---

---

---

•	Net income attributable to Maiden common shareholders of $20.5 million, or $0.23 per diluted common share compared with net income attributable to Maiden common shareholders of $27.2 million, or $0.35 per diluted common share in the first quarter of 2016;

•	Non-GAAP operating earnings(1) of $22.6 million, or $0.26 per diluted common share compared with non-GAAP operating earnings of $28.3 million, or $0.37 per diluted common share in the first quarter of 2016;

•	Annualized return on average common equity of 7.9% compared to 11.9% in the first quarter of 2016;

•	Annualized non-GAAP operating return on average common equity(7) of 8.7% compared to 12.3% in the first quarter of 2016;

•	Gross premiums written increased 6.9% to $923.4 million compared to the first quarter of 2016;

•	Net premiums written increased 13.6% to $900.5 million compared to the first quarter of 2016;

•	Combined ratio(12) of 100.9% compared to 98.9% in the first quarter of 2016;

•	Net investment income of $42.2 million increased 16.1% compared to $36.3 million in the first quarter of 2016; and

•	Book value per common share(4) of $12.19 increased 0.6% compared to year-end 2016.

---

---

---

---

---

---

---

---

---

(1)

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

(2)

Non-GAAP income from operations is a non-GAAP financial measure defined by the Company as net income attributable to Maiden excluding foreign exchange and other gains and losses, amortization of intangible assets, interest and amortization expenses, 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 non-GAAP 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 income from operations enables readers of this information to more clearly understand the essential operating results of the Company. The Company’s measure of non-GAAP 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 $3,094 paid to Preference shares - Series A for the three months ended March 31, 2017 and 2016 and $2,939 and $3,593 paid to Preference shares - Series C for the three months ended March 31, 2017 and 2016, respectively. It also includes $2,990 paid to Preference Shares - Series B during the three months ended March 31, 2016. 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)

Non-GAAP operating return on average common equity is a non-GAAP financial measures. Management uses non-GAAP 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 non-GAAP operating earnings attributable to Maiden common shareholders divided by average Maiden common shareholders' equity.

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

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

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

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

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