Maiden Holdings reports favourable revenue trends
Reinsurance firm Maiden Holdings has posted profits of $20.5 million for the second quarter of the year.
Equivalent to 27 cents per share, the figure is down $5.3 million from the $25.8 million reported for the same period last year (34 cents per share).
However, net investment income for the three-month period jumped by more than a quarter to $35.2 million compared to the second quarter of 2014.
And gross premiums written rose by 20.4 per cent to $674.2 million over the same period.
Second quarter dividends declared by the board of directors amounted to 13 cents per common share.
Maiden CEO Art Raschbaum said the firm had benefited from “significantly increased” investment income.
He added: “We continue to realise favourable revenue trends reflecting growth in the AmTrust segment influenced by organic growth and the Tower acquisition.
“In our diversified segment, revenue in the quarter was negatively impacted by client merger and acquisition activity, but business development, particularly in our international areas, is very strong.”
And he predicted: “Newly-won and developing accounts are expected to drive growth in the latter part of the year and into 2016.”
Mr Raschbaum said the second quarter figures had also been affected by adverse excess of loss commercial auto claims development.
But he added: “We believe that we have responded swiftly in taking appropriate actions from an underwriting, claims and actuarial perspective.
“We remain confident in our ability to strengthen earnings and enhance return while continuing to build our unique and highly differentiated businesses.”
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