Highlights for the Fourth Quarter and Full
Year Ended December 31, 2017
Maiden Holdings, Ltd. (NASDAQ:MHLD) (“Maiden” or “the Company”)
today reported a fourth quarter 2017 net loss attributable to
Maiden common shareholders of $133.6 million or $1.59 per diluted
common share compared to net loss attributable to Maiden common
shareholders of $74.7 million or $0.87 per diluted common share in
the fourth quarter of 2016. The non-GAAP operating loss(11)
was $138.7 million, or $1.65 per diluted common share compared with
a non-GAAP operating loss of $69.7 million, or $0.81 per
diluted common share in the fourth quarter of 2016.
“While we are disappointed with our results for
the fourth quarter, we believe we have taken significant steps to
strengthen our reserves for losses which will help to accelerate a
return to profitability in 2018 and beyond,” said Art Raschbaum,
Chief Executive Officer of Maiden. “Our reserve actions in
the fourth quarter reflect a more aggressive response to observed
development in the quarter and throughout the year on the AmTrust
Reinsurance segment as well as our Diversified segment. Despite
these actions, Maiden’s inception to date AmTrust underwriting
results remain profitable and with the exception of pre-2016
underwriting year commercial auto liability the balance of our U.S.
Diversified segment historical portfolio and more recent
underwriting years continue to perform profitably and within
expectations.”
“Notwithstanding the reserve actions and re-underwriting processes
that have been implemented, we are also actively engaged in efforts
to develop and implement further initiatives and strategies aimed
at strengthening shareholder value,” said Raschbaum. “We are
committed to do whatever is necessary to deliver greater value for
shareholders, customers, and employees.”
Consolidated Results for the Fourth
Quarter Ended December 31, 2017
Maiden reported a fourth quarter 2017 net loss
attributable to Maiden common shareholders of $133.6 million or
$1.59 per diluted common share compared to net loss attributable to
Maiden common shareholders of $74.7 million or $0.87 per diluted
common share in the fourth quarter of 2016. The
non-GAAP operating loss(11) was $138.7 million, or $ 1.65 per
diluted common share compared with a non-GAAP operating loss of
$69.7 million, or $0.81 per diluted common share in the fourth
quarter of 2016.
In the fourth quarter of 2017, gross premiums
written decreased 2.7% to $556.5 million from $572.1 million in the
fourth quarter of 2016. Net premiums written totaled $560.0 million
in the fourth quarter of 2017, an increase of 7.5% compared to the
same period in 2016. Net premiums earned were $658.3 million,
an increase of 6.8% compared to the fourth quarter of
2016.
Net loss and loss adjustment expenses of $614.9
million compared to $522.5 million in the fourth quarter of
2016. The loss ratio(6) in the fourth quarter of 2017 was
93.1% compared to 84.5% reported in the fourth quarter of 2016.
Commission and other acquisition expenses
increased 4.9% to $195.2 million in the fourth quarter of 2017,
compared to $186.2 million in the fourth quarter of 2016.
General and administrative expenses for the fourth quarter of 2017
totaled $18.3 million, a 6.2% increase compared with $17.2 million
in the fourth quarter of 2016. The general and administrative
expense ratio(8) remained unchanged at 2.8% in the fourth quarter
of 2017, while the expense ratio(9) was 32.4% in the fourth quarter
of 2017 compared with 32.9% in the same quarter last year.
The combined ratio(10) for the fourth quarter of
2017 totaled 125.5% compared with 117.4% in the fourth quarter of
2016.
Net investment income of $42.9 million in the
fourth quarter of 2017 representing an increase of 11.0% compared
to the fourth quarter of 2016. As of December 31, 2017, the
average yield on the fixed income portfolio (excluding cash) is
3.1% with an average duration of 4.5 years.
Diversified Reinsurance
Segment
|
Three Months Ended December 31, |
|
|
2017 |
|
2016 |
% Change |
Gross
premiums written |
$ |
138,938 |
$ |
156,953 |
-11.5% |
Net
premiums written |
|
135,482 |
|
139,597 |
-2.9% |
Net
premiums earned |
|
199,791 |
|
185,972 |
7.4% |
|
|
|
|
Underwriting Ratios |
|
|
% PointChange |
Net
loss and LAE ratio(6) |
|
80.9% |
|
97.7% |
(16.8) |
Commission and other acquisition expense ratio(7) |
|
22.9% |
|
25.8% |
(2.9) |
General and administrative expense ratio(8) |
|
4.9% |
|
4.8% |
0.1 |
Expense ratio(9) |
|
27.8% |
|
30.6% |
(2.8) |
Combined ratio(10) |
|
108.7% |
|
128.3% |
(19.6) |
Gross premiums written and net premiums written
decreased in the fourth quarter of 2017 primarily as a result of
commutations and non-renewals earlier in the year. The
segment experienced adverse loss development in 2017 of $31.9
million due to higher than expected loss emergence emanating
largely from two commercial auto contracts.
