Highlights for the three months ended September 30,
2013
- Annualized operating return on common equity(1) of
11.1% compared with 9.1% in the third quarter of
2012;
- Net operating earnings (1) of $22.7 million, or $0.31
per diluted common share compared with $19.5 million, or $0.27 per
diluted common share in the third quarter of 2012;
- Net premiums written increased 1.7% to $463.4 million
versus the same period last year; excluding the National
General Quota Share, which terminated August 1, the underlying
growth rate was 17.1%;
- Combined ratio(6) of 97.6% compared to
98.2% in the third quarter of 2012;
- Net investment income rose to $23.3 million or an
increase of 7.9% compared to the third quarter of
2012;
- Book value per common share(4) of $11.34, up 2.0%
versus June 30, 2013; and
- At the beginning of October 2013, Maiden issued $165
million of mandatory convertible preference shares to support the
continuing growth of its reinsurance business.
Highlights for the nine months ended September 30,
2013
- Annualized operating return on common equity(1) of
10.2% compared to 9.5% in the first nine months of last
year;
- Net operating earnings (1) of $64.2 million, or $0.87
per diluted common share compared with $58.6 million, or $0.80 per
diluted common share in the first nine months of
2012;
- Net premiums written increased 13.1% to $1.7 billion
versus the same period last year; excluding the National
General Quota Share, which terminated August 1, the underlying
growth rate was 20.2%;
- Combined ratio(6) of 97.6% compared to 98.0% in the
first nine months of 2012;
- Net investment income was $66.0 million, an increase of
9.8% compared to the first nine months of 2012; and
- Total investments increased 2.2% in the first nine
months of 2013 to $2.7 billion.
Maiden Holdings, Ltd. (Nasdaq:MHLD) ("Maiden" or "the Company")
today reported third quarter 2013 net operating earnings(1) of
$22.7 million, or $0.31 per diluted common share compared with
$19.5 million, or $0.27 per diluted common share in the third
quarter of 2012. Net income attributable to Maiden common
shareholders totaled $21.9 million, or $0.30 per diluted common
share in the third quarter of 2013, which were essentially the same
net income and per common share results for the third quarter of
2012.
Commenting on the Company's earnings, Art Raschbaum, Chief
Executive Officer of Maiden, said: "In the third quarter of 2013,
as with the previous two quarters, we continued to see favorable
trends across our key core business metrics. In addition to
delivering an annualized operating return on common equity of
11.1%, we improved year-on-year underwriting performance, lowered
expense relativities, and increased our active client
count. While the operating environment remains competitive,
our clients continue to benefit from improving primary rate
levels. Our issuance of convertible mandatory preference
shares at the beginning of the fourth quarter is supportive of the
growth we are seeing and demonstrates our belief in Maiden's strong
business prospects."
Results for the three months ended September 30,
2013
Net operating earnings(1) for the third quarter of 2013 were
$22.7 million, or $0.31 per diluted common share compared with
$19.5 million, or $0.27 per diluted common share in the comparative
quarter in 2012. Net income attributable to Maiden common
shareholders was $21.9 million, or $0.30 per diluted common share
in the third quarter of 2013, compared with net income of $21.9
million, or $0.30 per diluted common share in the third quarter of
2012.
In the third quarter of 2013, net premiums written totaled
$463.4 million, an increase of 1.7% compared to the third quarter
of 2012. The Diversified Reinsurance segment's net premiums
written were down 4.3% to $185.6 million versus the third quarter
of 2012. The decline in the Diversified segment's premium were
the result of actions taken last year to non-renew underperforming
contracts and increased retentions by a small number of
cedents. Additionally, the current period no longer includes
the excess and surplus lines property insurance business which was
sold in April of 2013. In the AmTrust Quota Share
Reinsurance segment, net premiums written increased by 39.4% to
$259.6 million compared to the third quarter of 2012 and was driven
primarily by continuing price increases in workers' compensation
and new business resulting from AmTrust's acquisitions and organic
growth. Net premiums written from the National General
Holdings Corporation Quota Share ("NGHC Quota Share", formerly
known as the "ACAC Quota Share") were $57.4 million lower at $18.2
million compared to $75.6 million during the same period in 2012
due to the previously announced termination of the quota share
agreement as of August 1, 2013. Excluding the terminated NGHC
Quota Share, Maiden's net premiums written in the third quarter of
2013 increased 17.1% compared to the third quarter of 2012.
