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•	Net loss attributable to Maiden common shareholders of $22.4 million, or $0.26 per diluted common share compared with net income attributable to Maiden common shareholders of $30.9 million, or $0.39 per diluted common share in the second quarter of 2016;

•	Non-GAAP net operating loss(1) of $12.5 million, or $0.14 per diluted common share compared with non-GAAP operating earnings of $28.4 million, or $0.37 per diluted common share in the second quarter of 2016;

•	Net adverse development in the second quarter of 2017 was $56.0 million. Comprised primarily of:

◦	$29.4 million in the AmTrust Reinsurance segment; and

◦	$25.4 million in the Diversified Reinsurance segment;

•	Gross premiums written increased 2.5% to $705.2 million compared to the second quarter of 2016;

•	Net premiums written increased 5.2% to $684.1 million compared to the second quarter of 2016;

•	Combined ratio(13) of 105.8% compared to 98.6% in the second quarter of 2016;

•	Net investment income of $40.5 million increased 14.7% compared to $35.3 million in the second quarter of 2016;

•	Book value per common share(4) of $11.95 decreased 1.4% compared to year-end 2016; and

•	In June, Maiden redeemed its $100 million 8.0% senior notes due 2042 and issued $150 million 6.7% non-cumulative preference shares.

•	Net loss attributable to Maiden common shareholders of $1.9 million, or $0.02 per diluted common share compared with net income attributable to Maiden common shareholders of $58.1 million, or $0.75 per diluted common share in the first half of 2016;

•	Non-GAAP operating earnings(1) of $10.2 million, or $0.12 per diluted common share compared with non-GAAP operating earnings of $56.8 million, or $0.73 per diluted common share in the first six months of 2016;

•	Gross premiums written increased 4.9% to $1.63 billion compared to the first half of 2016;

•	Net premiums written increased 9.8% to $1.58 billion compared to the first six months of 2016;

•	Combined ratio(13) of 103.4% compared to 98.7% in the first half of 2016; and

•	Net investment income of $82.7 million increased 15.4% compared to $71.6 million in the first half of 2016.

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(1)

Non-GAAP operating earnings is a non-GAAP financial measure defined by the Company as net (loss) income attributable to Maiden common shareholders excluding realized investment gains and losses, 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 costs and non-cash deferred tax expense and should not be considered as an alternative to net (loss) income. The Company's management believes that non-GAAP operating (loss) 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 (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 costs, income tax expense and net income or loss attributable to noncontrolling interest and should not be considered as an alternative to net (loss) 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 and $6,188 paid to Preference shares - Series A for the three and six months ended June 30, 2017 and 2016, respectively and $2,939 paid to Preference shares - Series C for the three months ended June 30, 2017 and 2016, and $5,878 and $6,532 for the six months ended June 30, 2017 and 2016, respectively. It also includes $2,990 and $5,980 paid to Preference Shares - Series B during the three and six months ended June 30, 2016, respectively. On September 15, 2016, each of then outstanding Preference Shares - 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 measure. 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 (loss) earnings attributable to Maiden common shareholders divided by average Maiden common shareholders' equity.

(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.

(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.

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•	Series A 8.25% Non-Cumulative Preference Shares of $0.515625 per Preference Share

•	Series C 7.125% Non-Cumulative Preference Shares of $0.445313 per Preference Share

•	Series D 6.700% Non-Cumulative Preference Shares of $0.418750 per Preference Share