Bermuda-based Maiden Holdings has seen a strong third quarter as profits grew despite the continuing competitive environment.
It made a net profit of $27.8 million in the third quarter of 2014, compared with $21.9 million a year earlier.
Its net written premiums in the quarter totalled $605.5 million, an increase of 30.7 percent compared with the third quarter of 2013.
Art Raschbaum, chief executive of Maiden, said: "The third quarter reflects solid year-on-year growth in writings across Maiden's underwriting segments, increased invested assets and investment earnings, and importantly continued improvement in operating income and ROE.
“While the reinsurance market remains competitive, Maiden's disciplined growth is coming from small account workers' compensation and the Tower renewal rights transaction in the AmTrust reinsurance segment and expansion of core client relationships in the diversified reinsurance segment. We are committed to further strengthening ROE, improving underwriting performance, and maintaining underwriting discipline."
Maiden Holdings, Third Quarter 2014 Results, Bermuda