Shareholders' Equity of $750.2
Million; Up 10.9% for the Year
Year End Book Value of $10.40 per
Share
Financial Highlights
- Net income of $19.1 million for the quarter and $69.9
million for 2010, each up 14.4% from the same period last
year
- Fourth quarter EPS of $ $0.27 and full year EPS of
$0.98
- Net operating earnings(1) of $17.2 million for the
quarter compared with $19.0 million in fourth quarter of
2009
- Fourth quarter operating EPS(1) of $0.24 and $1.02 for
the full year
- Income from operations(2) totaled $30.2 million, up
5.0% from fourth quarter 2009
- Net written premium of $330.1 million in the quarter,
up $96.0 million from fourth quarter 2009
- Net written premium of $1.2 billion for the full year,
up 19.2% from 2009
- Net earned premium of $312.5 million in the quarter
increased 25.7% from fourth quarter of 2009
- Net earned premium totaled $1.2 billion in 2010, up
27.2% from 2009
- Net investment income of $17.7 million in the quarter,
up 5.3% from fourth quarter 2009
- Annualized return on equity of 10.1% and operating
return on equity(1) of 9.1% in the quarter
- Full year return on equity of 9.8% and operating return
on equity(1) of 10.2%
- Combined ratio of 97.3% in the quarter and 96.9% for
the full year
- Total assets of $3.0 billion increased 13.1% from
year-end 2009
- Investable assets of $2.2 billion included total
investments of $1.9 billion, which were up 12.8% from year-end 2009
total investments of $1.7 billion
- Shareholders' equity of $750.2 million increased 10.9%
from year-end 2009
- Closed GMAC International Insurance Services, Ltd.
transaction in November; integration on track
Maiden Holdings, Ltd. (Nasdaq:MHLD) today reported fourth quarter
2010 net income of $19.1 million, up 14.4% from $16.7 million in
the fourth quarter of 2009. Earnings per diluted share of $0.27
increased 12.5% from $0.24 in the fourth quarter of 2009.
Operating earnings(1) for the quarter totaled $17.2 million, or
$0.24 per diluted share, compared with $19.0 million, or $0.27 per
diluted share in the fourth quarter of 2009.
2010 net income totaled $69.9 million, up 14.4% from 2009.
Earnings per diluted share of $0.98 increased 12.6% from $0.87 in
2009. Operating earnings(1) in 2010 totaled $72.7 million, or $1.02
per diluted share, compared with $66.3 million, or $0.95 per
diluted share in 2009.
"The Maiden team once again delivered solid results for our
shareholders even in the face of the continued challenging
underwriting and investment landscape," said Art Raschbaum,
President and CEO of Maiden Holdings, Ltd. "During the year, we
continued to benefit from the stability of our strong,
non-catastrophe oriented client value proposition, disciplined
underwriting philosophy, and growth tied to our long-term strategic
relationships."
Raschbaum added, "Our November acquisition of the GMAC
International Insurance Services platform provides us with a strong
entry point to the international market and we are confident in our
ability to leverage this unique platform to drive additional growth
in 2011 and beyond. These factors, in addition to our continued
commitment to maintaining a strong, efficient balance sheet and
disciplined approach to investing, solidly position Maiden to
continue to deliver long-term value for our shareholders."
Shareholders' equity of $750.2 million rose 10.9% from year end
2009 and book value per share increased 8.1% to $10.40 from $9.62
at year end 2009.
Fourth Quarter 2010 Results:
Net written premium totaled $330.1 million compared with $234.1
million in the fourth quarter of 2009. Net earned premium of $312.5
million increased 25.7% from $248.6 million for the same period
last year.
Net investment income of $17.7 million grew 5.3% from $16.8
million in the fourth quarter of 2009.
Loss and loss adjustment expenses of $208.9 million rose $62.7
million from $146.1 million in the fourth quarter of 2009. Results
reflected a loss ratio of 66.8% compared with 58.8% for the same
period a year ago.
Commission and other acquisition expenses together with general
and administrative expenses of $95.2 million increased $4.0 million
from the year ago quarter and reflected a total expense ratio of
30.5% compared with 36.7%. General and administrative expenses for
the quarter totaled $13.3 million compared with $9.4 million in the
fourth quarter of 2009.
These results reflected a general and administrative expense
ratio of 4.3% compared to 3.8% in the fourth quarter of 2009.
The combined ratio for the fourth quarter totaled
97.3% compared with 95.5% in the fourth quarter of 2009.