AmTrust Reinsurance Segment
|
Three Months Ended December 31, |
|
|
2017 |
|
2016 |
% Change |
Gross
premiums written |
$ |
417,801 |
$ |
414,744 |
0. 7% |
Net
premiums written |
|
424,876 |
|
381,039 |
11.5% |
Net
premiums earned |
|
458,833 |
|
429,922 |
6.7% |
|
|
|
|
Underwriting Ratios |
|
|
% PointChange |
Net
loss and LAE ratio(6) |
|
98.4% |
|
76.1% |
22.3 |
Commission and other acquisition expense ratio(7) |
|
32.5% |
|
31.9% |
0.6 |
General and administrative expense ratio(8) |
|
0.2% |
|
0.1% |
0.1 |
Expense ratio(9) |
|
32.7% |
|
32.0% |
0.7 |
Combined ratio(10) |
|
131.1% |
|
108.1% |
23.0 |
Gross premiums written increased slightly during
the fourth quarter, with the lower growth attributed to AmTrust
underwriting actions. Net premiums written increased more
than gross due to reduced usage of retrocession. The segment
experienced adverse loss development of $139.0 million due
primarily to workers’ compensation and general liability lines of
business and, to a lesser extent, commercial auto
liability.
Consolidated Results for the Twelve
Months Ended December 31, 2017
Net loss attributable to Maiden common
shareholders was $199.1 million or $2.32 per diluted common share
in 2017 compared to net income attributable to Maiden common
shareholders of $15.2 million or $0.19 per diluted common share in
2016. The non-GAAP net operating loss(11) for 2017 was $184.9
million, or $2.16 per diluted common share compared with non-GAAP
operating income(11) of $17.3 million, or $0.22 per diluted common
share in 2016.
In 2017, gross premiums written totaled $2.8
billion, relatively unchanged compared to 2016. In 2017, net
premiums written totaled $2.8 billion, an increase of 4.0% compared
to 2016. Net premiums earned of $2.7 billion increased 6.4%
compared to $2.6 billion in 2016.
Net loss and loss adjustment expenses of $2.2
billion were up 18.7% compared to $1.8 billion in 2016. The loss
ratio(6) increased to 78.8% compared to 70.6% reported in 2016.
Commission and other acquisition expenses,
increased 6.1% to $820.8 million in 2017 compared to $773.7 million
in 2016. General and administrative expenses for 2017 totaled $70.6
million compared with $67.0 million in 2016. The general and
administrative expense ratio(8) was unchanged at 2.6% in 2017 and
the expense ratio(9) declined incrementally to 32.5% compared to
32.6% in 2016.
The combined ratio(10) for 2017 was 111.3% an
increase from the 103.2% combined ratio reported for
2016.
Net investment income of $166.3 million in 2017
increased 14.0% compared to $145.9 million in 2016 due to an
increase in investable assets and incrementally higher portfolio
yields.
Diversified Reinsurance
Segment
|
|
Twelve Months Ended December 31, |
|
|
|
2017 |
|
2016 |
% Change |
Gross premiums written |
$ |
822,777 |
$ |
824,341 |
-0.2% |
Net premiums written |
|
807,362 |
|
766,119 |
5.4% |
Net premiums earned |
|
823,365 |
|
724,124 |
13.7% |
|
|
|
|
|
Underwriting Ratios |
|
|
|
% PointChange |
Net loss and LAE ratio(6) |
|
78.1% |
|
78.9% |
(0.8) |
Commission and other acquisition expense ratio(7) |
|
24.7% |
|
25.6% |
(0.9) |
General and administrative expense ratio(8) |
|
4.3% |
|
4.9% |
(0.6) |
Expense ratio(9) |
|
29.0% |
|
30.5% |
(1.5) |
Combined ratio(10) |
|
107.1% |
|
109.4% |
(2.3) |
Gross premiums written decreased modestly in
2017 due primarily to the commutation and return of unearned
premium of a large account in the second quarter of 2017. Net
premiums written increased as a result of the reduction
of corporate retrocessional programs in 2017. The segment
experienced adverse development of $71.4 million in 2017 compared
to $96.8 million in 2016 due to higher than expected loss emergence
with over half from two commercial auto accounts.
AmTrust Reinsurance Segment
|
Twelve Months Ended December 31, |
|
|
2017 |
|
2016 |
% Change |
Gross
premiums written |
$ |
1,993,478 |
$ |
2,006,646 |
(0.7%) |
Net
premiums written |
|
1,954,856 |
|
1,888,428 |
3.5% |
Net
premiums earned |
|
1,909,644 |
|
1,843,621 |
3.6% |
|
|
|
|
Underwriting Ratios |
|
|
% PointChange |
Net
loss and LAE ratio(6) |
|
78.4% |
|
66.5% |
11.9 |
Commission and other acquisition expense ratio(7) |
|
32.2% |
|
31.7% |
0.5 |
General and administrative expense ratio(8) |
|
0.2% |
|
0.2% |
0.0 |
Expense ratio(9) |
|
32.4% |
|
31.9% |
0.5 |
Combined ratio(10) |
|
110.8% |
|
98.4% |
12.4 |
Gross premiums written decreased marginally due
to slower organic growth offset by reductions in AmTrust’s
Specialty Program segment reflecting underwriting initiatives
focused on improving the profitability of these classes of
business. Net premiums written increased in 2017 compared to
2016 due to the lower utilization of retrocessional capacity in
2017. The segment experienced adverse loss development of $239.9
million during 2017 compared to $54.0 million in 2016. More
than half of the loss development in 2017 was from workers’
compensation with general liability and, to a lesser extent,
commercial auto, contributing to the adverse result.
