Highlights for the quarter
ended June 30, 2017
Maiden Holdings, Ltd. (NASDAQ:MHLD) (“Maiden” or “the Company”)
today reported a second quarter 2017 net loss attributable to
Maiden common shareholders of $22.4 million or $0.26 per diluted
common share compared to net income attributable to Maiden common
shareholders of $30.9 million or $0.39 per diluted common share in
the second quarter of 2016. The non-GAAP operating loss(1)
was $12.5 million, or $0.14 per diluted common share compared with
non-GAAP operating earnings of $28.4 million, or $0.37 per diluted
common share in the second quarter of 2016.
Commenting on the results, Art Raschbaum, Chief
Executive Officer of Maiden stated, “The emergence of adverse loss
development in both of our key operating segments has impacted our
second quarter 2017 results. We do not believe that the
development observed in the quarter is analogous to the trend
observed across our portfolio over recent quarters which
specifically emanated from elevated commercial auto liability
frequency and severity from the 2011-2014 underwriting years, a
phenomenon which has plagued many in the industry. While the
AmTrust Reinsurance segment adverse development is relatively
modest in the context of the overall historical portfolio assumed,
as we have committed to in the past, it is our practice to respond
to confirmed adverse development promptly. In response to observed
elevated claims activity which we noted in our first quarter
earnings call, Maiden’s audit activity has confirmed claims
operational changes in AmTrust’s U.S. small commercial lines
business which are believed to have contributed to a portion of the
increased emergence in related casualty lines. We have
however increased our reserves in these lines in the quarter in
response to elevated severity in specific jurisdictions.
“In the Diversified Reinsurance segment, adverse
development was observed in the segment’s casualty facultative
business and from a small number of treaty accounts. Despite
the adverse development in the quarter, year-to-date treaty
commercial auto which has been the source of significant
development over many recent quarters, has been benign, giving us
increasing comfort that we have addressed this issue. In the
quarter, Maiden also experienced elevated non-cat property loss
activity in its Diversified Reinsurance segment. As we have
observed in prior quarters, the most recent underwriting years
continue to perform within expectations. Despite the
underwriting results, we did benefit from strong investment income,
up 14.7% from the prior year period driven by increased investable
assets. Absent adverse development, this will improve both
return on equity and operating results in future quarters.”
Results for the quarter ended June 30,
2017Maiden reported a second quarter 2017
net loss attributable to Maiden common shareholders of $22.4
million or $0.26 per diluted common share compared to net income
attributable to Maiden common shareholders of $30.9 million or
$0.39 per diluted common share in the second quarter of
2016. The non-GAAP operating loss(1) was $12.5 million,
or $ 0.14 per diluted common share compared with non-GAAP operating
earnings of $28.4 million, or $0.37 per diluted common share in the
second quarter of 2016.
In the second quarter of 2017, gross premiums
written increased 2.5% to $705.2 million from $688.3 million in the
second quarter of 2016. Gross premiums written in the
Diversified Reinsurance segment totaled $140.8 million, a decrease
of 14.6% versus the second quarter of 2016, primarily due to the
commutation of a single large account and the return of the
unearned premium reserve. In the AmTrust Reinsurance segment,
gross premiums written were $564.3 million, an increase of 7.8%
compared to $523.5 million in the second quarter of 2016.
Net premiums written totaled $684.1 million in
the second quarter of 2017, an increase of 5.2% compared to the
second quarter of 2016. Net premiums written were higher in
the second quarter of 2017 due to growth in the AmTrust Reinsurance
segment and as a result of lower utilization of retrocessional
capacity compared to the prior year period.
Net premiums earned were $711.1 million, an
increase of 11.5% compared to the second quarter of 2016. In
the Diversified Reinsurance segment, net premiums earned increased
7.1% to $204.2 million compared to the second quarter of
2016. The AmTrust Reinsurance segment net premiums earned
were $506.8 million, up 13.4% compared to the second quarter of
2016.
Net loss and loss adjustment expenses of $528.6
million were up 23.8% compared to the second quarter of 2016.
The loss ratio(9) of 74.1% was higher than the 66.8% reported in
the second quarter of 2016.
Commission and other acquisition expenses
increased 13.1% to $210.0 million in the second quarter of 2017,
compared to the second quarter of 2016. The expense ratio(12)
decreased to 31.7% for the second quarter of 2017 compared with
31.8% in the same quarter last year. General and
administrative expenses for the second quarter of 2017 totaled
$15.3 million, an 11.2% decrease compared with $17.3 million in the
second quarter of 2016. The general and administrative expense
ratio(11) was 2.2% in the second quarter of 2017, compared to 2.7%
in the second quarter of 2016.