Income from operations(2) of $30.2 million
increased $1.4 million, or 5.0%, from $28.8 million in the fourth
quarter of 2009.
Total assets of $3.0 billion increased from $2.6 billion at year
end 2009. Total investable assets of $2.2 billion, which include
total investments, cash, restricted cash, cash equivalents and a
loan to a related party, increased $146.6 million from year end
2009. Total investments of $1.9 billion increased $213.0 million,
or 12.8% from year end 2009. Shareholders' equity of $750.2 million
rose 10.9% from $676.5 million at year end 2009.
During the fourth quarter of 2010, the Board of Directors
declared a dividend of $0.07 per share.
2010 Results:
Net written premium of $1.2 billion increased 19.2% from $1.0
billion during 2009. Net earned premium of $1.2 billion grew $249.9
million, or 27.2%, from $919.9 million last year.
Net investment income of $71.7 million increased 13.8% from
$63.0 million in 2009.
Loss and loss adjustment expenses of $755.1 million rose $146.5
million from $608.6 million in 2009. Results reflected a loss ratio
of 64.6% compared with 66.2% a year ago.
Commission and other acquisition expenses together with general
and administrative expenses of $378.9 million increased $105.3
million from last year and reflected a total expense ratio of 32.3%
compared with 29.7%. General and administrative expenses for the
period totaled $42.2 million compared with $32.1 million in 2009.
These results reflected a general and administrative expense ratio
of 3.5% which remained stable with 2009.
The combined ratio totaled 96.9% in 2010, compared with 95.9% in
2009.
Income from operations(2) of $114.0 million for the year
increased $13.1 million, or 13.0%, from $101.0 million in 2009.
(1)(2)Please see the Non-GAAP Financial Measures table at the
end of this release for additional information on these non-GAAP
financial measures and reconciliation of these measures to GAAP
measures.
Conference Call
CEO Art Raschbaum and CFO John Marshaleck will review these
results via teleconference and live audio webcast on Wednesday,
March 2, beginning at 10:00 a.m. AT (9:00 a.m. ET).
To participate, please access one of the following no later than
9:55 a.m. AT (8:55 a.m. ET):
1.877.734.5373 for U.S. callers
1.973.200.3059 for callers outside the U.S.
Webcast: http://www.maiden.bm/presentations_conferences
A replay of the conference call will be available beginning at
1:00 p.m. AT (12:00 p.m. ET), March 2, 2011 through midnight on
March 9, 2011. To listen to the replay, please dial toll free:
1.800.642.1687 (U.S. callers) or toll 1.706.645.9291 (callers
outside the U.S.) and enter the Passcode: 41251935; or access
http://www.maiden.bm/presentations_conferences.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed
in 2007. We are focused on providing non-catastrophic, customized
reinsurance products and services, to small and mid-size insurance
companies in the United States and Europe. Our operating
subsidiaries are rated A- (excellent) by A.M. Best with a stable
outlook. As of September 30, 2010, the Company had $2.8 billion in
assets and shareholders' equity of $758 million.
The Maiden Holdings, Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5006
Forward Looking Statements
This release contains "forward-looking statements" which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements are based on the Company's current expectations and
beliefs concerning future developments and their potential effects
on the Company. There can be no assurance that actual developments
will be those anticipated by the Company. Actual results may differ
materially from those projected as a result of significant risks
and uncertainties, including non-receipt of the expected payments,
changes in interest rates, effect of the performance of financial
markets on investment income and fair values of investments,
developments of claims and the effect on loss reserves, accuracy in
projecting loss reserves, the impact of competition and pricing
environments, changes in the demand for the Company's products, the
effect of general economic conditions, adverse state and federal
legislation, regulations and regulatory investigations into
industry practices, challenges inherent in international
operations, developments relating to existing agreements,
heightened competition, changes in pricing environments, and
changes in asset valuations. Additional information about these
risks and uncertainties, as well as others that may cause actual
results to differ materially from those projected is contained in
Item 1A. Risk Factors in the Company's Annual Report on Form 10-K
for the year ended December 31, 2009 as updated in periodic filings
with the SEC. The Company undertakes no obligation to publicly
update any forward-looking statements, except as may be required by
law.