Other Financial Matters
- Total assets increased to $6.6 billion at December 31, 2017
compared to $6.3 billion at year-end 2016.
Shareholders' equity was $1.23 billion at December 31, 2017
compared to $1.36 billion at year end 2016. Book value per
common share(1) was $9.25 at December 31, 2017 compared to $12.12
at December 31, 2016.
- During the fourth quarter of 2017, the Company repurchased a
total of 1.7 million common shares at an average price of $6.50 per
share. For the full year of 2017, the Company repurchased 3.7
million common shares at an average price of $6.84 per share.
At December 31, 2017, the Company had a remaining authorization of
$74.9 million for common share repurchases.
- During the fourth quarter of 2017, the Board of Directors
declared dividends of $0.15 per common share, $0.515625 per Series
A preference share, $0.445313 per Series C preference share and
$0.418750 per Series D preference shares.
(1)(11) 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
non-GAAP operating metrics. Please see the additional information
on these measures under Non-GAAP Financial Measures tables.
Conference CallMaiden’s Chief Executive Officer, Art Raschbaum
and Chief Financial Officer, Karen Schmitt will review these
results on Wednesday, February 28, 2018 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: 7193318, Webcast:
http://www.maiden.bm/news_events
A replay of the conference call will be
available beginning at 11:30 a.m. ET on February 28, 2018 through
11:30 a.m. ET on March 8, 2018. 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:
7193318; 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 December 31,
2017, Maiden had $6.6 billion in assets and shareholders' equity of
$1.2 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: Bill Horning, Senior Vice President, Investor
RelationsMaiden Holdings, Ltd.Phone: 856.359.2532E-mail:
Bhorning@maiden.bm
Maiden Holdings, Ltd. |
Consolidated Balance
Sheets |
(in thousands (000's), except per share
data) |
|
|
|
|
December 31, 2017 |
|
|
December 31, 2016 |
|
|
|
(Unaudited) |
|
|
(Audited) |
|
Assets |
|
|
|
|
|
|
Fixed
maturities, available-for-sale, at fair value (Amortized cost 2017:
$4,027,993 ; 2016: $4,005,642) |
$ |
4,044,370 |
|
|
$ |
3,971,666 |
|
|
Fixed
maturities, held-to-maturity, at amortized cost (Fair value 2017:
$1,125,626; 2016: $766,135) |
|
1,097,801 |
|
|
|
752,212 |
|
|
Other
investments, at fair value (Cost 2017: $5,219; 2016: $10,057) |
|
6,600 |
|
|
|
13,060 |
|
|
Total
investments |
|
5,148,771 |
|
|
|
4,736,938 |
|
|
Cash and cash
equivalents |
|
67,919 |
|
|
|
45,747 |
|
|
Restricted cash and
cash equivalents |
|
123,584 |
|
|
|
103,788 |
|
|
Accrued investment
income |
|
34,993 |
|
|
|
36,517 |
|
|
Reinsurance balances
receivable, net |
|
345,043 |
|
|
|
410,166 |
|
|
Reinsurance recoverable
on unpaid losses |
|
117,611 |
|
|
|
99,936 |
|
|
Loan to related
party |
|
167,975 |
|
|
|
167,975 |
|
|
Deferred commission and
other acquisition expenses, net |
|
439,597 |
|
|
|
424,605 |
|
|
Goodwill and intangible
assets, net |
|
75,583 |
|
|
|
77,715 |
|
|
Other assets |
|
123,113 |
|
|
|
148,912 |
|
|
Total Assets |
$ |
6,644,189 |
|
|
$ |
6,252,299 |
|
|
Liabilities
and Equity |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Reserve for loss and
loss adjustment expenses |
$ |
3,547,248 |
|
|
$ |
2,896,496 |
|
|
Unearned
premiums |
|
1,477,038 |
|
|
|
1,475,506 |
|
|
Accrued expenses and
other liabilities |
|
132,795 |
|
|
|
167,736 |
|
|
Senior notes -
principal amount |
|
262,500 |
|
|
|
362,500 |
|
|
Less:
unamortized debt issuance costs |
|
8,018 |
|
|
|
11,091 |
|
|
Senior notes, net |
|
254,482 |
|
|
|
351,409 |
|
|
Total Liabilities |
|
5,411,563 |
|
|
|
4,891,147 |
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Preference Shares |
|
465,000 |
|
|
|
315,000 |
|
|
Common shares |
|
877 |
|
|
|
873 |
|
|
Additional paid-in
capital |
|
748,113 |
|
|
|
749,256 |
|
|
Accumulated other
comprehensive income |
|
13,354 |
|
|
|
14,997 |
|
|
Retained earnings |
|
35,472 |
|
|
|
285,662 |
|
|
Treasury shares, at
cost |
|
(30,642 |
) |
|
|
(4,991 |
) |
|
Total Maiden
