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Maiden posts $25m first-quarter profit

Bermuda-based re/insurer Maiden Holdings Ltd last night reported better than expected earnings for its first quarter.

The company posted a net income of $25.0 million, or $0.34 per diluted common share, compared with net income of $20.4 million, or $0.28 cents per share in the same period in 2012.

Maiden’s operating income of $21.1 million, or $0.29 per share narrowly beat the $0.27 estimate of the six analysts tracked by Yahoo Finance. The company reported a net operating income of $19.4 million or $0.27 per share in the first quarter of 2012.

Commenting on the Company's earnings, Art Raschbaum, president and chief executive officer of Maiden, said, "Strong first quarter results reflect the favourable impact of 2012 underwriting actions, continued strengthening of investment earnings and robust revenue growth, from the AmTrust segment in particular, driven by the continued improvement in the primary insurer pricing environment in the US and select global markets.

“We remain focused on maintaining disciplined underwriting, reducing exposure to volatility, and delivering significant value to our regional and specialty insurer clients," Mr Raschbaum said.

The company wrote more business in the first quarter of this year than in the same period last year with net premiums written increasing 16.6 percent to $689.1 million.

The first-quarter combined ratio — which reflects the proportion of premium dollars outlaid on claims and expenses — was 97.5 percent compared with 97.9 percent in the same period in 2012.

Net investment income increased 19.2 percent to $22.0 million compared to the first quarter of 2012. Total investments increased 19.6 percent to $2.6 billion versus March 31, 2012.

Total assets increased 6.7 percent to $4.4 billion at March 31, 2013 compared to $4.1 billion at year-end 2012. Shareholders' equity was $1.03 billion, an increase of 1.1 percent compared to December 31, 2012. During the first quarter of 2013, the Board of Directors declared a dividend of $0.09 per share.

Book value per common share was $12.10 at the end of the first quarter of 2013 or 1.2 percent higher than at December 31, 2012.

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Published May 09, 2013 at 9:00 am (Updated May 08, 2013 at 7:35 pm)

Maiden posts $25m first-quarter profit

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