7 November 2014 News

Maiden posts improved profits in Q3

Maiden Holdings reported increased profits in the third quarter of 2014 and growth in its net written premium.

It made a net profit of $27.8 million in the third quarter compared with $21.9 million a year earlier.

Its net written premiums in the quarter totalled $605.5 million, an increase of 30.7 percent compared with the third quarter of 2013.

Art Raschbaum, chief executive of Maiden, said: "The third quarter reflects solid year-on-year growth in writings across Maiden's underwriting segments, increased invested assets and investment earnings, and importantly continued improvement in operating income and ROE.

“While the reinsurance market remains competitive, Maiden's disciplined growth is coming from small account workers' compensation and the Tower renewal rights transaction in the AmTrust Reinsurance segment and expansion of core client relationships in the Diversified Reinsurance segment. We are committed to further strengthening ROE, improving underwriting performance, and maintaining underwriting discipline."

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