Net premiums earned of $508.1 million increased 13.2%, or $59.2
million compared to the third quarter of 2012. Earned
premiums decreased 0.5% in the Diversified Reinsurance segment to
$199.0 million compared to the third quarter of 2012. The AmTrust
Quota Share Reinsurance segment was up 37.3% to $243.4 million
compared to the three months ended September 30, 2012. The
NGHC Quota Share segment was $65.8 million in the third quarter of
2013, down 8.2% compared to the third quarter of 2012.
Net investment income of $23.3 million in the third quarter of
2013 increased 7.9% compared to the third quarter of
2012. Total investments of $2.7 billion increased $57.7
million or 2.2% versus December 31, 2012. The average
yield on the fixed income portfolio (excluding cash) is 3.54% with
an average duration of 4.47 years.
Net loss and loss adjustment expenses of $341.6 million were up
$32.5 million compared to the third quarter of 2012. The
loss ratio(6) decreased by 1.7 percentage points to 66.8% versus
the third quarter of 2012.
Commission and other acquisition expenses together with general
and administrative expenses of $157.4 million increased $22.9
million in the third quarter of 2013, compared to the year ago
quarter, while the total expense ratio(9) rose to 30.8% in the
third quarter of 2013 compared with 29.7% in the same quarter last
year. General and administrative expenses for the third
quarter of 2013 totaled $13.3 million compared with $13.6 million
in the third quarter of 2012. The general and administrative
expense ratio(8) decreased to 2.6% in the third quarter of 2013
versus 2.9% in the third quarter of 2012.
The combined ratio(10) for the third quarter of 2013 totaled
97.6% compared with 98.2% in the third quarter of 2012.
Total assets increased 7.5% to $4.4 billion at September 30,
2013 compared to $4.1 billion at year-end 2012. Total
cash on hand at September 30, 2013 was up $187.4 million to $401.2
million compared to year-end 2012, and consisted of cash and cash
equivalents of $131.3 million and restricted cash and cash
equivalents of $269.9 million. Shareholders' equity was
$973.5 million, down 4.1% compared to
December 31, 2012. Book value per common share was
$11.34 at the end of the third quarter of 2013 or 2.0% higher than
at June 30, 2013.
During the third 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 nine months ended September 30,
2013
Net income attributable to Maiden common shareholders for the
nine months ended September 30, 2013 was $67.1 million compared to
net income of $56.8 million in the first three quarters of
2012. Net operating earnings(1) for the first nine
months of 2013 were $64.2 million, or $0.87 per diluted common
share compared to $58.6 million or $0.80 per diluted common share
in the first nine months of 2012. Annualized operating
return on common equity(1) for the nine months ended September 30,
2013 was 10.2% compared to 9.5% for the first three quarters of
2012.
Net premiums written rose 13.1%, or $191.8 million to $1.7
billion in the first nine months of 2013 compared to the same
period in 2012. For the first three quarters of 2013,
net premiums written in the Diversified Reinsurance segment of
$588.2 million were 6.1% lower than in the first nine months of
2012. Net premiums written for the AmTrust Quota Share
Reinsurance segment were $895.0 million, up 47.2% compared to the
first three quarters of 2012. Net premiums written for the
NGHC Quota Share were $167.2 million in the first nine months of
2013, which is 25.5% lower than the $224.5 million written in the
first three quarters of 2012. Excluding the terminated NGHC
Quota Share, Maiden's net premiums written increased 20.2% in the
first nine months of 2013 compared to the same period in 2012.