MHLD-G
Maiden Holdings,
Ltd. |
Balance
Sheet |
(in thousands (000's),
except per share data) |
|
|
|
|
|
12/31/2010 (Audited) |
12/31/2009 (Audited) |
Assets |
|
|
Fixed maturities, available-for-sale, at fair
value (amortized cost $1,819,775; $1,623,382) |
$ 1,874,433 |
$ 1,661,692 |
Other investments, at fair value (cost
$5,751; $5,684) |
5,847 |
5,549 |
Total investments |
1,880,280 |
1,667,241 |
Cash and cash equivalents |
96,151 |
107,396 |
Restricted cash and cash equivalents |
89,756 |
144,944 |
Accrued investment income |
14,091 |
11,405 |
Reinsurance balances receivable,
net |
226,333 |
211,338 |
Funds withheld |
152,713 |
-- |
Prepaid reinsurance premiums |
28,992 |
28,752 |
Reinsurance recoverable on unpaid losses |
6,656 |
8,340 |
Loan to related party |
167,975 |
167,975 |
Deferred commission and other acquisition
costs |
203,631 |
172,983 |
Goodwill and intangible assets, net |
103,905 |
103,901 |
Other assets |
12,079 |
11,818 |
Total
Assets |
$ 2,982,562 |
$ 2,636,093 |
Liabilities and Shareholders'
Equity |
|
|
Liabilities |
|
|
Reserve for loss and loss adjustment
expenses |
$ 1,226,773 |
$ 1,002,676 |
Unearned premiums |
657,556 |
583,478 |
Accrued expenses and other liabilities |
56,368 |
62,887 |
Securities sold under agreements to
repurchase, at contract value |
76,225 |
95,401 |
Junior subordinated debt |
215,191 |
215,125 |
Total
Liabilities |
2,232,113 |
1,959,567 |
|
|
|
Equity: |
|
|
Common shares |
731 |
713 |
Additional paid-in capital |
577,135 |
576,086 |
Accumulated other comprehensive
income |
54,334 |
32,747 |
Retained earnings |
121,775 |
70,781 |
Treasury stock, at cost |
(3,801) |
(3,801) |
Total Maiden
Shareholders' Equity |
750,174 |
676,526 |
Noncontrolling interest in
subsidiary |
275 |
-- |
Total
Equity |
750,449 |
676,526 |
Total Liabilities and
Equity |
$ 2,982,562 |
$ 2,636,093 |
|
|
|
|
|
|
Book value per share |
$10.40 |
$9.62 |
|
|
|
Common shares
outstanding |
72,107,100 |
70,291,289 |
|
Maiden Holdings,
Ltd. |
Income
Statement |
(in thousands (000's),
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, 2010 |
For the Three Months Ended December
31, 2009 |
For the Year Ended December 31,
2010 |
For the Year Ended December 31,
2009 |
Revenues: |
|
|
|
|
Gross premiums written |
$ 346,074 |
$ 247,333 |
$1,298,055 |
$1,048,676 |
|
|
|
|
|
Net premiums written |
$ 330,055 |
$ 234,070 |
$1,227,831 |
$1,030,374 |
Change in unearned premiums |
(17,571) |
14,566 |
(58,041) |
(110,455) |
Net premiums
earned |
312,484 |
248,636 |
1,169,790 |
919,919 |
Net investment income |
17,695 |
16,807 |
71,651 |
62,957 |
Net realized and unrealized investment gains
(losses) |
4,130 |
732 |
6,604 |
270 |
Total
revenues |
334,309 |
266,175 |
1,248,045 |
983,146 |
Expenses: |
|
|
|
|
Net loss and loss adjustment
expenses |
208,858 |
146,145 |
755,122 |
608,613 |
Commission and other acquisition
expenses |
81,898 |
81,821 |
336,697 |
241,429 |
General and administrative expenses |
13,304 |
9,409 |
42,180 |
32,135 |
Total
expenses |
304,060 |
237,375 |
1,133,999 |
882,177 |
|
|
|
|
|
Income from operations
(2) |
30,249 |
28,800 |
114,046 |
100,969 |
|
|
|
|
|
Other expense |
|
|
|
|
Amortization of intangible assets |
(1,452) |
(1,675) |
(5,808) |
(6,590) |
Foreign exchange and other (losses)
gains |
(200) |
53 |
(580) |
2,454 |
Subordinated debt interest expense |
(9,118) |
(9,115) |
(36,466) |
(34,431) |
|
(10,770) |
(10,737) |
(42,854) |
(38,567) |
|
|
|
|
|
Income before income
taxes |
19,479 |
18,063 |
71,192 |
62,402 |
Income taxes: |
|
|
|
|
Current tax expense |
60 |
-- |
160 |
-- |
Deferred tax expense |
289 |
1,344 |
1,170 |
1,344 |
Income tax expense |
349 |
1,344 |
1,330 |
