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): May 4, 2010
MAIDEN
HOLDINGS, LTD.
(Exact
name of registrant as specified in its charter)
|
Bermuda
(State
or other jurisdiction
of
incorporation)
|
001-34042
(Commission
File
Number)
|
98-0570192
(IRS
Employer
Identification
No.)
|
131
Front Street, Hamilton HM12, Bermuda
(Address
of principal executive offices and zip code)
(441)
292-7090
(Registrant’s
telephone number, including area code)
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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02
|
Results of Operations and Financial Condition. |
On May 4,
2010, Maiden Holdings, Ltd. issued a press release announcing its results of
operations for the first quarter ended March 31, 2010. A copy of the
press release is hereby furnished to the Commission and incorporated by
reference herein as Exhibit 99.1.
|
Item
8.01
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Other Events. |
On May 4,
2010, Maiden Holdings, Ltd. also issued a press release announcing a quarterly
cash dividend of $0.065 per share of common stock payable on July 15, 2010 to
shareholders of record as of July 1, 2010. A copy of the press
release is hereby filed with the Commission and incorporated by reference herein
as Exhibit 99.2.
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Item
9.01
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Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit
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||
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No.
|
Description
|
|
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99.1
|
Press
Release of Maiden Holdings, Ltd., dated May 4, 2010.
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|
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99.2
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Press
Release of Maiden Holdings, Ltd., dated May 4,
2010.
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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.
|
Date: May
4, 2010
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MAIDEN HOLDINGS,
LTD.
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||
|
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By:
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/s/ Arturo M. Raschbaum | |
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Arturo
M. Raschbaum
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|||
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President
and Chief Executive Officer
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|||
EXHIBIT
INDEX
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Exhibit
|
||
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No.
|
Description
|
|
|
99.1
|
Press
Release of Maiden Holdings, Ltd., dated May 4, 2010.
|
|
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99.2
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Press
Release of Maiden Holdings, Ltd., dated May 4,
2010.
|
|
|
May
4, 2010
|
Maiden
Holdings, Ltd. Reports First Quarter Net Income of
$13.6
Million and Operating Earnings of $16.2 Million
Book
Value of $10.10 per Share Up 5.0% Since Year end 2009
First
Quarter 2010 Financial Highlights
|
·
|
Net income of $13.6 million up
3.6% from first quarter 2009
|
|
·
|
Net operating
earnings(1) of $16.2 million compared with
$16.8 million in first quarter of
2009
|
|
·
|
Income from operations totaled
$25.6 million up 16.5% from first quarter
2009
|
|
·
|
Net earned premium of $263.9
million increased 25.6% from first quarter of
2009
|
|
·
|
Net investment income of $17.6
million up 23.3% from first quarter
2009
|
|
·
|
Total investments of $1.7
billion up 3.9% from year end
2009
|
|
·
|
Annualized return on equity of
8.1% and operating (1) return on equity of
9.4%
|
|
·
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Combined ratio of 97.1%
compared with 95.4% in the first quarter of
2009
|
|
·
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American Capital Acquisition
Corporation (ACAC) 25% quota share agreement commenced March 1,
2010
|
HAMILTON,
Bermuda, May 4, 2010 - Maiden Holdings, Ltd. (Nasdaq: MHLD) today
reported first quarter 2010 net income of $13.6 million or $0.19 per diluted
share and net operating earnings (1) of
$16.2 million or $0.23 per diluted share.
"Maiden’s
results reflect continued solid underlying fundamentals in the face of a
challenging quarter for the reinsurance industry overall and once again
highlight the differentiated value of our non-catastrophe specialist approach.”
said Art Raschbaum, President and CEO of Maiden Holdings, Ltd. “We generated
income from operations of $25.6 million this quarter and our teams continue to
see increased opportunities to deliver our relationship-oriented products and
services to our target regional and specialty property and casualty
clients.“
Raschbaum
continued, “Our disciplined approach to our non-catastrophe, lower volatility,
relationship model positions us well to capture additional opportunities and our
new agreement with ACAC agreement generated approximately $22 million of net
written premium and $2 million of earned premium in the month of March. We
expect this relationship to further strengthen the top and bottom line over the
next 12 months and beyond."
Shareholders'
equity of $710.0 million grew $33.4 million during the quarter and book value
per share increased 5.0% to $10.10 from $9.62 at year end 2009.
