Maiden Holdings saw increased gross written premiums (GWP) in the second quarter of 2016 due to the 8.7 percent GWP increase in its diversified reinsurance segment.
The company reported an overall GWP increase to $688.3 million in the second quarter of 2016, compared with $674.2 million in the same period of last year. The diversified reinsurance segment’s GWP equaled $164.8 million, compared with $151.6 million, which was an increase of 8.7 percent.
Maiden’s net income increased significantly to $39.9 million in the second quarter of 2016, compared with $26.5 million in the same period of 2015.
However, the reinsurer’s combined ratio decreased by 8.6 percentage points to 98.6 percent in the second quarter of 2016, compared with 99.2 percent in the same period of 2015.
Art Raschbaum, chief executive officer of Maiden, said: “The second quarter reflects a continued focus on disciplined growth, improving our cost of capital and delivering value to our regional and specialty insurer clients.
“Notwithstanding a competitive operating environment and continued pressure on investment yields, our overall results reflect continued underwriting profitability and strong growth in book value while achieving an annualised return on common equity of 12.3 percent and an annualisedoperating return on common equity of 11.3 percent.
“This marks the 12th consecutive quarter of double digit operating returns. While revenue growth has moderated for our AmTrust reinsurance segment versus a strong prior year quarter impacted by acquisitions, the diversified reinsurance segment growth continues to benefit primarily from the expansion of existing client relationships in the US and our developing European capital solutions business.”
Maiden Holdings, Bermuda, North America, Maiden Re, Insurance, Reinsurance, Results, Art Raschbaum