Second Quarter 2011 Financial Highlights
- Net operating earnings(1) of
$11.2 million compared with
$21.2 million in second quarter
of 2010; Operating EPS(1) of
$0.15 per share compared to $0.30 per share in
second quarter of 2010
- Second quarter 2011 results include previously
announced $9.5 million or $0.13 per share underwriting impact from
second quarter U.S. thunderstorm and tornado activity
- Net written premium of $437.0 million increased 39.6%
from second quarter of 2010
- Net earned premium of
$367.8 million increased
29.6% from second quarter of
2010
- Net investment income of
$19.8 million up
5.0% from second quarter
of 2010
- Successful $107.5 million Senior Notes offering to
reduce interest expense by $6.2 million or $.08 per share on an on
annualized basis
- Total assets of $3.3 billion increased 10.4% from
year-end 2010
- Annualized operating
return on equity(1)
of 5.9%
for the second quarter 2011 and 8.3% 2011 year to
date
- Net loss of $24.4 million the result
of $35.4 million or $0.49 per share in non-recurring charges
related to recently completed public debt offering
- Combined ratio(10) of
99.8% compared with
96.3% in the second quarter of
2010
- U.S. storm activity increased combined ratio by 2.6% in
second quarter 2011
Maiden Holdings, Ltd. (Nasdaq:MHLD) today reported a second quarter
2011 net loss of $24.4 million or ($0.34) per diluted share(4) and
net operating earnings(1) of $11.2 million or $0.15 per diluted
share.
Commenting on Maiden's results, Maiden's CEO Art Raschbaum said,
"Despite the impact of non-recurring debt issuance related charges
and unprecedented frequency and severity of storms in the second
quarter, we continued our efforts to strengthen earnings by
strategically expanding the underwriting portfolio in a disciplined
manner, growing our asset base and reducing the debt cost of
capital. Notwithstanding the impact of the unusual frequency
and severity of weather related losses in the quarter, Maiden
maintained profitable underwriting results for the quarter and
through the first six months reflecting our continued focus on
serving the non-catastrophe needs of our regional and specialty
insurer clients."
At June 30, 2011, shareholders' equity of $759.3 million grew
1.2% from year-end 2010 and book value per share(5) increased
1.2% to $10.52 from $10.40 at year-end 2010.
Second Quarter 2011 Results
On June 24, 2011, Maiden completed a $107.5 million offering of
8.25% Senior Notes which mature on June 15, 2041. On July 15, 2011,
Maiden redeemed a like amount of junior subordinated debt related
to its 2009 TRUPS Offering. As a result of these transactions, in
the second quarter 2011 Maiden incurred certain non-recurring
charges, including an early redemption charge of $15.1 million or
$0.21 per share, as well as a non-cash charge of $20.3 million or
$0.28 per share related to accelerated amortization of discount and
issuance costs of junior subordinated debt redeemed on July 15,
2011.
Net written premium totaled $437.0 million compared with $313.1
million in the second quarter of 2010. Net earned premium of $367.8
million increased 29.6% from $283.8 million for the same period
last year.
Net investment income of $19.8 million grew 5.0% from $18.9
million in the second quarter of 2010.
Loss and loss adjustment expenses of $250.6 million rose $75.2
million from $175.4 million in the second quarter of 2010. Results
reflected a loss ratio(7) of 67.7% compared with 61.8% for the same
period a year ago.
Commission and other acquisition expenses together with general
and administrative expenses of $118.7 million increased $20.7
million from the year ago quarter and reflected a total expense
ratio of 32.1% compared with 34.5%. General and administrative
expenses for the quarter totaled $12.8 million compared with $9.5
million in the second quarter of 2010. These results reflected a
general and administrative expense ratio(9) of 3.5% compared to
3.3% in the second quarter of 2010.
The combined ratio(10) for the second quarter totaled 99.8%
compared with 96.3% in the second quarter of 2010.
