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•	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.

•	Net income attributable to Maiden common shareholders of $15.2 million or $0.19 per diluted common share compared with $100.1 million, or $1.31 per diluted common share in 2015;

•	Net operating earnings(1) of $17.3 million, or $0.22 per diluted common share compared with net operating earnings of $107.2 million, or $1.39 per diluted common share in 2015;

•	Excluding the impact of the $120.4 million reserve charge, Maiden would have reported 2016 net income attributable to Maiden common shareholders of $135.7 million, or $1.67 per diluted share and net operating income attributable to Maiden common shareholders of $126.2 million, or $1.56 per diluted common share;

•	Gross premiums written were $2.8 billion, an increase of 6.3% compared to 2015;

•	Net premiums written increased 5.6% to $2.7 billion in 2016 compared to 2015;

•	Combined ratio(13) of 103.2% compared to 99.3% in 2015;

•	Net investment income was $145.9 million, an increase of 11.3% compared to 2015; and

•	Book value per common share(4) of $12.12 at December 31, 2016 increased 3.0% compared to December 31, 2015.

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(1)

Net operating (loss) earnings is a non-GAAP financial measure defined by the Company as net (loss) income attributable to Maiden common shareholders excluding realized and unrealized investment gains and losses, net impairment losses recognized in earnings, foreign exchange and other gains and losses, amortization of intangible assets, divested excess and surplus business and NGHC run-off, accelerated amortization of senior note issuance cost and non-cash deferred tax expense and should not be considered as an alternative to net income. The Company's management believes that net operating (loss) earnings is a useful indicator of trends in the Company's underlying operations. The Company's measure of net operating (loss) earnings may not be comparable to similarly titled measures used by other companies.

(2)

(Loss) income from operations is a non-GAAP financial measure defined by the Company as net (loss) income attributable to Maiden excluding foreign exchange and other gains and losses, amortization of intangible assets, interest and amortization expenses, accelerated amortization of senior note issuance cost, income tax expense and income or loss attributable to noncontrolling interest and should not be considered as an alternative to net income. The Company’s management believes that (loss) income from operations is a useful measure of the Company’s underlying earnings fundamentals based on its underwriting and investment income before financing costs. This (loss) income from operations enables readers of this information to more clearly understand the essential operating results of the Company. The Company’s measure of (loss) income from operations may not be comparable to similarly titled measures used by other companies.

(3)	Investable assets is the total of the Company's investments, cash and cash equivalents and loan to a related party.

(4)	Book value per common share is calculated using Maiden common shareholders’ equity (shareholders' equity excluding the aggregate liquidation value of our preference shares) divided by the number of common shares outstanding.

(5)	Total capital resources is the sum of the Company's principal amount of debt and Maiden shareholders' equity.

(6)

Dividends on preference shares consist of $3,093 and $12,375 paid to Preference shares - Series A and $0 and $8,971 paid to Preference shares - Series B for the three and twelve months ended December 31, 2016 and 2015, respectively, and $2,940 and $12,410 paid to Preference shares - Series C for the three and twelve months ended December 31, 2016, respectively. On September 15, 2016, each of then outstanding Preference share - Series B were automatically converted into 12,069,090 of the Company's common shares at a conversion rate of 3.6573 per preference share.

(7)

Operating return on average common equity is a non-GAAP financial measure. Management uses operating return on average common shareholders' equity as a measure of profitability that focuses on the return to Maiden common shareholders. It is calculated using operating (loss) earnings available to common shareholders divided by average Maiden common shareholders' equity. For the twelve months ended December 31, 2016, the average common shareholders' equity is adjusted for the period the Mandatory Convertible Preference shares - Series B are outstanding (prior to mandatory conversion date of September 15, 2016).

(8)	During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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(9)	Calculated by dividing net loss and LAE by the sum of net premiums earned and other insurance revenue.

(10)	Calculated by dividing commission and other acquisition expenses by the sum of net premiums earned and other insurance revenue.

(11)	Calculated by dividing general and administrative expenses by the sum of net premiums earned and other insurance revenue.

(12)	Calculated by adding together the commission and other acquisition expense ratio and the general and administrative expense ratio.

(13)	Calculated by adding together the net loss and LAE ratio and the expense ratio.