Maiden Holdings profits rise 5.3 percent in Q1

Maiden Holdings first quarter results have revealed an increase in net income of 5.3 percent.

The company’s profits rose from $19.345 million in Q1 of 2011, to $20,378 in Q1 of 2012.

Maiden Re also saw an increase in their Q1 gross written premiums of 30 percent, rising from $470,777 in Q1 of 2011, to $613,212 this year.

Art Raschbaum, chief executive officer of Maiden Holdings, said: "The first quarter was a solid start to the year for Maiden as we increased invested assets, generated continued profitable underwriting results, grew net premiums written and strengthened our capital base."