$MHNC

Maiden Holdings, Ltd.

CIK:0001412100|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues
Gross premiums written	$ 4,074	$ 8,323
Net premiums written	4,049	8,314
Change in unearned premiums	3,635	4,094
Net premiums earned	7,684	12,408
Other insurance revenue, net	0	46
Net investment income	3,034	7,700
Net realized and unrealized investment gains	3,331	8,750
Total revenues	14,049	28,904
Expenses
Net loss and loss adjustment expenses	(7,623)	11,625
Commission and other acquisition expenses	4,558	5,593
General and administrative expenses	10,773	8,060
Interest and amortization expenses	4,818	4,815
Foreign exchange and other losses (gains)	7,434	(2,053)
Total expenses	19,960	28,040
Net (loss) income before income taxes and interest in (loss) income of equity method investments	(5,911)	864
Less: income tax expense	12	11
Interest in (loss) income of equity method investments	(2,722)	606
Net (loss) income	$ (8,645)	$ 1,459
Basic (loss) earnings per share attributable to common shareholders (in dollars per share)	$ (0.09)	$ 0.01
Diluted (loss) earnings per share attributable to common shareholders (in dollars per share)	$ (0.09)	$ 0.01
Weighted average number of common shares - basic (in shares)	99,120,644	100,457,125
Weighted average number of common shares - diluted (in shares)	99,120,644	100,457,125

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net (loss) income	$ (8,645)	$ 1,459
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Other non-cash expenses including depreciation, amortization and share-based compensation	(6,065)	(479)
Interest in loss (income) of equity method investments	2,722	(606)
Net realized and unrealized investment gains	(3,331)	(8,750)
Change in allowance for expected credit losses	(2,086)	(842)
Foreign exchange and other losses (gains)	7,434	(2,053)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(779)	673
Reinsurance recoverable on unpaid losses	3,266	692
Accrued investment income	(282)	573
Deferred commission and other acquisition expenses	2,588	1,539
Funds withheld receivable	44	14,325
Other assets	(729)	(707)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(8,301)	4,131
Unearned premiums	(3,622)	(4,088)
Accrued expenses and other liabilities	(3,340)	2,182
Net cash (used in) provided by operating activities	(21,126)	8,049
Cash flows from investing activities:
Purchases of fixed maturities	(119,473)	(165,478)
Purchases of other investments	(3,845)	(8,204)
Purchases of equity method investments	(737)	(2,849)
Proceeds from sales of fixed maturities	1,788	23,835
Proceeds from maturities, paydowns and calls of fixed maturities	149,463	130,876
Proceeds from sale and redemption of other investments	1,933	466
Proceeds from sale and redemption of equity method investments	369	1,740
Others, net	(21)	(122)
Net cash provided by (used in) investing activities	29,477	(19,736)
Cash flows from financing activities:
Repurchase of common shares	0	(673)
Net cash used in financing activities	0	(673)
Effect of exchange rate changes on foreign currency cash, restricted cash and cash equivalents	809	(148)
Net increase (decrease) in cash, restricted cash and cash equivalents	9,160	(12,508)
Cash, restricted cash and cash equivalents, beginning of period	34,735	42,678
Cash, restricted cash and cash equivalents, end of period	43,895	30,170
Less: change in cash and cash equivalents held for sale	(373)	0
Cash, restricted cash and cash equivalents, end of period, excluding held-for-sale	44,268	30,170
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period	28,706	20,721
Restricted cash and cash equivalents, end of period	15,562	9,449
Total cash, restricted cash and cash equivalents, end of period	$ 44,268	$ 30,170

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2025 - $205,909; 2024 - $236,788)	$ 202,460	$ 232,613
Equity securities, at fair value (Cost: 2025 - $13,436; 2024 - $13,436)	11,850	13,147
Equity method investments	78,841	81,287
Other investments (Allowance for expected credit losses: 2025 - $1,023; 2024 - $1,023)	163,558	157,016
Total investments	456,709	484,063
Cash and cash equivalents	28,706	25,651
Restricted cash and cash equivalents	15,562	9,084
Accrued investment income	3,741	3,346
Reinsurance balances receivable, net (includes $6,494 and $5,171 from related parties in 2025 and 2024, respectively. Allowance for expected credit losses: 2025 - $203; 2024 - $169)	9,103	8,159
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2025 - $849; 2024 - $2,963)	549,350	571,331
Net loan receivable from related party	128,118	167,975
Deferred commission and other acquisition expenses (includes $4,948 and $7,553 from related parties in 2025 and 2024, respectively)	5,524	8,102
Funds withheld receivable (Allowance for expected credit losses: 2025 - $8; 2024 - $8)	12,606	12,650
Other assets	5,527	4,830
Assets held for sale	19,638	20,815
Total assets	1,234,584	1,316,006
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $656,022 and $687,274 from related parties in 2025 and 2024, respectively)	757,286	793,679
Unearned premiums (includes $25,578 and $29,204 from related parties in 2025 and 2024, respectively)	26,196	29,793
Deferred gain on retroactive reinsurance	106,268	107,255
Liability for securities purchased	0	6,480
Accrued expenses and other liabilities (includes $31,647 and $59,096 from related parties in 2025 and 2024, respectively)	51,818	77,966
Senior notes - principal amount	262,361	262,361
Less: unamortized debt issuance costs	7,563	7,604
Senior notes, net	254,798	254,757
Liabilities held for sale	645	883
Total liabilities	1,197,011	1,270,813
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; 2025: 151,310,133 and 2024: 150,298,798 shares issued; 2025: 99,682,710 and 2024: 99,039,253 shares outstanding)	1,513	1,503
Additional paid-in capital	888,575	888,067
Accumulated other comprehensive loss	(31,930)	(32,733)
Accumulated deficit	(696,559)	(687,914)
Treasury shares, at cost (2025: 51,627,423 shares and 2024: 51,259,545 shares)	(124,026)	(123,730)
Total shareholders’ equity	37,573	45,193
Total liabilities and equity	$ 1,234,584	$ 1,316,006