Bermuda-based Maiden Holdings reported $14.5 million net income for the second quarter of 2012 compared to a net loss of $24.4 million during the same period last year.The company recorded net operating earnings of $19.7 million compared with $11.2 million in the corresponding quarter in 2011.Earnings per share for the second quarter were 27 cents, missing analysts' expectations of 29 cents per share.“The first half of 2012 further validates Maiden's lower volatility business model, as we continue to support the non-catastrophe reinsurance needs of regional and speciality insurers,” said Art Raschbaum, CEO of Maiden Holdings.“Prudent risk selection benefited our results, which were not adversely impacted by the widespread severe weather activity in the US and Europe during the second quarter. Investment income increased along with growth in our invested assets as we found opportunities to put cash to work without significantly extending duration or dampening the high credit quality of our investment portfolio.“On the underwriting side, we are receiving indications from clients of rate increases in lines of business such as workers' compensation, personal auto, commercial auto and homeowners. As anticipated, premium growth has moderated, largely reflecting the impact of a non-recurring unearned premium transfer in the second quarter of 2011 and historical seasonality, but our year to date written premium growth remains robust.”Maiden, which is focused on providing non-catastrophic, customised reinsurance products and services to small and mid-size insurance companies, wrote less business during the quarter with net premiums written decreasing 5.7 percent to $412 million versus the same period last year. Though, excluding a one-time $45.9 million unearned premium transfer in the second quarter of 2011, net premiums written increased 5.4 percent.Maiden's combined ratio for the quarter is listed at 97.9 percent compared to 99.8 percent in the second quarter of 2011.Total assets increased 10.5 percent to $3.8 billion compared to $3.4 billion at year-end 2011.The company's book value per share was $11.41, up 7.2 percent versus year-end 2011 and up 1.7 percent versus March 31, 2012.