Maiden Holdings (MHLD) Tops Q4 EPS by 11c

Maiden Holdings (NASDAQ: MHLD) reported Q4 EPS of ($0.87), $0.11 better than the analyst estimate of ($0.98).

Highlights for the quarter ended December 31, 2016

• Net loss attributable to Maiden common shareholders of $74.7 million, or $0.87 per diluted common share compared with net income attributable to Maiden common shareholders of $24.7 million, or $0.32 per diluted common share(8) in the fourth quarter of 2015;
• Net operating loss(1) of $69.7 million, or $0.81 per diluted common share compared with net operating earnings of $26.4 million, or $0.34 per diluted common share in the fourth quarter of 2015;
• Fourth quarter results reflect a previously announced reserve charge of $120.4 million, including:* $56.9 million in the Diversified Reinsurance segment due to commercial auto;* $52.0 million in the AmTrust Reinsurance segment primarily within AmTrust’s Specialty Program segment due to adverse development in commercial auto and general liability lines of business;* $11.5 million in the “other” category to reflect additional reserves for Maiden’s former client, National General Holdings Corporation.
• Excluding the impact of the $120.4 million reserve charge, Maiden would have reported fourth quarter 2016 net income attributable to Maiden common shareholders of $45.7 million, or $0.52 per diluted share and net operating income attributable to Maiden common shareholders of $39.3 million, or $0.45 per diluted common share;
• Gross premiums written increased 8.8% to $572.1 million compared to the fourth quarter of 2015;
• Net premiums written increased 6.7% to $521.0 million compared to the fourth quarter of 2015;
• Combined ratio(13) of 117.4% compared to 99.9% in the fourth quarter of 2015;
• Excluding the impact of the $120.4 million reserve charge, Maiden’s combined ratio for the fourth quarter of 2016 would have been 97.9%; and
• Net investment income was $38.6 million compared to $34.8 million in the fourth quarter of 2015.

For earnings history and earnings-related data on Maiden Holdings (MHLD) click here.

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