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, 2011
MAIDEN HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
|
Bermuda
|
001-34042
|
98-0570192
|
||
|
(State or other jurisdiction
|
(Commission File
|
(IRS Employer
|
||
|
of incorporation)
|
Number)
|
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:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On May 4, 2011, Maiden Holdings, Ltd. (the “Company”) issued a press release announcing its results of operations for the fiscal quarter ended March 31, 2011. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
The information contained in this Item 2.02 and in the accompanying exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
On May 4, 2011, the Company also issued a press release announcing a quarterly cash dividend of $0.07 per share of common stock payable on July 15, 2011 to shareholders of record as of July 1, 2011. A copy of the press release is hereby filed with the Commission and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
|
Exhibit
|
||
|
No.
|
Description
|
|
|
99.1
|
Press Release of Maiden Holdings, Ltd., dated May 4, 2011.
|
|
|
99.2
|
|
Press Release of Maiden Holdings, Ltd., dated May 4, 2011.
|
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, 2011
|
MAIDEN HOLDINGS, LTD.
|
|
|
By:
|
/s/ Lawrence F. Metz
|
|
|
Lawrence F. Metz
|
||
|
Senior Vice President, General Counsel and
Secretary
|
||
EXHIBIT INDEX
|
Exhibit
|
||
|
No.
|
Description
|
|
|
99.1
|
Press Release of Maiden Holdings, Ltd., dated May 4, 2011.
|
|
|
99.2
|
|
Press Release of Maiden Holdings, Ltd., dated May 4, 2011.
|
May 4, 2011
Maiden Holdings, Ltd. Reports First Quarter Net Income of
$19.3 Million and Operating Earnings(1) of $19.8 Million
Book Value of $10.67 per Share at March 31, 2011; Up 2.6% from Year End 2010
Financial Highlights
|
·
|
First quarter 2011 net income and operating income grew 42.6% and 22.4% compared to same period in 2010
|
|
·
|
Net income of $19.3 million or $0.27 per share for the quarter compared with $13.6 million or $0.19 per share in first quarter of 2010
|
|
·
|
Net operating earnings(1) of $19.8 million or $0.27 per share compared with $16.2 million or $0.23 per share in first quarter of 2010
|
|
·
|
Net written premium of $449.5 million in the first quarter up $138.2 million from $311.3 million in the first quarter 2010
|
|
·
|
Combined ratio of 97.0% compared to 97.1% in the first quarter 2010
|
|
·
|
Net investment income of $19.1 million up 8.9% from first quarter 2010
|
|
·
|
Annualized return on equity of 10.3% and operating return on equity(1) of 10.6% in the quarter
|
|
·
|
Minimal, if any, losses expected from first quarter 2011 global catastrophe events
|
|
·
|
Total assets of $3.1 billion increased 3.0% from year-end 2010
|
HAMILTON, Bermuda - Maiden Holdings, Ltd. (Nasdaq: MHLD) today reported first quarter 2011 net income of $19.3 million, up 42.6% from $13.6 million in the first quarter of 2010. Earnings per diluted share of $0.27 increased 42.1% from $0.19 in the first quarter of 2010. Operating earnings(1) for the quarter totaled $19.8 million, or $0.27 per diluted share, compared with $16.2 million, or $0.23 per diluted share in the first quarter of 2010.
“At Maiden, we generated solid underwriting, net income, and operating performance while continuing to increase our book value” said Art Raschbaum, President and CEO of Maiden Holdings Ltd. “Importantly, the quarter reflects continuing success in implementing our business model of delivering stable results for our shareholders as we remain focused on serving the non catastrophe needs of regional and specialty insurers. As we communicated earlier this year, Maiden expects minimal, if any, losses from the significant global catastrophe events of the first quarter of 2011.”
Raschbaum added, “Our first quarter reflects the completion of the first full year of our strategic quota share with ACAC and our first full quarter from our newly acquired international operations, both of which performed in line with our expectations. We believe we are well positioned to continue to deliver long-term value for our shareholders.”
Shareholders' equity of $769.7 million and book value per share of $10.67 at March 31, 2011 both rose 2.6% from year end 2010.
Maiden Holdings, Ltd.
First Quarter 2011 Earnings Release
May 4, 2011
Page 2
First Quarter 2011 Results:
Net written premium totaled $449.5 million compared with $311.3 million in the first quarter of 2010. Net earned premium of $346.5 million increased 31.3% from $263.9 million for the same period last year.
Net investment income of $19.1 million grew 8.9% from $17.6 million in the first quarter of 2010.
Loss and loss adjustment expenses of $221.2 million rose $50.9 million from $170.3 million in the first quarter of 2010. Results reflected a loss ratio of 63.0% compared with 64.5% for the same period a year ago.
Commission and other acquisition expenses together with general and administrative expenses of $119.4 million increased $33.4 million from the year ago quarter and reflected a total expense ratio of 34.0% compared with 32.6% in 2010. General and administrative expenses for the quarter totaled $12.3 million compared with $8.6 million in the first quarter of 2010.
These results reflected a general and administrative expense ratio of 3.5% compared to 3.3% in the first quarter of 2010.
The combined ratio for the first quarter totaled 97.0% compared with 97.1% in the first quarter of 2010.
Income from operations(2) of $29.8 million increased 16.6%, from $25.6 million in the first quarter of 2010.
Total assets of $3.1 billion at March 31, 2011 increased from $3.0 billion at year end 2010. Total investable assets of $2.3 billion(3), were largely unchanged from year end 2010.
During the first quarter of 2011, the Board of Directors declared a dividend of $0.07 per share.
(1)(2)(3)Please see the Non-GAAP Financial Measures table at the end of this release for additional information on these non-GAAP financial measures and reconciliation of these measures to GAAP measures.
Conference Call
CEO Art Raschbaum and CFO John Marshaleck will review these results via teleconference and live audio webcast on Thursday, May 5, 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
(continued)
Maiden Holdings, Ltd.
First Quarter 2011 Earnings Release
May 4, 2011
Page 3
Webcast: http://www.maiden.bm/presentations_conferences
A replay of the conference call will be available beginning at 1:00 p.m. AT (12:00 p.m. ET), May 5, 2011 through midnight on May 12, 2011. 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: 41251935; or access http://www.maiden.bm/presentations_conferences.
Maiden Holdings, Ltd.
John Marshaleck
441.298.4902
irelations@maiden.bm
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through our subsidiaries which are each A- rated (excellent) by A.M. Best, we are focused on providing non-catastrophic, customized reinsurance products and services, to small and mid-size insurance companies in the United States and Europe. As of March 31, 2011, the Company had $3.1 billion in assets and shareholders' equity of $769.7 million.
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, 2010 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.
MHLD-G
(continued)
Balance Sheet
(in thousands (000's), except per share data)
|
March 31, 2011
(Unaudited)
|
December 31, 2010
(Audited)
|
|||||||
|
Assets
|
||||||||
|
Fixed maturities, available-for-sale, at fair value (amortized cost $1,803,375; $1,819,775)
|
$ | 1,861,299 | $ | 1,874,433 | ||||
|
Other investments, at fair value (cost $5,993; $5,751)
|
6,322 | 5,847 | ||||||
|
Total investments
|