Net premiums earned in the first nine months of 2013 were $1.5
billion, an increase of 14.0% or $185.3 million compared to the
first three quarters of 2012. Net premiums earned in the
Diversified Reinsurance segment were down 5.0% to $573.6 million
for the first nine months of 2013 compared to the same period in
2012. The AmTrust Quota Share Reinsurance segment net premiums
earned of $725.1 million increased 41.3% in the first nine months
of 2013 compared to the first three quarters of 2012. The NGHC
Quota Share segment net premiums earned totaled $211.2 million in
the first nine months of 2013, up 1.5% compared to the first three
quarters of 2012.
Net investment income in the first nine months of 2013 was $66.0
million, up 9.8% compared to the same period in 2012. The
year-over-year growth in net investment income was due to higher
investable assets, which grew by 9.4% at the end of the third
quarter of 2013 compared to the end of the third quarter of
2012.
Net loss and loss adjustment expenses for the first nine months
of 2013 were $1.0 billion, up $122.4 million compared to the same
period in 2012. The loss ratio(6) decreased 0.3
percentage points to 67.0% versus the first nine months of
2012.
The combined ratio(10) for the first nine months of 2013 was
97.6%, which improved 0.4 percentage points compared to the
combined ratio(10) for the first nine months of last year of
98.0%. These results include a general and administrative
expense ratio(8) of 3.0% in the first nine months of 2013 and 3.1%
in the comparative period last year.
(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: 91105176
Webcast: http://www.maiden.bm/presentations_conferences
A replay of the conference call will be available beginning
11:30 a.m. ET on November 7, 2013 through midnight on November 14,
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: 91105176; 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 September 30, 2013, Maiden had $4.4 billion in
assets and shareholders' equity of $973.5 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) |
|
|
|
|
|
|
|
September 30, 2013
(Unaudited) |
December 31, 2012
(Audited) |
Assets |
|
|
Fixed maturities, available-for-sale, at fair
value (Amortized cost 2013: $2,620,107; 2012: $2,475,202) |
$ 2,674,305 |
$ 2,618,697 |
Other investments, at fair value (Cost 2013:
$4,500; 2012: $2,599) |
5,006 |
2,901 |
Total investments |
2,679,311 |
2,621,598 |
Cash and cash equivalents |
131,296 |
81,543 |
Restricted cash and cash equivalents |
269,944 |
132,327 |
Accrued investment income |
23,107 |
21,007 |
Reinsurance balances receivable,
net |
554,680 |
522,614 |
Funds withheld |
45,492 |
42,712 |
Prepaid reinsurance premiums |
49,515 |
38,725 |
Reinsurance recoverable on unpaid losses |
97,334 |
110,858 |
Loan to related party |
167,975 |
167,975 |
Deferred commission and other acquisition
expenses |
310,726 |
270,669 |
Goodwill and intangible assets, net |
91,558 |
94,393 |
Other assets |
28,734 |
33,742 |
Total
Assets |
$ 4,449,672 |
$ 4,138,163 |
Liabilities
and Equity |
|
|
Liabilities |
|
|
Reserve for loss and loss adjustment
expenses |
$ 1,926,635 |
$ 1,740,281 |
Unearned premiums |
1,089,218 |
936,497 |
Accrued expenses and other liabilities |
126,002 |
111,957 |
Senior notes |
207,500 |
207,500 |
Junior subordinated debt |
126,364 |