The combined ratio(13) for the second quarter of
2017 totaled 105.8% compared with 98.6% in the second quarter of
2016. The Diversified Reinsurance segment
combined ratio was 112.9% in the second quarter of 2017 compared to
103.4% in the second quarter of 2016. The Diversified
Reinsurance segment results identified adverse development in its
casualty facultative portfolio and select treaty accounts.
The Diversified Reinsurance segment was also impacted by
approximately $6 million of non-catastrophe property losses during
the second quarter of 2017. The AmTrust Reinsurance segment
combined ratio was 101.5% in the second quarter of 2017 compared to
94.9% in the second quarter of 2016. The higher combined
ratio was significantly driven by adverse loss development
recognized in the AmTrust Reinsurance segment’s U.S. small
commercial business lines.
Net investment income of $40.5 million in the
second quarter of 2017 increased 14.7% compared to the second
quarter of 2016. As of June 30, 2017, the average yield on
the fixed income portfolio (excluding cash) is 3.23% with an
average duration of 4.83 years. Cash and cash equivalents
were $437.3 million at June 30, 2017 and $244.1 million higher than
at March 31, 2017.
Total assets increased 8.6% to $6.8 billion at
June 30, 2017 compared to $6.3 billion at year-end
2016. Shareholders' equity was $1.5 billion, up 10.3%
compared to December 31, 2016. Book value per
common share(4) was $11.95 at June 30, 2017 or 1.4% lower than at
December 31, 2016. During the second quarter of
2017, the Board of Directors declared dividends of $0.15 per common
share, $0.515625 per Series A preference share and $0.445313 per
Series C preference share.
Results for the six months ended June
30, 2017Net loss attributable to Maiden common
shareholders was $1.9 million or $0.02 per diluted common share in
the first six months of 2017 compared to net income attributable to
Maiden common shareholders of $58.1 million or $0.75 per diluted
common share in the first half 2016. Non-GAAP net operating
earnings(1) for the first six months of 2017 were $10.2 million, or
$0.12 per diluted common share compared with $56.8 million, or
$0.73 per diluted common share in the first half of 2016.
In the first half of 2017, gross premiums
written totaled $1.6 billion, an increase of 4.9% compared to the
first half of 2016. Gross premiums written in the Diversified
Reinsurance segment totaled $472.9 million, a decrease of 1.6%
versus the first six months of 2016. In the AmTrust
Reinsurance segment, gross premiums written increased by 7.8% to
$1.2 billion compared to the first half of 2016.
In the first six months of 2017, net premiums
written totaled $1.6 billion, an increase of 9.8% compared to the
first six months of 2016.
Net premiums earned of $1.4 billion increased
13.3% compared to the first half of 2016. Net premiums earned
increased 11.9% in the Diversified Reinsurance segment to $406.1
million compared to the first six months of 2016. The AmTrust
Reinsurance segment net premiums earned were up 13.9% to $1.0
billion compared to the first half of 2016.
Net loss and loss adjustment expenses of $1.0
billion were up 21.5% compared to the first half of 2016. The
loss ratio(9) of 70.8% was higher than the 65.9% in the first six
months of 2016.
Commission and other acquisition expenses,
increased 13.5% to $432.1 million in the first half of 2017
compared to the first half of 2016, while the expense ratio(12)
lowered to 32.6% compared with 32.8% in the first six months of
2016. General and administrative expenses for the first half
of 2017 totaled $32.8 million, the same as in the first half of
2016. The general and administrative expense ratio(11) decreased to
2.3% versus 2.6% in the first six months of 2016.
The combined ratio(13) for the first six months
of 2017 was 103.4% compared to the 98.7% combined ratio reported
for the first half of 2016. The Diversified Reinsurance
segment had a combined ratio of 106.4% in the first half of 2017
compared to 103.2% in the first half of 2016. The AmTrust
Reinsurance segment combined ratio was 100.6% in the first six
months of 2017 compared to 95.1% in the first six months of
2016.
Net investment income of $82.7 million in the
first half of 2017 increased 15.4% compared to $71.6 million in the
first half of 2016.
(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.
(9)(11)(12)(13) Loss ratio, general and
administrative expense ratio, expense ratio and combined ratio are
non-GAAP operating metrics. Please see the additional information
on these measures under Non-GAAP Financial Measures tables.
Conference Call
Maiden’s Chief Executive Officer, Art Raschbaum
and Chief Financial Officer, Karen Schmitt will review these
results tomorrow 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 at least five minutes prior to the
start time:
U.S. Callers: 1.877.734.5373
Outside U.S. Callers: 1.973.200.3059
Passcode: 57795342
Webcast:
http://www.maiden.bm/news_events
A replay of the conference call will be
available beginning at 11:30 a.m. ET on August 9, 2017 through
11:30 a.m. ET on August 16, 2017. 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:
57795342; or access http://www.maiden.bm/news_events.
