☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Bermuda
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98-0570192
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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Title of Each Class
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Trading symbol(s)
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Name of Each Exchange on Which Registered
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||
Common Shares, par value $0.01 per share
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MHLD
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NASDAQ Capital Market
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||
Series A Preference Shares, par value $0.01 per share
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MH.PA
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New York Stock Exchange
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||
Series C Preference Shares, par value $0.01 per share
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MH.PC
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New York Stock Exchange
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||
Series D Preference Shares, par value $0.01 per share
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MH.PD
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New York Stock Exchange
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Large Accelerated Filer
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☐
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Accelerated Filer
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☐
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Non-Accelerated Filer
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☒
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(Do not check if a smaller reporting company)
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Smaller Reporting Company
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☒
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Emerging growth company
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☐
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Page
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PART III
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PART IV
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||
Name
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Age
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Position(s)
|
||
Lawrence F. Metz
|
47
|
President and Chief Executive Officer
|
||
Patrick J. Haveron
|
58
|
Executive Vice President, Chief Financial Officer and Chief Operating Officer
|
||
William T. Jarman
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45
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Senior Vice President, Chief Actuary
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Name and Principal Position
|
Year
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Salary
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Bonus
(1)
|
Stock Awards
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Option Awards
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Non-Equity Incentive Plan Compensation
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All Other Compensation
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Total
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|||||||||||||||||||||||||
Lawrence F. Metz President and Chief Executive, Maiden Holdings, Ltd.
|
2019
|
$
|
725,000
|
|
$
|
100,000
|
|
(1
|
)
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$
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500,000
|
|
(3)
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$
|
—
|
|
$
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—
|
|
$
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126,661
|
|
(5)
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$
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1,451,661
|
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|||||||
2018
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$
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547,913
|
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$
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250,000
|
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(2
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)
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$
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1,230,950
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(4)
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$
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—
|
|
$
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—
|
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$
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22,158
|
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(5)
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$
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2,051,021
|
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||||||||
Patrick J. Haveron Chief Financial Officer & Chief Operating Officer, Maiden Holdings, Ltd. and President, Maiden Reinsurance Ltd.
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2019
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$
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697,917
|
|
$
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100,000
|
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(1
|
)
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$
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750,000
|
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(6)
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$
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—
|
|
$
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—
|
|
$
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334,413
|
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(8)
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$
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1,882,330
|
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|||||||
2018
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$
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543,600
|
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$
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250,000
|
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(2
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)
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$
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665,965
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(7)
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$
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—
|
|
$
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—
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$
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284,101
|
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(8)
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$
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1,743,666
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||||||||
William T. Jarman Senior Vice President, Chief Actuary, Maiden Global Servicing Company, LLC
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2019
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$
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423,500
|
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$
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100,000
|
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(1
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)
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$
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—
|
|
$
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—
|
|
$
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—
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|
$
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118,215
|
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(9)
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$
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641,715
|
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||||||||
2018
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$
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417,133
|
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$
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150,000
|
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(2
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)
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$
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169,400
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(10)
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$
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—
|
|
$
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—
|
|
$
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247,044
|
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(9)
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$
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983,577
|
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(1
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)
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Amount shown reflects discretionary cash awards for Executive's performance during that year granted in the second quarter of the following year.
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(2
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)
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Amount shown reflects discretionary cash awards for Executive's performance during that year granted in the first quarter of the following year.
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(3
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)
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Represents the aggregate grant date fair market value of non-performance based restricted share awards granted to the named executive officer as determined in accordance with Accounting Standards Codification Topic No. 718, "Compensation Stock Discussion," using the assumptions described in Note 14 to the Financial Statements included in our Annual Report on Form 10-K filed with the SEC on March 18, 2020. At the discretion of the Compensation Committee on March 20, 2019, Mr. Metz was granted 645,161 restricted shares subject to a two year vesting with one half vested on the first anniversary of the grant date and one half on the second anniversary of the grant date. The restricted shares were awarded with voting and dividend rights. The value of the restricted shares at grant date fair market value for Mr. Metz was $500,000.
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(4
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)
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Represents the aggregate grant date fair market value of performance based restricted share unit awards granted to the named executive officer as determined in accordance with Accounting Standards Codification Topic No. 718, "Compensation Stock Discussion," using the assumptions described in Note 15 to the Financial Statements included in our Annual Report on Form 10-K filed with the SEC on March 15, 2019. The value of the performance based restricted shares at grant date fair market value in February 2018 was $230,950, but this grant was partially paid out in March 2019 and was retired. At the discretion of the Compensation Committee in August 2018, Mr. Metz was granted 135,135 restricted shares subject to a three year vesting with one third vested on the first anniversary of the grant date, one third on the second anniversary of the grant date and the remaining on the third anniversary of the grant date. The restricted shares were awarded with voting and dividend rights. The value of the restricted shares at grant date fair market value for Mr. Metz was $1,000,000.
