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Maiden Holdings, Ltd. Reports Second Quarter 2013 Operating Earnings(1) Of $20.4 Million Or $0.28 Per Diluted Common Share And Net Income Of $20.2 Million Or $0.27 Per Diluted Common Share

Stocks in this article: MHLD

Highlights for the three months ended June 30, 2013

  • Annualized operating return on common equity (1) of 9.7%, the same as the second quarter of 2012;
  • Net operating earnings (1) of $20.4 million, or $0.28 per diluted common share compared with $19.7 million, or $0.27 per diluted common share in the second quarter of 2012;
  • Net investment income rose to $20.7 million or an increase of 3.3% compared to the second quarter of 2012;
  • Total investments increased 3.3% in the second quarter of 2013 to $2.7 billion;
  • Net premiums written increased 20.9% to $497.9 million versus the same period last year;
  • Combined ratio (6) of 97.6% compared to 97.9% in the second quarter of 2012; and
  • Book value per common share (4) of $11.12, down 7.0% versus year-end 2012, reflecting the impact of rising interest rates.

Highlights for the six months ended June 30, 2013

  • Annualized operating return on common equity (1) of 10.0% compared to 9.9% in the first six months of last year;
  • Net operating earnings (1) of $41.5 million, or $0.56 per diluted common share compared with $39.1 million, or $0.53 per diluted common share in the first six months of 2012;
  • Combined ratio (6) of 97.6% compared to 97.9% in the first six months of 2012;
  • Net investment income was $42.7 million, an increase of 10.9% compared to the first six months of 2012;
  • Total investments increased 3.7% in the first six months of 2013 to $2.7 billion; and
  • Net premiums written increased 18.4% to $1.2 billion versus the same period last year.

HAMILTON, Bermuda, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (Nasdaq:MHLD) ("Maiden") today reported second quarter 2013 net operating earnings (1) of $20.4 million, or $0.28 per diluted common share compared with $19.7 million, or $0.27 per diluted common share in the comparative quarter in 2012. Net income totaled $20.2 million, or $0.27 per diluted common share in the second quarter of 2013, compared with net income of $14.5 million, or $0.20 per diluted common share in the second quarter of 2012.

Commenting on the Company's earnings, Art Raschbaum, Chief Executive Officer of Maiden, said: "Maiden's results for the second quarter and the first six months of 2013 reflect improved underwriting performance, no adverse impact from the catastrophe events of the second quarter, strong growth from the AmTrust segment reflecting a favorable North American pricing environment, and an annualized return on common shareholders' equity of 10% for the first half of the year. Over time, we expect rising interest rates to benefit the Company's long-term earnings run rate as we deploy cash and reinvest assets at higher yields.   Along with a favorable insurance pricing environment in North America and rising interest rates, we expect that Maiden's profitability will further benefit from expected repayment of the 14% TRUPS in January 2014." 

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