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, 2017, Maiden had $6.8
billion in assets and shareholders' equity of $1.5 billion.
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, 2016 as
updated in periodic filings with the SEC. However these factors
should not be construed as exhaustive. Forward-looking statements
speak only as of the date they are made and the Company undertakes
no obligation to update or revise any forward-looking statement
that may be made from time to time, whether as a result of new
information, future developments or otherwise, except as required
by law.
Maiden Holdings, Ltd. |
Consolidated Balance
Sheets |
(in thousands (000's), except per share
data) |
|
|
|
|
June 30, 2017 |
|
|
December 31, 2016 |
|
|
|
(Unaudited) |
|
|
(Audited) |
|
Assets |
|
|
|
|
|
|
Fixed
maturities, available-for-sale, at fair value (Amortized cost 2017:
$3,692,950; 2016: $4,005,642) |
$ |
3,704,761 |
|
|
$ |
3,971,666 |
|
|
Fixed
maturities, held-to-maturity, at amortized cost (Fair value 2017:
$1,160,694; 2016: $766,135) |
|
1,132,916 |
|
|
|
752,212 |
|
|
Other
investments, at fair value (Cost 2017: $10,041; 2016: $10,057) |
|
15,553 |
|
|
|
13,060 |
|
|
Total
investments |
|
4,853,230 |
|
|
|
4,736,938 |
|
|
Cash and cash
equivalents |
|
246,826 |
|
|
|
45,747 |
|
|
Restricted cash and
cash equivalents |
|
190,470 |
|
|
|
103,788 |
|
|
Accrued investment
income |
|
35,773 |
|
|
|
36,517 |
|
|
Reinsurance balances
receivable, net |
|
499,756 |
|
|
|
410,166 |
|
|
Reinsurance recoverable
on unpaid losses |
|
87,681 |
|
|
|
99,936 |
|
|
Loan to related
party |
|
167,975 |
|
|
|
167,975 |
|
|
Deferred commission and
other acquisition expenses, net |
|
475,655 |
|
|
|
424,605 |
|
|
Goodwill and intangible
assets, net |
|
76,649 |
|
|
|
77,715 |
|
|
Other assets |
|
157,214 |
|
|
|
148,912 |
|
|
Total Assets |
$ |
6,791,229 |
|
|
$ |
6,252,299 |
|
|
Liabilities
and Equity |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Reserve for loss and
loss adjustment expenses |
$ |
3,110,208 |
|
|
$ |
2,896,496 |
|
|
Unearned
premiums |
|
1,644,704 |
|
|
|
1,475,506 |
|
|
Accrued expenses and
other liabilities |
|
152,684 |
|
|
|
161,334 |
|
|
Liability for
investments purchased |
|
128,504 |
|
|
|
6,402 |
|
|
Senior notes |
|
|
|
|
|
|
Principal
amount |
|
262,500 |
|
|
|
362,500 |
|
|
Less:
unamortized debt issuance costs |
|
8,123 |
|
|
|
11,091 |
|
|
Senior notes, net |
|
254,377 |
|
|
|
351,409 |
|
|
Total Liabilities |
|
5,290,477 |
|
|
|
4,891,147 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Preference Shares |
|
465,000 |
|
|
|
315,000 |
|
|
Common shares |
|
877 |
|
|
|
873 |
|
|
Additional paid-in
capital |
|
746,707 |
|
|
|
749,256 |
|
|
Accumulated other
comprehensive income |
|
35,575 |
|
|
|
14,997 |
|
|
Retained earnings |
|
257,806 |
|
|
|
285,662 |
|
|
Treasury shares, at
cost |
|
(5,566 |
) |
|
|
(4,991 |
) |
|
Total Maiden
Shareholders’ Equity |
|
1,500,399 |
|
|
|
1,360,797 |
|
|
Noncontrolling
interest in subsidiaries |
|
353 |
|
|
|
355 |
|
|
Total Equity |
|
1,500,752 |
|
|
|
1,361,152 |
|
|
Total Liabilities and Equity |
$ |
6,791,229 |
|
|
$ |
6,252,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share(4) |
$ |
11.95 |
|
|
$ |
12.12 |
|
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
86,620,524 |
|
|
|
86,271,109 |
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Consolidated Statements of
Income |
(in thousands (000's), except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Gross premiums
written |
$ |
705,198 |
|
|
$ |
688,322 |
|
|
$ |
1,628,625 |
|
|
$ |
1,552,436 |
|
Net premiums
written |
$ |
684,072 |
|
|
$ |
650,427 |
|
|
$ |
1,584,620 |
|
|
$ |
1,443,258 |
|
Change in unearned
premiums |
|
27,053 |
|
|
|
(12,863 |
) |
|
|
(164,011 |
) |
|
|
(189,685 |
) |
Net premiums earned |
|
711,125 |
|
|
|
637,564 |
|
|
|
1,420,609 |
|
|
|
1,253,573 |
|
Other insurance
revenue |
|
1,547 |
|
|
|
1,525 |
|
|
|
5,328 |
|
|
|
6,351 |
|
Net investment
income |
|
40,512 |
|
|
|
35,323 |
|
|
|
82,669 |
|
|
|