Shareholders’ Equity |
|
1,232,174 |
|
|
|
1,360,797 |
|
|
Noncontrolling
interest in subsidiaries |
|
452 |
|
|
|
355 |
|
|
Total Equity |
|
1,232,626 |
|
|
|
1,361,152 |
|
|
Total Liabilities and Equity |
$ |
6,644,189 |
|
|
$ |
6,252,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share(1) |
$ |
9.25 |
|
|
$ |
12.12 |
|
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
82,974,895 |
|
|
|
86,271,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Consolidated Statements of
Income |
(in thousands (000's), except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Year Ended December
31, |
Revenues: |
2017 |
|
2016 |
|
2017 |
|
2016 |
Gross premiums
written |
$ |
556,454 |
|
|
$ |
572,058 |
|
|
$ |
2,816,051 |
|
|
$ |
2,831,348 |
|
Net premiums
written |
$ |
560,038 |
|
|
$ |
521,041 |
|
|
$ |
2,761,988 |
|
|
$ |
2,654,952 |
|
Change in unearned
premiums |
|
98,266 |
|
|
|
95,258 |
|
|
|
(29,209 |
) |
|
|
(86,802 |
) |
Net premiums earned |
|
658,304 |
|
|
|
616,299 |
|
|
|
2,732,779 |
|
|
|
2,568,150 |
|
Other insurance
revenue |
|
1,986 |
|
|
|
2,121 |
|
|
|
9,802 |
|
|
|
10,817 |
|
Net investment
income |
|
42,853 |
|
|
|
38,601 |
|
|
|
166,345 |
|
|
|
145,892 |
|
Net realized gains on
investment |
|
3,906 |
|
|
|
2,263 |
|
|
|
12,222 |
|
|
|
6,774 |
|
Total revenues |
|
707,049 |
|
|
|
659,284 |
|
|
|
2,921,148 |
|
|
|
2,731,633 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Net loss and loss
adjustment expenses |
|
614,854 |
|
|
|
522,545 |
|
|
|
2,160,011 |
|
|
|
1,819,906 |
|
Commission and other
acquisition expenses |
|
195,228 |
|
|
|
186,163 |
|
|
|
820,758 |
|
|
|
773,664 |
|
General and
administrative expenses |
|
18,308 |
|
|
|
17,246 |
|
|
|
70,560 |
|
|
|
66,984 |
|
Total expenses |
|
828,390 |
|
|
|
725,954 |
|
|
|
3,051,329 |
|
|
|
2,660,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP (loss)
income from operations(2) |
|
(121,341 |
) |
|
|
(66,670 |
) |
|
|
(130,181 |
) |
|
|
71,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Interest and
amortization expenses |
|
(4,830 |
) |
|
|
(6,859 |
) |
|
|
(23,260 |
) |
|
|
(28,173 |
) |
Accelerated
amortization of senior note issuance cost |
|
- |
|
|
|
- |
|
|
|
(2,809 |
) |
|
|
(2,345 |
) |
Amortization of
intangible assets |
|
(533 |
) |
|
|
(615 |
) |
|
|
(2,132 |
) |
|
|
(2,461 |
) |
Foreign exchange
(losses) gains |
|
(2,728 |
) |
|
|
5,138 |
|
|
|
(14,921 |
) |
|
|
11,612 |
|
Total other expenses |
|
(8,091 |
) |
|
|
(2,336 |
) |
|
|
(43,122 |
) |
|
|
(21,367 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before income taxes |
|
(129,432 |
) |
|
|
(69,006 |
) |
|
|
(173,303 |
) |
|
|
49,712 |
|
Less: income tax
(benefit) expense |
|
(4,575 |
) |
|
|
368 |
|
|
|
(3,558 |
) |
|
|
1,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
(124,857 |
) |
|
|
(69,374 |
) |
|
|
(169,745 |
) |
|
|
48,138 |
|
Add: net (income) loss
attributable to noncontrolling interest |
|
(185 |
) |
|
|
676 |
|
|
|
(151 |
) |
|
|
842 |
|
Net (loss)
income attributable to Maiden |
|
(125,042 |
) |
|
|
(68,698 |
) |
|
|
(169,896 |
) |
|
|
48,980 |
|
Dividends on preference
shares(3) |
|
(8,545 |
) |
|
|
(6,033 |
) |
|
|
(29,156 |
) |
|
|
(33,756 |
) |
Net (loss)
income attributable to Maiden common shareholders |
$ |
(133,587 |
) |
|
$ |
(74,731 |
) |
|
$ |
(199,052 |
) |
|
$ |
15,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)
earnings per common share attributable to Maiden
shareholders |
$ |
(1.59 |
) |
|
$ |
(0.87 |
) |
|
$ |
(2.32 |
) |
|
$ |
0.20 |
|
Diluted (loss)
earnings per common share
attributable to Maiden
shareholders(15) |
$ |
(1.59 |
) |
|
$ |
(0.87 |
) |
|
$ |
(2.32 |
) |
|
$ |
0.19 |
|
Dividends
declared per common share |
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.60 |
|
|
$ |
0.57 |
|
Annualized
return on average common equity |
|
-61.5 |
% |
|
|
-26.0 |
% |
|
|
-22.0 |
% |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares - basic |
|
83,962,325 |
|
|
|
86,198,686 |
|
|
|
85,678,232 |
|
|
|
77,534,860 |
|
Adjusted
weighted average number of common shares and assumed conversions -
diluted(15) |
|
83,962,325 |
|
|
|
86,198,686 |
|
|
|
85,678,232 |
|
|