Total assets of $3.3 billion increased 10.4% from $3.0 billion
from year end 2010. Total investable assets(3) of $2.45 billion
which include total investments, cash, restricted cash, cash
equivalents, funds withheld and a loan to a related party,
increased $96.1 million from year end 2010. Shareholders' equity
totaled $759.3 million up 1.2% from $750.2 million at year end
2010.
As previously disclosed, on June 24, 2011, the Company issued
$107.5 million of 8.25% Senior Notes which mature on June 15, 2041.
On July 15, 2011, the Company completed a redemption of a like
amount of junior subordinated debentures associated with its 2009
TRUPS Offering. The Senior Notes commenced trading on the New York
Stock Exchange on July 21, 2011 under the ticker symbol "MHNA".
During the second quarter of 2011, the Board of Directors
declared a dividend of $0.07 per share.
2011 Year-to-Date Results
Net written premium of $886.5 million increased 42.0% from
$624.3 million during the first half of 2010. Net earned premium of
$714.3 million grew $166.6 million, or 30.4%, from $547.7 million
for the same period last year.
Net investment income of $39.0 million increased 6.9% from $36.5
million in the first six months of 2010.
Loss and loss adjustment expenses of $471.8 million rose $126.1
million from $345.6 million in the first half of 2010. Results
reflected a loss ratio of 65.4% compared with 63.1% for the same
period a year ago. U.S. storm activity in 2011 increased the loss
ratio by 1.3 points.
Commission and other acquisition expenses together with general
and administrative expenses of $238.0 million increased $54.1
million from the first half of last year and reflected a total
expense ratio of 33.0% compared with 33.6%. General and
administrative expenses for the period totaled $25.1 million
compared with $18.0 million in 2010. These results reflected a
general and administrative expense ratio of 3.5% compared to 3.3%
in the first half of 2010.
The combined ratio(10) for the first half of 2011 totaled 98.4%
compared with 96.7% in the first half of 2010.
Conference Call
Maiden CEO Art Raschbaum and CFO John Marshaleck will review
these results tomorrow morning via teleconference and live audio
webcast 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), July 28, 2011 through
midnight on August 4, 2011. To listen to the replay please dial
toll free: 1.855.859.2056 (U.S. callers) or toll 1.404.537.3406
(callers outside the U.S.) and enter the Passcode: 83404930; or
access http://www.maiden.bm/presentations_conferences.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed
in 2007. Through our subsidiaries which are each A- rated
(excellent) by A.M. Best, 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. As of June 30, 2011, the Company had $3.3 billion in assets
and total capital(6) of $1,082.1 million including shareholders'
equity of $759.3 million. MHLD-G
The Maiden Holdings, Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5006
(1)(3)(4)(5)(6)Please see the Non-GAAP Financial Measures table
for additional information on these non-GAAP financial measures and
reconciliation of these measures to GAAP measures.
(7)(10) Loss ratio and combined ratio are operating metrics.
Please see the additional information on these measures under
Segment information tables.
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 and unusual frequency of
storm activity, adverse state and federal legislation, regulations
and regulatory investigations into industry practices, 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, 2010 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.
