Maiden Holdings, Ltd. Reports Third Quarter Net Income Of $18.5 Million And Operating Earnings(1) Of $18.1 Million
Third Quarter 2010 Financial Highlights
- Net income of $18.5 million up 23.6% from third quarter 2009; EPS of $0.26
- Net operating earnings (1) of $18.1 million up 9.7% from $16.5 million in third quarter of 2009; Operating EPS (1) of $0.26
- Income from operations (2) totaled $28.3 million up 10.7% from third quarter 2009
- Net earned premium of $309.6 million increased 30.4% from third quarter of 2009
- Net investment income of $17.5 million up 4.3% from third quarter 2009
- Annualized return on equity of 9.9% and operating return on equity (1) of 9.7%
- Combined ratio of 97.0% compared with 96.3% in the third quarter of 2009
- Total assets of $2.8 billion and investable assets of $2.2 billion increased over 7.5% from year end 2009
- Shareholders' equity of $758.4 million increased 12.1% from year-end 2009
- GMAC International Insurance Services, Ltd. transaction expected to close by end of November
HAMILTON, Bermuda, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (Nasdaq:MHLD) today reported third quarter 2010 net income of $18.5 million, up 23.6% from $15.0 million in the third quarter of 2009. Earnings per diluted share of $0.26 increased 23.8% from $0.21 in the third quarter of 2009. Operating earnings (1) for the quarter totaled $18.1 million, or $0.26 per diluted share, compared with $16.5 million, or $0.23 per diluted share in the third quarter of 2009.
For the first nine months of 2010, net income totaled $50.7 million, up 14.4% from the first nine months of 2009. Earnings per diluted share of $0.72 increased 14.3% from $0.63 in the first nine months of 2009. Operating earnings (1) for the first nine months of 2010 of $55.5 million, or $0.79 per diluted share, compared with $47.3 million, or $0.68 per diluted share in the first nine months of 2009."Our third quarter results reflect continued solid growth in earnings and book value despite an increasingly competitive underwriting environment," said Art Raschbaum, President and CEO of Maiden Holdings, Ltd. "Maiden continues to benefit from growth tied to our strategic relationships as we maintain our value-added long-term relationship focus and disciplined approach to underwriting. We also remain firmly committed to preserving our high-quality balance sheet even in the face of the challenging investment environment."
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