Highlights for the three months ended June 30,
2013
- Annualized operating return on common equity(1) of
9.7%, the same as the second quarter of 2012;
- Net operating earnings (1) of $20.4 million, or $0.28
per diluted common share compared with $19.7 million, or $0.27 per
diluted common share in the second quarter of 2012;
- Net investment income rose to $20.7 million or an
increase of 3.3% compared to the second quarter of
2012;
- Total investments increased 3.3% in the second quarter
of 2013 to $2.7 billion;
- Net premiums written increased 20.9% to $497.9 million
versus the same period last year;
- Combined ratio(6) of 97.6% compared to
97.9% in the second quarter of 2012; and
- Book value per common share(4) of $11.12, down 7.0%
versus year-end 2012, reflecting the impact of rising interest
rates.
Highlights for the six months ended June 30,
2013
- Annualized operating return on common equity(1) of
10.0% compared to 9.9% in the first six months of last
year;
- Net operating earnings (1) of $41.5 million, or $0.56
per diluted common share compared with $39.1 million, or $0.53 per
diluted common share in the first six months of 2012;
- Combined ratio(6) of 97.6% compared to 97.9% in the
first six months of 2012;
- Net investment income was $42.7 million, an increase of
10.9% compared to the first six months of 2012;
- Total investments increased 3.7% in the first six
months of 2013 to $2.7 billion; and
- Net premiums written increased 18.4% to $1.2 billion
versus the same period last year.
Maiden Holdings, Ltd. (Nasdaq:MHLD) ("Maiden") today reported
second quarter 2013 net operating earnings(1) of $20.4 million, or
$0.28 per diluted common share compared with $19.7 million, or
$0.27 per diluted common share in the comparative quarter in 2012.
Net income totaled $20.2 million, or $0.27 per diluted common share
in the second quarter of 2013, compared with net income of $14.5
million, or $0.20 per diluted common share in the second quarter of
2012.
Commenting on the Company's earnings, Art Raschbaum, Chief
Executive Officer of Maiden, said: "Maiden's results for the second
quarter and the first six months of 2013 reflect improved
underwriting performance, no adverse impact from the catastrophe
events of the second quarter, strong growth from the AmTrust
segment reflecting a favorable North American pricing environment,
and an annualized return on common shareholders' equity of 10% for
the first half of the year. Over time, we expect rising interest
rates to benefit the Company's long-term earnings run rate as we
deploy cash and reinvest assets at higher yields. Along
with a favorable insurance pricing environment in North America and
rising interest rates, we expect that Maiden's profitability will
further benefit from expected repayment of the 14% TRUPS in January
2014."
Results for the three months ended June 30,
2013
Net operating earnings(1) for the second quarter of 2013 were
$20.4 million, or $0.28 per diluted common share compared with
$19.7 million, or $0.27 per diluted common share in the comparative
quarter in 2012. Net income was $20.2 million, or $0.27 per
diluted common share in the second quarter of 2013, compared with
net income of $14.5 million, or $0.20 per diluted common share in
the second quarter of 2012.
In the second quarter of 2013, net premiums written totaled
$497.9 million, an increase of 20.9% compared to the second quarter
of 2012. The Diversified Reinsurance segment net premiums written
were down 6.3% to $134.9 million versus the second quarter of 2012,
primarily due to underwriting actions undertaken in 2012 to
strengthen profitability. In the AmTrust Quota Share
Reinsurance segment, net premiums written increased by 48.5% to
$290.6 million compared to the second quarter of 2012. The
growth of the AmTrust Quota Share Reinsurance segment was driven by
both organic premium increases, in particular in the workers'
compensation line, and, to a lesser extent, acquisition activity.
Net premiums written from the National General Holdings
Corporation Quota Share ("NGHC Quota Share", formerly known as the
"ACAC Quota Share") were unchanged at $72.4 million compared to the
same period in 2012.
Net premiums earned of $513.3 million increased 17.4%, or $76.2
million compared to the second quarter of 2012. Earned
premiums decreased 10.4% in the Diversified Reinsurance segment to
$178.3 million compared to the second quarter to 2012. In the same
comparative periods, the AmTrust Quota Share Reinsurance segment
was up 55.8% and the NGHC Quota Share segment was up 4.8%.
