Highlights for the quarter ended
September 30, 2017
Maiden Holdings, Ltd. (NASDAQ:MHLD) (“Maiden” or “the Company”)
today reported a third quarter 2017 net loss attributable to Maiden
common shareholders of $63.6 million or $0.74 per diluted common
share compared to net income attributable to Maiden common
shareholders of $31.8 million or $0.40 per diluted common share in
the third quarter of 2016. The non-GAAP operating loss(1) was
$56.4 million, or $0.66 per diluted common share compared with
non-GAAP operating earnings of $30.2 million, or $0.39 per diluted
common share in the third quarter of 2016.
Commenting on the results, Art Raschbaum, Chief
Executive Officer of Maiden stated, “While results in the quarter
were impacted by both catastrophe related loss activity and loss
development primarily in the AmTrust Reinsurance segment, there
were a number of favorable underlying trends which we believe will
benefit future quarters. In the quarter we realized improved
non-catastrophe operating performance in the U.S. portion of our
Diversified Reinsurance segment. Across all of the Diversified
Reinsurance segment we enjoyed strong premium growth. Investment
earnings and invested assets continue to grow and operating cash
flow was strong. Maiden’s common share count declined, reflecting
share repurchases made during the quarter. Importantly, we believe
that the actions we have taken to address historical loss reserve
development while improving underlying business trends will benefit
Maiden and our shareholders in the future.”
Results for the quarter ended September
30, 2017Maiden reported a third quarter
2017 net loss attributable to Maiden common shareholders of $63.6
million or $0.74 per diluted common share compared to net income
attributable to Maiden common shareholders of $31.8 million or
$0.40 per diluted common share in the third quarter of
2016. The non-GAAP operating loss(1) was $56.4 million,
or $ 0.66 per diluted common share compared with non-GAAP operating
earnings of $30.2 million, or $0.39 per diluted common share in the
third quarter of 2016.
In the third quarter of 2017, gross premiums
written decreased 10.7% to $631.0 million from $706.9 million in
the third quarter of 2016. Gross premiums written in the
Diversified Reinsurance segment totaled $211.0 million, an increase
of 13.0% versus the third quarter of 2016, primarily due the
expansion of existing client relationships and new business
development. In the AmTrust Reinsurance segment, gross
premiums written were $420.0 million, a decrease of 19.2% compared
to the third quarter of 2016. A significant portion of the
AmTrust Reinsurance segment’s gross premiums written decrease was
the result of changes in 2017 to the mix of programs in the
Specialty Risk and Extended Warranty business and in 2016 the
cession of premium for the first time from a series of acquisitions
made by AmTrust in its Small Commercial and Specialty Program
businesses.
Net premiums written totaled $617.3 million in
the third quarter of 2017, a decrease of 10.6% compared to the
third quarter of 2016.
Net premiums earned were $653.9 million, a
decrease of 6.4% compared to the third quarter of 2016. In
the Diversified Reinsurance segment, net premiums earned increased
24.2% to $217.5 million compared to the third quarter of
2016. The AmTrust Reinsurance segment net premiums earned
were $436.4 million, down 16.6% compared to the third quarter of
2016.
Net loss and loss adjustment expenses of $536.0
million were up 14.8% compared to the third quarter of 2016.
The loss ratio(9) of 81.6% was higher than the 66.6% reported in
the third quarter of 2016.
Commission and other acquisition expenses
decreased 6.4% to $193.5 million in the third quarter of 2017,
compared to the third quarter of 2016. The expense ratio(12)
increased to 32.5% for the third quarter of 2017 compared with
31.9% in the same quarter last year. General and
administrative expenses for the third quarter of 2017 totaled $19.5
million, a 15.0% increase compared with $17.0 million in the third
quarter of 2016. The general and administrative expense ratio(11)
was 3.0% in the third quarter of 2017, compared to 2.4% in the
third quarter of 2016.
The combined ratio(13) for the third quarter of
2017 totaled 114.1% compared with 98.5% in the third quarter of
2016. The Diversified Reinsurance segment
combined ratio was 107.1% in the third quarter of 2017 compared to
102.2% in the third quarter of 2016. The Diversified
Reinsurance segment results were impacted by $15.0 million of
losses from Hurricanes Harvey and Irma that occurred in the third
quarter of 2017. In addition, prior year net adverse
development of loss reserves was $7.9 million in the third quarter
of 2017. Absent the impact of hurricanes and notwithstanding
adverse development, the Diversified Reinsurance segment combined
ratio would have been 100.3% in the third quarter of 2017.
