19 August 2020News

Maiden reports net profit for Q2, with COVID-19 impact “immaterial”

Maiden Holdings reported a profit for the second quarter and first half of the year, having reported losses for both corresponding periods in 2019.

Maiden reported a second quarter 2020 net profit of $9.2 million, turning around a net loss of $15.4 million reported in Q2 2019. Net profit for the first half of the year was $30.1 million, compared to a net loss of $52 million for the same period in 2019.

Maiden reported gross written premiums of just under $5 million in Q2 2020, up from $2.1 million in the same period the previous year. For the first half of the year gross written premiums were $16.7 million, compared to negative $559 million in 1H 2019.

Lawrence Metz, Maiden’s president and co-chief executive officer, noted that the re/insurer’s loss experience had stabilised and it had regained compliance with Nasdaq listing rules. “As we increase our emphasis on asset and capital management, we are also remaining vigilant in managing our operating expenses to ensure that we are positioned for further increases in Maiden’s profitability,” he said. “The impacts of COVID-19 pandemic on our operations have been immaterial as expected."