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Form 10-Q Maiden Holdings, Ltd. For: Jun 30

August 9, 2022 8:45 AM EDT

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File No. 001-34042
MAIDEN HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
Bermuda98-0570192
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
94 Pitts Bay Road
Pembroke 
BermudaHM08
(Address of principal executive offices)(Zip Code)
(441) 298-4900
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading symbol(s)Name of Each Exchange on Which Registered
Common Shares, par value $0.01 per shareMHLD
NASDAQ Capital Market
Series A Preference Shares, par value $0.01 per shareMH.PANew York Stock Exchange
Series C Preference Shares, par value $0.01 per shareMH.PCNew York Stock Exchange
Series D Preference Shares, par value $0.01 per shareMH.PDNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act).
Yes No
As of August 5, 2022, the number of shares of the Registrant's Common Stock ($.01 par value) outstanding was 87,161,499.




INDEX
Page
PART I - Financial Information
PART II - Other Information

2


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share and per share data)
June 30,
2022
December 31,
2021
ASSETS(Unaudited)(Audited)
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost 2022 - $480,796; 2021 - $595,344)
$435,367 $597,145 
Equity securities, at fair value (cost 2022 - $54,230; 2021 - $43,315)
57,692 44,062 
Equity method investments76,847 83,742 
   Other investments116,016 97,663 
   Total investments685,922 822,612 
  Cash and cash equivalents37,766 26,668 
  Restricted cash and cash equivalents23,702 39,419 
  Accrued investment income8,481 5,695 
Reinsurance balances receivable, net (includes $11,199 and $17,471 from related parties in 2022 and 2021, respectively)
13,439 19,507 
Reinsurance recoverable on unpaid losses554,846 562,845 
   Loan to related party167,975 167,975 
Deferred commission and other acquisition expenses (includes $28,135 and $34,170 from related parties in 2022 and 2021, respectively)
29,958 36,703 
Funds withheld receivable (includes $598,408 and $601,460 from related parties in 2022 and 2021, respectively)
628,885 636,412 
  Other assets5,216 4,774 
Total assets
$2,156,190 $2,322,610 
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,129,568 and $1,338,269 from related parties in 2022 and 2021, respectively)
$1,275,107 $1,489,373 
Unearned premiums (includes $75,530 and $91,730 from related parties in 2022 and 2021, respectively)
81,129 100,131 
   Deferred gain on retroactive reinsurance45,995 48,960 
Accrued expenses and other liabilities (includes $130,930 and $29,408 from related parties in 2022 and 2021, respectively)
150,567 44,542 
   Senior notes - principal amount262,500 262,500 
Less: unamortized debt issuance costs7,041 7,153 
   Senior notes, net255,459 255,347 
Total liabilities
1,808,257 1,938,353 
Commitments and Contingencies
EQUITY
   Preference shares 119,672 159,210 
Common shares ($0.01 par value; 93,414,080 and 92,316,107 shares issued in 2022 and 2021, respectively; 87,161,499 and 86,467,242 shares outstanding in 2022 and 2021, respectively)
934 923 
   Additional paid-in capital772,241 768,650 
   Accumulated other comprehensive loss(38,940)(12,215)
   Accumulated deficit(470,949)(498,295)
Treasury shares, at cost (6,252,581 and 5,848,865 shares in 2022 and 2021, respectively)
(35,025)(34,016)
Total shareholders’ equity
347,933 384,257 
Total liabilities and equity
$2,156,190 $2,322,610 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
3


MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands of U.S. dollars, except per share data)
For the Three Months Ended June 30,For the Six Months Ended June 30,
2022202120222021
Revenues
Gross premiums written
$3,339 $3,434 $(6,831)$1,044 
Net premiums written
$3,186 $3,261 $(7,137)$565 
Change in unearned premiums
7,257 10,051 18,702 24,511 
Net premiums earned
10,443 13,312 11,565 25,076 
Other insurance revenue
469 539 520 808 
Net investment income
7,667 7,278 14,234 17,119 
Net realized and unrealized investment gains2,111 849 4,420 8,950 
Total revenues
20,690 21,978 30,739 51,953 
Expenses
Net loss and loss adjustment expenses
6,874 (5,327)4,591 (2,968)
Commission and other acquisition expenses
4,885 6,899 7,413 12,841 
General and administrative expenses
7,294 8,906 18,180 22,903 
Interest and amortization expenses
4,833 4,832 9,665 9,663 
Foreign exchange and other (gains) losses(6,586)1,588 (10,535)(1,954)
Total expenses
17,300 16,898 29,314 40,485 
Income before income taxes and interest in (loss) income of equity method investments3,390 5,080 1,425 11,468 
Less: income tax (benefit) expense(713)(257)542 (208)
Interest in (loss) income of equity method investments(3,041)2,775 (1,770)5,722 
Net income (loss)1,062 8,112 (887)17,398 
Gain from repurchase of preference shares24,690 18,714 28,233 81,164 
Net income available to Maiden common shareholders$25,752 $26,826 $27,346 $98,562 
Basic and diluted earnings per share attributable to common shareholders$0.29 $0.31 $0.31 $1.14 
Weighted average number of common shares - basic87,092,045 86,230,021 86,821,114 85,684,511 
Adjusted weighted average number of common shares and assumed conversions - diluted87,093,912 86,235,372 86,823,825 85,688,893 

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
4


MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands of U.S. dollars)
For the Three Months Ended June 30,For the Six Months Ended June 30,
2022202120222021
Net income (loss)$1,062 $8,112 $(887)$17,398 
Other comprehensive loss
Net unrealized holdings (losses) gains on fixed maturity investments arising during period(24,118)2,206 (41,582)(17,325)
Net unrealized holdings gains (losses) on equity method investments arising during period (2,407)4,414 (3,419)
Adjustment for reclassification of net realized gains recognized in net income (loss)(410)(779)(5,648)(5,025)
Foreign currency translation adjustment10,256 (2,555)15,848 7,591 
Other comprehensive loss, before tax(14,272)(3,535)(26,968)(18,178)
Income tax benefit related to components of other comprehensive loss114 7 243 44 
Other comprehensive loss, after tax(14,158)(3,528)(26,725)(18,134)
Comprehensive (loss) income$(13,096)$4,584 $(27,612)$(736)

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
5


MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)
(in thousands of U.S. dollars)
For the Three Months Ended June 30,For the Six Months Ended June 30,
2022202120222021
Preference shares - Series A, C and D
Beginning balance
$152,338 $228,948 $159,210 $394,310 
Repurchase of Preference Shares – Series A(10,891)(20,553)(10,891)(84,594)
Repurchase of Preference Shares Series C
(11,144)(16,170)(15,644)(66,894)
Repurchase of Preference Shares Series D
(10,631)(10,841)(13,003)(61,438)
Ending balance
119,672 181,384 119,672 181,384 
Common shares
Beginning balance
933 920 923 898 
Issuance of common shares from vesting of stock based compensation1 2 11 24 
Ending balance
934 922 934 922 
Additional paid-in capital
Beginning balance
770,910 765,587 768,650 756,122 
Issuance of common shares from vesting of stock based compensation(1)(2)(11)(24)
Share-based compensation expense
231 282 2,271 4,315 
Repurchase of Preference Shares1,091 1,585 1,321 7,104 
Cash settlement of restricted shares/options granted10 — 10 (65)
Ending balance
772,241 767,452 772,241 767,452 
Accumulated other comprehensive (loss) income
Beginning balance
(24,782)9,251 (12,215)23,857 
Change in net unrealized investment losses(24,414)(973)(42,573)(25,725)
Foreign currency translation adjustment
10,256 (2,555)15,848 7,591 
Ending balance
(38,940)5,723 (38,940)5,723 
Accumulated deficit
Beginning balance
(496,701)(544,202)(498,295)(615,837)
Cash settlement of restricted shares granted— — — (101)
Net income (loss)1,062 8,112 (887)17,398 
Gain on repurchase of preference shares24,690 18,714 28,233 81,164 
Ending balance
(470,949)(517,376)(470,949)(517,376)
Treasury shares
Beginning balance
(35,025)(33,893)(34,016)(31,534)
Shares repurchased
 — (1,009)(2,359)
Ending balance
(35,025)(33,893)(35,025)(33,893)
Total shareholders' equity
$347,933 $404,212 $347,933 $404,212 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
6


MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands of U.S. dollars)
For the Six Months Ended June 30,20222021
Cash flows from operating activities
Net (loss) income$(887)$17,398 
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation, amortization and share-based compensation1,845 6,840 
Interest in loss (income) of equity method investments1,770 (5,722)
Net realized and unrealized investment gains(4,420)(8,950)
Foreign exchange and other gains(10,535)(1,954)
Changes in assets (increase) decrease:
Reinsurance balances receivable, net5,751 4,395 
Reinsurance recoverable on unpaid losses4,937 6,366 
Accrued investment income(2,943)3,290 
Deferred commission and other acquisition expenses6,644 9,101 
Funds withheld receivable2,410 8,672 
Other assets(1,541)(1,133)
Changes in liabilities increase (decrease):
Reserve for loss and loss adjustment expenses(182,760)(207,565)
Unearned premiums(18,706)(25,340)
Deferred gain on retroactive reinsurance673  
Accrued expenses and other liabilities109,006 8,818 
Net cash used in operating activities(88,756)(185,784)
Cash flows from investing activities:
Purchases of fixed maturities (32,602)(91,585)
Purchases of other investments(20,290)(21,852)
Purchases of equity method investments(13,723)(21,309)
Purchases of equity securities(10,784) 
Proceeds from sales of fixed maturities 104,538 206,354 
Proceeds from maturities, paydowns and calls of fixed maturities43,572 175,363 
Proceeds from sale and redemption of other investments2,414 228 
Proceeds from sale and redemption of equity method investments23,263 3,384 
Proceeds from sale and redemption of equity securities 441 
Others, net(55)(19)
Net cash provided by investing activities96,333 251,005 
Cash flows from financing activities:
Repurchase of common shares(1,009)(2,359)
Repurchase of preference shares(9,984)(124,658)
Cash settlement of restricted shares granted and options exercised10 (166)
Net cash used in financing activities(10,983)(127,183)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents (1,213)(107)
Net decrease in cash, restricted cash and cash equivalents(4,619)(62,069)
Cash, restricted cash and cash equivalents, beginning of period66,087 135,826 
Cash, restricted cash and cash equivalents, end of period$61,468 $73,757 
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period$37,766 $42,109 
Restricted cash and cash equivalents, end of period23,702 31,648 
Total cash, restricted cash and cash equivalents, end of period$61,468 $73,757 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
7

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)

1. Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Parent Company" or "Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated.
These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Certain prior year comparatives have been reclassified to conform to the current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.
Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. We are currently underwriting reinsurance risks on a retroactive basis through our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which provides a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core. GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives. We expect this legacy solutions business to contribute to our active asset and capital management strategies. The Company does not presently underwrite prospective reinsurance risks.
Short-term income protection business is written on a primary basis by our wholly owned subsidiaries Maiden Life Försäkrings AB ("Maiden LF") and Maiden General Försäkrings AB ("Maiden GF") in the Scandinavian and Northern European markets. Insurance support services are provided to Maiden LF and Maiden GF by our wholly owned subsidiary services company, Maiden Global Holdings Ltd. (“Maiden Global”), which is also a licensed intermediary in the United Kingdom. Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in the European Union ("EU") and other global markets. These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance Ltd. (“Maiden Reinsurance”).
We also have various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust Financial Services, Inc. ("AmTrust") reinsurance agreements which were terminated in 2019 as discussed in "Note 10. Related Party Transactions". In addition, we have a retroactive reinsurance agreement and a commutation agreement that further reduces our exposure and limits the potential volatility related to AmTrust liabilities, which are discussed in "Note 8. Reinsurance". Please see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for further details.
Genesis Legacy Solutions
Effective October 1, 2021, GLS completed its first loss portfolio transfer transaction which includes an adverse development cover. Since then GLS continues to develop additional opportunities consistent with its business plan which should further enhance our ability to pursue the asset and capital management pillars of our business strategy. GLS and its subsidiaries have completed additional transactions, and as of June 30, 2022, GLS and its subsidiaries have insurance related liabilities totaling $36,318 which included total reserves of $22,379, derivative liability on retroactive reinsurance of $9,341 and deferred gains on retroactive reinsurance of $4,598.