The AmTrust Reinsurance segment combined ratio was 113.3% in the
third quarter of 2017 compared to 95.9% in the third quarter of
2016. The AmTrust Reinsurance segment combined ratio was
impacted by $61.1 million of net adverse development in
predominantly in the general liability line of business. In
addition, the non-operating “Other” reporting category result
reflects $8.7 million of adverse development primarily emanating
from increases in Superstorm Sandy loss reserves in the
discontinued E&S property business.
Net investment income of $40.8 million in the
third quarter of 2017 increased 14.5% compared to the third quarter
of 2016. As of September 30, 2017, the average yield on the
fixed income portfolio (excluding cash) is 3.17% with an average
duration of 4.69 years.
Total assets increased 9.4% to $6.8 billion at
September 30, 2017 compared to $6.3 billion at year-end
2016. Shareholders' equity was $1.4 billion, up 4.4%
compared to December 31, 2016. Book value per
common share(4) was $11.30 at September 30, 2017 or 6.8% lower than
at December 31, 2016.
During the third 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. During
the third quarter of 2017, the Company repurchased a total of
2,015,700 common shares at an average price of $7.11 per share. As
at September 30, 2017, the Company has a remaining authorization of
$85.7 million for share repurchases.
Results for the nine months ended
September 30, 2017Net loss attributable to Maiden common
shareholders was $65.5 million or $0.76 per diluted common share in
the first nine months of 2017 compared to net income attributable
to Maiden common shareholders of $90.0 million or $1.15 per diluted
common share in the first nine months of 2016. The non-GAAP
net operating loss(1) for the first nine months of 2017 was $46.2
million, or $0.54 per diluted common share compared with non-GAAP
operating income(1) of $87.0 million, or $1.11 per diluted common
share in the first nine months of 2016.
In the first nine months of 2017, gross premiums
written totaled $2.3 billion, which was the same as the first nine
months of 2016. Gross premiums written in the Diversified
Reinsurance segment totaled $683.8 million, an increase of 2.5%
versus the first nine months of 2016. In the AmTrust
Reinsurance segment, gross premiums written decreased by 1.0% to
$1.6 billion compared to the first nine months of 2016.
In the first nine months of 2017, net premiums
written totaled $2.2 billion, an increase of 3.2% compared to the
first nine months of 2016.
Net premiums earned of $2.1 billion increased
6.3% compared to the first nine months of 2016. Net premiums
earned increased 15.9% in the Diversified Reinsurance segment to
$623.6 million compared to the first nine months of 2016. The
AmTrust Reinsurance segment net premiums earned were up 2.6% to
$1.5 billion compared to the first nine months of 2016.
Net loss and loss adjustment expenses of $1.5
billion were up 19.1% compared to the first nine months of
2016. The loss ratio(9) of 74.2% was higher than the 66.2% in
the first nine months of 2016.
Commission and other acquisition expenses,
increased 6.5% to $625.5 million in the first nine months of 2017
compared to the first nine months of 2016, while the expense
ratio(12) remained at 32.5% compared with the first nine months of
2016. General and administrative expenses for the first nine
months of 2017 totaled $52.3 million, 5.1% higher than in the first
nine months of 2016. The general and administrative expense
ratio(11) was 2.5% in the first nine months of both 2017 and
2016.
The combined ratio(13) for the first nine months
of 2017 was 106.7% compared to the 98.7% combined ratio reported
for the first nine months of 2016. The Diversified
Reinsurance segment had a combined ratio of 106.6% in the first
nine months of 2017 compared to 102.8% in the first nine months of
2016. The AmTrust Reinsurance segment combined ratio was
104.4% in the first nine months of 2017 compared to 95.4% in the
first nine months of 2016.
Net investment income of $123.5 million in the
first nine months of 2017 increased 15.1% compared to $107.3
million in the first nine months 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: 6998969
Webcast: http://www.maiden.bm/news_events
A replay of the conference call will be
available beginning at 11:30 a.m. ET on November 9, 2017 through
11:30 a.m. ET on November 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:
6998969; 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 September 30, 2017, Maiden had $6.8
billion in assets and shareholders' equity of $1.4
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.
