Log In

Reset Password

Maiden Holdings net income improves to $71.7m

Bermudian-based Maiden Holdings Ltd has reported first quarter net income of $71.7 million, or 83 cents per common share.

That compares to a profit of $20.9 million in the first quarter of 2020.

LawrenceMetz, president and co-chief executive officer of Maiden, said: "We have begun 2021 in a very positive fashion, as continued operating profitability and active capital management produced a strong first quarter result.

“Like the fourth quarter, continued favourable loss development trends during the quarter and positive investment results from our evolving alternative investment portfolio resulted in positive operating performance.

“After a successful partial tender offer of our preference shares in the fourth quarter of 2020, the strong increase in book value at March 31, 2021 was primarily the result of the repurchase of $165.4 million in preference shares during the first quarter. We continue to make progress in developing attractive opportunities in our Genesis Legacy Solutions unit and we anticipate our first transactions via Genesis soon."

Patrick J Haveron, chief financial officer and co-chief executive officer, added: "We continue to make strides in building common shareholder value through our active capital management strategy which we continue to deploy, and our board has continued to support with its renewed preference share repurchase authorisation.

“Several of the investments made in 2020 are already producing attractive returns which are benefiting shareholders currently, and the pipeline of actionable investment opportunities continues to be robust. We have invested in a diverse range of asset classes so far in 2021 which we believe will produce both current income and gains in future periods and create long-term value for our shareholders.

“The run-off of our insurance liabilities is consistent with our expectations and the first quarter again produced overall favourable development, further supporting our ability to extend our capital management pillar.

“As we have previously noted building risk-adjusted investment income and gains to enable Maiden to utilise its potentially significant tax assets is a key objective to creating additional shareholder value."

Maiden Holdings: reports first quarter net income available to common shareholders of $71.7 million

You must be Registered or to post comment or to vote.

Published May 12, 2021 at 5:30 pm (Updated May 12, 2021 at 5:31 pm)

Maiden Holdings net income improves to $71.7m

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon