UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of
1934
Date
of
Report (Date of Earliest Event Reported) June
4, 2008
Maiden
Holdings, Ltd.
(Exact
name of registrant as specified in its charter)
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Bermuda
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001-34042
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N/A
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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IRS
Employer Identification No.)
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48
Par-la-Ville Road, Suite 1141
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HM11
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code (441)
292-7090
(Former
name or former address, if changed since last report.)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.133-4 (c))
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Item
2.02 RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
June
4,
2008, Maiden Holdings, Ltd. issued a press release announcing its results of
operations for the first quarter ended March 31, 2007 and the scheduling of
a
conference call on June 4, 2008 with respect thereto. A copy of the press
release is attached as Exhibit 99.1 to this Form 8-K and is furnished as Exhibit
99.1 to this report.
Item
9.01 FINANCIAL
STATEMENTS AND EXHIBITS.
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(a)
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Not
applicable.
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(b)
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Not
applicable.
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(c)
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Not
applicable.
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(d)
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Exhibits.
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| Exhibit Number | Description |
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99.1
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Press
release dated June 4, 2008.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Maiden Holdings, Ltd. | ||
| (Registrant) | ||
| |
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| Date: June 13, 2008 | By: | /s/ Ben Turin |
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Ben
Turin
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||
| Chief Operating Officer | ||
| press release |  |
| For more information, please contact: |
EXHIBIT
99.1
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Maiden
Holdings, Ltd.
Devora
M.
Goldenberg
441.292.7090
info@maiden.bm
For
immediate release
June
4, 2008
Maiden
Holdings, Ltd. Reports First Quarter Net Income of $12.5
Million
HAMILTON,
Bermuda, -- Maiden Holdings, Ltd. (Nasdaq:MHLD),
today
reported net income of $12.5 million and net premium written of $102.4 million
for the first quarter ended March 31, 2008. Earnings per share for the first
quarter were $0.21.
In
addition, Maiden has no exposure to sub-prime mortgages; all of the
mortgage-backed securities in the Company's portfolio are government or agency
guaranteed.
First
Quarter 2008 Highlights:
*
Net
premium written was $102.4 million
*
Net
income was $12.5 million
*
Return
on equity for the first quarter was 9.4% on an annualized
basis
*
Quarterly earnings per basic share was $0.21
*
The
combined ratio for the first quarter was 92.7%
First
Quarter 2008 Results:
Revenue:
Net
written premium for the first quarter was $102.4 million and net earned premium
was $65.3 million. Net investment income was $7.6 million and average invested
assets for the three months ended March 31, 2008 was approximately $542 million.
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2
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Expenses:
The
Company's loss ratio for the first quarter 2008 was 57.9%. The Company's
expenses for the first quarter 2008 were $22.7 million resulting in an expense
ratio of 34.8% for the quarter.
Other
Matters:
Shareholders'
Equity as of March 31, 2008 was $530.6 million. During the first quarter the
Company paid a dividend of $0.025 per share and announced a dividend of $0.025
which was paid during the second quarter.
"We
are
extremely pleased with our first quarter results as a public company and look
forward to the Company's continued growth," said Mr. Max Caviet, President
and
CEO. "Maiden's focus on low volatility throughout its activities has put us
in
an excellent position in the marketplace."
Conference
Call:
On
June
4, 2008 at 3:00 p.m. Atlantic Time (2:00 p.m. ET), the Company will hold a
conference call that can be accessed as follows:
Toll
Dial-in (International Callers): 719.325.4855
Toll-free
Dial-in: 877.627.6590
Webcast:
http://www.maiden.bm
In
order
to participate in the conference call, you must register at http://www.maiden.bm.
A
replay
of the conference call will be available starting at 6:00 p.m. Atlantic Time
on
Wednesday, June 4, 2008 through Wednesday, June 11, 2008 by dialing toll
719.457.0820 or toll-free 888.203.1112. The passcode for the replay is 4185502.
Replay of the webcast will also be available at http://www.maiden.bm.
About
Maiden Holdings, Ltd.
Maiden
Holdings, Ltd. is a Bermuda holding company formed in May, 2007 to offer
customized reinsurance products and services, through Maiden Insurance Company,
Ltd., its wholly owned Bermuda reinsurance subsidiary, to small and mid-size
insurance companies in the United States and Europe.
The
Maiden Holdings, Ltd. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5006
Forward
Looking Statement
This
release contains "forward-looking statements" which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements are based on the Company's current expectations
and beliefs
(more)
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3
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concerning
future developments and their potential effects on the Company. There can be
no
assurance that actual developments will be those anticipated by the Company.
Actual results may differ materially from those projected as a result of
significant risks and uncertainties, including non-receipt of the expected
payments, changes in interest rates,
effect of the performance of financial markets on investment income and fair
values of investments, developments of claims and the effect on loss reserves,
accuracy in projecting loss reserves, the impact of competition and pricing
environments, changes in the demand for the Company's products, the effect
of
general economic conditions, adverse state and federal legislation, regulations
and regulatory investigations into industry practices, developments relating
to
existing agreements, heightened competition, changes in pricing environments,
and changes in asset valuations. The Company undertakes no obligation to
publicly update any forward-looking statements.
Maiden
Holdings, Ltd.
Income
Statement
(in
thousands (000's), except per share data)
(Unaudited)
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Three
Months Ended
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March
31, 2008
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Premium
income
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||||
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Net
premiums written
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$
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102,432
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Change
in unearned premiums
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(37,127
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)
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65,305
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Net
investment income
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7,609
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Net
realized investment gains
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125
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7,734
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Total
revenues
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73,039
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% | ||
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Loss
and loss adjustment expenses
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37,836
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Commission
and other acquisition expenses
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21,261
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Salaries
and benefits
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533
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Other
operating expenses
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893
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60,523
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Net
income available to common shareholders
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$
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12,516
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Earnings
per common share:
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||||
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Basic
and diluted earnings per share
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$
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0.21
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Weighted
average number of basic and diluted shares outstanding
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59,550,000
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Combined
ratio
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92.7
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%
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Annualized
return on equity
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9.4
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%
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4
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Maiden
Holdings, Ltd.
Balance
Sheet Highlights
(in
thousands (000's), except per share data)
(Unaudited)
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March
31,
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December
31,
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||||||
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2008
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2007
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||||||
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Cash
and cash equivalents and investments
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$
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637,277
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$
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526,174
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Reinsurance
balances receivable, net
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79,980
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27,990
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Total
assets
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895,196
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715,608
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|||||
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Loss
and loss adjustment expense reserves
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61,648
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38,508
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Unearned
premiums
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174,293
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137,166
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Total
shareholders' equity
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$
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530,577
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$
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537,345
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Book
value per share
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$
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8.91
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$
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9.02
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Common
shares outstanding
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59,550,000
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59,550,000
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|||||