|
Maiden Holdings,
Ltd. |
Balance
Sheet |
(in thousands (000's),
except per share data) |
|
|
|
|
|
|
|
June 30, 2011
(Unaudited) |
December 31, 2010
(Audited) |
Assets |
|
|
Fixed maturities, available-for-sale, at fair
value (amortized cost $1,774,615; $1,819,775) |
$ 1,850,779 |
$ 1,874,433 |
Fixed maturities, trading, at fair value
(amortized cost $50,172) |
49,860 |
-- |
Other investments, at fair value (cost
$1,783; $5,751) |
1,962 |
5,847 |
Total
investments |
1,902,601 |
1,880,280 |
Cash and cash equivalents |
198,356 |
96,151 |
Restricted cash and cash equivalents |
67,207 |
89,756 |
Accrued investment income |
12,294 |
14,091 |
Reinsurance balances receivable,
net |
379,806 |
226,333 |
Funds withheld |
145,515 |
152,713 |
Prepaid reinsurance premiums |
37,555 |
28,992 |
Reinsurance recoverable on unpaid losses |
15,587 |
6,656 |
Loan to related party |
167,975 |
167,975 |
Deferred commission and other acquisition
costs |
245,423 |
203,631 |
Goodwill and intangible assets, net |
101,284 |
103,905 |
Other assets |
19,688 |
12,079 |
Total
Assets |
$ 3,293,291 |
$ 2,982,562 |
Liabilities
and Equity |
|
|
Liabilities |
|
|
Reserve for loss and loss adjustment
expenses |
$ 1,279,709 |
$ 1,226,773 |
Unearned premiums |
841,017 |
657,556 |
Accrued expenses and other liabilities |
90,206 |
56,368 |
Securities sold under agreements to
repurchase, at contract value |
-- |
76,225 |
Senior notes |
107,500 |
-- |
Junior subordinated debt |
215,228 |
215,191 |
Total
Liabilities |
2,533,660 |
2,232,113 |
|
|
|
Equity: |
|
|
Common shares |
731 |
731 |
Additional paid-in capital |
577,904 |
577,135 |
Accumulated other comprehensive
income |
77,848 |
54,334 |
Retained earnings |
106,654 |
121,775 |
Treasury stock, at cost |
(3,801) |
(3,801) |
Total Maiden
Shareholders' Equity |
759,336 |
750,174 |
Noncontrolling interest in
subsidiary |
295 |
275 |
Total
Equity |
759,631 |
750,449 |
Total Liabilities and
Equity |
$ 3,293,291 |
$ 2,982,562 |
|
|
|
|
|
|
Book value per share
(5) |
$ 10.52 |
$ 10.40 |
|
|
|
Common shares
outstanding |
72,150,630 |
72,107,100 |
|
|
Maiden Holdings,
Ltd. |
Income
Statement |
(in thousands (000's),
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2011 |
For the Three Months Ended June 30,
2010 |
For the Six Months Ended June 30,
2011 |
For the Six Months Ended June 30,
2010 |
|
|
|
|
|
Revenues: |
|
|
|
|
Gross premiums written |
$ 462,395 |
$ 334,784 |
$ 933,172 |
$ 662,166 |
|
|
|
|
|
Net premiums written |
$ 436,966 |
$ 313,050 |
$ 886,466 |
$ 624,341 |
Change in unearned premiums |
(69,183) |
(29,266) |
(172,148) |
(76,628) |
Net premiums
earned |
367,783 |
283,784 |
714,318 |
547,713 |
Other insurance revenue |
2,179 |
-- |
6,834 |
-- |
Net investment income |
19,818 |
18,875 |
38,959 |
36,456 |
Net realized and unrealized investment gains
(losses) |
591 |
535 |
638 |
847 |
Total
revenues |
390,371 |
303,194 |
760,749 |
585,016 |
Expenses: |
|
|
|
|
Net loss and loss adjustment
expenses |
250,599 |
175,354 |
471,781 |
345,639 |
Commission and other acquisition
expenses |
105,824 |
88,447 |
212,896 |
165,843 |
General and administrative expenses |
12,839 |
9,484 |
25,132 |
18,036 |
Total
expenses |
369,262 |
273,285 |
709,809 |
529,518 |
|
|
|
|
|
Income from operations
(2) |
21,109 |
29,909 |
50,940 |
55,498 |
|
|
|
|
|
Other expense |
|
|
|
|
