Bermuda-based Maiden Holdings reported an increase to its 2015 profits, boosted by good growth in its AmTrust Reinsurance sector
The firm report a net income of $100.1 million last year, compared with $77.1 million in 2014. Its gross written premiums (GWP) also increased by 6.2 percent last year to $2.7 billion compared with $2.5 billion in 2014.
GWP fell in the firm’s Diversified Insurance sector however down to $777.9 million last year, compared with $897.7 million in 2014. However, GWP increased for Maiden’s AmTrust Reinsurance sector to $1.89 billion in 2015, compared with $1.61 billion in 2014.
Also increasing last year was Maiden’s net investment income, which was up by 11.8 percent to $131.1 million, compared with $117.2 million in 2014, however its combined ratio slighted faltered last year to 99.3 percent compared to 98 percent in 2014.
Art Raschbaum, chief executive officer of Maiden, said: "We believe that 2015 further validates the strength of our unique low volatility strategy as we absorbed adverse commercial auto results in our Diversified Reinsurance segment but continued to generate overall profitable underwriting results along with relatively strong operating returns and income.
"While we experienced revenue headwinds in our Diversified Reinsurance segment, we have set the stage for profitable expansion of this business in 2016 and beyond with our Solvency II capital solutions business in Europe, our growing customer base in the US, and the expansion of our IIS OEM branded insurance business.
He added: “Significantly, AmTrust continues to perform well, with continued growth and profitable underwriting. We remain focused on disciplined underwriting while leveraging our unique competitive advantages."
Maiden Holdings, Full Year 2015 Profits, Results, Art Raschbaum, Bermuda