Maiden Holdings reports sharp rise in net income, despite $35.5mn underwriting loss

Maiden Holdings Ltd., has reported a nett income of $36.2 cardinal for nan 4th fourth of 2022 compared to nett income of $16.2 cardinal from nan 4th fourth of 2021.

The firm’s reported nett income for Q4 is also a immense betterment from its $8.2 cardinal nett nonaccomplishment from Q322.

At nan aforesaid time, Non-GAAP operating net for Q4 were $63.4 cardinal compared to non-GAAP operating net of $2.3 cardinal for nan aforesaid play successful 2021.

Net premiums written (NPW) for nan 4th were $7.0 cardinal compared to $2.9 cardinal from nan anterior twelvemonth quarter. NPW successful nan firm’s Diversified Reinsurance conception accrued by $1.5 cardinal for nan quarter, which nan institution noted was mostly owed to nonstop gross premiums written by wholly owned Swedish subsidiaries Maiden Life Försäkrings AB and Maiden General Försäkrings AB which accrued by 26.1% during nan 4th quarter.

Maiden Holdings besides reported an underwriting nonaccomplishment of $35.5 cardinal for Q4, compared to an underwriting income of $5.2 cardinal successful Q421.

Meanwhile, for its full-year results, Maiden Holdings reported a nett income of $55.4 million, compared to 2021’s nett income of $117.6 million.

Maiden Holdings’ NPW for FY22 was $5.1 cardinal compared to $10.4 cardinal successful 2021, pinch NPW successful nan Diversified Reinsurance conception expanding by $7.5 cardinal for nan twelvemonth compared to 2021.

The institution besides reported an underwriting nonaccomplishment of $54.9 cardinal for nan full-year, compared to an underwriting income of $11.6 cardinal successful 2021.

Patrick J. Haveron and Lawrence F. Metz, Maiden’s Co-Chief Executive Officers, said: “Fourth 4th results were importantly impacted by underwriting losses successful some our AmTrust Reinsurance and Diversified segments, which meaningfully offset nan gains from nan exchange. The AmTrust Reinsurance conception reported an underwriting nonaccomplishment of $23.2 million, mostly nan consequence of adverse anterior twelvemonth nonaccomplishment improvement of $31.6 cardinal during nan 4th arsenic adverse improvement successful wide and car liability, programs, U.K. structural defect and Hospital Liability business lines were nan main drivers of nan results.

“During nan 2nd half of 2022 successful particular, this nonaccomplishment improvement was nan consequence of nan receipt of recently emergent adverse nonaccomplishment information for some known and chartless claims successful these lines, chiefly connected older underwriting years reported by AmTrust. Accordingly, we person adjusted our carried IBNR and proceed to beryllium responsive and proactive to nan nonaccomplishment information we are receiving.”