CONTACT: Noah Fields, Senior Vice President, Investor
Relations Maiden Holdings, Ltd.Phone: 441.298.4927E-mail:
nfields@maiden.bm
Maiden Holdings, Ltd. |
Consolidated Balance
Sheets |
(in thousands (000's), except per share
data) |
|
|
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
|
|
(Unaudited) |
|
|
(Audited) |
|
Assets |
|
|
|
|
|
|
Fixed
maturities, available-for-sale, at fair value (Amortized cost 2017:
$3,844,996 ; 2016: $4,005,642) |
$ |
3,884,587 |
|
|
$ |
3,971,666 |
|
|
Fixed
maturities, held-to-maturity, at amortized cost (Fair value 2017:
$1,152,106; 2016: $766,135) |
|
1,118,368 |
|
|
|
752,212 |
|
|
Other
investments, at fair value (Cost 2017: $5,640; 2016: $10,057) |
|
7,041 |
|
|
|
13,060 |
|
|
Total
investments |
|
5,009,996 |
|
|
|
4,736,938 |
|
|
Cash and cash
equivalents |
|
182,677 |
|
|
|
45,747 |
|
|
Restricted cash and
cash equivalents |
|
131,598 |
|
|
|
103,788 |
|
|
Accrued investment
income |
|
35,547 |
|
|
|
36,517 |
|
|
Reinsurance balances
receivable, net |
|
479,472 |
|
|
|
410,166 |
|
|
Reinsurance recoverable
on unpaid losses |
|
140,629 |
|
|
|
99,936 |
|
|
Loan to related
party |
|
167,975 |
|
|
|
167,975 |
|
|
Deferred commission and
other acquisition expenses, net |
|
469,617 |
|
|
|
424,605 |
|
|
Goodwill and intangible
assets, net |
|
76,116 |
|
|
|
77,715 |
|
|
Other assets |
|
145,470 |
|
|
|
148,912 |
|
|
Total Assets |
$ |
6,839,097 |
|
|
$ |
6,252,299 |
|
|
Liabilities
and Equity |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Reserve for loss and
loss adjustment expenses |
$ |
3,365,011 |
|
|
$ |
2,896,496 |
|
|
Unearned premiums |
|
1,601,069 |
|
|
|
1,475,506 |
|
|
Accrued expenses and
other liabilities |
|
175,540 |
|
|
|
161,334 |
|
|
Liability for
investments purchased |
|
21,658 |
|
|
|
6,402 |
|
|
Senior notes -
principal amount |
|
262,500 |
|
|
|
362,500 |
|
|
Less:
unamortized debt issuance costs |
|
8,070 |
|
|
|
11,091 |
|
|
Senior notes, net |
|
254,430 |
|
|
|
351,409 |
|
|
Total Liabilities |
|
5,417,708 |
|
|
|
4,891,147 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Preference Shares |
|
465,000 |
|
|
|
315,000 |
|
|
Common shares |
|
877 |
|
|
|
873 |
|
|
Additional paid-in
capital |
|
747,464 |
|
|
|
749,256 |
|
|
Accumulated other
comprehensive income |
|
46,079 |
|
|
|
14,997 |
|
|
Retained earnings |
|
181,510 |
|
|
|
285,662 |
|
|
Treasury shares, at
cost |
|
(19,903) |
|
|
|
(4,991) |
|
|
Total Maiden
Shareholders’ Equity |
|
1,421,027 |
|
|
|
1,360,797 |
|
|
Noncontrolling
interest in subsidiaries |
|
362 |
|
|
|
355 |
|
|
Total Equity |
|
1,421,389 |
|
|
|
1,361,152 |
|
|
Total Liabilities and Equity |
$ |
6,839,097 |
|
|
$ |
6,252,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share(4) |
$ |
11.30 |
|
|
$ |
12.12 |
|
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
84,624,829 |
|
|
|
86,271,109 |
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
|
Consolidated Statements of
Income |
|
(in thousands (000's), except per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September
30, |
|
For the Nine Months Ended September
30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums
written |
$ |
630,972 |
|
|
$ |
706,854 |
|
|
$ |
2,259,597 |
|
|
$ |
2,259,290 |
|
|
Net premiums
written |
$ |
617,330 |
|
|
$ |
690,653 |
|
|
$ |
2,201,950 |
|
|
$ |
2,133,911 |
|
|
Change in unearned
premiums |
|
36,536 |
|
|
|
7,625 |
|
|
|
(127,475) |
|
|
|
(182,060) |
|
|
Net premiums earned |
|
653,866 |
|
|
|
698,278 |
|
|
|
2,074,475 |
|
|
|
1,951,851 |
|
|
Other insurance
revenue |
|
2,488 |
|
|
|
2,345 |
|
|
|
7,816 |
|
|
|
8,696 |
|
|
Net investment
income |
|
40,823 |
|
|
|
35,666 |
|
|
|
123,492 |
|
|
|
107,291 |
|
|
Net realized gains on
investment |
|
5,859 |
|
|
|
1,900 |
|
|
|
8,316 |
|
|
|
4,511 |
|
|
Total revenues |
|
703,036 |
|
|
|
738,189 |
|
|
|
2,214,099 |
|
|
|
2,072,349 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and loss
adjustment expenses |
|
535,968 |
|
|
|
466,751 |