71,625 |
|
Net realized gains on
investment |
|
1,572 |
|
|
|
334 |
|
|
|
2,457 |
|
|
|
2,611 |
|
Total revenues |
|
754,756 |
|
|
|
674,746 |
|
|
|
1,511,063 |
|
|
|
1,334,160 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Net loss and loss
adjustment expenses |
|
528,620 |
|
|
|
426,989 |
|
|
|
1,009,189 |
|
|
|
830,610 |
|
Commission and other
acquisition expenses |
|
210,039 |
|
|
|
185,727 |
|
|
|
432,068 |
|
|
|
380,795 |
|
General and
administrative expenses |
|
15,346 |
|
|
|
17,290 |
|
|
|
32,760 |
|
|
|
32,786 |
|
Total expenses |
|
754,005 |
|
|
|
630,006 |
|
|
|
1,474,017 |
|
|
|
1,244,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income
from operations(2) |
|
751 |
|
|
|
44,740 |
|
|
|
37,046 |
|
|
|
89,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Interest and
amortization expenses |
|
(6,745 |
) |
|
|
(7,193 |
) |
|
|
(13,601 |
) |
|
|
(14,458 |
) |
Accelerated
amortization of senior note issuance cost |
|
(2,809 |
) |
|
|
(2,345 |
) |
|
|
(2,809 |
) |
|
|
(2,345 |
) |
Amortization of
intangible assets |
|
(533 |
) |
|
|
(615 |
) |
|
|
(1,066 |
) |
|
|
(1,230 |
) |
Foreign exchange
(losses) gains |
|
(6,722 |
) |
|
|
5,520 |
|
|
|
(8,643 |
) |
|
|
5,787 |
|
Total other expenses |
|
(16,809 |
) |
|
|
(4,633 |
) |
|
|
(26,119 |
) |
|
|
(12,246 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before income taxes |
|
(16,058 |
) |
|
|
40,107 |
|
|
|
10,927 |
|
|
|
77,723 |
|
Less: income tax
expense |
|
277 |
|
|
|
220 |
|
|
|
761 |
|
|
|
1,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
(16,335 |
) |
|
|
39,887 |
|
|
|
10,166 |
|
|
|
76,716 |
|
Add: net loss
attributable to noncontrolling interest |
|
9 |
|
|
|
46 |
|
|
|
31 |
|
|
|
110 |
|
Net (loss)
income attributable to Maiden |
|
(16,326 |
) |
|
|
39,933 |
|
|
|
10,197 |
|
|
|
76,826 |
|
Dividends on preference
shares(6) |
|
(6,033 |
) |
|
|
(9,023 |
) |
|
|
(12,066 |
) |
|
|
(18,700 |
) |
Net (loss)
income attributable to Maiden common shareholders |
$ |
(22,359 |
) |
|
$ |
30,910 |
|
|
$ |
(1,869 |
) |
|
$ |
58,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)
earnings per common share attributable to Maiden
shareholders |
$ |
(0.26 |
) |
|
$ |
0.42 |
|
|
$ |
(0.02 |
) |
|
$ |
0.79 |
|
Diluted (loss)
earnings per common share
attributable to Maiden
shareholders(8) |
$ |
(0.26 |
) |
|
$ |
0.39 |
|
|
$ |
(0.02 |
) |
|
$ |
0.75 |
|
Dividends
declared per common share |
$ |
0.15 |
|
|
$ |
0.14 |
|
|
$ |
0.30 |
|
|
$ |
0.28 |
|
Annualized
return on average common equity |
|
(8.6) |
% |
|
|
12.3 |
% |
|
|
(0.4) |
% |
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares - basic |
|
86,564,794 |
|
|
|
73,997,759 |
|
|
|
86,458,413 |
|
|
|
73,934,518 |
|
Adjusted
weighted average number of common shares and assumed conversions -
diluted(8) |
|
86,564,794 |
|
|
|
85,926,626 |
|
|
|
86,458,413 |
|
|
|
85,894,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Supplemental Financial Data - Segment
Information |
(in thousands (000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2017 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
140,841 |
|
|
|
$ |
564,276 |
|
|
|
$ |
81 |
|
|
|
$ |
705,198 |
|
|
Net premiums
written |
|
$ |
137,247 |
|
|
|
$ |
546,735 |
|
|
|
$ |
90 |
|
|
|
$ |
684,072 |
|
|
Net premiums
earned |
|
$ |
204,219 |
|
|
|
$ |
506,816 |
|
|
|
$ |
90 |
|
|
|
$ |
711,125 |
|
|
Other insurance
revenue |
|
|
1,547 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,547 |
|
|
Net loss and loss
adjustment expenses ("loss and LAE") |
|
|
(176,837 |
) |
|
|
|
(350,561 |
) |
|
|
|
(1,222 |
) |
|
|
|
(528,620 |
) |
|
Commissions and other
acquisition expenses |
|
|
(46,989 |
) |
|
|
|
(163,055 |
) |
|
|
|
5 |
|
|
|
|
(210,039 |
) |
|
General and
administrative expenses |
|
|
(8,494 |
) |
|
|
|
(664 |
) |
|
|
|
- |
|
|
|
|
(9,158 |
) |
|
Underwriting
loss |
|
$ |
(26,554 |
) |
|
|
$ |
(7,464 |
) |
|
|
$ |
(1,127 |
) |
|
|
$ |
(35,145 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,084 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,745 |
