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TheStreet Open House

Maiden Holdings, Ltd. Reports Third Quarter 2013 Operating Earnings(1) Of $22.7 Million Or $0.31 Per Diluted Common Share And Net Income Of $21.9 Million Or $0.30 Per Diluted Common Share

Stocks in this article: MHLD

Highlights for the three months ended September 30, 2013

  • Annualized operating return on common equity (1) of 11.1% compared with 9.1% in the third quarter of 2012;
  • Net operating earnings (1) of $22.7 million, or $0.31 per diluted common share compared with $19.5 million, or $0.27 per diluted common share in the third quarter of 2012;
  • Net premiums written increased 1.7% to $463.4 million versus the same period last year; excluding the National General Quota Share, which terminated August 1, the underlying growth rate was 17.1%;
  • Combined ratio (6) of 97.6% compared to 98.2% in the third quarter of 2012;
  • Net investment income rose to $23.3 million or an increase of 7.9% compared to the third quarter of 2012;
  • Book value per common share (4) of $11.34, up 2.0% versus June 30, 2013; and
  • At the beginning of October 2013, Maiden issued $165 million of mandatory convertible preference shares to support the continuing growth of its reinsurance business.

Highlights for the nine months ended September 30, 2013

  • Annualized operating return on common equity (1) of 10.2% compared to 9.5% in the first nine months of last year;
  • Net operating earnings (1) of $64.2 million, or $0.87 per diluted common share compared with $58.6 million, or $0.80 per diluted common share in the first nine months of 2012;
  • Net premiums written increased 13.1% to $1.7 billion versus the same period last year; excluding the National General Quota Share, which terminated August 1, the underlying growth rate was 20.2%;
  • Combined ratio (6) of 97.6% compared to 98.0% in the first nine months of 2012;
  • Net investment income was $66.0 million, an increase of 9.8% compared to the first nine months of 2012; and
  • Total investments increased 2.2% in the first nine months of 2013 to $2.7 billion.

HAMILTON, Bermuda, Nov. 6, 2013 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (Nasdaq:MHLD) ("Maiden" or "the Company") today reported third quarter 2013 net operating earnings (1) of $22.7 million, or $0.31 per diluted common share compared with $19.5 million, or $0.27 per diluted common share in the third quarter of 2012. Net income attributable to Maiden common shareholders totaled $21.9 million, or $0.30 per diluted common share in the third quarter of 2013, which were essentially the same net income and per common share results for the third quarter of 2012.

Commenting on the Company's earnings, Art Raschbaum, Chief Executive Officer of Maiden, said: "In the third quarter of 2013, as with the previous two quarters, we continued to see favorable trends across our key core business metrics.   In addition to delivering an annualized operating return on common equity of 11.1%, we improved year-on-year underwriting performance, lowered expense relativities, and increased our active client count. While the operating environment remains competitive, our clients continue to benefit from improving primary rate levels. Our issuance of convertible mandatory preference shares at the beginning of the fourth quarter is supportive of the growth we are seeing and demonstrates our belief in Maiden's strong business prospects." 

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