1,344 |
|
|
|
|
|
Net income |
$ 19,130 |
$ 16,719 |
$ 69,862 |
$ 61,058 |
Add: Loss attributable to
noncontrolling interest |
4 |
-- |
4 |
-- |
Net income attributable to
Maiden |
19,134 |
16,719 |
69,866 |
61,058 |
Operating earnings (1) |
$ 17,242 |
$ 18,953 |
$ 72,661 |
$ 66,268 |
|
|
|
|
|
Basic earnings per common share
attributable to Maiden shareholders |
$ 0.27 |
$ 0.24 |
$ 0.99 |
$ 0.88 |
Diluted earnings per common share
attributable to Maiden shareholders |
$ 0.27 |
$ 0.24 |
$ 0.98 |
$ 0.87 |
Basic operating earnings per common
share attributable to Maiden shareholders |
$ 0.24 |
$ 0.27 |
$ 1.03 |
$ 0.95 |
Diluted operating earnings per common
share attributable to Maiden shareholders |
$ 0.24 |
$ 0.27 |
$ 1.02 |
$ 0.95 |
|
|
|
|
|
Dividends declared per common
share |
$ 0.07 |
$ 0.06 |
$ 0.265 |
$ 0.25 |
|
|
|
|
|
Weighted average number of
basic shares outstanding |
72,106,445 |
70,288,602 |
70,799,966 |
69,646,804 |
Weighted average number of diluted
shares outstanding |
72,745,612 |
70,791,229 |
71,372,688 |
70,060,197 |
|
|
|
|
|
Net Loss and loss adjustment expense
ratio |
66.8% |
58.8% |
64.6% |
66.2% |
Commission and other acquisition
expense ratio |
26.2% |
32.9% |
28.8% |
26.2% |
General and administrative
expense ratio |
4.3% |
3.8% |
3.5% |
3.5% |
Combined ratio |
97.3% |
95.5% |
96.9% |
95.9% |
Annualized return on
equity |
10.1% |
9.9% |
9.8% |
10.3% |
Annualized return on equity on
operating earnings |
9.1% |
11.2% |
10.2% |
11.2% |
|
Maiden Holdings,
Ltd. |
Non - GAAP Financial
Measure |
(in thousands (000's),
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, 2010 |
For the Three Months Ended December
31, 2009 |
For the Year Ended December 31,
2010 |
For the Year Ended December 31,
2009 |
Reconciliation of net income to net
operating earnings: |
|
|
|
|
Net income attributable to Maiden |
$ 19,134 |
$ 16,719 |
$ 69,866 |
$ 61,058 |
Add (subtract) |
|
|
|
|
Net realized and unrealized
investment (gains) losses |
(4,130) |
(732) |
(6,604) |
(270) |
Foreign exchange and other
losses (gains) |
200 |
(53) |
580 |
(2,454) |
Amortization of intangible
assets |
1,452 |
1,675 |
5,808 |
6,590 |
Non-recurring general and
administrative expenses relating to acquisition of GMAC
International Insurance |
297 |
-- |
1,841 |
-- |
Non-cash deferred tax
charge |
289 |
1,344 |
1,170 |
1,344 |
Operating earnings attributable to Maiden
(1) |
$ 17,242 |
$ 18,953 |
$ 72,661 |
$ 66,268 |
|
|
|
|
|
Operating earnings per common share
attributable to Maiden shareholders: |
|
|
|
|
|
|
|
|
|
Basic earnings per common share attributable
to Maiden shareholders |
$0.24 |
$0.27 |
$1.03 |
$0.95 |
Diluted earnings per common share
attributable to Maiden shareholders |
$0.24 |
$0.27 |
$1.02 |
$0.95 |
|
|
|
|
|
Reconciliation of net income to
income from operations: |
|
|
|
|
Net income attributable to Maiden |
$19,134 |
$16,719 |
$69,866 |
$61,058 |
Add (subtract) |
|
|
|
|
Foreign exchange and other
losses (gains) |
200 |
(53) |
580 |
(2,454) |
Amortization of intangible
assets |
1,452 |
1,675 |
5,808 |
6,590 |
Subordinated debt interest
expense |
9,118 |
9,115 |
36,466 |
34,431 |
Income tax expense |
349 |
1,344 |
1,330 |
1,344 |
Loss attributable to
noncontrolling interest |
(4) |
-- |
(4) |
-- |
Income from operations attributable to Maiden
(2) |
$ 30,249 |
$ 28,800 |
$114,046 |
$ 100,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net operating earnings
is a non-GAAP financial measure defined by the Company as net
income attributable to Maiden excluding realized investment gains
and losses, foreign exchange and other gains and losses,
amortization of intangible assets, non-recurring general and
