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Maiden Holdings Ltd. (MHLA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $34.5 million for the third quarter of 2024, compared to a net loss of $3.5 million in the same period of 2023. This increase in net loss is primarily due to an underwriting loss of $18.8 million, driven by adverse prior year loss development of $11.7 million.
Net premiums written for the quarter increased to $8.8 million from $8.6 million in the prior year period. The increase is attributed to growth in Credit Life programs within the Diversified Reinsurance segment.
Net investment income decreased to $4.2 million for the quarter, down from $9.0 million in the same period of 2023. This decrease is largely due to lower interest income from the funds withheld balance with AmTrust.
The AmTrust Reinsurance segment reported an underwriting loss of $17.8 million for the quarter, compared to $8.4 million in the prior year period. This was primarily due to adverse loss development in the AmTrust Quota Share.
The Diversified Reinsurance segment reported an underwriting loss of $0.9 million for the quarter, compared to $2.5 million in the prior year period. This segment saw growth in new Credit Life programs.
Total shareholders' equity decreased by $41.0 million during the nine months ended September 30, 2024, primarily due to the net loss reported for the period.
The company continues to focus on asset and capital management strategies, including significant sales and redemptions of alternative investments during the quarter to reposition its balance sheet.
Maiden Holdings has a remaining authorization of $68.7 million for common share repurchases as of September 30, 2024.
The company is actively exploring fee-based and distribution opportunities which are non-risk bearing and capital efficient, as part of its ongoing strategic evaluation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Maiden Holdings Ltd. 6.625% Notes due 2046 quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.