|
78,686,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Supplemental Financial Data - Segment
Information |
(in thousands (000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2017 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
138,938 |
|
|
|
$ |
417,801 |
|
|
|
$ |
(285 |
) |
|
|
$ |
556,454 |
|
|
Net premiums
written |
|
$ |
135,482 |
|
|
|
$ |
424,876 |
|
|
|
$ |
(320 |
) |
|
|
$ |
560,038 |
|
|
Net premiums
earned |
|
$ |
199,791 |
|
|
|
$ |
458,833 |
|
|
|
$ |
(320 |
) |
|
|
$ |
658,304 |
|
|
Other insurance
revenue |
|
|
1,986 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,986 |
|
|
Net loss and loss
adjustment expenses ("loss and LAE") |
|
|
(163,157 |
) |
|
|
|
(451,659 |
) |
|
|
|
(38 |
) |
|
|
|
(614,854 |
) |
|
Commissions and other
acquisition expenses |
|
|
(46,238 |
) |
|
|
|
(148,988 |
) |
|
|
|
(2 |
) |
|
|
|
(195,228 |
) |
|
General and
administrative expenses(4) |
|
|
(9,998 |
) |
|
|
|
(812 |
) |
|
|
|
- |
|
|
|
|
(10,810 |
) |
|
Underwriting
loss(5) |
|
$ |
(17,616 |
) |
|
|
$ |
(142,626 |
) |
|
|
$ |
(360 |
) |
|
|
$ |
(160,602 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,759 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,830 |
) |
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(533 |
) |
|
Foreign exchange
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,728 |
) |
|
Other general and
administrative expenses(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,498 |
) |
|
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,575 |
|
|
Net
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(124,857 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(6) |
|
|
80.9 |
% |
|
|
|
98.4 |
% |
|
|
|
|
|
|
|
93.1 |
% |
|
Commission and other
acquisition expense ratio(7) |
|
|
22.9 |
% |
|
|
|
32.5 |
% |
|
|
|
|
|
|
|
29.6 |
% |
|
General and
administrative expense ratio(8) |
|
|
4.9 |
% |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
2.8 |
% |
|
Expense ratio(9) |
|
|
27.8 |
% |
|
|
|
32.7 |
% |
|
|
|
|
|
|
|
32.4 |
% |
|
Combined
ratio(10) |
|
|
108.7 |
% |
|
|
|
131.1 |
% |
|
|
|
|
|
|
|
125.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2016 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
156,953 |
|
|
|
$ |
414,744 |
|
|
|
$ |
361 |
|
|
|
$ |
572,058 |
|
|
Net premiums
written |
|
$ |
139,597 |
|
|
|
$ |
381,039 |
|
|
|
$ |
405 |
|
|
|
$ |
521,041 |
|
|
Net premiums
earned |
|
$ |
185,972 |
|
|
|
$ |
429,922 |
|
|
|
$ |
405 |
|
|
|
$ |
616,299 |
|
|
Other insurance
revenue |
|
|
2,121 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
2,121 |
|
|
Net loss and LAE |
|
|
(183,802 |
) |
|
|
|
(327,127 |
) |
|
|
|
(11,616 |
) |
|
|
|
(522,545 |
) |
|
Commissions and other
acquisition expenses |
|
|
(48,611 |
) |
|
|
|
(137,216 |
) |
|
|
|
(336 |
) |
|
|
|
(186,163 |
) |
|
General and
administrative expenses(4) |
|
|
(8,964 |
) |
|
|
|
(588 |
) |
|
|
|
- |
|
|
|
|
(9,552 |
) |
|
Underwriting
loss(5) |
|
$ |
(53,284 |
) |
|
|
$ |
(35,009 |
) |
|
|
$ |
(11,547 |
) |
|
|
$ |
(99,840 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,864 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,859 |
) |
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(615 |
) |
|
Foreign exchange
gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,138 |
|
|
Other general and
administrative expenses(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,694 |
) |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(368 |
) |
|
Net
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(69,374 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(6) |
|
|
97.7 |
% |
|
|
|
76.1 |
% |
|
|
|
|
|
|
|
84.5 |
% |
|
Commission and other
acquisition expense ratio(7) |
|
|
25.8 |
% |
|
|
|
31.9 |
% |
|
|
|
|
|
|
|
30.1 |
% |
|
General and
administrative expense ratio(8) |
|
|
4.8 |
% |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
2.8 |
% |
|
Expense ratio(9) |
|
|
30.6 |
% |
|
|
|
32.0 |
% |
|
|
|
|
|
|
|
32.9 |
% |
|
Combined
ratio(10) |
|
|
128.3 |
% |
|
|
|
108.1 |
% |
|
|
|
|
|
|
|
117.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Supplemental Financial Data - Segment
Information |
