Bermuda-based re/insurer Maiden Holdings Ltd’s third-quarter profit rose as the company bettered analysts’ estimates.Maiden posted net income of $21.9 million, or 30 cents per diluted common share, compared with net income of $16 million, or 22 cents per share in the same period in 2011.The company’s operating earnings of $19.5 million, or 27 cents per share beat the 26 cents forecast of analysts tracked by Yahoo Finance.Maiden CEO Art Raschbaum said: “The quarter reflects solid performance with robust growth in book value and capitalisation, profitable underwriting results and continued expansion of our unique diversified underwriting portfolio.“Since year end 2011, Maiden’s total equity has grown by 34 percent to just over $1 billion. We believe that our strong capitalisation positions Maiden to benefit from continued improvements in the operating environment.”In the third quarter of 2012 net premiums written totalled $455.8 million, an increase of 6.4 percent compared to the third quarter of 2011.Net investment income of $21.6 million in the third quarter of 2012 increased 14.9 percent year over year. Total investments increased $590 million or 29.2 percent to $2.6 billion versus December 31, 2011.The average yield on the fixed income portfolio (excluding cash) is 3.42 percent with an average duration of 3.32 years.The third-quarter combined ratio — which reflects the proportion of premium dollars outlaid on claims and expenses — was 98.2 percent compared with 97.4 percent in the same period in 2011.Total assets increased 16.3 percent to $3.9 billion at the end of September, up from $3.4 billion at the end of last year.Total cash on hand at September 30, 2012, was $182.2 million, comprised of cash and cash equivalents of $66.9 million, down 64.4 percent from the end of 2011, and restricted cash and cash equivalents of $115.3 million, which is up 0.4 percent compared to the end of 2011.Shareholders’ equity was $1 billion, an increase of 33.7 percent compared to December 31, 2011. Book value per common share was $12.14 at the end of the third quarter of 2012 or 14.1 percent higher than at December 31, 2011.Maiden’s board of directors declared a dividend of eight cents per share.Net income for the first nine months of the year was $56.8 million compared to $11 million in the first three quarters of 2011.