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Maiden Holdings, Ltd. Reports First Quarter 2013 Net Income Of $25.0 Million Or $0.34 Per Diluted Common Share And Operating Earnings(1) Of $21.1 Million Or $0.29 Per Diluted Common Share

Stocks in this article: MHLD

First Quarter 2013 Highlights

  • Annualized operating return on common equity (1) of 9.8% compared to 9.9% in the first quarter of 2012
  • Net operating earnings (1) available to Maiden common shareholders of $21.1 million, or $0.29 per diluted common share compared with $19.4 million, or $0.27 per diluted common share in the first quarter of 2012
  • Combined ratio (10) of 97.5% compared to 97.9% in the first quarter of 2012
  • Net investment income increased 19.2% to $22.0 million compared to the first quarter of 2012
  • Net premiums written increased 16.6% to $689.1 million versus the same period last year
  • Book value per common share (4) of $12.10, up 1.2% versus year-end 2012

HAMILTON, Bermuda, May 8, 2013 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. ("Maiden") (Nasdaq:MHLD) today reported first quarter 2013 net income available to Maiden common shareholders of $25.0 million, or $0.34 per diluted common share compared with $20.4 million or $0.28 per diluted common share in the first quarter of 2012. Net operating earnings (1) available to Maiden common shareholders for the first quarter of 2013 were $21.1 million, or $0.29 per diluted common share compared with $19.4 million, or $0.27 per diluted common share in the comparative quarter in 2012.

Commenting on the Company's earnings, Art Raschbaum, President and Chief Executive Officer of Maiden, said: "Strong first quarter results reflect the favorable impact of 2012 underwriting actions, continued strengthening of investment earnings and robust revenue growth, from the AmTrust segment in particular, driven by the continued improvement in the primary insurer pricing environment in the U.S. and select global markets. We remain focused on maintaining disciplined underwriting, reducing exposure to volatility, and delivering significant value to our regional and specialty insurer clients." 

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