21 February 2014 Insurance

Maiden reports record net income

Maiden Holdings reported record net income attributable to common shareholders of $87.9 million in 2013, compared with $46.5 million in 2012. The company’s combined ratio also improved to 97.5 percent in 2013, compared with 99.5 percent in 2012.

Net premiums written rose 10.3 percent to $195 million in 2013, compared with $2.1 billion in 2013, while in the diversified reinsurance segment, net premiums written totalled $761.8 million – 0.5 percent lower than in 2012. Excluding the divested E&S property business, the diversified reinsurance segment premium grew by 2.4 percent over 2012.

Net premiums written for the AmTrust Quota Share Reinsurance segment were $1.2 billion, up 39.2 compared with 2012. Net premiums written for the NGHC Quota Share were $164.6 million in 2013, which is 44.3 percent lower than the $295.6 million written in 2012.

Excluding the divested E&S property business and the terminated NGHC Quota Share, Maiden's net premiums written increased 21.9 percent in 2013 compared to 2012.

"The strong operating results in the fourth quarter and throughout 2013 reflect a focus on continued underwriting discipline, a significant level of organic growth despite the termination of the NGHC quota share, and steady growth in invested assets,” said Art Raschbaum, chief executive officer of Maiden.

“Importantly, we believe that Maiden is well positioned for future growth and profitability after completing two strategic capital market transactions in the fourth quarter, as well as the repurchase of all of our outstanding 14 percent TRUPs in January 2014, which significantly decreases our forward cost of capital in 2014 and beyond. Continued growth in invested assets, a lower cost of capital, the Company's continued focus on operating efficiency and underwriting discipline, and a highly differentiated business model should enable us to further enhance operating performance in 2014 and beyond.”

Net investment income in 2013 was $91.4 million, up 12.5 percent compared to the same period in 2012. The year-over-year growth in net investment income resulted from an increase in total investments, which grew by 20.8 percent at the end of 2013 compared to the end of 2012.

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