Net investment income of $20.7 million in the second quarter of
2013 increased 3.3% compared to the second quarter of
2012. Total investments increased $97.7 million or 3.7% to
$2.7 billion versus December 31, 2012. The average yield
on the fixed income portfolio (excluding cash) is 3.54% with an
average duration of 4.37 years.
Net loss and loss adjustment expenses of $343.3 million were up
$42.9 million compared to the second quarter of
2012. The loss ratio(6) decreased by 1.9 percentage
points to 66.5% versus the second quarter of 2012.
Commission and other acquisition expenses together with general
and administrative expenses of $160.4 million increased $30.5
million in the second quarter of 2013, compared to the year ago
quarter, while the total expense ratio(9) rose to 31.1% in the
second quarter of 2013 compared with 29.5% in the same quarter last
year. General and administrative expenses for the second
quarter of 2013 totaled $16.8 million compared with $15.2 million
in the second quarter of 2012. The general and administrative
expense ratio(8) decreased to 3.3% in the second quarter of 2013
versus 3.4% in the second quarter of 2012.
The combined ratio(10) for the second quarter of 2013 totaled
97.6% compared with 97.9% in the second quarter of 2012.
Total assets increased 6.5% to $4.4 billion at June 30, 2013
compared to $4.1 billion at year-end 2012. Total cash on
hand at June 30, 2013 was down 13.2% to $185.6 million compared to
year-end 2012, and consisted of cash and cash equivalents of $89.4
million and restricted cash and cash equivalents of $96.2
million. Shareholders' equity was $956.4 million, a
decrease of 5.8% compared to December 31, 2012. Book
value per common share was $11.12 at the end of the second quarter
of 2013 or 7.0% lower than at December 31, 2012.
During the second quarter of 2013, the Board of Directors
declared dividends of $0.09 per common share and $0.515625 per
Series A preference share.
Results for the six months ended June 30,
2013
Net income for the six months ended June 30, 2013 was $45.2
million compared to net income of $34.9 million in the first half
of 2012. Net operating earnings(1) for the first half of
2013 were $41.5 million, or $0.56 per diluted common share compared
to $39.1 million or $0.53 per diluted common share in the first six
months of 2012. Annualized operating return on common
equity(1) for the six months ended June 30, 2013 was 10.0% compared
to 9.9% for the first half of 2012.
Net premiums written rose 18.4%, or $184.2 million to $1.2
billion in the first six months of 2013 compared to the same period
in 2012. For the first two quarters of 2013, net
premiums written in the Diversified Reinsurance segment of $402.5
million were 6.9% lower than in the first half of 2012. Net
premiums written for the AmTrust Quota Share Reinsurance segment
was $635.4 million, up 50.7% compared to the first two quarters of
2012. Net premiums written for the NGHC Quota Share were
$149.1 million in the first six months of 2013 compared to $148.9
million in the first half of 2012.
Net premiums earned in the first six months of 2013 were $1.0
billion, an increase of 14.4% or $126.1 million compared to the
first half of 2012. Net premiums earned in the
Diversified Reinsurance segment were down 7.2% to $374.6 million
for the first six months of 2013 compared to the same period in
2012. The AmTrust Quota Share Reinsurance segment net premiums
earned of $481.7 million increased 43.5% in the first six months of
2013 compared to the first half of 2012. The NGHC Quota Share
segment net premiums earned totaled $145.4 million in the first
half of 2013, up 6.7% compared to the first six months of 2012.
Net investment income in the first half of 2013 was $42.7
million, up 10.9% compared to the same period in 2012. This
reflects a 13.5% increase in total investments at the end of the
second quarter of 2013 compared to the end of the second quarter of
2012, which was somewhat offset by a decrease in book yield
(excluding cash) to 3.54% from 3.74% at the end of June
2012.
Net loss and loss adjustment expenses for the first six months
of 2013 were $678.2 million, up $89.9 million compared to the same
period in 2012. The loss ratio(6) increased 0.5
percentage points to 67.2% versus the first six months of 2012.
Commission and other acquisition expenses together with general
and administrative expenses of $306.8 million increased $30.9
million compared to the first six months of 2012 and resulted in a
total expense ratio(9) of 30.4% compared with 31.2% in the
first half of 2012. General and administrative expenses for the
first six months of 2013 totaled $30.9 million compared with $29.0
million in the first two quarters of 2012. These results reflected
a general and administrative expense ratio(8) of 3.1% in the first
six months of 2013 and 3.2% in the comparative period last
year.