|
|
|
1,545,157 |
|
|
|
1,297,361 |
|
|
Commission and other
acquisition expenses |
|
193,462 |
|
|
|
206,706 |
|
|
|
625,530 |
|
|
|
587,501 |
|
|
General and
administrative expenses |
|
19,492 |
|
|
|
16,952 |
|
|
|
52,252 |
|
|
|
49,738 |
|
|
Total expenses |
|
748,922 |
|
|
|
690,409 |
|
|
|
2,222,939 |
|
|
|
1,934,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP (loss)
income from operations(2) |
|
(45,886) |
|
|
|
47,780 |
|
|
|
(8,840) |
|
|
|
137,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
amortization expenses |
|
(4,829) |
|
|
|
(6,856) |
|
|
|
(18,430) |
|
|
|
(21,314) |
|
|
Accelerated
amortization of senior note issuance cost |
|
- |
|
|
|
- |
|
|
|
(2,809) |
|
|
|
(2,345) |
|
|
Amortization of
intangible assets |
|
(533) |
|
|
|
(616) |
|
|
|
(1,599) |
|
|
|
(1,846) |
|
|
Foreign exchange
(losses) gains |
|
(3,550) |
|
|
|
687 |
|
|
|
(12,193) |
|
|
|
6,474 |
|
|
Total other expenses |
|
(8,912) |
|
|
|
(6,785) |
|
|
|
(35,031) |
|
|
|
(19,031) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before income taxes |
|
(54,798) |
|
|
|
40,995 |
|
|
|
(43,871) |
|
|
|
118,718 |
|
|
Less: income tax
expense |
|
256 |
|
|
|
199 |
|
|
|
1,017 |
|
|
|
1,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
(55,054) |
|
|
|
40,796 |
|
|
|
(44,888) |
|
|
|
117,512 |
|
|
Add: net loss
attributable to noncontrolling interest |
|
3 |
|
|
|
56 |
|
|
|
34 |
|
|
|
166 |
|
|
Net (loss)
income attributable to Maiden |
|
(55,051) |
|
|
|
40,852 |
|
|
|
(44,854) |
|
|
|
117,678 |
|
|
Dividends on preference
shares(6) |
|
(8,545) |
|
|
|
(9,023) |
|
|
|
(20,611) |
|
|
|
(27,723) |
|
|
Net (loss)
income attributable to Maiden common shareholders |
$ |
(63,596) |
|
|
$ |
31,829 |
|
|
$ |
(65,465) |
|
|
$ |
89,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)
earnings per common share attributable to Maiden
shareholders |
$ |
(0.74) |
|
|
$ |
0.42 |
|
|
$ |
(0.76) |
|
|
$ |
1.20 |
|
|
Diluted (loss)
earnings per common share
attributable to Maiden
shareholders(8) |
$ |
(0.74) |
|
|
$ |
0.40 |
|
|
$ |
(0.76) |
|
|
$ |
1.15 |
|
|
Dividends
declared per common share |
$ |
0.15 |
|
|
$ |
0.14 |
|
|
$ |
0.45 |
|
|
$ |
0.42 |
|
|
Annualized
return on average common equity |
|
-25.3% |
|
|
|
11.6% |
|
|
|
-8.7% |
|
|
|
12.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares - basic |
|
85,859,201 |
|
|
|
75,993,451 |
|
|
|
86,256,481 |
|
|
|
74,625,839 |
|
|
Adjusted
weighted average number of common shares and assumed conversions -
diluted(8) |
|
85,859,201 |
|
|
|
86,150,951 |
|
|
|
86,256,481 |
|
|
|
86,018,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Supplemental Financial Data - Segment
Information |
(in thousands (000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2017 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
210,953 |
|
|
|
$ |
420,019 |
|
|
|
$ |
- |
|
|
|
$ |
630,972 |
|
|
Net premiums
written |
|
$ |
207,137 |
|
|
|
$ |
410,193 |
|
|
|
$ |
- |
|
|
|
$ |
617,330 |
|
|
Net premiums
earned |
|
$ |
217,513 |
|
|
|
$ |
436,353 |
|
|
|
$ |
- |
|
|
|
$ |
653,866 |
|
|
Other insurance
revenue |
|
|
2,488 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
2,488 |
|
|
Net loss and loss
adjustment expenses ("loss and LAE") |
|
|
(172,273) |
|
|
|
|
(355,030) |
|
|
|
|
(8,665) |
|
|
|
|
(535,968) |
|
|
Commissions and other
acquisition expenses |
|
|
(54,810) |
|
|
|
|
(138,650) |
|
|
|
|
(2) |
|
|
|
|
(193,462) |
|
|
General and
administrative expenses(15) |
|
|
(8,595) |
|
|
|
|
(771) |
|
|
|
|
- |
|
|
|
|
(9,366) |
|
|
Underwriting
loss(14) |
|
$ |
(15,677) |
|
|
|
$ |
(58,098) |
|
|
|
$ |
(8,667) |
|
|
|
$ |
(82,442) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,682 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,829) |
|
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(533) |
|
|
Foreign exchange
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,550) |
|
|
Other general and
administrative expenses(15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,126) |
