Maiden Holdings’s profit dipped $5.2 million to $27.2 million during the first quarter.

However, the company saw its gross premiums written increase by 3.8 per cent, year-on-year, while its net operating earnings improved to $28.3 million, up from $26.6 million.

Art Raschbaum, chief executive officer of Maiden, said: “For the quarter, Maiden generated a 12.3 per cent operating return on common equity, with book value per common share increasing over 12 per cent versus year end 2015.

“While the reinsurance market remains highly competitive, Maiden continues to focus on disciplined organic growth with existing clients and implementation of new business initiatives in the US and Europe.

“In the quarter we benefited from continued strong investment income, profitable underwriting and lower expense relativities. Maiden’s gross premiums written grew by 3.6 per cent versus the first quarter of 2015 with continued prospects for disciplined growth for the balance of the year.”

Maiden’s gross premiums written for the quarter totalled $864.1 million.

The company’s quarterly net income equated to 35 cents per common share, missing analysts’ expectations of 37 cents per share.

Maiden Holdings shares closed at $12.23 yesterday, down seven cents, or 0.53 per cent.