8

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)

2. Significant Accounting Policies
There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 except for the following:
Derivative Instruments - The Company has recently entered into reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. Net asset and liability derivatives are classified within other assets and other liabilities, as applicable, in the consolidated balance sheets. Changes in fair value prior to settlement of the derivative instruments are unrealized and recognized in net income for those derivatives not designated as hedges. The unrealized gains (losses) are included in other insurance revenue as the derivative instruments held are related to the Company's underwriting portfolio and are not investment related. Please refer to "Note 5. Fair Value Measurements" for further disclosures regarding the derivative instruments held by the Company.
Recently Issued Accounting Standards Not Yet Adopted
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03 "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820). The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restrictions; and any circumstances that could cause a lapse in the restrictions. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years.
Certain of the Company's equity securities are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods as described in "Note 4. (b) Investments". The Company is currently assessing the required disclosures for equity securities that may be subject to contractual sales restrictions. These amendments only impact disclosures made in "Note 4. Investments" therefore, the adoption of this standard will not impact the Company’s consolidated balance sheets, results of operations or statement of cash flows.
9

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information
The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe. This segment also includes transactions entered into by GLS which was formed in November 2020 as described in "Note 1. Basis of Presentation. Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”) and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), which are both in run-off effective January 1, 2019. Please refer to "Note 10. Related Party Transactions" for additional information regarding the AmTrust Reinsurance segment.
The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied; however, general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, funds withheld receivable, loan to related party and restricted cash and investments. All remaining assets are allocated to Corporate.
The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net income for the three months ended June 30, 2022 and 2021, respectively:
For the Three Months Ended June 30, 2022Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$6,148 $(2,809)$3,339 
Net premiums written
$5,995 $(2,809)$3,186 
Net premiums earned
$7,125 $3,318 $10,443 
Other insurance revenue
469  469 
Net loss and LAE(2,340)(4,534)(6,874)
Commission and other acquisition expenses
(3,519)(1,366)(4,885)
General and administrative expenses
(3,008)(1,275)(4,283)
Underwriting loss$(1,273)$(3,857)(5,130)
Reconciliation to net income
Net investment income and net realized and unrealized investment gains9,778 
Interest and amortization expenses
(4,833)
Foreign exchange and other gains, net6,586 
Other general and administrative expenses
(3,011)
Income tax benefit713 
Interest in loss of equity method investments(3,041)
Net income$1,062 
10

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
For the Three Months Ended June 30, 2021Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$5,191 $(1,757)$3,434 
Net premiums written
$5,018 $(1,757)$3,261 
Net premiums earned
$6,962 $6,350 $13,312 
Other insurance revenue
539  539 
Net loss and LAE
(1,247)6,574 5,327 
Commission and other acquisition expenses
(4,452)(2,447)(6,899)
General and administrative expenses
(3,033)(775)(3,808)
Underwriting (loss) income$(1,231)$9,702 8,471 
Reconciliation to net income
Net investment income and net realized and unrealized investment gains8,127 
Interest and amortization expenses
(4,832)
Foreign exchange and other losses, net(1,588)
Other general and administrative expenses
(5,098)
Income tax benefit257 
Interest in income from equity method investments2,775 
Net income$8,112 


The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net (loss) income for the six months ended June 30, 2022 and 2021, respectively:
For the Six Months Ended June 30, 2022Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$10,884 $(17,715)$(6,831)
Net premiums written
$10,578 $(17,715)$(7,137)
Net premiums earned
$13,080 $(1,515)$11,565 
Other insurance revenue
520  520 
Net loss and LAE
(980)(3,611)(4,591)
Commission and other acquisition expenses
(7,290)(123)(7,413)
General and administrative expenses
(5,106)(1,760)(6,866)
Underwriting income (loss)$224 $(7,009)(6,785)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains18,654 
Interest and amortization expenses
(9,665)
Foreign exchange and other gains, net10,535 
Other general and administrative expenses
(11,314)
Income tax expense(542)
Interest in loss from equity method investments(1,770)
Net loss$(887)


11

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
For the Six Months Ended June 30, 2021Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$5,263 $(4,219)$1,044 
Net premiums written
$4,784 $(4,219)$565 
Net premiums earned
$13,202 $11,874 $25,076 
Other insurance revenue
808  808 
Net loss and LAE
(2,662)5,630 2,968 
Commission and other acquisition expenses
(8,207)(4,634)(12,841)
General and administrative expenses
(4,607)(1,378)(5,985)
Underwriting (loss) income$(1,466)$11,492 10,026 
Reconciliation to net income
Net investment income and net realized and unrealized investment gains26,069 
Interest and amortization expenses
<