The combined ratio(10) for the first six months of 2013 was
97.6%, which improved compared to the combined ratio(10) for the
first six months of last year of 97.9%.
NGHC Quota Share
Maiden and NGHC have agreed to terminate their multi-year quota
share reinsurance contract following NGHC's highly successful
equity issuance of a 25% stake in NGHC through a private placement
transaction. Under the terms of the agreement, NGHC maintains
the right to terminate the quota share contract within 60 days of
the initiation of a private placement or initial public
offering. The termination is effective August 1, 2013, and is
subject to regulatory approval by NGHC. The termination is by
mutual agreement and takes effect on a run-off basis on that
date.
Commenting on the termination, Maiden's Chief Executive Officer,
Art Raschbaum, said, "We are very pleased to have had the
opportunity to support NGHC as a quota share reinsurance capital
provider. Following NGHC's equity issuance, the quota share
capital support provided by Maiden is now unnecessary. Importantly
with robust growth in our AmTrust business segment and favorable
prospects for continued development of our diversified portfolio,
the termination should have a negligible impact on Maiden's
continued profitable growth."
(1)(4) 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.
(6)(8)(9)(10) Loss ratio, general and administrative expense
ratio, expense ratio and combined ratio are operating metrics.
Please see the additional information on these measures under
Segment information tables.
Conference Call
Maiden's CEO Art Raschbaum and CFO John Marshaleck will review
these results tomorrow morning via teleconference and live audio
webcast beginning at 8:30 a.m. ET.
To participate in the conference call, please access one of the
following no later than 8:25 a.m. ET: U.S. Callers: 1.877.734.5373
Outside U.S. Callers: 1.973.200.3059 Passcode: 22942949 Webcast:
http://www.maiden.bm/presentations_conferences
A replay of the conference call will be available beginning
11:30 a.m. ET on August 8, 2013 through midnight on August 15,
2013. 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: 22942949; 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 its subsidiaries, which are each A- rated
(excellent) by A.M. Best, the Company is 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, 2013, Maiden had $4.4 billion in assets
and shareholders' equity of $956.4 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 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, 2012 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, 2013
(Unaudited) |
December 31, 2012
(Audited) |
Assets |
|
|
Fixed maturities, available-for-sale, at fair
value (Amortized cost 2013: $2,665,870; 2012: $2,475,202) |
$2,714,867 |
$2,618,697 |
Other investments, at fair value (Cost 2013:
$4,087; 2012: $2,599) |
4,438 |
2,901 |
Total investments |
2,719,305 |
2,621,598 |
Cash and cash equivalents |
89,375 |
81,543 |
Restricted cash and cash equivalents |
96,215 |
132,327 |
Accrued investment income |
21,515 |
21,007 |
Reinsurance balances receivable,
net |
685,095 |
522,614 |
Funds withheld |
43,706 |
42,712 |
Prepaid reinsurance premiums |
48,944 |
38,725 |
Reinsurance recoverable on unpaid losses |
101,143 |
110,858 |
Loan to related party |
167,975 |
167,975 |
Deferred commission and other acquisition
expenses |
314,839 |
270,669 |
Goodwill and intangible assets, net |
92,503 |
94,393 |
Other assets |
25,235 |
33,742 |
Total Assets |
$4,405,850 |
$4,138,163 |
Liabilities
and Equity |
|
|
Liabilities |
|
|
Reserve for loss and loss adjustment
expenses |
$1,844,086 |
$1,740,281 |
