Maiden posts record $117.7m profit
Bermuda-based Maiden Holdings notched up profits of $34.6 million for the last quarter of 2014, the firm reported yesterday.
The figure is more than $11 million up on the same period in 2013 and represents 44 cents per diluted common share compared to 30 cents for the last quarter of the previous year.
The quarter’s figures pushed the annual profit to a record $117.7 million, equivalent to $1.53 per diluted common share, compared to $87.5 million, of $1.18 per diluted common share in 2013.
Maiden also saw record quarterly net investment income of $31.7 million — an increase of more than 25 per cent on the last three months of 2013.
That pushed the year’s investment income figures to a record $117.2 million, an increase of 28.3 per cent compared the last quarter of the year before.
Maiden CEO Art Raschbaum said: “In 2014 we continued to make solid progress driving record operating income and improving operating return on equity, while increasing our active client count, expanding existing client relationships and growing our invested asset base.”
He added: “We are confident in our ability to further enhance our operating performance going forward.
“Importantly, our disciplined specialist focus on developing a low volatility underwriting portfolio while serving the reinsurance capital needs of regional and specialty insurers remains unchanged.”
The fourth quarter of 2015 also saw net premiums written of nearly $602 million — up 35 per cent on the same time frame in 2013.
But the diversified reinsurance segment’s premiums levels fell 3.4 per cent to $168.4 million.
The financial report said the fall was due to “one-time increases experienced in Europe due to promotional offers in the comparative period in 2013”.
The AmTrust Reinsurance arm saw net premiums increase by 57.7 per cent to $433.5 million compared to the fourth quarter in 2013.
Maiden attributed that to continued rate increases in lines of business like workers’ compensation, as well as new business from the Tower Group renewal rights transaction.
Net premiums written for the full 2014 year hit $2.5 billion, up 17.3 per cent on the $2.1 billion recorded for 2013.
Excluding the cancelled National General Holding Corporation quota share, the firm said the underlying growth rate was 27.3 per cent.
AC wi-fi was not ‘gifted’, says Rabain
Cocaine trafficker jailed for 11 years
Gaming expert warns of ‘recipe for disaster’
It’s electric! No gas required
MPs to discuss Bermuda Day move
Music lover Brown dies, aged 86
House: businesses to fund rebuilding work
House: waterfront dispute to ‘end’
Take Our Poll