Maiden Holdings profits rise
Maiden Holdings Ltd has reported net income for the third-quarter of $31.8 million. That is up on the $22.5 million recorded for the same period last year.
Art Raschbaum, CEO of Maiden, said: “Maiden continued to deliver strong results with a year over year improvement in our combined ratio, double-digit operating return on common equity, increased investment income, continued book growth in book value and disciplined growth from virtually all business activities, despite an increasingly challenging operating environment with intensifying competition, as well as growing loss cost volatility.”
He said that the boost came from both existing clients and new business won by the firm.
Gross premiums written for the quarter went up 12.5 per cent to $706.9 million, compared to the $628.5 million recorded in the same period last year.
Net investment income also went up 8.6 per cent to $35.7 million. The total net operating income also increased, up $4.4 million, to $30.2 million.