Maiden Holdings, Ltd.MHLA
Maiden Holdings, Ltd. Segments Disclosure
Segment Information
The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe. This segment also includes transactions entered into by GLS which was formed in November 2020 as described in "Note 1 — Organization". Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”), and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AEL and AIU DAC, which are both in run-off effective January 1, 2019. Please refer to "Note 10 — Related Party Transactions" for additional information regarding the AmTrust Reinsurance segment.
The Company evaluates reportable segment performance based on each segment's respective underwriting income or loss separately from the results of our investment portfolio. Underwriting income or loss is calculated as net premiums earned plus other insurance revenue less net loss and LAE, commission and other acquisition expenses. General and administrative expenses are allocated to the reportable segments on an actual basis except salaries and benefits where management’s judgment is applied; however general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, funds withheld receivable, loan to related party, and restricted cash and investments. All remaining assets are allocated to Corporate.
The CODM for both the Diversified Reinsurance and the AmTrust Reinsurance segments is the Company's Chief Executive Officer and Chief Financial Officer who has served in that position since May 2023. The significant segment expenses as reported in the computation of underwriting results in the tables below are used by the Company's CODM in assessing segment performance on a quarterly basis and deciding how to allocate resources within the Company.
The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the years ended December 31, 2024 and 2023, respectively:
| For the Year Ended December 31, 2024 | Diversified Reinsurance | AmTrust Reinsurance | Total | |||||||||||||||||
Gross premiums written | $ | 34,882 | $ | (1,686) | $ | 33,196 | ||||||||||||||
Net premiums written | $ | 34,749 | $ | (1,686) | $ | 33,063 | ||||||||||||||
Net premiums earned | $ | 35,787 | $ | 13,687 | $ | 49,474 | ||||||||||||||
Other insurance revenue (expense) | 65 | (24,259) | (24,194) | |||||||||||||||||
Net loss and LAE | (22,583) | (163,544) | (186,127) | |||||||||||||||||
Commission and other acquisition expenses | (15,266) | (9,044) | (24,310) | |||||||||||||||||
General and administrative expenses | (9,441) | (2,773) | (12,214) | |||||||||||||||||
Underwriting loss | $ | (11,438) | $ | (185,933) | (197,371) | |||||||||||||||
Reconciliation to net loss | ||||||||||||||||||||
Net investment income and net realized and unrealized investment gains | 31,156 | |||||||||||||||||||
Interest and amortization expenses | (19,266) | |||||||||||||||||||
Foreign exchange and other gains, net | 7,001 | |||||||||||||||||||
Other general and administrative expenses | (23,134) | |||||||||||||||||||
Income tax expense | (1,055) | |||||||||||||||||||
Interest in income from equity method investments | 1,700 | |||||||||||||||||||
Net loss | $ | (200,969) | ||||||||||||||||||
Underwriting loss for the AmTrust Reinsurance segment above included unusual items for the year ended December 31, 2024 that were specifically considered by the CODM in assessing segment performance. Commission and other acquisition expenses included accelerated amortization of deferred acquisition costs upon the recognition of a premium deficiency of $3,325 in the AmTrust Quota Share for the year ended December 31, 2024. Other insurance expenses included underwriting related charges of $24,259 incurred in the fourth quarter of 2024 which represents the settlement of a dispute over cessions of ceded uncollected premium made by AII to Maiden Reinsurance. Net loss and LAE was reduced by the amortization of the deferred gain liability of $4,099 on the LPT/ADC Agreement for the year ended December 31, 2024 since cumulative paid losses have now exceeded the minimum retention under the LPT/ADC Agreement starting in the fourth quarter of 2024. Please refer to Note 2 — Significant Accounting Policies, Note 9 — Reserve for Loss and Loss Adjustment Expenses and Note 10 — Related Party Transactions for further information on these items.
