Reinsurance firm Maiden Holdings has reported a profit of $22.5 million, or 30 cents per common share, for the third quarter.

That is down from the $27.8 million made during the same period in 2014.

However, Art Raschbaum, chief executive officer, said: “Maiden continues to generate solid earnings and double digit operating returns despite a challenging operating environment. Importantly, we continue to enjoy growth in invested assets and strong year-on-year growth in investment income.”

Maiden’s operating earnings were $25.8 million, compared with $29.3 million during the same period in 2014, while annualised operating return on common equity was 11.3 per cent, down 1.6 per cent.

“While comparative year-on-year earnings and underwriting results have been impacted by adverse commercial auto experience in the diversified reinsurance segment, we are confident that we are effectively responding to these issues,” said Mr Raschbaum.

“While these actions have adversely impacted revenue in the quarter, we remain confident in our ability to expand our diversified reinsurance segment in the US, with continued growth from existing clients and a strong flow of year-end opportunities.

“In Europe, we expect the recently announced branded automotive OEM solutions partnership with Allianz to drive growth in the diversified reinsurance segment, along with additional Solvency II related initiatives. Our AmTrust segment continues to benefit from strong business growth and strong underwriting performance.” Maiden’s book value per common share at the end of September was $12.28, a decrease of 3.2 per cent since the start of the year.

During the third quarter the company increased gross premiums written 0.9 per cent to $628.5 million.