126,317 |
Total
Liabilities |
3,475,719 |
3,122,552 |
|
|
|
Equity |
|
|
Preference Shares |
150,000 |
150,000 |
Common shares |
736 |
733 |
Additional paid-in capital |
579,170 |
575,869 |
Accumulated other comprehensive
income |
48,619 |
141,130 |
Retained earnings |
198,796 |
151,308 |
Treasury stock, at cost |
(3,801) |
(3,801) |
Total Maiden Shareholders'
Equity |
973,520 |
1,015,239 |
Noncontrolling interest in
subsidiaries |
433 |
372 |
Total
Equity |
973,953 |
1,015,611 |
Total Liabilities
and Equity |
$ 4,449,672 |
$ 4,138,163 |
|
|
|
|
|
|
Book value per common share
(4) |
$ 11.34 |
$ 11.96 |
|
|
|
Common shares
outstanding |
72,613,048 |
72,343,947 |
|
|
|
|
|
|
|
|
|
|
Maiden Holdings,
Ltd. |
Income
Statement |
(in thousands (000's),
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
September 30, 2013 |
For the Three Months Ended
September 30, 2012 |
For the Nine Months Ended September
30, 2013 |
For the Nine Months Ended September
30, 2012 |
Revenues: |
|
|
|
|
Gross premiums written |
$ 491,915 |
$ 478,515 |
$ 1,742,092 |
$ 1,536,955 |
|
|
|
|
|
Net premiums written |
$ 463,418 |
$ 455,847 |
$ 1,650,426 |
$ 1,458,640 |
Change in unearned premiums |
44,708 |
(6,874) |
(140,585) |
(134,055) |
Net premiums
earned |
508,126 |
448,973 |
1,509,841 |
1,324,585 |
Other insurance revenue |
3,271 |
2,622 |
11,266 |
9,650 |
Net investment income |
23,253 |
21,550 |
65,977 |
60,072 |
Net realized gains on investment |
477 |
2,410 |
3,707 |
836 |
Total
revenues |
535,127 |
475,555 |
1,590,791 |
1,395,143 |
Expenses: |
|
|
|
|
Net loss and loss adjustment
expenses |
341,629 |
309,146 |
1,019,871 |
897,498 |
Commission and other acquisition
expenses |
144,194 |
120,923 |
420,096 |
367,844 |
General and administrative expenses |
13,251 |
13,578 |
44,163 |
42,617 |
Total
expenses |
499,074 |
443,647 |
1,484,130 |
1,307,959 |
|
|
|
|
|
Income from operations
(2) |
36,053 |
31,908 |
106,661 |
87,184 |
|
|
|
|
|
Other expenses |
|
|
|
|
Amortization of intangible assets |
(945) |
(1,090) |
(2,835) |
(3,271) |
Foreign exchange and other (losses)
gains |
(23) |
1,213 |
2,573 |
1,318 |
Interest and amortization expenses |
(9,571) |
(9,569) |
(28,711) |
(26,815) |
Total other
expenses |
(10,539) |
(9,446) |
(28,973) |
(28,768) |
|
|
|
|
|
Income before income
taxes |
25,514 |
22,462 |
77,688 |
58,416 |
Income taxes: |
|
|
|
|
Current tax expense |
136 |
397 |
656 |
880 |
Deferred tax expense |
345 |
131 |
561 |
618 |
Income tax expense |
481 |
528 |
1,217 |
1,498 |
|
|
|
|
|
Net income |
25,033 |
21,934 |
76,471 |
56,918 |
Less: income attributable to noncontrolling
interest |
(36) |
(15) |
(95) |
(81) |
Net income attributable to
Maiden |
24,997 |
21,919 |
76,376 |
56,837 |
Dividends on preference shares |
(3,093) |
-- |
(9,281) |
-- |
Net income attributable to Maiden
common shareholders |
$ 21,904 |
$ 21,919 |
$ 67,095 |
$ 56,837 |
Net operating earnings attributable
to Maiden common shareholders (1) |
$ 22,740 |
$ 19,517 |
$ 64,211 |
$ 58,572 |
|
|
|
|
|
Basic earnings per common share
attributable to Maiden shareholders |
$ 0.30 |
$ 0.30 |
$ 0.92 |
$ 0.79 |
Diluted earnings per common share
attributable to Maiden shareholders |
$ 0.30 |
$ 0.30 |
$ 0.91 |
$ 0.78 |
Basic operating earnings per common
share attributable to Maiden shareholders |
$ 0.31 |
$ 0.27 |
$ 0.88 |
$ 0.81 |