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(5
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)
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Amount shown reflects costs related to commuting to our office in Bermuda and related lodging expenses, executive life insurance, car allowance, executive physical, paid dividends for unvested restricted shares and Bermuda Social Insurance.
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(6
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)
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Represents the aggregate grant date fair market value of non-performance based restricted share awards granted to the named executive officer as determined in accordance with Accounting Standards Codification Topic No. 718, "Compensation Stock Discussion," using the assumptions described in Note 14 to the Financial Statements included in our Annual Report on Form 10-K filed with the SEC on March 18, 2020. At the discretion of the Compensation Committee on March 20, 2019, Mr. Haveron was granted 967,742 restricted shares subject to a two year vesting with one half vested on the first anniversary of the grant date and one half on the second anniversary of the grant date. The restricted shares were awarded with voting and dividend rights. The value of the restricted shares at grant date fair market value for Mr. Haveron was $750,000.
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(7
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)
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Represents the aggregate grant date fair market value of performance based restricted share unit awards granted to the named executive officer as determined in accordance with Accounting Standards Codification Topic No. 718, "Compensation Stock Discussion," using the assumptions described in Note 15 to the Financial Statements included in our Annual Report on Form 10-K filed with the SEC on March 15, 2019. The fair market value of the performance based restricted shares at grant date in February 2018 was $260,000, but this grant was partially paid out in March 2019 and was retired. At the discretion of the Compensation Committee in November 2018, Mr. Haveron was granted 111,836 restricted shares subject to a three year vesting with one third vested on the first anniversary of the grant date, one third on the second anniversary of the grant date and the remaining on the third anniversary of the grant date. The restricted shares were awarded with voting and dividend rights. The value of the restricted shares at grant date fair market value for Mr. Haveron was $405,965.
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(8
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)
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Amount shown reflects the costs related to commuting to our office in Bermuda and related lodging expenses, car allowance, tax equalization, executive life insurance, Bermuda Social Insurance and paid dividends for unvested restricted shares.
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(9
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)
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Amount shown reflects the costs related to commuting to our office in Bermuda and related lodging expenses, car allowance, executive physical, tax equalization, and executive life insurance.
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(10
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)
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Represents the aggregate grant date fair market value of performance based restricted share unit awards granted to the named executive officer as determined in accordance with Accounting Standards Codification Topic No. 718, "Compensation Stock Discussion," using the assumptions described in Note 15 to the Financial Statements included in our Annual Report on Form 10-K filed with the SEC on March 15, 2019. The fair market value of the performance based restricted shares at grant date for Mr. Jarman was $169,400. At the discretion of the Board, Mr. Jarman was granted 2,500 restricted shares subject to a two year vesting with 50% on the first anniversary of the grant date and 50% on the second anniversary of the grant date. The restricted shares were awarded with voting and dividend rights. The fair market value of the restricted shares at grant date for Mr. Jarman was $32,900.
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All Other Stock Awards:
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Option Awards
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Share Awards
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|||||||||||||||||||||||
Name
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Number of Securities Underlying Unexercised Options (#) Exercisable (1)
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Option Exercise Price
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Option Expiration Date
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Number of Shares or Units of Stock That Have Not Vested Unexercised
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Market Value of Shares or Units of Stock That Have Not Vested
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Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (5)
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Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (4)
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|||||||||||||||||
Lawrence F. Metz
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50,000
|
|
$
|
7.25
|
|
3/4/2020
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90,090
|
|
$
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666,667
|
|
(2
|
)
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21,484
|
|
$
|
16,113
|
|
||||||
645,161
|
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$
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500,000
|
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(3
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)
|
||||||||||||||||||
Patrick J. Haveron
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30,000
|
|
$
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7.25
|
|
3/4/2020
|
74,558
|
|
$
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270,643
|
|
(2
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)
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23,560
|
|
$
|
17,670
|
|
||||||
967,742
|
|
750,000
|
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(3
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)
|
|||||||||||||||||||
William T. Jarman
|
7,500
|
|
$
|
9.42
|
|
2/22/2022
|
14,077
|
|
$
|
10,558
|
|
|||||||||||||
1.
|
Under the Plan, 25% of the options will become exercisable on the first anniversary of the grant date, with an additional 6.25% of the options vesting each quarter thereafter based on the executive's continued employment over a four-year period.
