Maiden Holdings Ltd. posted net income of $16.7 million for the fourth quarter of 2009 following the successful integration of two of its operating platforms.

The insurer saw profits rise to $61.1 million, or 87 cents per share during 2009, while net operating earnings reached $64.9 million, or 93 cents per share, over the same period.

Net operating earnings were $17.6 million or 25 cents per share during the fourth quarter, and shareholders' equity were up 32.7 percent, at $676.5 million for the year, with a year-end 2009 book value of $9.62 per share versus $8.70 at year-end 2008.

Net written premiums stood at $234.1 million for the quarter compared to $340.5 million in 2008, and totalled $1 billion for 2009, and net investment income rose 30.3 percent from $12.9 million in the fourth quarter of 2008 to $16.8 million in 2009.

The company's total investable assets totalled $2.1 billion at year end with total investments of $1.7 billion and income from operations amounted to $28.8 million for the quarter and $101 million for 2009.

Annualised return on equity was 9.9 percent and operating return on equity was 10.4 percent, with a combined ratio of 95.5 percent for the quarter compared to 97.2 percent a year earlier.

"I'm very proud of how well the team came together this year to deliver for our clients and shareholders," said Art Raschbaum, president and CEO of Maiden Holdings Ltd.

"Our fourth quarter and full-year results reflect our intense effort as we integrated two operating platforms while maintaining a strong, non-catastrophe, client value proposition as well as our underwriting and pricing discipline even in the face of challenging market conditions.

"The January renewal season provided additional confirmation of the value of our business model as we achieved our client retention target of 85 percent or better. These results, in addition to our newly consummated relationship with American Capital Acquisition Corporation, solidly position us in the face of competitive pressures and a continued low yield environment."

Income from operations totalled $28.8 million in the fourth quarter and increased $6.5 million or 29.4 percent from $22.3 million in the fourth quarter of 2008.