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(256) |
|
|
Net
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(55,054) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(9) |
|
|
78.3% |
|
|
|
|
81.4% |
|
|
|
|
|
|
|
|
81.6% |
|
|
Commission and other
acquisition expense ratio(10) |
|
|
24.9% |
|
|
|
|
31.7% |
|
|
|
|
|
|
|
|
29.5% |
|
|
General and
administrative expense ratio(11) |
|
|
3.9% |
|
|
|
|
0.2% |
|
|
|
|
|
|
|
|
3.0% |
|
|
Expense ratio(12) |
|
|
28.8% |
|
|
|
|
31.9% |
|
|
|
|
|
|
|
|
32.5% |
|
|
Combined
ratio(13) |
|
|
107.1% |
|
|
|
|
113.3% |
|
|
|
|
|
|
|
|
114.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2016 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
186,750 |
|
|
|
$ |
520,104 |
|
|
|
$ |
- |
|
|
|
$ |
706,854 |
|
|
Net premiums
written |
|
$ |
179,092 |
|
|
|
$ |
511,561 |
|
|
|
$ |
- |
|
|
|
$ |
690,653 |
|
|
Net premiums
earned |
|
$ |
175,141 |
|
|
|
$ |
523,137 |
|
|
|
$ |
- |
|
|
|
$ |
698,278 |
|
|
Other insurance
revenue |
|
|
2,345 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
2,345 |
|
|
Net loss and LAE |
|
|
(132,396) |
|
|
|
|
(334,310) |
|
|
|
|
(45) |
|
|
|
|
(466,751) |
|
|
Commissions and other
acquisition expenses |
|
|
(39,868) |
|
|
|
|
(166,836) |
|
|
|
|
(2) |
|
|
|
|
(206,706) |
|
|
General and
administrative expenses(15) |
|
|
(9,038) |
|
|
|
|
(759) |
|
|
|
|
- |
|
|
|
|
(9,797) |
|
|
Underwriting
(loss)
income(14) |
|
$ |
(3,816) |
|
|
|
$ |
21,232 |
|
|
|
$ |
(47) |
|
|
|
$ |
17,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,566 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,856) |
|
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(616) |
|
|
Foreign exchange
gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
687 |
|
|
Other general and
administrative expenses(15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,155) |
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(199) |
|
|
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
40,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(9) |
|
|
74.6% |
|
|
|
|
63.9% |
|
|
|
|
|
|
|
|
66.6% |
|
|
Commission and other
acquisition expense ratio(10) |
|
|
22.5% |
|
|
|
|
31.9% |
|
|
|
|
|
|
|
|
29.5% |
|
|
General and
administrative expense ratio(11) |
|
|
5.1% |
|
|
|
|
0.1% |
|
|
|
|
|
|
|
|
2.4% |
|
|
Expense ratio(12) |
|
|
27.6% |
|
|
|
|
32.0% |
|
|
|
|
|
|
|
|
31.9% |
|
|
Combined
ratio(13) |
|
|
102.2% |
|
|
|
|
95.9% |
|
|
|
|
|
|
|
|
98.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maiden Holdings, Ltd. |
Supplemental Financial Data - Segment
Information |
(in thousands (000's)) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2017 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
683,839 |
|
|
|
$ |
1,575,677 |
|
|
|
$ |
81 |
|
|
|
$ |
2,259,597 |
|
|
Net premiums
written |
|
$ |
671,880 |
|
|
|
$ |
1,529,980 |
|
|
|
$ |
90 |
|
|
|
$ |
2,201,950 |
|
|
Net premiums
earned |
|
$ |
623,574 |
|
|
|
$ |
1,450,811 |
|
|
|
$ |
90 |
|
|
|
$ |
2,074,475 |
|
|
Other insurance
revenue |
|
|
7,816 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
7,816 |
|
|
Net loss and LAE |
|
|
(487,759) |
|
|
|
|
(1,047,222) |
|
|
|
|
(10,176) |
|
|
|
|
(1,545,157) |
|
|
Commissions and other
acquisition expenses |
|
|
(159,744) |
|
|
|
|
(465,789) |
|
|
|
|
3 |
|
|
|
|
(625,530) |
|
|
General and
administrative expenses(15) |
|
|
(25,819) |
|
|
|
|
(2,240) |
|
|
|
|
- |
|
|
|
|
(28,059) |
|
|
Underwriting
loss(14) |
|
$ |
(41,932) |
|
|
|
$ |
(64,440) |
|
|
|
$ |
(10,083) |
|
|
|
$ |
(116,455) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131,808 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,430) |
|
|
Accelerated
amortization of senior note issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,809) |
|
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,599) |
|
|
Foreign exchange
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,193) |
|
|
Other general and