Diluted operating earnings per common
share attributable to Maiden shareholders |
$ 0.31 |
$ 0.27 |
$ 0.87 |
$ 0.80 |
|
|
|
|
|
Dividends declared per common
share |
$ 0.09 |
$ 0.08 |
$ 0.27 |
$ 0.24 |
|
|
|
|
|
Weighted average number of basic
shares outstanding |
72,552,022 |
72,270,052 |
72,475,087 |
72,251,711 |
Weighted average number of diluted
shares outstanding |
73,937,894 |
73,138,961 |
73,724,368 |
73,088,533 |
|
|
|
|
|
Net loss and loss adjustment expense
ratio (6) |
66.8% |
68.5% |
67.0% |
67.3% |
Commission and other acquisition
expense ratio (7) |
28.2% |
26.8% |
27.6% |
27.6% |
General and administrative
expense ratio (8) |
2.6% |
2.9% |
3.0% |
3.1% |
Expense ratio (9) |
30.8% |
29.7% |
30.6% |
30.7% |
Combined ratio (10) |
97.6% |
98.2% |
97.6% |
98.0% |
Annualized return on common
equity |
10.7% |
10.2% |
10.6% |
9.2% |
Annualized operating return on common
equity |
11.1% |
9.1% |
10.2% |
9.5% |
|
|
|
|
|
|
|
|
|
|
Maiden Holdings,
Ltd. |
Non - GAAP Financial
Measure |
(in thousands (000's),
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, 2013 |
For the Three Months Ended
September 30, 2012 |
For the Nine Months Ended September
30, 2013 |
For the Nine Months Ended September
30, 2012 |
|
|
|
|
|
Reconciliation of net income
attributable to Maiden common shareholders to net operating
earnings: |
|
|
|
|
Net income attributable to Maiden common
shareholders |
$ 21,904 |
$ 21,919 |
$ 67,095 |
$ 56,837 |
Add (subtract) |
|
|
|
|
Net realized gains on
investment |
(477) |
(2,410) |
(3,707) |
(836) |
Foreign exchange and other
losses (gains) |
23 |
(1,213) |
(2,573) |
(1,318) |
Amortization of intangible
assets |
945 |
1,090 |
2,835 |
3,271 |
Non-cash deferred tax
expense |
345 |
131 |
561 |
618 |
Net operating earnings attributable to Maiden
common shareholders (1) |
$ 22,740 |
$ 19,517 |
$ 64,211 |
$ 58,572 |
|
|
|
|
|
Operating earnings per common share
attributable to Maiden shareholders: |
|
|
|
|
|
|
|
|
|
Basic earnings per common share attributable
to Maiden shareholders |
$ 0.31 |
$ 0.27 |
$ 0.88 |
$ 0.81 |
Diluted earnings per common share
attributable to Maiden shareholders |
$ 0.31 |
$ 0.27 |
$ 0.87 |
$ 0.80 |
|
|
|
|
|
Reconciliation of net income
attributable to Maiden to income from operations: |
|
|
|
|
Net income attributable to Maiden |
$ 24,997 |
$ 21,919 |
$ 76,376 |
$ 56,837 |
Add (subtract) |
|
|
|
|
Foreign exchange and other
losses (gains) |
23 |
(1,213) |
(2,573) |
(1,318) |
Amortization of intangible
assets |
945 |
1,090 |
2,835 |
3,271 |
Interest and amortization
expenses |
9,571 |
9,569 |
28,711 |
26,815 |
Income tax expense |
481 |
528 |
1,217 |
1,498 |
Income attributable to
noncontrolling interest |
36 |
15 |
95 |
81 |
Income from operations (2) |
$ 36,053 |
$ 31,908 |
$ 106,661 |
$ 87,184 |
|
|
|
|
|
|
September 30, 2013 |
December 31, 2012 |
|
|
Investable assets: |
|
|
|
|
Total investments |
$ 2,679,311 |
$ 2,621,598 |
|
|
Cash and cash equivalents |
131,296 |
81,543 |
|
|
Restricted cash and cash equivalents |
269,944 |
132,327 |
|
|
Funds withheld (3) |
25,006 |
26,494 |
|
|
Loan to related party |
167,975 |
167,975 |
|
|
Total investable assets (3) |
$ 3,273,532 |
$ 3,029,937 |
|
|
|
|
|
|
|
|
September 30, 2013 |
December 31, 2012 |
|
|
Capital: |
|
|
|
|
Senior notes |
$ 207,500 |
$ 207,500 |
|
|
Junior subordinated debt |