(in thousands (000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2017 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
Gross
premiums written |
|
$ |
822,777 |
|
|
|
$ |
1,993,478 |
|
|
|
$ |
(204 |
) |
|
|
$ |
2,816,051 |
|
Net premiums
written |
|
$ |
807,362 |
|
|
|
$ |
1,954,856 |
|
|
|
$ |
(230 |
) |
|
|
$ |
2,761,988 |
|
Net premiums
earned |
|
$ |
823,365 |
|
|
|
$ |
1,909,644 |
|
|
|
$ |
(230 |
) |
|
|
$ |
2,732,779 |
|
Other insurance
revenue |
|
|
9,802 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
9,802 |
|
Net loss and LAE |
|
|
(650,916 |
) |
|
|
|
(1,498,881 |
) |
|
|
|
(10,214 |
) |
|
|
|
(2,160,011 |
) |
Commissions and other
acquisition expenses |
|
|
(205,982 |
) |
|
|
|
(614,777 |
) |
|
|
|
1 |
|
|
|
|
(820,758 |
) |
General and
administrative expenses(4) |
|
|
(35,817 |
) |
|
|
|
(3,052 |
) |
|
|
|
- |
|
|
|
|
(38,869 |
) |
Underwriting
loss(5) |
|
$ |
(59,548 |
) |
|
|
$ |
(207,066 |
) |
|
|
$ |
(10,443 |
) |
|
|
$ |
(277,057 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
178,567 |
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,260 |
) |
Accelerated
amortization of senior note issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,809 |
) |
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,132 |
) |
Foreign exchange
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,921 |
) |
Other general and
administrative expenses(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,691 |
) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(169,745 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(6) |
|
|
78.1 |
% |
|
|
|
78.4 |
% |
|
|
|
|
|
|
|
78.8 |
% |
Commission and other
acquisition expense ratio(7) |
|
|
24.7 |
% |
|
|
|
32.2 |
% |
|
|
|
|
|
|
|
29.9 |
% |
General and
administrative expense ratio(8) |
|
|
4.3 |
% |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
2.6 |
% |
Expense ratio(9) |
|
|
29.0 |
% |
|
|
|
32.4 |
% |
|
|
|
|
|
|
|
32.5 |
% |
Combined
ratio(10) |
|
|
107.1 |
% |
|
|
|
110.8 |
% |
|
|
|
|
|
|
|
111.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2016 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
Gross
premiums written |
|
$ |
824,341 |
|
|
|
$ |
2,006,646 |
|
|
|
$ |
361 |
|
|
|
$ |
2,831,348 |
|
Net premiums
written |
|
$ |
766,119 |
|
|
|
$ |
1,888,428 |
|
|
|
$ |
405 |
|
|
|
$ |
2,654,952 |
|
Net premiums
earned |
|
$ |
724,124 |
|
|
|
$ |
1,843,621 |
|
|
|
$ |
405 |
|
|
|
$ |
2,568,150 |
|
Other insurance
revenue |
|
|
10,817 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
10,817 |
|
Net loss and LAE |
|
|
(579,520 |
) |
|
|
|
(1,225,830 |
) |
|
|
|
(14,556 |
) |
|
|
|
(1,819,906 |
) |
Commissions and other
acquisition expenses |
|
|
(188,506 |
) |
|
|
|
(584,820 |
) |
|
|
|
(338 |
) |
|
|
|
(773,664 |
) |
General and
administrative expenses(4) |
|
|
(35,681 |
) |
|
|
|
(2,896 |
) |
|
|
|
- |
|
|
|
|
(38,577 |
) |
Underwriting
(loss)
income(5) |
|
$ |
(68,766 |
) |
|
|
$ |
30,075 |
|
|
|
$ |
(14,489 |
) |
|
|
$ |
(53,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
152,666 |
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,173 |
) |
Accelerated
amortization of senior note issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,345 |
) |
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,461 |
) |
Foreign exchange
gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,612 |
|
Other general and
administrative expenses(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,407 |
) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,574 |
) |
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
48,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(6) |
|
|
78.9 |
% |
|
|
|
66.5 |
% |
|
|
|
|
|
|
|
70.6 |
% |
Commission and other
acquisition expense ratio(7) |
|
|
25.6 |
% |
|
|
|
31.7 |
% |
|
|
|
|
|
|
|
30.0 |
% |
General and
administrative expense ratio(8) |
|
|
4.9 |
% |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
2.6 |
% |
Expense ratio(9) |
|
|
30.5 |
% |
|
|
|
31.9 |
% |
|
|
|
|
|
|
|
32.6 |
% |
Combined
ratio(10) |
|
|
109.4 |
% |
|
|
|
98.4 |
% |
|
|
|
|
|
|
|
103.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Non - GAAP Financial Measures |
