,955 | $ | (4,833) | $ | 1,122 | ||||||||||||||
Other insurance revenue | 51 | — | 51 | |||||||||||||||||
Net loss and LAE | 1,360 | 923 | 2,283 | |||||||||||||||||
Commission and other acquisition expenses | (3,771) | 1,243 | (2,528) | |||||||||||||||||
General and administrative expenses(3) | (2,098) | (485) | (2,583) | |||||||||||||||||
Underwriting income (loss)(4) | $ | 1,497 | $ | (3,152) | (1,655) | |||||||||||||||
Reconciliation to net loss | ||||||||||||||||||||
Net investment income and net realized and unrealized investment gains | 8,876 | |||||||||||||||||||
Interest and amortization expenses | (4,832) | |||||||||||||||||||
Foreign exchange and other gains, net | 3,949 | |||||||||||||||||||
Other general and administrative expenses(3) | (8,303) | |||||||||||||||||||
Income tax expense | (1,255) | |||||||||||||||||||
Interest in income of equity method investments | 1,271 | |||||||||||||||||||
Net loss | $ | (1,949) | ||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Non-GAAP operating loss(5) | $ | (7,893) | $ | (6,935) | ||||||||||
Non-GAAP basic and diluted operating loss per common share attributable to Maiden common shareholders(5) | $ | (0.08) | $ | (0.08) | ||||||||||
Annualized non-GAAP operating return on average adjusted common equity(6) | (9.9) | % | (10.5) | % | ||||||||||
Reconciliation of net (loss) income (attributable) available to Maiden common shareholders to non-GAAP operating loss: | ||||||||||||||
Net (loss) income (attributable) available to Maiden common shareholders | $ | (11,328) | $ | 1,594 | ||||||||||
Add (subtract): | ||||||||||||||
Net realized and unrealized investment gains | (1,005) | (2,309) | ||||||||||||
Foreign exchange and other losses (gains) | 2,816 | (3,949) | ||||||||||||
Interest in loss (income) of equity method investments | 51 | (1,271) | ||||||||||||
Change in deferred gain on retroactive reinsurance under the LPT/ADC Agreement | 1,573 | (1,000) | ||||||||||||
Non-GAAP operating loss (5) | $ | (7,893) | $ | (6,935) | ||||||||||
Weighted average number of common shares - basic and diluted | 101,552,364 | 86,547,173 | ||||||||||||
Reconciliation of diluted (loss) earnings per share (attributable) available to Maiden common shareholders to non-GAAP diluted operating loss per share available to Maiden common shareholders: | ||||||||||||||
Diluted (loss) earnings per share (attributable) available to common shareholders | $ | (0.11) | $ | 0.02 | ||||||||||
Add (subtract): | ||||||||||||||
Net realized and unrealized investment gains | (0.01) | (0.03) | ||||||||||||
Foreign exchange and other losses (gains) | 0.03 | (0.05) | ||||||||||||
Interest in loss (income) of equity method investments | — | (0.01) | ||||||||||||
Change in deferred gain on retroactive reinsurance under the LPT/ADC Agreement | 0.01 | (0.01) | ||||||||||||
Non-GAAP diluted operating loss per share attributable to common shareholders | $ | (0.08) | $ | (0.08) | ||||||||||
Non-GAAP Underwriting Results and Non-GAAP Net Loss and LAE | ||||||||||||||
Gross premiums written | $ | 836 | $ | (10,170) | ||||||||||
Net premiums written | $ | 760 | $ | (10,323) | ||||||||||
Net premiums earned | $ | 9,002 | $ | 1,122 | ||||||||||
Other insurance (expense) revenue, net | (59) | 51 | ||||||||||||
Non-GAAP net loss and LAE(9) | (8,242) | 1,283 | ||||||||||||
Commission and other acquisition expenses | (4,235) | (2,528) | ||||||||||||
General and administrative expenses(3) | (3,146) | (2,583) | ||||||||||||
Non-GAAP underwriting loss(9) | $ | (6,680) | $ | (2,655) | ||||||||||
Net loss and LAE | $ | 9,815 | $ | (2,283) | ||||||||||
Less: change in deferred gain on retroactive reinsurance under the LPT/ADC Agreement | 1,573 | (1,000) | ||||||||||||
Non-GAAP net loss and LAE(9) | $ | 8,242 | $ | (1,283) |
March 31, 2023 | December 31, 2022 | ||||||||||
Investable assets: | |||||||||||
Total investments | $ | 576,848 | $ | 587,060 | |||||||
Cash and cash equivalents | 24,194 | 30,986 | |||||||||
Restricted cash and cash equivalents | 17,167 | 15,638 | |||||||||
Loan to related party | 167,975 | 167,975 | |||||||||
Funds withheld receivable | 371,416 | 441,412 | |||||||||
Total investable assets(7) | $ | 1,157,600 | $ | 1,243,071 | |||||||
Capital: | |||||||||||
Total shareholders' equity | $ | 270,794 | $ | 284,579 | |||||||
2016 Senior Notes | 110,000 | 110,000 | |||||||||
2013 Senior Notes | 152,500 | 152,500 | |||||||||
Total capital resources(8) | $ | 533,294 | $ | 547,079 | |||||||
Reconciliation of total shareholders' equity to adjusted shareholders' equity: | |||||||||||
Total Shareholders’ Equity | $ | 270,794 | $ | 284,579 | |||||||
Unamortized deferred gain on LPT/ADC Agreement | 46,981 | 45,408 | |||||||||
Adjusted shareholders' equity(2) | $ | 317,775 | $ | 329,987 | |||||||
Reconciliation of book value per common share to adjusted book value per common share: | |||||||||||
Book value per common share | $ | 2.66 | $ | 2.80 | |||||||
Unamortized deferred gain on LPT/ADC Agreement | 0.46 | 0.45 | |||||||||