) |
|
Accelerated
amortization of senior note issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,809 |
) |
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(533 |
) |
|
Foreign exchange
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,722 |
) |
|
Other general and
administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,188 |
) |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(277 |
) |
|
Net
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(16,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(9) |
|
|
86.0 |
% |
|
|
|
69.2 |
% |
|
|
|
|
|
|
|
74.1 |
% |
|
Commission and other
acquisition expense ratio(10) |
|
|
22.8 |
% |
|
|
|
32.2 |
% |
|
|
|
|
|
|
|
29.5 |
% |
|
General and
administrative expense ratio(11) |
|
|
4.1 |
% |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
2.2 |
% |
|
Expense ratio(12) |
|
|
26.9 |
% |
|
|
|
32.3 |
% |
|
|
|
|
|
|
|
31.7 |
% |
|
Combined
ratio(13) |
|
|
112.9 |
% |
|
|
|
101.5 |
% |
|
|
|
|
|
|
|
105.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2016 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
164,834 |
|
|
|
$ |
523,488 |
|
|
|
$ |
- |
|
|
|
$ |
688,322 |
|
|
Net premiums
written |
|
$ |
161,294 |
|
|
|
$ |
489,133 |
|
|
|
$ |
- |
|
|
|
$ |
650,427 |
|
|
Net premiums
earned |
|
$ |
190,755 |
|
|
|
$ |
446,809 |
|
|
|
$ |
- |
|
|
|
$ |
637,564 |
|
|
Other insurance
revenue |
|
|
1,525 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,525 |
|
|
Net loss and LAE |
|
|
(144,246 |
) |
|
|
|
(282,619 |
) |
|
|
|
(124 |
) |
|
|
|
(426,989 |
) |
|
Commissions and other
acquisition expenses |
|
|
(45,496 |
) |
|
|
|
(140,230 |
) |
|
|
|
(1 |
) |
|
|
|
(185,727 |
) |
|
General and
administrative expenses |
|
|
(9,079 |
) |
|
|
|
(963 |
) |
|
|
|
- |
|
|
|
|
(10,042 |
) |
|
Underwriting
(loss) income |
|
$ |
(6,541 |
) |
|
|
$ |
22,997 |
|
|
|
$ |
(125 |
) |
|
|
$ |
16,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,657 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,193 |
) |
|
Accelerated
amortization of senior note issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,345 |
) |
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(615 |
) |
|
Foreign exchange
gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,520 |
|
|
Other general and
administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,248 |
) |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(220 |
) |
|
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
39,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(9) |
|
|
75.0 |
% |
|
|
|
63.3 |
% |
|
|
|
|
|
|
|
66.8 |
% |
|
Commission and other
acquisition expense ratio(10) |
|
|
23.7 |
% |
|
|
|
31.4 |
% |
|
|
|
|
|
|
|
29.1 |
% |
|
General and
administrative expense ratio(11) |
|
|
4.7 |
% |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
2.7 |
% |
|
Expense ratio(12) |
|
|
28.4 |
% |
|
|
|
31.6 |
% |
|
|
|
|
|
|
|
31.8 |
% |
|
Combined
ratio(13) |
|
|
103.4 |
% |
|
|
|
94.9 |
% |
|
|
|
|
|
|
|
98.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Supplemental Financial Data - Segment
Information |
(in thousands (000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2017 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
472,886 |
|
|
|
$ |
1,155,658 |
|
|
|
$ |
81 |
|
|
|
$ |
1,628,625 |
|
|
Net premiums
written |
|
$ |
464,743 |
|
|
|
$ |
1,119,787 |
|
|
|
$ |
90 |
|
|
|
$ |
1,584,620 |
|
|
Net premiums
earned |
|
$ |
406,061 |
|
|
|
$ |
1,014,458 |
|
|
|
$ |
90 |
|
|
|
$ |
1,420,609 |
|
|
Other insurance
revenue |
|
|
5,328 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
5,328 |
|
|
Net loss and LAE |
|
|
(315,486 |
) |
|
|
|
(692,192 |
) |
|
|
|
(1,511 |
) |
|
|
|
(1,009,189 |
) |
|
Commissions and other
acquisition expenses |
|
|
(104,934 |
) |
|
|
|
(327,139 |
) |
|
|
|
5 |
|
|
|
|
(432,068 |
) |
|
General and
administrative expenses |
|
|
(17,224 |
) |
|
|
|
(1,469 |
) |
|
|
|
- |
|
|
|
|
(18,693 |
) |
|
Underwriting
loss |
|
$ |
(26,255 |
) |
|
|
$ |
(6,342 |
) |
|
|
$ |
(1,416 |
) |
|
|
$ |
