11 May 2021News

Maiden Holdings reports Q1 profit as runoff strategy continues

Maiden Holdings reported healthy year on year profit growth in the first quarter of 2021 as the runoff of its reinsurance business continued, with favourable loss development trends and investment performance contributing to the positive result.

Maiden reported a net profit of $71.7 million in Q1, compared to a net profit of $20.9 million the same period the previous year.

Gross written premiums were negative $2.4 million, resulting from the runoff of the reinsurance business. In the same period the previous year Maiden had reported gross written premiums of $11.7 million.

The group no longer publishes its combined ratio, which it argued is not relevant with its reinsurance business in runoff.

Lawrence Metz, Maiden’s president and co-chief executive officer, said the year had started “in a very positive fashion, as continued operating profitability and active capital management produced a strong first quarter result.”

He highlighted “continued favorable loss development trends during the quarter and positive investment results from our evolving alternative investment portfolio” as driving positive operating performance.

Patrick Haveron, Maiden’s co-chief executive officer and chief financial officer, said: "We continue to make strides in building common shareholder value through our active capital management strategy.”

Haveron added: “The run-off of our insurance liabilities is consistent with our expectations and the first quarter again produced overall favorable development, further supporting our ability to extend our capital management pillar. As we have previously noted building risk-adjusted investment income and gains to enable Maiden to utilise its potentially significant tax assets is a key objective to creating additional shareholder value."




More on this story

News
10 August 2021   Its $18.7m repurchase of preference shares in Q2 boosted shareholder value.
article
11 May 2022   This includes a gain from repurchase of preference shares.

More on this story

News
10 August 2021   Its $18.7m repurchase of preference shares in Q2 boosted shareholder value.
article
11 May 2022   This includes a gain from repurchase of preference shares.