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2.
|
These restricted shares were granted with vesting one-third on each respective anniversary of the grant date.
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3.
|
These restricted shares were granted with vesting one-half on each respective anniversary of the grant date.
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4.
|
To calculate the value in this column, the closing price of the Company's stock per NASDAQ on
December 31, 2019
of
$0.75
was used.
|
5.
|
Represents equity incentive plan awards granted to Messrs. Metz, Haveron and Jarman under the Company’s Long Term Incentive Plan (“LTIP”) which was retired at the end of 2018. The grants were vested for settlement on March 20, 2019 based on the pro-rated performance through 2018 and a partial portion of the original target for Mr. Metz, Mr. Haveron and Mr. Jarman.
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Name
|
Fees Earned or Paid in Cash
(1)
|
Restricted Share Units (2)
|
Total
|
|||||||||
Barry D. Zyskind
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|||
Holly L. Blanchard
|
5,753
|
|
—
|
|
5,753
|
|
||||||
Simcha G. Lyons
|
165,000
|
|
—
|
|
165,000
|
|
||||||
Raymond M. Neff
|
165,000
|
|
—
|
|
165,000
|
|
||||||
Yehuda L. Neuberger
|
165,000
|
|
—
|
|
165,000
|
|
||||||
Steven H. Nigro
|
195,000
|
|
—
|
|
195,000
|
|
||||||
Keith A. Thomas
|
5,753
|
|
—
|
|
5,753
|
|
(1)
|
The amounts represent annual cash retainer for board service and, as applicable, retainers for board committee service or service as chairman of a board committee and fees for attendance at board meetings and, as applicable, committee meetings.
|
(2)
|
There were no restricted share unit awards granted to non-employee directors for the fiscal year
2019
.
|
Name
|
Grant Date Fair Value
|
Stock Awards
|
Options Outstanding at December 31, 2019
|
|||||||
Barry D. Zyskind
|
$
|
—
|
|
—
|
|
—
|
|
|||
Simcha G. Lyons
|
$
|
—
|
|
—
|
|
24,000
|
|
|||
Raymond M. Neff
|
$
|
—
|
|
—
|
|
48,000
|
|
|||
Yehuda L. Neuberger
|
$
|
—
|
|
—
|
|
48,000
|
|
|||
Steven H. Nigro
|
$
|
—
|
|
—
|
|
18,000
|
|
Plan category
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)
|
Weighted-average exercise price of outstanding options, warrants and rights (b)
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
|
|||||||
Equity compensation plans approved by security holders
|
484,129
|
|
$
|
8.44
|
|
5,664,487
|
|
|||
Equity compensation plans not approved by security holders
|
—
|
|
—
|
|
—
|
|
||||
Total
|
484,129
|
|
$
|
8.44
|
|
5,664,487
|
|
Name and Address of Beneficial Owner
|
Amount and Nature of Beneficial Ownership
|
Percent of Class
|
||||
Barry D. Zyskind, c/o Maiden Holdings, Ltd.
Ideation House, 2nd Floor, 94 Pitts Bay Road, Pembroke HM08, Bermuda
|
6,374,292
|
|
(1)
|
7.6
|
%
|
|
Leah Karfunkel c/o Maiden Holdings, Ltd.
Ideation House, 2nd Floor, 94 Pitts Bay Road, Pembroke HM08, Bermuda |
6,792,600
|
|
(2)
|
8.1
|
%
|
|
683 Capital Partners, LP
3 Columbus Circle, Suite 2205, New York, NY 10019
|
7,876,964
|
|
(3)
|
9.4
|
%
|
|
Dimensional Fund Advisors LP
Building One, 6300 Bee Cave Road, Austin, TX 78746
|
5,412,423
|
|
(4)
|
6.4
|
%
|
|
Catalina Holdings (Bermuda) Ltd.