(34,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85,126 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,601 |
) |
|
Accelerated
amortization of senior note issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,809 |
) |
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,066 |
) |
|
Foreign exchange
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,643 |
) |
|
Other general and
administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,067 |
) |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(761 |
) |
|
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(9) |
|
|
76.7 |
% |
|
|
|
68.3 |
% |
|
|
|
|
|
|
|
70.8 |
% |
|
Commission and other
acquisition expense ratio(10) |
|
|
25.5 |
% |
|
|
|
32.2 |
% |
|
|
|
|
|
|
|
30.3 |
% |
|
General and
administrative expense ratio(11) |
|
|
4.2 |
% |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
2.3 |
% |
|
Expense ratio(12) |
|
|
29.7 |
% |
|
|
|
32.3 |
% |
|
|
|
|
|
|
|
32.6 |
% |
|
Combined
ratio(13) |
|
|
106.4 |
% |
|
|
|
100.6 |
% |
|
|
|
|
|
|
|
103.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2016 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
480,638 |
|
|
|
$ |
1,071,798 |
|
|
|
$ |
- |
|
|
|
$ |
1,552,436 |
|
|
Net premiums
written |
|
$ |
447,430 |
|
|
|
$ |
995,828 |
|
|
|
$ |
- |
|
|
|
$ |
1,443,258 |
|
|
Net premiums
earned |
|
$ |
363,011 |
|
|
|
$ |
890,562 |
|
|
|
$ |
- |
|
|
|
$ |
1,253,573 |
|
|
Other insurance
revenue |
|
|
6,351 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
6,351 |
|
|
Net loss and LAE |
|
|
(263,322 |
) |
|
|
|
(564,393 |
) |
|
|
|
(2,895 |
) |
|
|
|
(830,610 |
) |
|
Commissions and other
acquisition expenses |
|
|
(100,027 |
) |
|
|
|
(280,768 |
) |
|
|
|
- |
|
|
|
|
(380,795 |
) |
|
General and
administrative expenses |
|
|
(17,679 |
) |
|
|
|
(1,549 |
) |
|
|
|
- |
|
|
|
|
(19,228 |
) |
|
Underwriting
(loss) income |
|
$ |
(11,666 |
) |
|
|
$ |
43,852 |
|
|
|
$ |
(2,895 |
) |
|
|
$ |
29,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,236 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,458 |
) |
|
Accelerated
amortization of senior note issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,345 |
) |
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,230 |
) |
|
Foreign exchange
gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,787 |
|
|
Other general and
administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,558 |
) |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,007 |
) |
|
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
76,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(9) |
|
|
71.3 |
% |
|
|
|
63.4 |
% |
|
|
|
|
|
|
|
65.9 |
% |
|
Commission and other
acquisition expense ratio(10) |
|
|
27.1 |
% |
|
|
|
31.5 |
% |
|
|
|
|
|
|
|
30.2 |
% |
|
General and
administrative expense ratio(11) |
|
|
4.8 |
% |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
2.6 |
% |
|
Expense ratio(12) |
|
|
31.9 |
% |
|
|
|
31.7 |
% |
|
|
|
|
|
|
|
32.8 |
% |
|
Combined
ratio(13) |
|
|
103.2 |
% |
|
|
|
95.1 |
% |
|
|
|
|
|
|
|
98.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Non - GAAP Financial Measures |
(in thousands (000's), except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June
30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Non-GAAP operating (loss) earnings attributable to
Maiden common shareholders(1) |
$ |
(12,450 |
) |
|
$ |
28,431 |
|
|
$ |
10,188 |
|
|
$ |
56,778 |
|
Non-GAAP basic operating (loss) earnings per common
share attributable to Maiden shareholders |
$ |
(0.14 |
) |
|
$ |
0.38 |
|
|
$ |
0.12 |
|
|
$ |
0.77 |
|
Non-GAAP diluted operating (loss) earnings per common
share attributable to Maiden
shareholders(8) |
$ |
(0.14 |
) |
|
$ |
0.37 |
|
|
$ |
0.12 |
|
|
$ |
0.73 |
|
Annualized non-GAAP operating return on average common
equity(7) |
|
(4.8) |
% |
|
|
11.3 |
% |
|
|
2.0 |
% |
|
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net (loss) income attributable to
Maiden common shareholders to non-GAAP operating (loss) earnings
