Maiden profits rise 14% – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Maiden profits rise 14%

Bermuda-based reinsurer Maiden Holdings Ltd saw full-year profits rise by more than 14 percent to nearly $70 million last year, the company reported last night.

Maiden said fourth-quarter profits were also up by 14.4 percent, year on year, to $19.1 million. Earnings per share of 24 cents exceeded the expectations of analysts polled by Bloomberg by a cent.

The company, which acquired GMAC International Insurance Services last November, said gross premiums written rose significantly to $1.3 billion in 2010, compared to $1.05 billion the year before.

“The Maiden team once again delivered solid results for our shareholders even in the face of the continued challenging underwriting and investment landscape,” said Art Raschbaum, Maiden's president and chief executive officer.

“During the year, we continued to benefit from the stability of our strong, non-catastrophe oriented client value proposition, disciplined underwriting philosophy, and growth tied to our long-term strategic relationships.

“Our November acquisition of the GMAC International Insurance Services platform provides us with a strong entry point to the international market and we are confident in our ability to leverage this unique platform to drive additional growth in 2011 and beyond.

“These factors, in addition to our continued commitment to maintaining a strong, efficient balance sheet and disciplined approach to investing, solidly position Maiden to continue to deliver long-term value for our shareholders.”

Shareholders' equity of $750.2 million rose 10.9 percent from year-end 2009 and book value per share increased 8.1 percent to $10.40 from $9.62 12 months earlier.

Maiden's full-year combined ratio - the number of premium dollars spent on claims and expenses - was 96.9 percent in 2010, compared with 95.9 percent in 2009. The combined ratio for the fourth quarter was 97.3 percent compared to 95.5 percent in the same period a year earlier.

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

Published March 02, 2011 at 9:21 am (Updated March 02, 2011 at 9:20 am)

Maiden profits rise 14%

What you
Need to
Know
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