Bermuda-based Maiden Holdings, Ltd released its first quarter earnings last night reporting a net income of $20.4 million compared with $19.3 million in the first quarter of 2011.Net operating earnings for the first quarter of 2012 came in at $19.4 million compared to $19.8 million in the same period of 2011. Earnings per share in the first three months of the year were 27 cents, missing analysts’ expectations of 29 cents per share.“The first quarter was a solid start to the year for Maiden as we increased invested assets, generated continued profitable underwriting results, grew net premiums written and strengthened our capital base with a $100 million debt offering,” said Art Raschbaum, chief executive officer of Maiden Holdings.“We were also pleased with the effectiveness of our risk management, as losses from significant thunderstorms in the US were well within our provision for expected weather related losses in the quarter,” Mr Raschbaum added. “Maiden is well positioned to benefit from an improving pricing environment in the US through disciplined underwriting and a focus on serving the non-catastrophe needs of our regional and speciality insurer clients.”Maiden, which is focused on providing non-catastrophic, customised reinsurance products and services to small and mid-size insurance companies, wrote more business in the first quarter with net premiums up 31.4 percent or $141.3 million to $590.8 million compared to the same time period in 2011.During the first quarter of 2012, the reinsurer issued $100 million of 30-year eight percent senior notes. Total net proceeds from the offering were $96.6 million and are being used for working capital and general corporate purposes.Total assets increased 9.4 percent to $3.7 billion compared to $3.4 billion at year-end 2011. Total cash on hand at March 31, 2012, including the proceeds of the first quarter senior note issuance, was $273.8 million, comprised of cash and cash equivalents of $183.8 million, down 2.3 percent from the end of 2011, and restricted cash and cash equivalents of $90 million, a decrease of 21.7 percent versus year-end of 2011. Shareholders’ equity was $810.4 million, an increase of 5.4 percent compared to December 31, 2011.Book value per share was $11.22 at the end of the first quarter of 2012 or 5.5 percent higher than at December 31, 2011.During the first quarter of 2012, the board of directors declared a dividend of eight cents per share.