126,364 |
126,317 |
|
|
Total Maiden shareholders' equity |
973,520 |
1,015,239 |
|
|
Total capital (5) |
$ 1,307,384 |
$ 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 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 September
30, 2013 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
NGHC Quota
Share |
Total |
Net premiums written |
$ 185,620 |
$ 259,633 |
$ 18,165 |
$ 463,418 |
Net premiums earned |
$ 198,966 |
$ 243,408 |
$ 65,752 |
$ 508,126 |
Other insurance revenue |
3,271 |
-- |
-- |
3,271 |
Net loss and loss adjustment expenses |
(137,080) |
(160,212) |
(44,337) |
(341,629) |
Commissions and other acquisition
expenses |
(51,657) |
(71,869) |
(20,668) |
(144,194) |
General and administrative expenses |
(9,688) |
(504) |
(177) |
(10,369) |
Underwriting income |
$ 3,812 |
$ 10,823 |
$ 570 |
$ 15,205 |
|
|
|
|
|
Reconciliation to net income
attributable to Maiden common shareholders |
|
|
|
|
Net investment income and realized gains on
investment |
|
|
|
23,730 |
Amortization of intangible assets |
|
|
|
(945) |
Foreign exchange and other losses |
|
|
|
(23) |
Interest and amortization expenses |
|
|
|
(9,571) |
Other general and administrative
expenses |
|
|
|
(2,882) |
Income tax expense |
|
|
|
(481) |
Income attributable to noncontrolling
interest |
|
|
|
(36) |
Dividends on preference shares |
|
|
|
(3,093) |
|
|
|
|
|
Net income attributable to Maiden
common shareholders |
|
|
|
$ 21,904 |
|
|
|
|
|
Net loss and loss adjustment expense ratio
(6) |
67.8% |
65.8% |
67.4% |
66.8% |
Commission and other acquisition expense
ratio (7) |
25.5% |
29.5% |
31.4% |
28.2% |
General and administrative expense ratio
(8) |
4.8% |
0.3% |
0.3% |
2.6% |
Combined ratio (10) |
98.1% |
95.6% |
99.1% |
97.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September
30, 2012 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
NGHC Quota
Share |
Total |
Net premiums written |
$ 193,943 |
$ 186,258 |
$ 75,646 |
$ 455,847 |
Net premiums earned |
$ 200,020 |
$ 177,293 |
$ 71,660 |
$ 448,973 |
Other insurance revenue |
2,622 |
-- |
-- |
2,622 |
Net loss and loss adjustment expenses |
(141,625) |
(120,942) |
(46,579) |
(309,146) |
Commissions and other acquisition
expenses |
(47,801) |
(50,525) |
(22,597) |
(120,923) |
General and administrative expenses |
(9,256) |
(535) |
(199) |
(9,990) |
Underwriting income |
$ 3,960 |
$ 5,291 |
$ 2,285 |
$ 11,536 |
|
|
|
|
|
Reconciliation to net income
attributable to Maiden common shareholders |
|
|
|
|
Net investment income and realized gains on
investment |
|
|
|
23,960 |
Amortization of intangible assets |
|
|
|
(1,090) |
Foreign exchange gains |
|
|
|
1,213 |
Interest and amortization expenses |
|
|
|
(9,569) |
Other general and administrative
expenses |
|
|
|
(3,588) |
Income tax expense |
|
|
|
(528) |
Income attributable to noncontrolling
interest |
|
|
|
(15) |
|
|
|
|
|
Net income attributable to Maiden
common shareholders |
|
|
|
$ 21,919 |
|
|
|
|
|
Net loss and loss adjustment expense ratio
(6) |
69.9% |
68.2% |
65.0% |
68.5% |
Commission and other acquisition expense
ratio (7) |
23.6% |
28.5% |
31.5% |
26.8% |
General and administrative expense ratio
(8) |
4.5% |
0.3% |
0.3% |
2.9% |
Combined ratio (10) |
98.0% |
97.0% |
96.8% |
98.2% |
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
Maiden Holdings,