Amortization of intangible assets |
(1,259) |
(1,452) |
(2,517) |
(2,904) |
Foreign exchange gains (losses) |
939 |
(414) |
2,001 |
(1,567) |
Interest and amortization expense |
(9,292) |
(9,116) |
(18,410) |
(18,231) |
Accelerated amortization of junior
subordinated debt discount and issuance cost |
(20,313) |
-- |
(20,313) |
-- |
Junior subordinated debt redemption
expense |
(15,050) |
-- |
(15,050) |
-- |
|
(44,975) |
(10,982) |
(54,289) |
(22,702) |
|
|
|
|
|
(Loss) income before income
taxes |
(23,866) |
18,927 |
(3,349) |
32,796 |
Income taxes: |
|
|
|
|
Current tax expense |
211 |
-- |
1,096 |
-- |
Deferred tax expense |
295 |
290 |
582 |
590 |
Income tax expense |
506 |
290 |
1,678 |
590 |
|
|
|
|
|
Net (loss) income |
$ (24,372) |
$ 18,637 |
$ (5,027) |
$ 32,206 |
Less: Loss attributable to
noncontrolling interest |
6 |
-- |
3 |
-- |
Net (loss) income attributable to
Maiden |
(24,366) |
18,637 |
(5,024) |
32,206 |
Net operating earnings
(1) |
$ 11,204 |
$ 21,239 |
$ 30,982 |
$ 37,401 |
|
|
|
|
|
Basic (loss) earnings per common
share attributable to Maiden shareholders |
$ (0.34) |
$ 0.27 |
$ (0.07) |
$ 0.46 |
Diluted (loss) earnings per common
share attributable to Maiden shareholders (4) |
$ (0.34) |
$ 0.26 |
$ (0.07) |
$ 0.46 |
Basic operating earnings per common
share attributable to Maiden shareholders |
$ 0.16 |
$ 0.30 |
$ 0.43 |
$ 0.53 |
Diluted operating earnings per common
share attributable to Maiden shareholders |
$ 0.15 |
$ 0.30 |
$ 0.43 |
$ 0.53 |
|
|
|
|
|
Dividends declared per common
share |
$ 0.07 |
$ 0.07 |
$ 0.14 |
$ 0.13 |
|
|
|
|
|
Weighted average number of
basic shares outstanding |
72,118,315 |
70,291,894 |
72,112,785 |
70,291,650 |
Weighted average number of diluted
shares outstanding |
72,945,339 |
70,770,849 |
72,863,494 |
70,773,764 |
|
|
|
|
|
Net Loss and loss adjustment expense
ratio (7) |
67.7% |
61.8% |
65.4% |
63.1% |
Commission and other acquisition
expense ratio (8) |
28.6% |
31.2% |
29.5% |
30.3% |
General and administrative
expense ratio (9) |
3.5% |
3.3% |
3.5% |
3.3% |
Combined ratio (10) |
99.8% |
96.3% |
98.4% |
96.7% |
Annualized return on
equity |
(12.8%) |
10.4% |
(1.3%) |
9.3% |
Annualized return on equity on
operating earnings |
5.9% |
11.9% |
8.3% |
10.8% |
|
|
Maiden Holdings,
Ltd. |
Non - GAAP Financial
Measure |
(in thousands (000's),
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2011 |
For the Three Months Ended June 30,
2010 |
For the Six Months Ended June
30, 2011 |
For the Six Months Ended June 30,
2010 |
|
|
|
|
|
Reconciliation of net income to net
operating earnings: |
|
|
|
|
Net (loss) income attributable to Maiden |
$ (24,366) |
$ 18,637 |
$ (5,024) |
$ 32,206 |
Add (subtract) |
|
|
|
|
Net realized and unrealized
investment (gains) losses |
(591) |
(535) |
(638) |
(847) |
Foreign exchange (gains)
losses |
(939) |
414 |
(2,001) |
1,567 |
Amortization of intangible
assets |
1,259 |
1,452 |
2,517 |
2,904 |
Accelerated amortization of
junior subordinated debt discount and issuance cost |
20,313 |
-- |
20,313 |
-- |
Junior subordinated debt
redemption expense |
15,050 |
-- |
15,050 |
-- |
Non-recurring general and
administrative expenses relating to acquisition of GMAC
International Insurance |
183 |
981 |
183 |
981 |
Non-cash deferred tax
charge |
295 |
290 |
582 |
590 |
Net operating earnings attributable to Maiden
(1) |
$ 11,204 |
