Bermuda-based re/insurer Maiden Holdings has reported a substantial increase in its net income in the third quarter of 2016 while two of its reinsurance segments, diversified reinsurance and AmTrust reinsurance have shown solid growth.
Maiden’s net income was $31.8 million in the third quarter of 2016, compared to the $22.5 million it made for the same period of last year.
The re/insurer’s gross written premiums (GWP) increased to $706.9 million in the third quarter of 2016, compared with $628.5 million in the same period of 2015.
Maiden's diversified reinsurance business’ GWP totalled $186.8 million, an increase of 7.1 percent, which the company attributed to growth from existing customers and new accounts developed over the course of the year.
For the AmTrust reinsurance sector, GWP came to $520.1 million, an increase of 14.5 percent compared with $454.2 million in the third quarter of 2015.
The group’s combined ratio was 98.5 percent, a decrease of 1.1 percentage points year-over-year.
"Maiden continued to deliver strong results with a year-over-year improvement in our combined ratio, double digit operating return on common equity, increased investment income, continued growth in book value and disciplined growth from virtually all business activities, despite an increasingly challenging operating environment with intensifying competition, as well as growing loss cost volatility,” said Art Raschbaum, CEO of Maiden.
“Maiden's growth during the quarter emanated from existing client relationships and new business. Our recent rating upgrade from AM Best to A stable, will further strengthen Maiden's unique value proposition to our clients and prospects."
Maiden Holdings, Bermuda, Insurance, Reinsurance, Diversified reinsurance, AmTrust reinsurance, Results, Third quarter, Art Raschbaum, Investment