Maiden drops to $ 3.1 million third-quarter net loss


Maiden Holdings reported a third quarter net loss of $ 3.1 million, down from income of $ 2.2 million in the previous year quarter.

The company’s net income attributable to common shareholders was boosted by a gain of $ 6 million from a repurchase of preferred shares.

A technical loss of $ 3.6 million in the third quarter compares to technical income of $ 3.4 million in 2020.

This technical loss was attributed to a change in losses for the previous fiscal year of $ 5.4 million compared to a favorable change in losses for the previous fiscal year of $ 7.2 million during the fiscal quarter. previous.

The company says this was the result of quota share reinsurance deals with AmTrust, or the AmTrust reinsurance segment; and partially offset by a technical loss of $ 9 million based on the current occurrence year.

Third quarter net investment income of $ 7.5 million, compared to $ 12.7 million for the same period in 2020.

Commenting on the results, Maiden co-CEOs Patrick J. Haveron and Lawrence F. Metz said: initiatives in the fourth quarter of 2020 at $ 1.45 per common share.

“With other trends still favorable in the development of past claims, 2021 continues to progress on a very positive note. “

The co-CEOs added that the run-off of their insurance liabilities remains in line with expectations and that progress in expense management continues to be made.

“Maiden is well positioned heading into the fourth quarter,” added the pair. “Our Genesis Legacy Solutions unit has completed its first transaction, an LPT / ADC agreement, and its pipeline of ongoing transactions is strong.

“In addition to Genesis, our continued investment at a strong pace in a range of asset classes, including private equity and credit, real estate and venture capital, is expected to deliver results in the fourth quarter and into the next. beyond that, as we increasingly deploy the two components of our strategy.

“As our earnings and strategy develop, we are closely evaluating our ability to recognize tax assets that are not on our balance sheet today.”

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