Unearned premiums |
1,129,796 |
936,497 |
Accrued expenses and other liabilities |
141,359 |
111,957 |
Senior notes |
207,500 |
207,500 |
Junior subordinated debt |
126,348 |
126,317 |
Total Liabilities |
3,449,089 |
3,122,552 |
|
|
|
Equity |
|
|
Preference Shares - Series A |
150,000 |
150,000 |
Common shares |
735 |
733 |
Additional paid-in capital |
577,960 |
575,869 |
Accumulated other comprehensive
income |
48,035 |
141,130 |
Retained earnings |
183,436 |
151,308 |
Treasury stock, at cost |
(3,801) |
(3,801) |
Total Maiden Shareholders'
Equity |
956,365 |
1,015,239 |
Noncontrolling interest in
subsidiaries |
396 |
372 |
Total Equity |
956,761 |
1,015,611 |
Total Liabilities and
Equity |
$4,405,850 |
$4,138,163 |
|
|
|
|
|
|
Book value per common share
(4) |
$11.12 |
$11.96 |
|
|
|
Common shares
outstanding |
72,514,437 |
72,343,947 |
|
Maiden Holdings,
Ltd. |
Income
Statement |
(in thousands (000's),
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2013 |
For the Three Months Ended June 30,
2012 |
For the Six Months Ended June 30,
2013 |
For the Six Months Ended June 30,
2012 |
|
|
|
|
|
Revenues: |
|
|
|
|
Gross premiums written |
$535,457 |
$445,228 |
$1,250,177 |
$1,058,440 |
|
|
|
|
|
Net premiums written |
$497,949 |
$411,960 |
$1,187,008 |
$1,002,793 |
Change in unearned premiums |
15,324 |
25,156 |
(185,293) |
(127,181) |
Net premiums earned |
513,273 |
437,116 |
1,001,715 |
875,612 |
Other insurance revenue |
2,780 |
2,274 |
7,995 |
7,028 |
Net investment income |
20,745 |
20,085 |
42,724 |
38,522 |
Net realized (losses) gains on
investment |
(53) |
(2,939) |
3,230 |
(1,574) |
Total revenues |
536,745 |
456,536 |
1,055,664 |
919,588 |
Expenses: |
|
|
|
|
Net loss and loss adjustment
expenses |
343,347 |
300,435 |
678,242 |
588,352 |
Commission and other acquisition
expenses |
143,572 |
114,663 |
275,902 |
246,921 |
General and administrative expenses |
16,817 |
15,208 |
30,912 |
29,039 |
Total expenses |
503,736 |
430,306 |
985,056 |
864,312 |
|
|
|
|
|
Income from operations
(2) |
33,009 |
26,230 |
70,608 |
55,276 |
|
|
|
|
|
Other expenses |
|
|
|
|
Amortization of intangible assets |
(945) |
(1,091) |
(1,890) |
(2,181) |
Foreign exchange and other gains
(losses) |
1,049 |
(874) |
2,596 |
105 |
Interest and amortization expenses |
(9,570) |
(9,568) |
(19,140) |
(17,246) |
Total other
expenses |
(9,466) |
(11,533) |
(18,434) |
(19,322) |
|
|
|
|
|
Income before income
taxes |
23,543 |
14,697 |
52,174 |
35,954 |
Income taxes: |
|
|
|
|
Current tax (benefit) expense |
(53) |
(155) |
520 |
483 |
Deferred tax expense |
265 |
246 |
216 |
487 |
Income tax expense |
212 |
91 |
736 |
970 |
|
|
|
|
|
Net income |
23,331 |
14,606 |
51,438 |
34,984 |
Less: income attributable to noncontrolling
interest |
(32) |
(65) |
(59) |
(66) |
Net income attributable to
Maiden |
23,299 |
14,541 |
51,379 |
34,918 |
Dividends on preference shares |
(3,094) |
-- |
(6,188) |
-- |
Net income attributable to Maiden
common shareholders |
$20,205 |
$14,541 |
$45,191 |
$34,918 |
Net operating earnings attributable
to Maiden common shareholders (1) |
$20,419 |
$19,691 |
$41,471 |
$39,055 |
|
|
|
|
|
Basic earnings per common share
attributable to Maiden shareholders |
$ 0.28 |
$ 0.20 |
$ 0.62 |
$ 0.48 |
Diluted earnings per common share
attributable to Maiden shareholders |
$ 0.27 |
$ 0.20 |
$ 0.61 |
$ 0.48 |
Basic operating earnings per common
share attributable to Maiden shareholders |
$ 0.28 |
$ 0.27 |
$ 0.57 |
$ 0.54 |
Diluted operating earnings per common
share attributable to Maiden shareholders |
$ 0.28 |
$ 0.27 |
$ 0.56 |
$ 0.53 |
|
|
|
|
|
Dividends declared per common
share |
$ 0.09 |
$ 0.08 |
$ 0.18 |
$ 0.16 |
