Ratings agency AM Best has maintained its rating of Bermuda-based Maiden Holdings after the company revealed it would be up to 15 days late in filing its annual report for last year.

AM Best said reinsurer Maiden’s long-term issuer credit rating of bbb and credit ratings assigned to its subsidiaries and securities would stay the same.

An AM Best report said: “Maiden’s management has stated that it does not expect the financial results that will be published in its 10-K to differ from those published in its February 27, 2017, news release.

“Additionally, the company’s auditor has not identified any material weaknesses in Maiden’s internal controls and management does not expect to disclose any such weaknesses in the 10-K filing.”

But the agency added: “In light of these statements, AM Best will continue to monitor the situation and will consider further action should the 10-K report differ materially from what is anticipated or should the filing be delayed further.

“AM Best also will review management’s action plan for ensuring the timeliness of future filings as part of its assessment of Maiden’s enterprise risk management framework and process.”

Maiden announced a fourth-quarter loss of nearly $75 million after taking a $120 million charge to strengthen reserves, predominantly in its commercial auto division.

Shares of Maiden plunged on Tuesday, but rebounded yesterday, gaining 3.9 per cent to close on $16.05.