(more)
Page 2 of
3
First
Quarter 2010 Results:
Net
written premium totaled $311.3 million compared with $336.5 million in the first
quarter of 2009. Net earned premium of $263.9 million increased 25.6% from
$210.1 million for the same period last year.
Net
investment income of $17.6 million increased 23.3% from $14.3 million in the
first quarter of 2009.
Loss and
loss adjustment expenses of $170.3 million rose $24.0 million from $146.3
million in the first quarter of 2009. Results reflected a loss ratio of 64.5%
compared with 69.6% for the same period a year ago.
Commission
and other acquisition expenses together with general and administrative expenses
of $85.9 million increased $31.8 million from the year ago quarter and reflected
a total expense ratio of 32.6% compared with 25.8%. General and administrative
expenses for the quarter totaled $8.6 million and reflected a general and
administrative expense ratio of 3.3% compared to 3.6% in the first quarter of
2009.
The
combined ratio for the first quarter totaled 97.1% compared with 95.4% in the
first quarter of 2009.
Income
from operations of $25.6 million increased $3.6 million, or 16.5%, from $22.0
million in the first quarter of 2009.
Total
assets of $2.7 billion increased 3.5% from $2.6 billion from year end 2009.
Total investable assets of $2.1 billion which include total investments, cash,
restricted cash, cash equivalents and the loan to a related party, remained
relatively stable from year end 2009. Shareholders' equity totaled $710.0
million up 5.0% from $676.5 million at year end 2009.
During
the first quarter of 2010, the Board of Directors declared a dividend of $0.065
per share.
(1)Please
see the Non-GAAP Financial Measures table for additional information on these
non-GAAP financial measures and reconciliation of this measure to GAAP
measures.
Conference
Call
Maiden
CEO Art Raschbaum and CFO John Marshaleck will review these results tomorrow
morning via teleconference and live audio webcast beginning at 10:00 a.m. AT
(9:00 a.m. ET).
To
participate please access one of the following no later than 9:55 a.m. AT (8:55
a.m. ET):
1. .877.734.5373 for U.S.
callers
1. 973.200.3059 for callers
outside the U.S.
Webcast: www.maiden.bm/presentations_conferences
(more)
Page 3 of
3
A replay
of the conference call will be available beginning at 1:00 p.m. Atlantic Time
(12:00 p.m. ET) on Wednesday, May 5, 2010 through May 12, 2010. To listen to the
replay please dial toll free: 1 .800.642.1687 (U.S.
callers) or toll 1. 706.645.9291 (callers
outside the U.S.) and enter the Passcode: 69886387; or access www.maiden.bm/presentations_conferences.
Maiden
Holdings, Ltd.
Ellen
Taylor
Hilly
Gross
441.292.7090
irelations@maiden.bm
About
Maiden Holdings, Ltd.
Maiden
Holdings, Ltd. is a Bermuda holding company formed in 2007 to offer customized
reinsurance products and services to regional and specialty insurance companies
in the United States and Europe.
You may
access the Maiden Holdings, Ltd. Logo via http://www.globenewswire.com/newsroom/prs/?pkgid=5006
Forward
Looking Statements
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 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. Additional information about these risks and uncertainties,
as well as others that may cause actual results to differ materially from those
projected is contained in Item 1A. Risk Factors in the Company's Annual Report
on Form 10-K for the year ended December 31, 2009 as updated in periodic filings
with the SEC. The Company undertakes no obligation to publicly update any
forward-looking statements, except as may be required by law.
May 4,
2010
Maiden
Holdings, Ltd. Announces Quarterly Dividend
HAMILTON,
Bermuda, -- Maiden Holdings, Ltd. (Nasdaq:MHLD) today announced that the Board
of Directors approved a quarterly cash dividend of $0.065 per share of common
stock. The dividend is payable on July 15, 2010 to shareholders of record as of
July 1, 2010.
About
Maiden Holdings, Ltd.
Maiden
Holdings, Ltd. is a Bermuda holding company formed in 2007 to offer customized
reinsurance products and services to regional and specialty insurance companies
in the United States and Europe.
The
Maiden Holdings, Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5006
SOURCE:
Maiden Holdings, Ltd.
CONTACT: Maiden
Holdings, Ltd.
Investor
Relations
Ellen
Taylor
Hilly
Gross
212.220.7120
irelations@maidenre.com