administrative expenses(15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(24,193) |
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,017) |
|
|
Net
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(44,888) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(9) |
|
|
77.2% |
|
|
|
|
72.2% |
|
|
|
|
|
|
|
|
74.2% |
|
|
Commission and other
acquisition expense ratio(10) |
|
|
25.3% |
|
|
|
|
32.1% |
|
|
|
|
|
|
|
|
30.0% |
|
|
General and
administrative expense ratio(11) |
|
|
4.1% |
|
|
|
|
0.1% |
|
|
|
|
|
|
|
|
2.5% |
|
|
Expense ratio(12) |
|
|
29.4% |
|
|
|
|
32.2% |
|
|
|
|
|
|
|
|
32.5% |
|
|
Combined
ratio(13) |
|
|
106.6% |
|
|
|
|
104.4% |
|
|
|
|
|
|
|
|
106.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2016 |
|
Diversified Reinsurance |
|
|
AmTrust Reinsurance |
|
|
Other |
|
|
Total |
|
Gross
premiums written |
|
$ |
667,388 |
|
|
|
$ |
1,591,902 |
|
|
|
$ |
- |
|
|
|
$ |
2,259,290 |
|
|
Net premiums
written |
|
$ |
626,522 |
|
|
|
$ |
1,507,389 |
|
|
|
$ |
- |
|
|
|
$ |
2,133,911 |
|
|
Net premiums
earned |
|
$ |
538,152 |
|
|
|
$ |
1,413,699 |
|
|
|
$ |
- |
|
|
|
$ |
1,951,851 |
|
|
Other insurance
revenue |
|
|
8,696 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
8,696 |
|
|
Net loss and LAE |
|
|
(395,718) |
|
|
|
|
(898,703) |
|
|
|
|
(2,940) |
|
|
|
|
(1,297,361) |
|
|
Commissions and other
acquisition expenses |
|
|
(139,895) |
|
|
|
|
(447,604) |
|
|
|
|
(2) |
|
|
|
|
(587,501) |
|
|
General and
administrative expenses(15) |
|
|
(26,717) |
|
|
|
|
(2,308) |
|
|
|
|
- |
|
|
|
|
(29,025) |
|
|
Underwriting
(loss)
income(14) |
|
$ |
(15,482) |
|
|
|
$ |
65,084 |
|
|
|
$ |
(2,942) |
|
|
|
$ |
46,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
and realized gains on investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111,802 |
|
|
Interest and
amortization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21,314) |
|
|
Accelerated
amortization of senior note issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,345) |
|
|
Amortization of
intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,846) |
|
|
Foreign exchange
gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,474 |
|
|
Other general and
administrative expenses(15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,713) |
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,206) |
|
|
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
117,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and LAE
ratio(9) |
|
|
72.4% |
|
|
|
|
63.5% |
|
|
|
|
|
|
|
|
66.2% |
|
|
Commission and other
acquisition expense ratio(10) |
|
|
25.6% |
|
|
|
|
31.7% |
|
|
|
|
|
|
|
|
30.0% |
|
|
General and
administrative expense ratio(11) |
|
|
4.8% |
|
|
|
|
0.2% |
|
|
|
|
|
|
|
|
2.5% |
|
|
Expense ratio(12) |
|
|
30.4% |
|
|
|
|
31.9% |
|
|
|
|
|
|
|
|
32.5% |
|
|
Combined
ratio(13) |
|
|
102.8% |
|
|
|
|
95.4% |
|
|
|
|
|
|
|
|
98.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Maiden Holdings, Ltd. |
Non - GAAP Financial Measures |
(in thousands (000's), except per share
data) |
(Unaudited) |
|
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|
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|
For the Three Months Ended September
30, |
|
For the Nine Months Ended September
30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating (loss) earnings attributable to
Maiden common shareholders(1) |
$ |
(56,414) |
|
|
$ |
30,196 |
|
|
$ |
(46,226) |
|
|
$ |
86,974 |
|
Non-GAAP basic operating (loss) earnings per common
share attributable to Maiden shareholders |
$ |
(0.66) |
|
|
$ |
0.40 |
|
|
$ |
(0.54) |
|
|
$ |
1.16 |
|
Non-GAAP diluted operating (loss) earnings per common
share attributable to Maiden
shareholders(8) |
$ |
(0.66) |
|
|
$ |
0.39 |
|
|
$ |
(0.54) |
|
|
$ |
1.11 |
|
Annualized non-GAAP operating return on average common
equity(7) |
|
-22.5% |
|
|
|
11.0% |
|
|
|
-6.2% |
|
|
|
11.8% |
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Reconciliation of net (loss) income attributable to