Ltd. |
Supplemental Financial
Data - Segment Information |
(in thousands
(000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September
30, 2013 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
NGHC Quota
Share |
Total |
Net premiums written |
$ 588,164 |
$ 895,029 |
$ 167,233 |
$ 1,650,426 |
Net premiums earned |
$ 573,551 |
$ 725,100 |
$ 211,190 |
$ 1,509,841 |
Other insurance revenue |
11,266 |
-- |
-- |
11,266 |
Net loss and loss adjustment expenses |
(398,680) |
(478,782) |
(142,409) |
(1,019,871) |
Commissions and other acquisition
expenses |
(140,877) |
(213,199) |
(66,020) |
(420,096) |
General and administrative expenses |
(31,639) |
(1,498) |
(530) |
(33,667) |
Underwriting income |
$ 13,621 |
$ 31,621 |
$ 2,231 |
$ 47,473 |
|
|
|
|
|
Reconciliation to net income
attributable to Maiden common shareholders |
|
|
|
|
Net investment income and realized gains on
investment |
|
|
|
69,684 |
Amortization of intangible assets |
|
|
|
(2,835) |
Foreign exchange and other gains |
|
|
|
2,573 |
Interest and amortization expenses |
|
|
|
(28,711) |
Other general and administrative
expenses |
|
|
|
(10,496) |
Income tax expense |
|
|
|
(1,217) |
Income attributable to noncontrolling
interest |
|
|
|
(95) |
Dividends on preference shares |
|
|
|
(9,281) |
|
|
|
|
|
Net income attributable to Maiden
common shareholders |
|
|
|
$ 67,095 |
|
|
|
|
|
Net loss and loss adjustment expense ratio
(6) |
68.2% |
66.0% |
67.4% |
67.0% |
Commission and other acquisition expense
ratio (7) |
24.1% |
29.4% |
31.3% |
27.6% |
General and administrative expense ratio
(8) |
5.4% |
0.2% |
0.2% |
3.0% |
Combined ratio (10) |
97.7% |
95.6% |
98.9% |
97.6% |
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September
30, 2012 |
Diversified
Reinsurance |
AmTrust Quota Share
Reinsurance |
NGHC Quota
Share |
Total |
Net premiums written |
$ 626,220 |
$ 607,902 |
$ 224,518 |
$ 1,458,640 |
Net premiums earned |
$ 603,613 |
$ 512,988 |
$ 207,984 |
$ 1,324,585 |
Other insurance revenue |
9,650 |
-- |
-- |
9,650 |
Net loss and loss adjustment expenses |
(412,437) |
(350,553) |
(134,508) |
(897,498) |
Commissions and other acquisition
expenses |
(159,895) |
(142,284) |
(65,665) |
(367,844) |
General and administrative expenses |
(31,849) |
(1,444) |
(566) |
(33,859) |
Underwriting income |
$ 9,082 |
$ 18,707 |
$ 7,245 |
$ 35,034 |
|
|
|
|
|
Reconciliation to net income
attributable to Maiden common shareholders |
|
|
|
|
Net investment income and realized gains on
investment |
|
|
|
60,908 |
Amortization of intangible assets |
|
|
|
(3,271) |
Foreign exchange gains |
|
|
|
1,318 |
Interest and amortization expenses |
|
|
|
(26,815) |
Other general and administrative
expenses |
|
|
|
(8,758) |
Income tax expense |
|
|
|
(1,498) |
Income attributable to noncontrolling
interest |
|
|
|
(81) |
|
|
|
|
|
Net income attributable to Maiden
common shareholders |
|
|
|
$ 56,837 |
|
|
|
|
|
Net loss and loss adjustment expense ratio
(6) |
67.3% |
68.3% |
64.7% |
67.3% |
Commission and other acquisition expense
ratio (7) |
26.1% |
27.7% |
31.6% |
27.6% |
General and administrative expense ratio
(8) |
5.1% |
0.4% |
0.2% |
3.1% |
Combined ratio (10) |
98.5% |
96.4% |
96.5% |
98.0% |
|
|
|
|
|
|
|
|
|
|
(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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