(in thousands (000's), except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Year Ended December
31, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating (loss) earnings attributable to
Maiden common shareholders(11) |
$ |
(138,673 |
) |
|
$ |
(69,680 |
) |
|
$ |
(184,899 |
) |
|
$ |
17,294 |
|
Non-GAAP basic operating (loss) earnings per common
share attributable to Maiden shareholders |
$ |
(1.65 |
) |
|
$ |
(0.81 |
) |
|
$ |
(2.16 |
) |
|
$ |
0.22 |
|
Non-GAAP diluted operating (loss) earnings per common
share attributable to Maiden
shareholders(15) |
$ |
(1.65 |
) |
|
$ |
(0.81 |
) |
|
$ |
(2.16 |
) |
|
$ |
0.22 |
|
Annualized non-GAAP operating return on average common
equity(12) |
|
-63.9 |
% |
|
|
-24.3 |
% |
|
|
-20.4 |
% |
|
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
(133,587 |
) |
|
$ |
(74,731 |
) |
|
$ |
(199,052 |
) |
|
$ |
15,224 |
|
Add
(subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains on
investment |
|
(3,906 |
) |
|
|
(2,263 |
) |
|
|
(12,222 |
) |
|
|
(6,774 |
) |
|
Foreign exchange losses
(gains) |
|
2,728 |
|
|
|
(5,138 |
) |
|
|
14,921 |
|
|
|
(11,612 |
) |
|
Amortization of
intangible assets |
|
533 |
|
|
|
615 |
|
|
|
2,132 |
|
|
|
2,461 |
|
|
Divested excess and
surplus ("E&S") business and NGHC run-off |
|
360 |
|
|
|
11,547 |
|
|
|
10,443 |
|
|
|
14,489 |
|
|
Accelerated
amortization of senior note issuance cost |
|
- |
|
|
|
- |
|
|
|
2,809 |
|
|
|
2,345 |
|
|
Non-cash deferred tax
(benefit) expense |
|
(4,801 |
) |
|
|
290 |
|
|
|
(3,930 |
) |
|
|
1,161 |
|
Non-GAAP operating (loss) earnings attributable to Maiden
common shareholders(11) |
$ |
(138,673 |
) |
|
$ |
(69,680 |
) |
|
$ |
(184,899 |
) |
|
$ |
17,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares -
basic |
|
83,962,325 |
|
|
|
86,198,686 |
|
|
|
85,678,232 |
|
|
|
77,534,860 |
|
Adjusted weighted average number of common shares and
assumed conversions - diluted(15) |
|
83,962,325 |
|
|
|
86,198,686 |
|
|
|
85,678,232 |
|
|
|
78,686,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(15) |
$ |
(1.59 |
) |
|
$ |
(0.87 |
) |
|
$ |
(2.32 |
) |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
(subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains on
investment |
|
(0.05 |
) |
|
|
(0.03 |
) |
|
|
(0.14 |
) |
|
|
(0.09 |
) |
|
Foreign exchange losses
(gains) |
|
0.03 |
|
|
|
(0.06 |
) |
|
|
0.17 |
|
|
|
(0.15 |
) |
|
Amortization of
intangible assets |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
Divested E&S
business and NGHC run-off |
|
0.01 |
|
|
|
0.13 |
|
|
|
0.12 |
|
|
|
0.19 |
|
|
Accelerated
amortization of senior note issuance cost |
|
- |
|
|
|
- |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
Non-cash deferred tax
(benefit) expense |
|
(0.06 |
) |
|
|
- |
|
|
|
(0.05 |
) |
|
|
0.02 |
|
Non-GAAP diluted operating (loss) earnings per common
share attributable to Maiden
shareholders(15) |
$ |
(1.65 |
) |
|
$ |
(0.81 |
) |
|
$ |
(2.16 |
) |
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net (loss) income attributable to
Maiden to non-GAAP (loss) income from operations: |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Maiden |
$ |
(125,042 |
) |
|
$ |
(68,698 |
) |
|
$ |
(169,896 |
) |
|
$ |
48,980 |
|
Add
(subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange losses
(gains) |
|
2,728 |
|
|
|
(5,138 |
) |
|
|
14,921 |
|
|
|
(11,612 |
) |
|
Amortization of
intangible assets |
|
533 |
|
|
|
615 |
|
|
|
2,132 |
|
|
|
2,461 |
|
|
Interest and
amortization expenses |
|
4,830 |
|
|
|
6,859 |
|
|
|
23,260 |
|
|
|
28,173 |
|
|
Accelerated
amortization of senior note issuance cost |
|
- |
|
|
|
- |
|
|
|
2,809 |
|
|
|
2,345 |
|
|
Income tax (benefit)
expense |
|
(4,575 |
) |
|
|
368 |
|
|
|
(3,558 |
) |
|
|
1,574 |
|
|
Net income (loss)
attributable to noncontrolling interest |
|
185 |
|
|
|
(676 |
) |
|
|
151 |
|
|
|
(842 |
) |
Non-GAAP (loss) income from
operations(2) |
$ |
(121,341 |
) |
|
$ |
(66,670 |
) |
|
$ |
(130,181 |
) |
|
$ |
71,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
|
Non - GAAP Financial Measures |
|
(in thousands (000's), except per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
