Maiden Holdings book Q3 loss of $3.1 million – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Maiden Holdings posts Q3 loss of $3.1 million

Bermuda-based Maiden Holdings Ltd has reported a third-quarter net loss of $3.1 million.

That compares with $2.2 million net income for the same period in 2020.

The company’s third-quarter net income available to common shareholders of $2.9 million was bolstered by a gain from the repurchase of preference shares of $6 million.

Maiden reported an underwriting loss of $3.6 million in the quarter compared with underwriting income of $3.4 million in the same period in 2020.

The company said that the deterioration in underwriting loss owed largely to favourable prior-year loss development of $5.4 million in the third quarter compared with favourable prior-year loss development of $7.2 million during the same period in 2020 primarily related to the quota-share reinsurance agreements with AmTrust Financial Services Inc or the AmTrust Reinsurance segment.

This was partially offset by an underwriting loss of $9 million in the third quarter on a current accident year basis compared with an underwriting loss of $3.8 million for the same period in 2020 on a current accident year basis because of higher loss ratios and higher general and administrative expenses, many of which will be non-recurring.

The company reported interest in loss of equity method investments of $800,000 for the quarter compared with interest in loss of equity method investments of $200,000 for the same period in 2020.

Net investment income was $7.5 million for the quarter compared with $12.7 million for the same period in 2020.

Net realised and unrealised losses on investment were $900,000 for the quarter compared with net realised and unrealised gains of $4.3 million for the same period in 2020.

Net foreign exchange and other gains amounted to $4.1 million compared with net foreign exchange and other losses of $6.5 million for the same period in 2020.

Maiden Holdings: reported a third-quarter net loss of $3.1 million

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Published November 10, 2021 at 4:49 pm (Updated November 11, 2021 at 5:08 pm)

Maiden Holdings posts Q3 loss of $3.1 million

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