Bermuda-based Maiden Holdings has posted what it described as a record net operating profit for the second quarter of 2014.
Its net operating profits rose to $28.2 million in the quarter, compared with $20.4 million in the second quarter of 2014. Its overall net income was $25.8 million compared with $20.2 million a year earlier.
Its gross written premiums also increased to $560 million in the quarter, compared with $535 million for the same period in the prior year.
The reinsurer’s net premiums written increased 8.6 percent to $540.9 million for the second quarter of 2014 compared to $497.9 million in the same period last year.
Maiden’s reinsurance segment's net premiums written totalled $168.9 million, an increase of 25.2 percent versus $134.9 million in the second quarter of 2013. It said the growth was the result of both new business wins and increased shares of existing client relationships in the US and internationally.
In its AmTrust quota share reinsurance segment net premiums written increased by 28 percent to $372 million compared with the second quarter of 2013. It said this was driven by favourable trends in lines of business such as worker's compensation.
Its combined ratio deteriorated slightly to 98 percent in the quarter, compared with 97.6 percent in the second quarter of 2013.
Art Raschbaum, chief executive officer of Maiden, said: "Maiden continued to realise strong disciplined growth across the platform in both the diversified and AmTrust segments. Our underwriting portfolio continues to benefit significantly from organic growth of existing client relationships and select additions of new client relationships.
“In the quarter, unrealised gains and net income boosted shareholders' equity by over $79 million, an increase of 6.9 percent. Quarterly net operating income set a record at $28.2 million, reflecting growth in invested assets partially offset by a slightly higher combined ratio. Going forward, we are focused on enhancing underwriting performance and strengthening operating returns."
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Maiden, Bermuda, Second Quarter 2014 Results, Art Raschbaum