Maiden Holdings, Ltd.

Listed Company

MHNCCIK 0001412100NYSEAcceleratedSmaller ReportingFire, Marine & Casualty InsuranceD0FY ends Dec 31

Period

FY 2024

Revenue

$56.44M

Net Income

$-200.97M

Total Assets

$1.32B

Equity

$45.19M

Shares Out

99.68M

Op. Cash Flow

$-67.45M

Business

Maiden Holdings, Ltd. is a Bermuda-based holding company that creates shareholder value by owning and managing businesses and assets primarily in the insurance and related financial services industries. It provides reinsurance and insurance services, including run-off reinsurance programs, legacy solutions through its Genesis Legacy Solutions platform, and short-term income protection written by its Scandinavian subsidiaries, with Maiden Global operating as a licensed UK insurance intermediary. Key reportable segments are Diversified Reinsurance and AmTrust Reinsurance. The Company operates principally in Europe and the U.S., distributing through insurer partners, intermediaries and subsidiary channels.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Gross premiums written	33	23	5	11	31
Net premiums written	33	23	5	10	28
Change in unearned premiums	16	21	33	43	78
Net premiums earned	49	44	38	53	106
Other insurance (expense) revenue, net	−24	39,000	—	—	—
Net investment income	26	37	30	32	55
Net realized and unrealized investment gains	6	8	−5	13	24
Total revenues	56	89	58	99	184
Net loss and loss adjustment expenses	186	61	58	7	42
Commission and other acquisition expenses	24	19	19	25	39
General and administrative expenses	35	31	31	36	39
Interest and amortization expenses	19	18	19	—	—
Foreign exchange and other (gains) losses	−7	6	−8	−8	9
Total expenses	258	135	119	80	148
Loss before income taxes and interest in income of equity method investments	−202	−46	−60	19	37
Less: Income tax expense	1	196,000	−557,000	15,000	−104,000
Interest in income of equity method investments	2	8	−205,000	8	5
Net loss	−201	−39	−60	27	42
Basic loss per share attributable to common shareholders (in dollars per share)	−2.01	−0.38	0.63	1.35	0.93
Diluted loss per share attributable to common shareholders (in dollars per share)	−2.01	−0.38	0.63	1.35	0.93
Weighted average number of common shares - basic (in shares)	100	101	87	86	84
Weighted average number of common shares - diluted (in shares)	100	101	87	86	84

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2024 - $236,788; 2023 - $258,536)	233	251	315	597	1,213
Equity securities, at fair value (Cost: 2024 - $13,436; 2023 - $39,889)	13	42	44	24	—
Equity method investments	81	81	80	84	43
Other investments (Allowance for expected credit losses: 2024 - $1,023; 2023 - $1,023)	157	186	149	118	64
Total investments	484	560	587	823	1,320
Cash and cash equivalents	26	35	31	27	74
Restricted cash and cash equivalents	9	7	16	39	62
Accrued investment income	3	5	4	6	11
Reinsurance balances receivable, net (includes $5,171 and $9,201 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $169; 2023 - $187)	8	12	11	20	6
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,963; 2023 - $3,240)	571	564	556	563	593
Loan to related party	168	168	168	168	168
Deferred commission and other acquisition expenses (includes $7,553 and $16,605 from related parties in 2024 and 2023, respectively)	8	18	25	37	52
Funds withheld receivable (includes $0 and $128,451 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $8; 2023 - $19)	13	144	441	636	655
Other assets	5	6	8	5	8
Assets held for sale	21	0	—	—	—
Total assets	1,316	1,519	1,847	2,323	2,948
Reserve for loss and loss adjustment expenses (includes $687,274 and $752,991 from related parties in 2024 and 2023, respectively)	794	867	1,131	1,489	1,893
Unearned premiums (includes $29,204 and $44,577 from related parties in 2024 and 2023, respectively)	30	46	67	100	144
Deferred gain on retroactive reinsurance	107	73	—	—	—
Liability for securities purchased	6	0	—	—	—
Accrued expenses and other liabilities (includes $59,096 and $10,781 from related parties in 2024 and 2023, respectively)	78	28	61	45	53
Senior notes - principal amount	262	262	263	263	263
Less: unamortized issuance costs	8	8	7	7	7
Senior notes, net	255	255	256	255	255
Liabilities held for sale	883,000	0	—	—	—
Total liabilities	1,271	1,270	1,562	1,938	2,421
Commitments and Contingencies	—	—	—	—	—
Common shares ($0.01 par value; shares issued 2024 - 150,298,798; 2023 - 149,732,355; shares outstanding 2024 - 99,039,253; 2023 - 100,472,120)	2	1	1	923,000	898,000
Additional paid-in capital	888	886	884	769	756
Accumulated other comprehensive loss	−33	−31	−41	−12	24
Accumulated deficit	−688	−487	−443	−498	−616
Treasury shares, at cost (2024 - 51,259,545 shares; 2023 - 49,260,235 shares )	−124	−120	−117	−34	—
Total Maiden shareholders equity	45	249	285	384	528
Total liabilities and equity	1,316	1,519	1,847	2,323	2,948

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Non-cash expenses including depreciation, amortization and share-based compensation	−5	−1	−112,000	8	9
Change in allowance for expected credit losses	−296,000	−1	0	—	—
Reinsurance balances receivable, net	4	−1	9	−12	23
Reinsurance recoverable on unpaid losses	12	14	11	594,000	−7
Accrued investment income	981,000	−387,000	1	5	7
Deferred commission and other acquisition expenses	9	7	12	15	26
Funds withheld receivable	16	27	4	16	56
Other assets	2	2	−2	−2	−4
Reserve for loss and loss adjustment expenses	76	−4	−155	−378	−582
Unearned premiums	−16	−21	−33	−43	−78
Accrued expenses and other liabilities	50	−33	18	−7	−15
Net cash used in operating activities	−67	−60	−196	−394	−542
Purchases of fixed maturities	−527	−184	−79	−248	−459
Purchases of other investments	−28	−49	−40	−55	−34
Purchases of equity method investments	−10	−13	−56	−44	−40
Purchases of equity securities	0	−3	−17	−21	—
Proceeds from sales of fixed maturities	62	99	214	478	505
Proceeds from maturities, paydowns and calls of fixed maturities	480	162	98	345	620
Proceeds from sale and redemption of other investments	69	18	4	832,000	2
Proceeds from sale and redemption of equity method investments	9	20	61	7	2
Proceeds from sale and redemption of equity securities	23	8	0	441,000	—
Others, net	−328,000	−101,000	−88,000	−25,000	−608,000
Net cash provided by investing activities	78	59	189	464	596
Repurchase of senior notes	0	−95,000	0	—	—
Repurchase of common shares	−4	−3	−1	−2	−1,000
Net cash used in financing activities	−4	−3	−11	−139	−30
Effect of exchange rate changes on foreign currency cash	−1	335,000	−1	−470,000	4
Net increase (decrease) in cash, restricted cash and cash equivalents	5	−4	−19	−70	29
Cash paid for interest, net of amounts capitalized	19	19	19	19	19
Cash paid for income taxes	189,000	147,000	1	109,000	106,000

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