|
|
|
|
|
Weighted average number of basic
shares outstanding |
72,454,400 |
72,258,550 |
72,435,982 |
72,242,440 |
Weighted average number of diluted
shares outstanding |
73,684,301 |
73,040,926 |
73,596,794 |
73,063,659 |
|
|
|
|
|
Net loss and loss adjustment expense
ratio (6) |
66.5% |
68.4% |
67.2% |
66.7% |
Commission and other acquisition
expense ratio (7) |
27.8% |
26.1% |
27.3% |
28.0% |
General and administrative
expense ratio (8) |
3.3% |
3.4% |
3.1% |
3.2% |
Expense ratio (9) |
31.1% |
29.5% |
30.4% |
31.2% |
Combined ratio (10) |
97.6% |
97.9% |
97.6% |
97.9% |
Annualized return on common
equity |
9.6% |
7.2% |
10.9% |
8.8% |
Annualized operating return on common
equity |
9.7% |
9.7% |
10.0% |
9.9% |
|
Maiden Holdings,
Ltd. |
Non - GAAP Financial
Measure |
(in thousands (000's),
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2013 |
For the Three Months Ended June 30,
2012 |
For the Six Months Ended June 30,
2013 |
For the Six Months Ended June 30,
2012 |
|
|
|
|
|
Reconciliation of net income
attributable to Maiden common shareholders to net operating
earnings: |
|
|
|
|
Net income attributable to Maiden common
shareholders |
$20,205 |
$14,541 |
$45,191 |
$34,918 |
Add (subtract) |
|
|
|
|
Net realized losses (gains) on
investment |
53 |
2,939 |
(3,230) |
1,574 |
Foreign exchange and other (gains)
losses |
(1,049) |
874 |
(2,596) |
(105) |
Amortization of intangible assets |
945 |
1,091 |
1,890 |
2,181 |
Non-cash deferred tax expense |
265 |
246 |
216 |
487 |
Net operating earnings attributable to Maiden
common shareholders (1) |
$20,419 |
$19,691 |
$41,471 |
$39,055 |
|
|
|
|
|
Operating earnings per
common share attributable to Maiden shareholders: |
|
|
|
|
|
|
|
|
Basic earnings per common share attributable
to Maiden shareholders |
$0.28 |
$0.27 |
$0.57 |
$0.54 |
Diluted earnings per common share
attributable to Maiden shareholders |
$0.28 |
$0.27 |
$0.56 |
$0.53 |
|
|
|
|
|
Reconciliation of net income
attributable to Maiden to income from operations: |
|
|
|
|
Net income attributable to Maiden |
$23,299 |
$14,541 |
$51,379 |
$34,918 |
Add (subtract) |
|
|
|
|
Foreign exchange and other (gains)
losses |
(1,049) |
874 |
(2,596) |
(105) |
Amortization of intangible assets |
945 |
1,091 |
1,890 |
2,181 |
Interest and amortization expenses |
9,570 |
9,568 |
19,140 |
17,246 |
Income tax expense |
212 |
91 |
736 |
970 |
Income attributable to noncontrolling
interest |
32 |
65 |
59 |
66 |
Income from operations (2) |
$33,009 |
$26,230 |
$70,608 |
$55,276 |
|
|
|
|
|
|
June 30, 2013 |
December 31, 2012 |
|
|
Investable assets: |
|
|
|
|
Total investments |
$2,719,305 |
$2,621,598 |
|
|
Cash and cash equivalents |
89,375 |
81,543 |
|
|
Restricted cash and cash equivalents |
96,215 |
132,327 |
|
|
Funds withheld (3) |
24,153 |
26,494 |
|
|
Loan to related party |
167,975 |
167,975 |
|
|
Total investable assets (3) |
$3,097,023 |
$3,029,937 |
|
|
|
|
|
|
|
|
June 30, 2013 |
December 31, 2012 |
|
|
Capital: |
|
|
|
|
Senior notes |
$207,500 |
$207,500 |
|
|
Junior subordinated debt |
126,348 |
126,317 |
|
|
Total Maiden shareholders' equity |
956,365 |
1,015,239 |
|
|
Total capital (5) |
$1,290,213 |
$1,349,056 |
|
|
|
|
|
|
|
(1) Net operating earnings
is a non-GAAP financial measure defined by the Company as net
income attributable to Maiden common shareholders excluding
realized and unrealized investment gains and losses, foreign
exchange and other gains and losses, amortization of intangible
assets 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, interest and
amortization expenses, income tax expense and income or 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) Calculated by dividing
