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Annualized operating return on common equity (1) of 12.6% compared to 9.8% in the first quarter of 2013;
Record net operating earnings (1) of $25.6 million, or $0.34 per diluted common share compared with net operating earnings of $21.1 million, or $0.29 per diluted common share in the first quarter of 2013;
Net premiums written increased 3.0% to $709.9 million for the first quarter of 2014 compared to the same period last year; excluding the cancelled National General Holdings Quota Share, the underlying growth rate was 16.0%;
Combined ratio (11) of 97.7% compared to 97.5% in the first quarter of 2013;
Net investment income was $27.8 million, an increase of 26.7% compared to the first quarter of 2013;
Book value per common share (4) of $11.47, increased 3.0% versus December 31, 2013 reflecting the impact of lower interest rates on Maiden's fixed income investment portfolio at the end of the quarter; and
On January 15, 2014, Maiden redeemed all outstanding 14% coupon junior subordinated debt ("TRUPs"); the redemption reduced net income by a one-time non-cash charge of $28.2 million.
HAMILTON, Bermuda, May 7, 2014 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (Nasdaq: MHLD) ("Maiden" or "the Company") today reported record first quarter 2014 net operating earnings
(1) of $25.6 million, or $0.34 per diluted common share compared with $21.1 million, or $0.29 per diluted common share in the first quarter of 2013. In the first quarter of 2014, net income was $2.1 million compared to net income of $28.1 million in the first quarter of 2013, impacted by a non-recurring non-cash charge of $28.2 million, representing the accelerated amortization of both the original issue discount and issuance costs associated with the TRUPs.
Commenting on the Company's results, Art Raschbaum, Chief Executive Officer of Maiden, said: "Maiden's record operating profit in the first quarter of 2014 clearly demonstrates the Company's enhanced earnings power following the redemption of the 14% TRUPs in mid-January. Net investment income was also a quarterly record for Maiden as our invested asset base reflects continued growth. Written premium growth in our Diversified and AmTrust segments for the quarter was strong and notwithstanding the elevated level of non-cat property losses in the first quarter from our U.S. Diversified segment, underwriting results remain solidly profitable. On balance, we are pleased with business performance for the quarter. Importantly, we remain true to our specialist, lower volatility, non-catastrophe oriented reinsurance business model, which is uniquely designed to serve the reinsurance capital needs of small to mid-sized insurers."