Maiden Holdings reported second quarter 2012 net income of $14.5 million, or $0.20 per diluted share compared with a net loss of $24.4 million or a loss of $0.34 per diluted share in the second quarter of 2011.
The group also reported net operating earnings of $19.7 million, or $0.27 per diluted share compared with $11.2 million or $0.15 per diluted share in the comparative quarter in 2011.
Art Raschbaum, chief executive officer of Maiden Holdings, said that the first half of 2012 further validated Maiden's lower volatility business model.
“Prudent risk selection benefited our results, which were not adversely impacted by the widespread severe weather activity in the US and Europe during the second quarter,” he said.
“Investment income increased along with growth in our invested assets as we found opportunities to put cash to work without significantly extending duration or dampening the high credit quality of our investment portfolio.
“On the underwriting side, we are receiving indications from clients of rate increases in lines of business such as workers' compensation, personal auto, commercial auto and homeowners. As anticipated, premium growth has moderated, largely reflecting the impact of a non-recurring.”
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Maiden Holdings, profits