total Maiden shareholders' equity less the preference shares -
series A by total common shares outstanding. |
|
|
|
|
|
(5) Capital is the total of
the Company's senior notes, junior subordinated debt and Maiden
shareholders' equity. |
|
Maiden Holdings,
Ltd. |
Supplemental Financial
Data - Segment Information |
(in thousands
(000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
2013 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
NGHC Quota
Share |
Total |
Net premiums written |
$134,934 |
$290,578 |
$72,437 |
$497,949 |
Net premiums earned |
$178,336 |
$261,404 |
$73,533 |
$513,273 |
Other insurance revenue |
2,780 |
-- |
-- |
2,780 |
Net loss and loss adjustment expenses |
(120,837) |
(172,925) |
(49,585) |
(343,347) |
Commissions and other acquisition
expenses |
(44,438) |
(76,198) |
(22,936) |
(143,572) |
General and administrative expenses |
(11,153) |
(505) |
(179) |
(11,837) |
Underwriting income |
$4,688 |
$11,776 |
$833 |
$17,297 |
|
|
|
|
|
Reconciliation to net income
attributable to Maiden common shareholders |
|
|
|
|
Net investment income and realized losses on
investment |
|
|
|
20,692 |
Amortization of intangible assets |
|
|
|
(945) |
Foreign exchange and other gains |
|
|
|
1,049 |
Interest and amortization expenses |
|
|
|
(9,570) |
Other general and administrative
expenses |
|
|
|
(4,980) |
Income tax expense |
|
|
|
(212) |
Income attributable to noncontrolling
interest |
|
|
|
(32) |
Dividends on preference shares |
|
|
|
(3,094) |
|
|
|
|
|
Net income attributable to Maiden
common shareholders |
|
|
|
$20,205 |
|
|
|
|
|
Net loss and loss adjustment expense ratio
(6) |
66.7% |
66.2% |
67.4% |
66.5% |
Commission and other acquisition expense
ratio (7) |
24.5% |
29.1% |
31.2% |
27.8% |
General and administrative expense ratio
(8) |
6.2% |
0.2% |
0.3% |
3.3% |
Combined ratio (10) |
97.4% |
95.5% |
98.9% |
97.6% |
|
|
|
|
|
For the Three Months Ended June 30,
2012 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
NGHC Quota
Share |
Total |
Net premiums written |
$143,981 |
$195,629 |
$72,350 |
$411,960 |
Net premiums earned |
$199,130 |
$167,816 |
$70,170 |
$437,116 |
Other insurance revenue |
2,274 |
-- |
-- |
2,274 |
Net loss and loss adjustment expenses |
(138,420) |
(116,755) |
(45,260) |
(300,435) |
Commissions and other acquisition
expenses |
(47,945) |
(44,590) |
(22,128) |
(114,663) |
General and administrative expenses |
(12,145) |
(530) |
(194) |
(12,869) |
Underwriting income |
$2,894 |
$5,941 |
$2,588 |
$11,423 |
|
|
|
|
|
Reconciliation to net income
attributable to Maiden common shareholders |
|
|
|
|
Net investment income and realized losses on
investment |
|
|
|
17,146 |
Amortization of intangible assets |
|
|
|
(1,091) |
Foreign exchange losses |
|
|
|
(874) |
Interest and amortization expenses |
|
|
|
(9,568) |
Other general and administrative
expenses |
|
|
|
(2,339) |
Income tax expense |
|
|
|
(91) |
Income attributable to noncontrolling
interest |
|
|
|
(65) |
|
|
|
|
|
Net income attributable to Maiden
common shareholders |
|
|
|
$14,541 |
|
|
|
|
|
Net loss and loss adjustment expense ratio
(6) |
68.7% |
69.6% |
64.5% |
68.4% |
Commission and other acquisition expense
ratio (7) |
23.8% |
26.6% |
31.5% |
26.1% |
General and administrative expense ratio
(8) |
6.1% |
0.3% |
0.3% |
3.4% |
Combined ratio (10) |
98.6% |
96.5% |
96.3% |
97.9% |
|
Maiden Holdings,
Ltd. |
Supplemental Financial
Data - Segment Information |
(in thousands
(000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30,
2013 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
NGHC Quota
Share |
Total |
Net premiums written |
$402,544 |
$635,396 |
$149,068 |