$ 21,239 |
$ 30,982 |
$ 37,401 |
|
|
|
|
|
Operating earnings per common share
attributable to Maiden shareholders: |
|
|
|
|
|
|
|
|
|
Basic earnings per common share attributable
to Maiden shareholders |
$ 0.16 |
$ 0.30 |
$ 0.43 |
$ 0.53 |
Diluted earnings per common share
attributable to Maiden shareholders |
$ 0.15 |
$ 0.30 |
$ 0.43 |
$ 0.53 |
|
|
|
|
|
Reconciliation of net income to
income from operations: |
|
|
|
|
Net (loss) income attributable to Maiden |
$ (24,366) |
$ 18,637 |
$ (5,024) |
$ 32,206 |
Add (subtract) |
|
|
|
|
Foreign exchange (gains)
losses |
(939) |
414 |
(2,001) |
1,567 |
Amortization of intangible
assets |
1,259 |
1,452 |
2,517 |
2,904 |
Interest and amortization
expense |
9,292 |
9,116 |
18,410 |
18,231 |
Accelerated amortization of
junior subordinated debt discount and issuance cost |
20,313 |
-- |
20,313 |
-- |
Junior subordinated debt
redemption expense |
15,050 |
-- |
15,050 |
-- |
Income tax expense |
506 |
290 |
1,678 |
590 |
Loss attributable to
noncontrolling interest |
(6) |
-- |
(3) |
-- |
Income from operations attributable to Maiden
(2) |
$ 21,109 |
$ 29,909 |
$ 50,940 |
$ 55,498 |
|
|
|
|
|
|
June 30, 2011 |
December 31, 2010 |
|
|
Investable assets: |
|
|
|
|
Total investments |
$ 1,902,601 |
$ 1,880,280 |
|
|
Cash and cash equivalents |
198,356 |
96,151 |
|
|
Restricted cash and cash equivalents |
67,207 |
89,756 |
|
|
Funds withheld (3) |
113,100 |
119,000 |
|
|
Loan to related party |
167,975 |
167,975 |
|
|
Total investable assets (3) |
$ 2,449,239 |
$ 2,353,162 |
|
|
|
|
|
|
|
|
June 30, 2011 |
December 31, 2010 |
|
|
Capital: |
|
|
|
|
Junior subordinated debt |
$ 215,228 |
$ 215,191 |
|
|
Senior notes |
107,500 |
-- |
|
|
Total Maiden shareholders' equity |
759,336 |
750,174 |
|
|
Total capital (6) |
$ 1,082,064 |
$ 965,365 |
|
|
|
|
|
|
|
(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 gains and losses, amortization of
intangible assets, accelerated amortization of junior subordinated
debt discount and issuance cost, junior subordinated debt
redemption expense, 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 gains and
losses, amortization of intangible assets, interest and
amortization expense, accelerated amortization of junior
subordinated debt discount and issuance cost, junior subordinated
debt redemption 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. |
|
|
|
|
|
(3) Investable assets is the
total of the Company's investments, cash and cash equivalents, loan
to a related party and the portion of the funds withheld balance
that comprises fixed maturity securities and cash and cash
equivalents. |
|
|
|
|
|
(4) During a period of loss, the
basic weighted average common shares outstanding is used in the
denominator of the diluted loss per common share computation as the
effect of including potential dilutive shares would be
anti-dilutive. |
|
|
|
|
|
(5) Calculated by dividing total
Maiden shareholders' equity by total common shares
outstanding. |
|
|
|
|
|
(6) Capital is the total of the
Company's junior subordinated debt, senior notes and shareholders'
equity. The total capital as of June 30, 2011 is temporarily
increased by $88,973, which represents the amount of junior
subordinated debentures (net of accelerated amortization of
discount) which were redeemed on July 15, 2011. |
|
|
Maiden Holdings,
Ltd. |
Supplemental Financial