Maiden common shareholders to non-GAAP operating (loss) earnings
attributable to Maiden common shareholders: |
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Net (loss)
income attributable to Maiden common shareholders |
$ |
(63,596) |
|
|
$ |
31,829 |
|
|
$ |
(65,465) |
|
|
$ |
89,955 |
|
Add
(subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains on
investment |
|
(5,859) |
|
|
|
(1,900) |
|
|
|
(8,316) |
|
|
|
(4,511) |
|
|
Foreign exchange losses
(gains) |
|
3,550 |
|
|
|
(687) |
|
|
|
12,193 |
|
|
|
(6,474) |
|
|
Amortization of
intangible assets |
|
533 |
|
|
|
616 |
|
|
|
1,599 |
|
|
|
1,846 |
|
|
Divested excess and
surplus ("E&S") business and NGHC run-off |
|
8,667 |
|
|
|
47 |
|
|
|
10,083 |
|
|
|
2,942 |
|
|
Accelerated
amortization of senior note issuance cost |
|
- |
|
|
|
- |
|
|
|
2,809 |
|
|
|
2,345 |
|
|
Non-cash deferred tax
expense |
|
291 |
|
|
|
291 |
|
|
|
871 |
|
|
|
871 |
|
Non-GAAP operating (loss) earnings attributable to Maiden
common shareholders(1) |
$ |
(56,414) |
|
|
$ |
30,196 |
|
|
$ |
(46,226) |
|
|
$ |
86,974 |
|
|
|
|
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|
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|
Weighted average number of common shares -
basic |
|
85,859,201 |
|
|
|
75,993,451 |
|
|
|
86,256,481 |
|
|
|
74,625,839 |
|
Adjusted weighted average number of common shares and
assumed conversions - diluted(8) |
|
85,859,201 |
|
|
|
86,150,951 |
|
|
|
86,256,481 |
|
|
|
86,018,019 |
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|
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|
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: |
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|
Diluted
(loss) earnings per common share attributable to Maiden
shareholders(8) |
$ |
(0.74) |
|
|
$ |
0.40 |
|
|
$ |
(0.76) |
|
|
$ |
1.15 |
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Add
(subtract) |
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Net realized gains on
investment |
|
(0.07) |
|
|
|
(0.02) |
|
|
|
(0.10) |
|
|
|
(0.05) |
|
|
Foreign exchange losses
(gains) |
|
0.04 |
|
|
|
(0.01) |
|
|
|
0.14 |
|
|
|
(0.08) |
|
|
Amortization of
intangible assets |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
Divested E&S
business and NGHC run-off |
|
0.10 |
|
|
|
- |
|
|
|
0.12 |
|
|
|
0.03 |
|
|
Accelerated
amortization of senior note issuance cost |
|
- |
|
|
|
- |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
Non-cash deferred tax
expense |
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
0.01 |
|
Non-GAAP diluted operating (loss) earnings per common
share attributable to Maiden
shareholders(8) |
$ |
(0.66) |
|
|
$ |
0.39 |
|
|
$ |
(0.54) |
|
|
$ |
1.11 |
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|
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|
Reconciliation of net (loss) income attributable to
Maiden to non-GAAP (loss) income from operations: |
|
|
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|
Net (loss)
income attributable to Maiden |
$ |
(55,051) |
|
|
$ |
40,852 |
|
|
$ |
(44,854) |
|
|
$ |
117,678 |
|
Add
(subtract) |
|
|
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|
|
|
|
|
|
|
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|
Foreign exchange losses
(gains) |
|
3,550 |
|
|
|
(687) |
|
|
|
12,193 |
|
|
|
(6,474) |
|
|
Amortization of
intangible assets |
|
533 |
|
|
|
616 |
|
|
|
1,599 |
|
|
|
1,846 |
|
|
Interest and
amortization expenses |
|
4,829 |
|
|
|
6,856 |
|
|
|
18,430 |
|
|
|
21,314 |
|
|
Accelerated
amortization of senior note issuance cost |
|
- |
|
|
|
- |
|
|
|
2,809 |
|
|
|
2,345 |
|
|
Income tax expense |
|
256 |
|
|
|
199 |
|
|
|
1,017 |
|
|
|
1,206 |
|
|
Net loss attributable
to noncontrolling interest |
|
(3) |
|
|
|
(56) |
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|
|
(34) |
|
|
|
(166) |
|
Non-GAAP (loss) income from
operations(2) |
$ |
(45,886) |
|
|
$ |
47,780 |