administrative expenses relating to acquisition, and non-cash
deferred tax charge and should not be considered as an alternative
to net income. The Company's management believes that net operating
earnings is a useful indicator of trends in the Company's
underlying operations. The Company's measure of net operating
earnings may not be comparable to similarly titled measures used by
other companies. |
|
|
|
|
|
(2) Income from Operations
is a non-GAAP financial measure defined by the Company as net
income attributable to Maiden excluding foreign exchange and other
gains and losses, amortization of intangible assets, subordinated
debt interest expense, income tax expense and loss attributable to
noncontrolling interest and should not be considered as an
alternative to net income. The Company's management believes
that income from operations is a useful measure of the Company's
underlying earnings fundamentals based on its underwriting and
investment income before financing costs. This income from
operations enables readers of this information to more clearly
understand the essential operating results of the Company. The
Company's measure of income from operations may not be comparable
to similarly titled measures used by other companies. |
|
Maiden Holdings,
Ltd. |
Supplemental Financial
Data - Segment Information |
(in thousands
(000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, 2010 |
Diversified
Reinsurance |
AmTrust Quota
Share |
ACAC Quota
Share |
Total |
Net premiums written |
$ 144,974 |
$ 127,051 |
$ 58,030 |
$ 330,055 |
Net premiums earned |
145,876 |
112,011 |
54,597 |
312,484 |
Net losses and loss expenses |
(100,560) |
(71,706) |
(36,592) |
(208,858) |
Commissions and other acquisition costs |
(29,570) |
(36,406) |
(15,922) |
(81,898) |
General and administrative expenses |
(7,780) |
(208) |
(119) |
(8,107) |
Underwriting income |
$ 7,966 |
$ 3,691 |
$ 1,964 |
$ 13,621 |
|
|
|
|
|
Reconciliation to net
income |
|
|
|
|
Net investment income and realized and
unrealized investment gains (losses) |
|
|
|
21,825 |
Amortization of intangible assets |
|
|
|
(1,452) |
Foreign exchange losses |
|
|
|
(200) |
Subordinated debt interest expense |
|
|
|
(9,118) |
Other general and administrative
expenses |
|
|
|
(5,197) |
|
|
|
|
|
Net Income before income
taxes |
|
|
|
$ 19,479 |
|
|
|
|
|
Net loss and loss expense ratio* |
68.9% |
64.0% |
67.0% |
66.8% |
Acquisition cost ratio** |
20.3% |
32.5% |
29.2% |
26.2% |
General and administrative expense
ratio*** |
5.3% |
0.2% |
0.2% |
4.3% |
Combined ratio**** |
94.5% |
96.7% |
96.4% |
97.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, 2009 |
Diversified
Reinsurance |
AmTrust Quota
Share |
ACAC Quota
Share |
Total |
Net premiums written |
$ 129,053 |
$ 105,017 |
-- |
$ 234,070 |
Net premiums earned |
166,237 |
82,399 |
-- |
248,636 |
Net losses and loss expenses |
(99,755) |
(46,390) |
-- |
(146,145) |
Commissions and other acquisition costs |
(54,959) |
(26,862) |
-- |
(81,821) |
General and administrative expenses |
(5,612) |
(642) |
-- |
(6,254) |
Underwriting income |
$ 5,911 |
$ 8,505 |
$ -- |
$ 14,416 |
|
|
|
|
|
Reconciliation to net
income |
|
|
|
|
Net investment income and realized investment
gains (losses) |
|
|
|
17,539 |
Amortization of intangible assets |
|
|
|
(1,675) |
Foreign exchange and other gains |
|
|
|
53 |
Subordinated debt interest expense |
|
|
|
(9,115) |
Other general and administrative
expenses |
|
|
|
(3,155) |
|
|
|
|
|
Net Income before income
taxes |
|
|
|
$ 18,063 |
|
|
|
|
|
Net loss and loss expense ratio* |
60.0% |
56.3% |
-- |
58.8% |
Acquisition cost ratio** |
33.1% |
32.6% |
-- |
32.9% |
General and administrative expense