Data - Segment Information |
(in thousands
(000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2011 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
ACAC Quota
Share |
Total |
Net premiums written |
$ 158,020 |
$ 216,449 |
$ 62,497 |
$ 436,966 |
Net premiums earned |
170,288 |
136,299 |
61,196 |
367,783 |
Other insurance revenue |
2,179 |
-- |
-- |
2,179 |
Net losses and loss expenses |
(116,387) |
(94,740) |
(39,472) |
(250,599) |
Commissions and other acquisition costs |
(48,257) |
(38,116) |
(19,451) |
(105,824) |
General and administrative expenses |
(8,309) |
(596) |
(472) |
(9,377) |
Underwriting (loss)
income |
$ (486) |
$ 2,847 |
$ 1,801 |
$ 4,162 |
|
|
|
|
|
Reconciliation to net loss before
income taxes |
|
|
|
|
Net investment income and realized and
unrealized investment gains (losses) |
|
|
|
20,409 |
Amortization of intangible assets |
|
|
|
(1,259) |
Foreign exchange gains |
|
|
|
939 |
Interest and amortization expense |
|
|
|
(9,292) |
Accelerated amortization of junior
subordinated debt discount and issuance cost |
|
|
|
(20,313) |
Junior subordinated debt redemption
expense |
|
|
|
(15,050) |
Other general and administrative
expenses |
|
|
|
(3,462) |
|
|
|
|
|
Net loss before income
taxes |
|
|
|
$ (23,866) |
|
|
|
|
|
Net loss and loss expense ratio (7) |
67.5% |
69.5% |
64.5% |
67.7% |
Acquisition cost ratio (8) |
28.0% |
28.0% |
31.8% |
28.6% |
General and administrative expense ratio
(9) |
4.8% |
0.4% |
0.8% |
3.5% |
Combined ratio (10) |
100.3% |
97.9% |
97.1% |
99.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2010 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
ACAC Quota
Share |
Total |
Net premiums written |
$ 136,709 |
$ 109,123 |
$ 67,218 |
$ 313,050 |
Net premiums earned |
161,779 |
101,664 |
20,341 |
283,784 |
Net losses and loss expenses |
(99,218) |
(63,423) |
(12,713) |
(175,354) |
Commissions and other acquisition costs |
(48,386) |
(33,090) |
(6,971) |
(88,447) |
General and administrative expenses |
(5,726) |
(598) |
-- |
(6,324) |
Underwriting income |
$ 8,449 |
$ 4,553 |
$ 657 |
$ 13,659 |
|
|
|
|
|
Reconciliation to net income before
income taxes |
|
|
|
|
Net investment income and realized investment
gains (losses) |
|
|
|
19,410 |
Amortization of intangible assets |
|
|
|
(1,452) |
Foreign exchange losses |
|
|
|
(414) |
Interest and amortization expense |
|
|
|
(9,116) |
Other general and administrative
expenses |
|
|
|
(3,160) |
|
|
|
|
|
Net income before income
taxes |
|
|
|
$ 18,927 |
|
|
|
|
|
Net loss and loss expense ratio (7) |
61.3% |
62.4% |
62.5% |
61.8% |
Acquisition cost ratio (8) |
29.9% |
32.5% |
34.3% |
31.2% |
General and administrative expense ratio
(9) |
3.5% |
0.6% |
-- |
3.3% |
Combined ratio (10) |
94.7% |
95.5% |
96.8% |
96.3% |
|
|
|
|
|
|
|
|
|
|
(7) Calculated by dividing net
losses and loss expenses by net earned premium and other insurance
revenue. |
(8) Calculated by dividing
commission and other acquisition expenses by net earned premium and
other insurance revenue. |
(9) Calculated by dividing
general and administrative expenses by net earned premium and other
insurance revenue. |
(10) 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 Six Months Ended June 30,
2011 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
ACAC Quota
Share |
Total |
Net premiums written |
$ 416,838 |