|
|
$ |
(8,840) |
|
|
$ |
137,749 |
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|
Maiden Holdings, Ltd. |
|
Non - GAAP Financial Measures |
|
(in thousands (000's), except per share
data) |
|
(Unaudited) |
|
|
|
|
|
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September 30, 2017 |
|
December 31, 2016 |
|
Investable assets: |
|
|
|
|
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Total
investments |
$ |
5,009,996 |
|
$ |
4,736,938 |
|
Cash and
cash equivalents |
|
182,677 |
|
|
45,747 |
|
Restricted
cash and cash equivalents |
|
131,598 |
|
|
103,788 |
|
Loan to
related party |
|
167,975 |
|
|
167,975 |
|
Total
investable assets(3) |
$ |
5,492,246 |
|
$ |
5,054,448 |
|
|
|
|
|
|
|
|
|
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|
September 30, 2017 |
|
December 31, 2016 |
|
Capital: |
|
|
|
|
|
|
Preference
shares |
$ |
465,000 |
|
$ |
315,000 |
|
Common
shareholders' equity |
|
956,027 |
|
|
1,045,797 |
|
Total Maiden shareholders' equity |
|
1,421,027 |
|
|
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) |
$ |
1,683,527 |
|
$ |
1,723,297 |
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(1) 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 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. |
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(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 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. |
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(3) Investable assets is the total of the Company's
investments, cash and cash equivalents and loan to a related
party. |
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(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. |
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(5) Total capital resources is the sum of the Company's
principal amount of debt and Maiden shareholders' equity. |
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(6) Dividends on preference shares consist of $3,094
and $9,282 paid to Preference shares - Series A for the three and
nine months ended September 30, 2017 and 2016, respectively, $2,938
paid to Preference shares - Series C for the three months ended
September 30, 2017 and 2016, and $8,816 and $9,470 for the nine
months ended September 30, 2017 and 2016, respectively, and $2,513
paid to Preference shares - Series D for the three and nine months
ended September 30, 2017. It also includes $2,991 and $8,971 paid
to Preference Shares - Series B during the three and nine months
ended September 30, 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. |
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(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. |
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(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. |
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(9) Calculated by dividing net loss and LAE by the sum
of net premiums earned and other insurance revenue. |
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(10) Calculated by dividing commission and other
acquisition expenses by the sum of net premiums earned and other
insurance revenue. |
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(11) Calculated by dividing general and administrative
expenses by the sum of net premiums earned and other insurance
revenue. |
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(12) Calculated by adding together the commission and
other acquisition expense ratio and general and administrative
expense ratio. |
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(13) Calculated by adding together the net loss and LAE
ratio and the expense ratio. |
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(14) 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. |
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(15) 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. |
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