Cumberland House, 1 Victoria Street, 7th Floor, Hamilton HM11, Bermuda
|
6,643,981
|
|
(5)
|
7.9
|
%
|
|
Talkot Capital, LLC
30 Liberty Ship Way, Suite 3110, Sausalito, CA 94965
|
7,715,816
|
|
(6)
|
9.2
|
%
|
|
Phillips Ray Capital Management, Inc. (“PRCM”), 3707 Camp Bowie Blvd., Suite 250, Fort Worth, TX 76107
|
6,006,044
|
|
(7)
|
7.2
|
%
|
(1)
|
Based on Amendment No. 3 to Schedule 13D filed with the SEC on April 4, 2019, and Form 4 filed with the SEC on March 31, 2017. Mr. Zyskind holds 220,000 of these common shares as a custodian for his children under the Uniform Transfers to Minors Act.
|
(2)
|
Based on Amendment No. 6 to Schedule 13D of Leah Karfunkel filed with the SEC on June 23, 2016, Leah Karfunkel beneficially owns 5,500,470 common shares held indirectly as a trustee of the Michael Karfunkel 2005 Family Trust. Leah Karfunkel is the wife of Michael Karfunkel. Leah Karfunkel disclaims beneficial ownership of these shares held by the HOD Foundation, a charitable foundation.
|
(3)
|
Based on Amendment No. 1 to Schedule 13D filed with the SEC on June 28,
2020
; 683 Capital Partners, LP (“683 Capital”) jointly filed with three other Reporting Persons: 683 Capital GP, LLC (“683 GP” the General Partner of 683 Capital), 683 Capital Management, LLC (“683 Management” the investment manager of 683 GP) and Ari Zweiman, the managing member of 683 GP and 683 Management.
|
(4)
|
Based on Amendment No. 6 to Schedule 13G filed with the SEC on February 12,
2020
.
|
(5)
|
Based on Amendment No. 1 to Schedule 13D filed with the SEC on September 14, 2018.
|
(6)
|
Based on Amendment No. 3 to Schedule 13G filed with the SEC on
December 31, 2019
; Talkot Capital, LLC, as investment adviser, filed on behalf of three other Reporting Persons: Talkot Fund, L.P., Talkot Capital, LLC 401(k) PSP and Thomas B. Akin.
|
(7)
|
Based on Schedule 13G filed with the SEC on February 7, 2020; PRCM jointly filed with two other Reporting Persons: Brian Michael Phillips and Paul Richard Ray III.
|
Name of Beneficial Owner**
|
Amount & Nature of Beneficial Ownership
|
Percent of Class(1)
|
|||
Barry D. Zyskind
|
6,374,292
|
|
(2)
|
7.6%
|
|
Simcha G. Lyons
|
82,505
|
|
(3)
|
*
|
|
Raymond M. Neff
|
520,500
|
|
(4)
|
*
|
|
Yehuda L. Neuberger
|
319,000
|
|
(5)
|
*
|
|
Steven H. Nigro
|
54,000
|
|
(6)
|
*
|
|
Lawrence F. Metz
|
827,076
|
|
(7)
|
1.0%
|
|
Patrick J. Haveron
|
1,212,458
|
|
(8)
|
1.4%
|
|
William T. Jarman
|
37,028
|
|
(9)
|
*
|
|
All executive officers and directors as a group (8 persons)
|
9,426,859
|
|
11.2%
|
*
|
Less than one percent.
|
**
|
The address of each beneficial owner listed in the table is c/o Maiden Holdings, Ltd., Ideation House, 2nd Floor, 94 Pitts Bay Road, Pembroke HM08, Bermuda.
|
(1)
|
Based on
83,969,991
common shares outstanding at
April 13, 2020
plus shares that the beneficial owner has the right to acquire within 60 days of
April 13, 2020
upon exercise of share options.
|
(2)
|
Mr. Zyskind holds 220,000 of these common shares as a custodian for his children under the Uniform Transfers to Minors Act.
|
(3)
|
The amount shown above includes vested options to acquire
24,000
common shares granted on June 1, 2013, June 1, 2014, June 1, 2015 and June 1, 2016.
|
(4)
|
The amount shown above includes vested options to acquire
42,000
common shares granted on June 1, 2010, June 1, 2011, June 1, 2012, June 1, 2013, June 1, 2014, June 1, 2015 and June 1, 2016.
|
(5)
|
The amount shown above includes vested options to acquire
42,000
common shares granted on June 1, 2010, June 1, 2011, June 1, 2012, June 1, 2013, June 1, 2014 June 1, 2015 and June 1, 2016.
|
(6)
|
The amount shown above includes vested options to acquire
18,000
common shares granted on June 1, 2014, June 1, 2015 and June 1, 2016.
|
(7)
|
The amount shown above includes
90,090
restricted shares vesting 50% annually on the anniversary of the grant date into common shares on August 8, 2020 and August 8, 2021, respectively, and includes
322,581
restricted shares vesting on March 20, 2021, which Mr. Metz has the ability to vote, but is restricted from transferring until their respective vesting dates. The amount shown above excludes 372,340 common shares granted and vested on April 22, 2020 pursuant to the 2019 Omnibus Incentive Plan but will be included in this table in the Company's Proxy to be filed in 2020.