ratio*** |
3.3% |
0.8% |
-- |
3.8% |
Combined ratio**** |
96.4% |
89.7% |
-- |
95.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Calculated by dividing
net losses and loss expenses by net earned premium. |
|
|
** Calculated by dividing
commission and other acquisition expenses by net earned
premium |
|
*** Calculated by dividing
general and administrative expenses by net earned premium. |
|
|
**** Calculated by adding
together net loss and loss expense ratio, acquisition cost ratio
and general and administrative expense ratio. |
Maiden Holdings,
Ltd. |
Supplemental Financial
Data - Segment Information |
(in thousands
(000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31,
2010 |
Diversified
Reinsurance |
AmTrust Quota
Share |
ACAC Quota
Share |
Total |
Net premiums written |
$ 554,049 |
$ 468,043 |
$ 205,739 |
$ 1,227,831 |
Net premiums earned |
601,254 |
445,081 |
123,455 |
1,169,790 |
Net losses and loss expenses |
(394,604) |
(280,890) |
(79,628) |
(755,122) |
Commissions and other acquisition costs |
(152,698) |
(144,655) |
(39,344) |
(336,697) |
General and administrative expenses |
(26,123) |
(1,500) |
(243) |
(27,866) |
Underwriting income |
$ 27,829 |
$ 18,036 |
$ 4,240 |
$ 50,105 |
|
|
|
|
|
Reconciliation to net
income |
|
|
|
|
Net investment income and realized and
unrealized investment gains (losses) |
|
|
|
78,255 |
Amortization of intangible assets |
|
|
|
(5,808) |
Foreign exchange losses |
|
|
|
(580) |
Subordinated debt interest expense |
|
|
|
(36,466) |
Other general and administrative
expenses |
|
|
|
(14,314) |
|
|
|
|
|
Net Income before income
taxes |
|
|
|
$ 71,192 |
|
|
|
|
|
Net loss and loss expense ratio* |
65.6% |
63.1% |
64.5% |
64.6% |
Acquisition cost ratio** |
25.4% |
32.5% |
31.9% |
28.8% |
General and administrative expense
ratio*** |
4.4% |
0.3% |
0.2% |
3.5% |
Combined ratio**** |
95.4% |
95.9% |
96.6% |
96.9% |
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31,
2009 |
Diversified
Reinsurance |
AmTrust Quota
Share |
ACAC Quota
Share |
Total |
Net premiums written |
$ 658,016 |
$ 372,358 |
$ -- |
$ 1,030,374 |
Net premiums earned |
567,998 |
351,921 |
-- |
919,919 |
Net losses and loss expenses |
(393,760) |
(214,853) |
-- |
(608,613) |
Commissions and other acquisition costs |
(126,193) |
(115,236) |
-- |
(241,429) |
General and administrative expenses |
(19,211) |
(2,515) |
-- |
(21,726) |
Underwriting income |
$ 28,834 |
$ 19,317 |
$ -- |
$ 48,151 |
|
|
|
|
|
Reconciliation to net
income |
|
|
|
|
Net investment income and realized investment
gains (losses) |
|
|
|
63,227 |
Amortization of intangible assets |
|
|
|
(6,590) |
Foreign exchange and other gains |
|
|
|
2,454 |
Subordinated debt interest expense |
|
|
|
(34,431) |
Other general and administrative
expenses |
|
|
|
(10,409) |
|
|
|
|
|
Net Income before income
taxes |
|
|
|
$ 62,402 |
|
|
|
|
|
Net loss and loss expense ratio* |
69.3% |
61.1% |
-- |
66.2% |
Acquisition cost ratio** |
22.2% |
32.7% |
-- |
26.2% |
General and administrative expense
ratio*** |
3.4% |
0.7% |
-- |
3.5% |
Combined ratio**** |
94.9% |
94.5% |
-- |
95.9% |
|
|
|
|
|
|
|
|
|
|
* Calculated by dividing
net losses and loss expenses by net earned premium. |
|
|
** Calculated by dividing
commission and other acquisition expenses by net earned
premium |
|
*** Calculated by dividing
general and administrative expenses by net earned premium. |
|
**** Calculated by adding
together net loss and loss expense ratio, acquisition cost ratio
and general and administrative expense ratio. |
CONTACT: Maiden Holdings, Ltd.
Ellen Taylor
856.359.2573
irelations@maiden.bm
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