Bermuda-based Maiden Holdings posted a solid set of results for the first quarter of 2015, as its profits and gross written premiums jumped.
Its profits increased to $32.4 million in the first quarter of 2015, compared with a loss of $4.1 million in the first quarter of 2014. The first quarter of 2014 was impacted by a non-recurring non-cash charge of $28.2 million.
Maiden’s gross written premiums increased 15.5 percent to $834.3 million for the first quarter of 2015, compared with $722.4 million in the first quarter of 2014, while its combined ratio deteriorated slightly to 98.2 percent in the quarter, compared with 97.7 percent in the same period of the prior year.
Its net written premiums also increased 12.3 percent to $797 million in the first quarter of 2015, mainly driven by its AmTrust reinsurance segment where net premiums written jumped 20 percent to $502.8 million. Maiden said this was driven by the continued impact of the premiums associated with the Tower Group transaction.
Art Raschbaum, chief executive officer of Maiden, said: "During the first quarter of 2015, while market conditions remain competitive, we continue to see opportunities to expand relationships with current clients and to selectively establish new client relationships.
“Despite the impact of a stronger dollar and a challenging low interest rate environment, we continued to enjoy a significant expansion in investable assets in the quarter. Although quarterly investment income reflects some of the challenges of putting that cash to work, as we move to fully invest record levels of cash, we expect a continued improvement in operating earnings."
Maiden Holdings, Art Raschbaum, AmTrust, Tower Group, First Quarter 2015 Results, Bermuda