attributable to Maiden common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Maiden common shareholders |
$ |
(22,359 |
) |
|
$ |
30,910 |
|
|
$ |
(1,869 |
) |
|
$ |
58,126 |
|
Add
(subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains on
investment |
|
(1,572 |
) |
|
|
(334 |
) |
|
|
(2,457 |
) |
|
|
(2,611 |
) |
|
Foreign exchange losses
(gains) |
|
6,722 |
|
|
|
(5,520 |
) |
|
|
8,643 |
|
|
|
(5,787 |
) |
|
Amortization of
intangible assets |
|
533 |
|
|
|
615 |
|
|
|
1,066 |
|
|
|
1,230 |
|
|
Divested excess and
surplus "E&S" business and NGHC run-off |
|
1,127 |
|
|
|
125 |
|
|
|
1,416 |
|
|
|
2,895 |
|
|
Accelerated
amortization of senior note issuance cost |
|
2,809 |
|
|
|
2,345 |
|
|
|
2,809 |
|
|
|
2,345 |
|
|
Non-cash deferred tax
expense |
|
290 |
|
|
|
290 |
|
|
|
580 |
|
|
|
580 |
|
Non-GAAP operating (loss) earnings attributable to Maiden
common shareholders(1) |
$ |
(12,450 |
) |
|
$ |
28,431 |
|
|
$ |
10,188 |
|
|
$ |
56,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares -
basic |
|
86,564,794 |
|
|
|
73,997,759 |
|
|
|
86,458,413 |
|
|
|
73,934,518 |
|
Adjusted weighted average number of common shares and
assumed conversions - diluted(8) |
|
86,564,794 |
|
|
|
85,926,626 |
|
|
|
87,384,378 |
|
|
|
85,894,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of diluted (loss) earnings per common
share attributable to Maiden shareholders to non-GAAP diluted
operating (loss) earnings per common share attributable to Maiden
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
Diluted
(loss) earnings per common share attributable to Maiden
shareholders(8) |
$ |
(0.26 |
) |
|
$ |
0.39 |
|
|
$ |
(0.02 |
) |
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
(subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains on
investment |
|
(0.02 |
) |
|
|
- |
|
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
Foreign exchange losses
(gains) |
|
0.08 |
|
|
|
(0.06 |
) |
|
|
0.10 |
|
|
|
(0.07 |
) |
|
Amortization of
intangible assets |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
Divested excess and
surplus "E&S" business and NGHC run-off |
|
0.02 |
|
|
|
- |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
Accelerated
amortization of senior note issuance cost |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
Non-cash deferred tax
expense |
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
Non-GAAP diluted operating (loss) earnings per common
share attributable to Maiden
shareholders(8) |
$ |
(0.14 |
) |
|
$ |
0.37 |
|
|
$ |
0.12 |
|
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net (loss) income attributable to
Maiden to non-GAAP income from operations: |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Maiden |
$ |
(16,326 |
) |
|
$ |
39,933 |
|
|
$ |
10,197 |
|
|
$ |
76,826 |
|
Add
(subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange losses
(gains) |
|
6,722 |
|
|
|
(5,520 |
) |
|
|
8,643 |
|
|
|
(5,787 |
) |
|
Amortization of
intangible assets |
|
533 |
|
|
|
615 |
|
|
|
1,066 |
|
|
|
1,230 |
|
|
Interest and
amortization expenses |
|
6,745 |
|
|
|
7,193 |
|
|
|
13,601 |
|
|
|
14,458 |
|
|
Accelerated
amortization of senior note issuance cost |
|
2,809 |
|
|
|
2,345 |
|
|
|
2,809 |
|
|
|
2,345 |
|
|
Income tax
expense |
|
277 |
|
|
|
220 |
|
|
|
761 |
|
|
|
1,007 |
|
|
Net loss attributable
to noncontrolling interest |
|
(9 |
) |
|
|
(46 |
) |
|
|
(31 |
) |
|
|
(110 |
) |
Non-GAAP income from
operations(2) |
$ |
751 |
|
|
$ |
44,740 |
|
|
$ |
37,046 |
|
|
$ |
89,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
|
Non - GAAP Financial Measures |
|
(in thousands (000's), except per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2017 |
|
December 31, 2016 |
|
Investable
assets: |
|
|
|
|
|
|
|
Total investments |
|
$ |
4,853,230 |
|
$ |
4,736,938 |
|
Cash and cash
equivalents |
|
|
246,826 |
|
|
45,747 |
|
Restricted cash and
cash equivalents |
|
|
190,470 |
|
|
103,788 |
|
Loan to related
party |
|
|
167,975 |
|
|
167,975 |
|
Total investable
assets(3) |
|
$ |
5,458,501 |
|
$ |
