Maiden Holdings reports $9.2m profit

Maiden Holdings Ltd has achieved a second consecutive quarterly profit as losses stabilised and it regained compliance with Nasdaq listings regulations.

The Bermudian-based company with insurance subsidiaries providing specialty reinsurance, has reported net income of $9.2 million, or 11 cents per diluted share, for the second quarter. That compares to a net loss of $15.4 million, or 19 cents per share, a year ago.

The book value per common share was 78 cents at the end of June, compared to 51 cents at the end of December.

Lawrence 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 stabilise 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.”

Maiden’s non-GAAP operating earnings were $1.2 million, or one cent per common share, for the quarter, compared to an operating loss of $21.3 million, or 26 cents per share, for the same period last year.

Patrick Haveron, Maiden’s co-CEO and chief financial officer, said: “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 realised 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.”

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Published Aug 17, 2020 at 8:00 am (Updated Aug 17, 2020 at 6:54 am)

Maiden Holdings reports $9.2m profit

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