Adjusted book value per common share(2) | $ | 3.12 | $ | 3.25 |
(1) Book value per common share is calculated using shareholders’ equity divided by the number of common shares outstanding. Management uses growth in this metric as a prime measure of the value we are generating for our common shareholders, because management believes that growth in this metric ultimately results in growth in the Company’s common share price. This metric is impacted by the Company’s net income and external factors, such as interest rates, which can drive changes in unrealized gains or losses on our investment portfolio, as well as share repurchases. | ||
(2) Adjusted Total Shareholders' Equity and Adjusted Book Value per Common Share: Management has adjusted GAAP shareholders' equity by adding the unamortized deferred gain on retroactive reinsurance arising from the LPT/ADC Agreement. As a result, by virtue of this adjustment, management has also computed the Adjusted Book Value per Common Share. The deferred gain on retroactive reinsurance represents amounts estimated to be fully recoverable from Cavello and management believes adjusting for this shows the ultimate economic benefit of the LPT/ADC Agreement. We believe reflecting this economic benefit is helpful to understand future trends in our operations, which will improve the Company's shareholders' equity over the settlement period. | ||
(3) Underwriting related general and administrative expenses is a non-GAAP measure and includes expenses which are segregated for analytical purposes as a component of underwriting income (loss). | ||
(4) Underwriting income or loss is a non-GAAP measure and is calculated as net premiums earned plus other insurance revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. For purposes of these non-GAAP operating measures, the fee-generating business, which is included in our Diversified Reinsurance segment, is considered part of the underwriting operations of the Company. Management believes that this measure is important in evaluating the underwriting performance of the Company and its segments. This measure is also a useful tool to measure the profitability of the Company separately from the investment results and is also a widely used performance indicator in the insurance industry. | ||
(5) Non-GAAP operating earnings (loss) and non-GAAP basic and diluted operating earnings (loss) per common share are non-GAAP financial measure defined by the Company as net income (loss) excluding realized investment gains and losses, foreign exchange and other gains and losses, interest in income (loss) of equity method investment, and (favorable) adverse prior year loss development subject to LPT/ADC Agreement and should not be considered as an alternative to net income (loss). The Company's management believes that the use of non-GAAP operating earnings (loss) and non-GAAP diluted operating earnings (loss) per common share enables investors and other users of the Company’s financial information to analyze its performance in a manner similar to how management analyzes performance. Management also believes that these measures generally follow industry practice therefore allowing the users of financial information to compare the Company’s performance with its industry peer group, and that the equity analysts and certain rating agencies which follow the Company, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. Non-GAAP operating earnings should not be viewed as a substitute for U.S. GAAP net income. | ||
(6) Non-GAAP operating return on average adjusted shareholders' equity is a non-GAAP financial measure. Management uses non-GAAP operating return on average adjusted shareholders' equity as a measure of profitability that focuses on the return to common shareholders. It is calculated using non-GAAP operating earnings divided by average adjusted shareholders' equity adjusted for the deferred gain on LPT/ADC Agreement. | ||
(7) Investable assets are the total of the Company's investments, cash and cash equivalents, loan to a related party and funds withheld receivable. | ||
(8) Total capital resources are the sum of the Company's principal amount of debt and shareholders' equity. | ||
(9) Non-GAAP net loss and LAE and Non-GAAP underwriting income (loss): Management has further adjusted the net loss and LAE and underwriting income (loss) (as defined above) by recognizing into income the (favorable) adverse prior year loss development subject to LPT/ADC Agreement relating to losses subject to that agreement. The deferred gain represents amounts estimated to be fully recoverable from Cavello and management believes adjusting for this shows the ultimate economic benefit of the LPT/ADC Agreement on Maiden's underwriting income (loss). Management believes reflecting the economic benefit of this retroactive reinsurance agreement is helpful for understanding future trends in our operations. | ||
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