$1,187,008 |
Net premiums earned |
$374,585 |
$481,692 |
$145,438 |
$1,001,715 |
Other insurance revenue |
7,995 |
-- |
-- |
7,995 |
Net loss and loss adjustment expenses |
(261,600) |
(318,570) |
(98,072) |
(678,242) |
Commissions and other acquisition
expenses |
(89,220) |
(141,330) |
(45,352) |
(275,902) |
General and administrative expenses |
(21,951) |
(994) |
(353) |
(23,298) |
Underwriting income |
$9,809 |
$20,798 |
$1,661 |
$32,268 |
|
|
|
|
|
Reconciliation to net income
attributable to Maiden common shareholders |
|
|
|
|
Net investment income and realized gains on
investment |
|
|
|
45,954 |
Amortization of intangible assets |
|
|
|
(1,890) |
Foreign exchange and other gains |
|
|
|
2,596 |
Interest and amortization expenses |
|
|
|
(19,140) |
Other general and administrative
expenses |
|
|
|
(7,614) |
Income tax expense |
|
|
|
(736) |
Income attributable to noncontrolling
interest |
|
|
|
(59) |
Dividends on preference shares |
|
|
|
(6,188) |
|
|
|
|
|
Net income attributable to Maiden
common shareholders |
|
|
|
$45,191 |
|
|
|
|
|
Net loss and loss adjustment expense ratio
(6) |
68.4% |
66.1% |
67.4% |
67.2% |
Commission and other acquisition expense
ratio (7) |
23.3% |
29.3% |
31.2% |
27.3% |
General and administrative expense ratio
(8) |
5.7% |
0.3% |
0.3% |
3.1% |
Combined ratio (10) |
97.4% |
95.7% |
98.9% |
97.6% |
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30,
2012 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
NGHC Quota
Share |
Total |
Net premiums written |
$432,277 |
$421,644 |
$148,872 |
$1,002,793 |
Net premiums earned |
$403,593 |
$335,695 |
$136,324 |
$875,612 |
Other insurance revenue |
7,028 |
-- |
-- |
7,028 |
Net loss and loss adjustment expenses |
(270,812) |
(229,611) |
(87,929) |
(588,352) |
Commissions and other acquisition
expenses |
(112,094) |
(91,759) |
(43,068) |
(246,921) |
General and administrative expenses |
(22,593) |
(909) |
(367) |
(23,869) |
Underwriting income |
$5,122 |
$13,416 |
$4,960 |
$23,498 |
|
|
|
|
|
Reconciliation to net income
attributable to Maiden common shareholders |
|
|
|
|
Net investment income and realized losses on
investment |
|
|
|
36,948 |
Amortization of intangible assets |
|
|
|
(2,181) |
Foreign exchange gains |
|
|
|
105 |
Interest and amortization expenses |
|
|
|
(17,246) |
Other general and administrative
expenses |
|
|
|
(5,170) |
Income tax expense |
|
|
|
(970) |
Income attributable to noncontrolling
interest |
|
|
|
(66) |
|
|
|
|
|
Net income attributable to Maiden
common shareholders |
|
|
|
$34,918 |
|
|
|
|
|
Net loss and loss adjustment expense ratio
(6) |
66.0% |
68.4% |
64.5% |
66.7% |
Commission and other acquisition expense
ratio (7) |
27.3% |
27.3% |
31.6% |
28.0% |
General and administrative expense ratio
(8) |
5.5% |
0.3% |
0.3% |
3.2% |
Combined ratio (10) |
98.8% |
96.0% |
96.4% |
97.9% |
|
|
|
|
|
(6) Calculated by dividing net
loss and loss adjustment expenses by the sum of net premiums earned
and other insurance revenue. (7) Calculated by dividing commission
and other acquisition expenses by the sum of net premiums earned
and other insurance revenue. (8) Calculated by dividing
general and administrative expenses by the sum of net premiums
earned and other insurance revenue. (9) Calculated by adding
together the commission and other acquisition expense ratio and
general and administrative expense ratio. (10) Calculated by adding
together the net loss and loss adjustment expense ratio and expense
ratio. |
|
|
|
|
CONTACT: Noah Fields, Vice President, Investor Relations
Maiden Holdings, Ltd.
Phone: 441.298.4927
E-mail: nfields@maiden.bm
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