December 31, 2016 |
|
Investable assets: |
|
|
|
|
|
|
Total
investments |
$ |
5,148,771 |
|
$ |
4,736,938 |
|
Cash and
cash equivalents |
|
67,919 |
|
|
45,747 |
|
Restricted
cash and cash equivalents |
|
123,584 |
|
|
103,788 |
|
Loan to
related party |
|
167,975 |
|
|
167,975 |
|
Total
investable assets(13) |
$ |
5,508,249 |
|
$ |
5,054,448 |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
December 31, 2016 |
|
Capital: |
|
|
|
|
|
|
Preference
shares |
$ |
465,000 |
|
$ |
315,000 |
|
Common
shareholders' equity |
|
767,174 |
|
|
1,045,797 |
|
Total Maiden shareholders' equity |
|
1,232,174 |
|
|
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(14) |
$ |
1,494,674 |
|
$ |
1,723,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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. |
|
|
|
|
|
|
|
|
|
(2) Non-GAAP (loss) income from operations is a
non-GAAP financial measure defined by the Company as net (loss)
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 (benefit) expense and net income or loss
attributable to noncontrolling interest and should not be
considered as an alternative to net (loss) income. The
Company’s management believes that non-GAAP (loss) 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 (loss) 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
(loss) income from operations may not be comparable to similarly
titled measures used by other companies. |
|
|
|
|
|
|
|
|
|
(3) Dividends on preference shares consist of $3,093
and $12,375 paid to Preference shares - Series A for the three and
twelve months ended December 31, 2017 and 2016, respectively,
$2,940 paid to Preference shares - Series C for the three months
ended December 31, 2017 and 2016, and $11,756 and $12,410 for the
twelve months ended December 31, 2017 and 2016, respectively, and
$2,512 and $5,025 paid to Preference shares - Series D for the
three and twelve months ended December 31, 2017. It also includes
$0 and $8,971 paid to Preference Shares - Series B during the three
and twelve months ended December 31, 2016, respectively. 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. |
|
|
|
|
|
|
|
|
|
(4) Underwriting related general and administrative
expenses is a non-GAAP measure and includes expenses which are
segregated for analytical purposes as a component of underwriting
income. |
|
|
|
|
|
|
|
|
|
(5) Underwriting (loss) income is a non-GAAP measure
and is calculated as net premiums earned plus other insurance
revenue less net loss and LAE, commission and other acquisition
expenses and general and administrative expenses directly related
to underwriting activities. Management believes that this measure
is important in evaluating the underwriting performance of the
Company and its segments. This measure is also a useful tool to
measure the profitability of the Company separately from the
investment results and is also a widely used performance indicator
in the insurance industry. |
|
|
|
|
|
|
|
|
|
(6) Calculated by dividing net loss and LAE 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 LAE
ratio and the expense ratio. |
|
|
|
|
|
|
|
|
|
(11) Non-GAAP operating (loss) earnings is a non-GAAP
financial measure defined by the Company as net (loss) 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
E&S business and NGHC run-off, accelerated amortization of
senior note issuance cost and non-cash deferred tax (benefit)
expense and should not be considered as an alternative to net
(loss) 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. |
|
|
|
|
|
|
|
|
|
(12) 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. |
|
|
|
|
|
|
|
|
|
(13) Investable assets is the total of the Company's
investments, cash and cash equivalents and loan to a related
party. |
|
|
|
|
|
|
|
|
|
(14) Total capital resources is the sum of the
Company's principal amount of debt and Maiden shareholders'
equity. |
|
|
|
|
|
|
|
|
|
(15) 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. |
|
|
|
|
|
|
|
|
|
Maiden (NASDAQ:MHLD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Maiden (NASDAQ:MHLD)
Historical Stock Chart
From Apr 2023 to Apr 2024