3. Segment Information (continued)
| For the Year Ended December 31, 2023 | Diversified Reinsurance | AmTrust Reinsurance | Total | |||||||||||||||||
Gross premiums written | $ | 27,402 | $ | (3,936) | $ | 23,466 | ||||||||||||||
Net premiums written | $ | 27,104 | $ | (3,936) | $ | 23,168 | ||||||||||||||
Net premiums earned | $ | 29,039 | $ | 14,930 | $ | 43,969 | ||||||||||||||
Other insurance revenue | 39 | — | 39 | |||||||||||||||||
Net loss and LAE | (14,230) | (46,998) | (61,228) | |||||||||||||||||
Commission and other acquisition expenses | (13,879) | (5,583) | (19,462) | |||||||||||||||||
General and administrative expenses | (10,110) | (2,690) | (12,800) | |||||||||||||||||
Underwriting loss | $ | (9,141) | $ | (40,341) | (49,482) | |||||||||||||||
Reconciliation to net loss | ||||||||||||||||||||
Net investment income and net realized and unrealized investment gains | 45,226 | |||||||||||||||||||
Interest and amortization expenses | (18,226) | |||||||||||||||||||
Foreign exchange and other losses, net | (5,741) | |||||||||||||||||||
Other general and administrative expenses | (17,996) | |||||||||||||||||||
Income tax expense | (196) | |||||||||||||||||||
Interest in income from equity method investments | 7,846 | |||||||||||||||||||
Net loss | $ | (38,569) | ||||||||||||||||||
3. Segment Information (continued)
The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2024 and 2023:
| December 31, 2024 | Diversified Reinsurance | AmTrust Reinsurance | Total | |||||||||||||||||
Reinsurance balances receivable, net | $ | 2,945 | $ | 5,171 | $ | 8,116 | ||||||||||||||
Reinsurance recoverable on unpaid losses | 3,064 | 532,910 | 535,974 | |||||||||||||||||
Deferred commission and other acquisition expenses | 549 | 7,553 | 8,102 | |||||||||||||||||
Loan to related party | — | 167,975 | 167,975 | |||||||||||||||||
Restricted cash and cash equivalents and investments | 63,456 | 128,826 | 192,282 | |||||||||||||||||
Funds withheld receivable | 12,650 | — | 12,650 | |||||||||||||||||
Other assets | 603 | — | 603 | |||||||||||||||||
Total assets - reportable segments | 83,267 | 842,435 | 925,702 | |||||||||||||||||
Corporate assets | — | — | 369,489 | |||||||||||||||||
Assets held for sale | — | — | 20,815 | |||||||||||||||||
Total Assets | $ | 83,267 | $ | 842,435 | $ | 1,316,006 | ||||||||||||||
| December 31, 2023 | Diversified Reinsurance | AmTrust Reinsurance | Total | |||||||||||||||||
Reinsurance balances receivable, net | $ | 3,108 | $ | 9,201 | $ | 12,309 | ||||||||||||||
Reinsurance recoverable on unpaid losses | 5,692 | 515,463 | 521,155 | |||||||||||||||||
Deferred commission and other acquisition expenses | 961 | 16,605 | 17,566 | |||||||||||||||||
Loan to related party | — | 167,975 | 167,975 | |||||||||||||||||
Restricted cash and cash equivalents and investments | 67,211 | 152,663 | 219,874 | |||||||||||||||||
Funds withheld receivable | 15,534 | 128,451 | 143,985 | |||||||||||||||||
Other assets | 685 | — | 685 | |||||||||||||||||
Total assets - reportable segments | 93,191 | 990,358 | 1,083,549 | |||||||||||||||||
Corporate assets | — | — | 435,385 | |||||||||||||||||
Total Assets | $ | 93,191 | $ | 990,358 | $ | 1,518,934 | ||||||||||||||
The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2024 and 2023. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries.
| For the Year Ended December 31, | 2024 | 2023 | ||||||||||||
Gross premiums written – North America | $ | (632) | $ | (146) | ||||||||||
Gross premiums written – Other (predominantly Europe) | 33,828 | 23,612 | ||||||||||||
Gross premiums written – Total | $ | 33,196 | $ | 23,466 | ||||||||||
Net premiums written – North America | $ | (674) | $ | (309) | ||||||||||
Net premiums written – Other (predominantly Europe) | 33,737 | 23,477 | ||||||||||||
Net premiums written – Total | $ | 33,063 | $ | 23,168 | ||||||||||
Net premiums earned – North America | $ | (674) | $ | (309) | ||||||||||
Net premiums earned – Other (predominantly Europe) | 50,148 | 44,278 | ||||||||||||
Net premiums earned – Total | $ | 49,474 | $ | 43,969 | ||||||||||
3. Segment Information (continued)
The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2024 and 2023:
| For the Year Ended December 31, | 2024 | 2023 | ||||||||||||
Diversified Reinsurance | ||||||||||||||
International | $ | 34,749 | $ | 27,104 | ||||||||||
Total Diversified Reinsurance | 34,749 | 27,104 | ||||||||||||
AmTrust Reinsurance | ||||||||||||||
Small Commercial Business | (643) | (465) | ||||||||||||
Specialty Program | (31) | 156 | ||||||||||||
Specialty Risk and Extended Warranty | (1,012) | (3,627) | ||||||||||||
Total AmTrust Reinsurance | (1,686) | (3,936) | ||||||||||||
Total Net Premiums Written | $ | 33,063 | $ | 23,168 | ||||||||||
The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2024 and 2023:
| For the Year Ended December 31, | 2024 | 2023 | ||||||||||||||||||||||||
| Total | % of Total | Total | % of Total | |||||||||||||||||||||||
Diversified Reinsurance | ||||||||||||||||||||||||||
International | $ | 35,787 | 72.3 | % | $ | 29,039 | 66.0 | % | ||||||||||||||||||
Total Diversified Reinsurance | 35,787 | 72.3 | % | 29,039 | 66.0 | % | ||||||||||||||||||||
AmTrust Reinsurance | ||||||||||||||||||||||||||
Small Commercial Business | (643) | (1.3) | % | (465) | (1.1) | % | ||||||||||||||||||||
Specialty Program | (31) | (0.1) | % | 156 | 0.4 | % | ||||||||||||||||||||
Specialty Risk and Extended Warranty | 14,361 | 29.1 | % | 15,239 | 34.7 | % | ||||||||||||||||||||
Total AmTrust Reinsurance | 13,687 | 27.7 | % | 14,930 | 34.0 | % | ||||||||||||||||||||
Total Net Premiums Earned | $ | 49,474 | 100.0 | % | $ | 43,969 | 100.0 | % | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 10, 2025 | Showing above |
| 2023 | Mar 12, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Mar 14, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Mar 18, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 6, 2017 | |
| 2015 | Mar 1, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.