5,054,448 |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2017 |
|
December 31, 2016 |
|
Capital: |
|
|
|
|
|
|
|
Preference shares |
|
$ |
465,000 |
|
$ |
315,000 |
|
Common shareholders'
equity |
|
|
1,035,399 |
|
|
1,045,797 |
|
Total Maiden
shareholders' equity |
|
|
1,500,399 |
|
|
1,360,797 |
|
2016 Senior Notes |
|
|
110,000 |
|
|
110,000 |
|
2013 Senior Notes |
|
|
152,500 |
|
|
152,500 |
|
2012 Senior Notes |
|
|
- |
|
|
100,000 |
|
Total capital
resources(5) |
|
$ |
1,762,899 |
|
$ |
1,723,297 |
|
(1) Non-GAAP operating (loss) 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, divested excess and
surplus business and NGHC run-off, accelerated amortization of
senior note issuance cost and non-cash deferred tax expense and
should not be considered as an alternative to net income. The
Company's management believes that non-GAAP operating (loss)
earnings is a useful indicator of trends in the Company's
underlying operations. The Company's measure of non-GAAP operating
(loss) earnings may not be comparable to similarly titled measures
used by other companies. |
|
|
|
|
|
|
|
|
|
(2) Non-GAAP 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, accelerated amortization of senior note issuance cost,
income tax expense and net income or loss attributable to
noncontrolling interest and should not be considered as an
alternative to net income. The Company’s management believes
that non-GAAP 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 non-GAAP 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 and loan to a related
party. |
|
|
|
|
|
|
|
|
|
(4) Book value per common share is calculated using
Maiden common shareholders’ equity (shareholders' equity excluding
the aggregate liquidation value of our preference shares) divided
by the number of common shares outstanding. |
|
|
|
|
|
|
|
|
|
(5) Total capital resources is the sum of the Company's
principal amount of debt and Maiden shareholders' equity. |
|
|
|
|
|
|
|
|
|
(6) Dividends on preference shares consist of $3,094
and $6,188 paid to Preference shares - Series A for the three and
six months ended June 30, 2017 and 2016, respectively, and $2,939
paid to Preference shares - Series C for the three months ended
June 30, 2017 and 2016, and $5,878 and $6,532 for the six months
ended June 30, 2017 and 2016, respectively. It also includes $2,990
and $5,980 paid to Preference Shares - Series B during the three
and six months ended June 30, 2016. On September 15, 2016,
each of then outstanding Preference share - Series B were
automatically converted into 12,069,090 of the Company's common
shares at a conversion rate of 3.6573 per preference share. |
|
|
|
|
|
|
|
|
|
(7) Non-GAAP operating return on average common equity
is a non-GAAP financial measure. Management uses non-GAAP operating
return on average common shareholders' equity as a measure of
profitability that focuses on the return to Maiden common
shareholders. It is calculated using non-GAAP operating (loss)
earnings attributable to Maiden common shareholders divided by
average Maiden common shareholders' equity. |
|
|
|
|
|
|
|
|
|
(8) 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. |
|
|
|
|
|
|
|
|
|
(9) Calculated by dividing net loss and LAE by the sum
of net premiums earned and other insurance revenue. |
|
|
|
|
|
|
|
|
|
(10) Calculated by dividing commission and other
acquisition expenses by the sum of net premiums earned and other
insurance revenue. |
|
|
|
|
|
|
|
|
|
(11) Calculated by dividing general and administrative
expenses by the sum of net premiums earned and other insurance
revenue. |
|
|
|
|
|
|
|
|
|
(12) Calculated by adding together the commission and
other acquisition expense ratio and general and administrative
expense ratio. |
|
|
|
|
|
|
|
|
|
(13) Calculated by adding together the net loss and LAE
ratio and the expense ratio. |
|
|
|
|
|
|
|
|
|
CONTACT:
Noah Fields, Senior Vice President, Investor Relations
Maiden Holdings, Ltd.
Phone: 441.298.4927
E-mail: nfields@maiden.bm
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