|
(8)
|
The amount shown above includes
74,558
restricted shares vesting one half annually on the anniversary of the grant date into common shares on November 6, 2020 and November 6, 2021, respectively, and includes
483,871
restricted shares vesting on March 20, 2021, which Mr. Haveron has the ability to vote, but is restricted from transferring until their respective vesting dates. The amount shown above excludes 372,340 common shares granted and vested on April 22, 2020 pursuant to the 2019 Omnibus Incentive Plan but will be included in this table in the Company's Proxy to be filed in 2020.
|
(9)
|
The amount shown above includes vested options to acquire
7,500
common shares granted to Mr. Jarman on February 22, 2012.
|
i.
|
by lending funds of
$167,975
at
December 31, 2019
and
2018
pursuant to a loan agreement entered into between those parties. Advances under the loan are secured by promissory notes. This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost. Effective December 18, 2017, interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum. Please see "
Note 4. (c) Investments"
for the total amount of interest earned from this loan. The interest income on the loan was approximately
$6,983
for the year ended
December 31, 2019
(
2018
-
$6,442
) and the effective yield was
4.2%
(
2018
-
3.8%
). On January 30, 2019, in connection with the termination of the reinsurance agreements described above, the Company and AmTrust entered into an amendment to the Loan Agreement between Maiden Reinsurance, AmTrust and AII, originally entered into on November 16, 2007, extending the maturity date to January 1, 2025 and acknowledges that due to the termination of the AmTrust Quota Share, no further loans or advances may be made pursuant to the Loan Agreement;
|
ii.
|
effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral at
December 31, 2019
was approximately
$1,155,955
(
2018
-
$3,650,418
) and the accrued interest was
$7,366
(
2018
-
$23,283
). Please refer to "
Note 4. (e) Investments
" for additional information.
|
iii.
|
on January 11, 2019, a portion of the existing trust accounts used for collateral on the AmTrust Quota Share were converted to a funds withheld arrangement. The Company transferred cash and investments of
$575,000
to AmTrust as a funds withheld receivable which bears an annual interest rate of
3.5%
, subject to annual adjustment. At
December 31, 2019
, the balance of funds withheld was
$575,000
and the accrued interest was
$5,073
. The interest income on the funds withheld receivable was approximately
$19,572
for the year ended
December 31, 2019
.
|
•
|
None of our directors served as a member of the compensation committee of another entity;
|
•
|
None of our executive officers served as a director of another entity; and
|
•
|
None of our executive officers served as a member of the compensation committee of another entity.
|
2019
|
2018
|
|||||||
Audit Fees
(1)
|
$
|
1,485,500
|
|
$
|
2,719,944
|
|
||
Audit-Related Fees
(2)
|
10,891
|
|
46,000
|
|
||||
Tax Fees
(3)
|
—
|
|
62,400
|
|
||||
Total
(4)(5)
|
$
|
1,496,391
|
|
$
|
2,828,344
|
|
(1)
|
Audit fees relate to professional services rendered in connection with: (i) the integrated audit of our annual financial statements and internal controls over financial reporting; (ii) the reviews of our quarterly consolidated financial statements included in our Form 10-Q quarterly reports and (iii) services performed in connection with filings of registration statements and comfort letters.
|
(2)
|
Audit-related fees relate to assurance and related services rendered to us that are not classified as audit fees.
|
(3)
|
Tax fees relate to services rendered to us for tax compliance, tax planning and advice.
|
(4)
|
Total fees for
2019
consist of Deloitte fees of
$1,460,891
and BDO fees of
$35,500
.
|
(5)
|
Total fees for
2018
consist of Deloitte fees of
$2,428,344
and BDO fees of
$400,000
.
|
Exhibit
No.
|
Description
|
Reference
|
||
31.1
|
†
|
|||
31.2
|
†
|
|||
32.1
|
†
|
|||
32.2
|
†
|
MAIDEN HOLDINGS, LTD.
|
||
By:
|
||
April 29, 2020
|
/s/ Lawrence F. Metz
|
|
Lawrence F. Metz
President and Chief Executive Officer
|
||
1.
|
I have reviewed this Amendment No. 1 on Form 10-K/A of Maiden Holdings, Ltd.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting ; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this Amendment No. 1 on Form 10-K/A of Maiden Holdings, Ltd.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting ; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|