Bermuda-based Maiden posted a strong set of results for 2014, as its AmTrust reinsurance segment drove growth in its net written premiums.
Its profits hit $101.5 million for the year ended December 31, 2014, compared with $102.9 million a year earlier. In the first quarter of 2014, net income was impacted by a non-recurring non-cash charge of $28.2 million.
Maiden’s net written premiums (NWP) totalled $2.5 billion in 2014, an increase of 17.3 percent compared with $2.1 billion in 2013.
Maiden’s diversified reinsurance segment posted NWP growth of $850 million in 2013, an increase of 11.4 percent compared with $763.4 million in 2013. In its AmTrust reinsurance segment, NWP increased by 37.7 percent to $1.6 billion compared with $1.2 billion in 2013.
Its combined ratio for 2014 hit 98 percent, compared with 97.5 percent in 2013, while its gross written premiums increased to $2.5 billion in 2014, compared with $2.2 billion in 2013.
Art Raschbaum, chief executive officer of Maiden, said: "In 2014 we continued to make solid progress driving record operating income and improving operating ROE, while increasing our active client count, expanding existing client relationships and growing our invested asset base.
“We are confident in our ability to further enhance our operating performance going forward. Importantly, our disciplined specialist focus on developing a low volatility underwriting portfolio while serving the reinsurance capital needs of regional and specialty insurers remains unchanged."
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