Maiden Holdings, Ltd. Announces Initial Assessment of Impact from Third Quarter 2017 Hurricanes and Third Quarter 2017 Common...
September 28 2017 - 9:37AM
Maiden Holdings, Ltd. ("Maiden" or “the Company”) (NASDAQ:MHLD)
today announced its initial estimate of net loss exposure to the
impact of all third quarter 2017 catastrophe activity to be in the
range of $8 million to $31 million.
The expected ranges of net impact by storm on Maiden’s third
quarter of 2017 results are estimated as follows:
Named Storm |
Low Estimate |
High Estimate |
Harvey |
$6 million |
$18 million |
Irma |
$2 million |
$13 million |
Maiden expects no third quarter earthquake losses and no impact
from Hurricane Maria.
Commenting on the recent catastrophe activity,
Art Raschbaum, President and Chief Executive Officer of Maiden
said, “Our thoughts and prayers go out to the many people impacted
by these devastating events. It is important to note that
Maiden is not a participant in the catastrophe reinsurance market
and consistent with Maiden’s strategy of focusing on
non-catastrophe business, the Company expects a modest level of
losses from the significant storms occurring during the third
quarter of 2017. Across Maiden's entire portfolio, internal
catastrophe modeling and specific account-by-account analyses
suggests, at this time, that hurricane related losses will have a
modest impact on Maiden’s 2017 combined ratio. As the
expected results from these hurricanes suggest, aggregation of all
property exposures are carefully managed to mitigate the impacts of
catastrophes on the Company's earnings and balance sheet."
Maiden also announced that during the current
quarter, the Company has repurchased 2,015,700 common shares at an
average price of $7.11 per common share including commission. As of
September 28, 2017, the Company had $85.7 million remaining under
its authorized share repurchase program.
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 StatementsThis 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.
CONTACT: Noah Fields, Senior Vice President, Investor
RelationsMaiden Holdings, Ltd.Phone: 441.298.4927E-mail:
nfields@maiden.bm
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