$ 343,163 |
$ 126,465 |
$ 886,466 |
Net premiums earned |
344,522 |
250,773 |
119,023 |
714,318 |
Other insurance revenue |
6,834 |
-- |
-- |
6,834 |
Net losses and loss expenses |
(226,732) |
(168,279) |
(76,770) |
(471,781) |
Commissions and other acquisition costs |
(99,677) |
(75,353) |
(37,866) |
(212,896) |
General and administrative expenses |
(16,337) |
(1,264) |
(1,015) |
(18,616) |
Underwriting income |
$ 8,610 |
$ 5,877 |
$ 3,372 |
$ 17,859 |
|
|
|
|
|
Reconciliation to net loss before
income taxes |
|
|
|
|
Net investment income and realized and
unrealized investment gains (losses) |
|
|
|
39,597 |
Amortization of intangible assets |
|
|
|
(2,517) |
Foreign exchange gains |
|
|
|
2,001 |
Interest and amortization expense |
|
|
|
(18,410) |
Accelerated amortization of junior
subordinated debt discount and issuance cost |
|
|
|
(20,313) |
Junior subordinated debt redemption
expense |
|
|
|
(15,050) |
Other general and administrative
expenses |
|
|
|
(6,516) |
|
|
|
|
|
Net loss before income
taxes |
|
|
|
$ (3,349) |
|
|
|
|
|
Net loss and loss expense ratio (7) |
64.5% |
67.1% |
64.5% |
65.4% |
Acquisition cost ratio (8) |
28.4% |
30.0% |
31.8% |
29.5% |
General and administrative expense ratio
(9) |
4.6% |
0.6% |
0.9% |
3.5% |
Combined ratio (10) |
97.5% |
97.7% |
97.2% |
98.4% |
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30,
2010 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
ACAC Quota
Share |
Total |
Net premiums written |
$ 304,623 |
$ 230,679 |
$ 89,039 |
$ 624,341 |
Net premiums earned |
312,959 |
212,323 |
22,431 |
547,713 |
Net losses and loss expenses |
(198,635) |
(132,985) |
(14,019) |
(345,639) |
Commissions and other acquisition costs |
(88,900) |
(69,238) |
(7,705) |
(165,843) |
General and administrative expenses |
(11,598) |
(1,072) |
-- |
(12,670) |
Underwriting income |
$ 13,826 |
$ 9,028 |
$ 707 |
$ 23,561 |
|
|
|
|
|
Reconciliation to net income before
income taxes |
|
|
|
|
Net investment income and realized investment
gains (losses) |
|
|
|
37,303 |
Amortization of intangible assets |
|
|
|
(2,904) |
Foreign exchange losses |
|
|
|
(1,567) |
Interest and amortization expense |
|
|
|
(18,231) |
Other general and administrative
expenses |
|
|
|
(5,366) |
|
|
|
|
|
Net income before income
taxes |
|
|
|
$ 32,796 |
|
|
|
|
|
Net loss and loss expense ratio (7) |
63.5% |
62.6% |
62.5% |
63.1% |
Acquisition cost ratio (8) |
28.4% |
32.6% |
34.3% |
30.3% |
General and administrative expense ratio
(9) |
3.7% |
0.5% |
-- |
3.3% |
Combined ratio (10) |
95.6% |
95.7% |
96.8% |
96.7% |
|
|
|
|
|
|
|
|
|
|
(7) Calculated by dividing net
losses and loss expenses by net earned premium and other insurance
revenue. |
(8) Calculated by dividing
commission and other acquisition expenses by net earned premium and
other insurance revenue. |
(9) Calculated by dividing
general and administrative expenses by net earned premium and other
insurance revenue. |
(10) Calculated by adding
together net loss and loss expense ratio, acquisition cost ratio
and general and administrative expense ratio. |
CONTACT: Maiden Holdings, Ltd.
John Marshaleck
131 Front Street, 2nd Floor
Hamilton, HM 12 Bermuda
441.298.4902
jmarshaleck@maiden.bm
Maiden (NASDAQ:MHLD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Maiden (NASDAQ:MHLD)
Historical Stock Chart
From Jul 2023 to Jul 2024