1,867,621 | 1,880,280 | ||||||
|
Cash and cash equivalents
|
97,340 | 96,151 | ||||||
|
Restricted cash and cash equivalents
|
52,764 | 89,756 | ||||||
|
Accrued investment income
|
12,645 | 14,091 | ||||||
|
Reinsurance balances receivable, net
|
315,349 | 226,333 | ||||||
|
Funds withheld
|
164,533 | 152,713 | ||||||
|
Prepaid reinsurance premiums
|
31,488 | 28,992 | ||||||
|
Reinsurance recoverable on unpaid losses
|
11,435 | 6,656 | ||||||
|
Loan to related party
|
167,975 | 167,975 | ||||||
|
Deferred commission and other acquisition costs
|
234,253 | 203,631 | ||||||
|
Goodwill and intangible assets, net
|
102,543 | 103,905 | ||||||
|
Other assets
|
14,168 | 12,079 | ||||||
|
Total Assets
|
$ | 3,072,114 | $ | 2,982,562 | ||||
|
Liabilities and Equity
|
||||||||
|
Liabilities
|
||||||||
|
Reserve for loss and loss adjustment expenses
|
$ | 1,254,850 | $ | 1,226,773 | ||||
|
Unearned premiums
|
764,264 | 657,556 | ||||||
|
Accrued expenses and other liabilities
|
67,815 | 56,368 | ||||||
|
Securities sold under agreements to repurchase, at contract value
|
- | 76,225 | ||||||
|
Junior subordinated debt
|
215,209 | 215,191 | ||||||
|
Total Liabilities
|
2,302,138 | 2,232,113 | ||||||
|
Equity:
|
||||||||
|
Common shares
|
731 | 731 | ||||||
|
Additional paid-in capital
|
577,478 | 577,135 | ||||||
|
Accumulated other comprehensive income
|
59,204 | 54,334 | ||||||
|
Retained earnings
|
136,070 | 121,775 | ||||||
|
Treasury stock, at cost
|
(3,801 | ) | (3,801 | ) | ||||
|
Total Maiden Shareholders’ Equity
|
769,682 | 750,174 | ||||||
|
Noncontrolling interest in subsidiary
|
294 | 275 | ||||||
|
Total Equity
|
769,976 | 750,449 | ||||||
|
Total Liabilities and Equity
|
$ | 3,072,114 | $ | 2,982,562 | ||||
|
Book value per share
|
$ | 10.67 | $ | 10.40 | ||||
|
Common shares outstanding
|
72,107,194 | 72,107,100 | ||||||
Income Statement
(in thousands (000's), except per share data)
(Unaudited)
|
For the Three
Months Ended
March 31, 2011
|
For the Three
Months Ended
March 31, 2010
|
|||||||
|
Revenues:
|
||||||||
|
Gross premiums written
|
$ | 470,777 | $ | 327,382 | ||||
|
Net premiums written
|
$ | 449,500 | $ | 311,291 | ||||
|
Change in unearned premiums
|
(102,965 | ) | (47,362 | ) | ||||
|
Net premiums earned
|
346,535 | 263,929 | ||||||
|
Other insurance revenue
|
4,655 | - | ||||||
|
Net investment income
|
19,141 | 17,581 | ||||||
|
Net realized and unrealized investment gains (losses)
|
47 | 312 | ||||||
|
Total revenues
|
370,378 | 281,822 | ||||||
|
Expenses:
|
||||||||
|
Net loss and loss adjustment expenses
|
221,182 | 170,285 | ||||||
|
Commission and other acquisition expenses
|
107,072 | 77,396 | ||||||
|
General and administrative expenses
|
12,293 | 8,552 | ||||||
|
Total expenses
|
340,547 | 256,233 | ||||||
|
Income from operations (2)
|
29,831 | 25,589 | ||||||
|
Other expense
|
||||||||
|
Amortization of intangible assets
|
(1,258 | ) | (1,452 | ) | ||||
|
Foreign exchange gains (losses)
|
1,062 | (1,153 | ) | |||||
|
Subordinated debt interest expense
|
(9,118 | ) | (9,115 | ) | ||||
| (9,314 | ) | (11,720 | ) | |||||
|
Income before income taxes
|
20,517 | 13,869 | ||||||
|
Income taxes:
|
||||||||
|
Current tax expense
|
885 | - | ||||||
|
Deferred tax expense
|
287 | 300 | ||||||
|
Income tax expense
|
1,172 | 300 | ||||||
|
Net income
|
$ | 19,345 | $ | 13,569 | ||||
|
Less: Income attributable to noncontrolling interest
|
(3 | ) | - | |||||
|
Net income attributable to Maiden
|
19,342 | 13,569 | ||||||
|
Operating earnings (1)
|
$ | 19,778 | $ | 16,162 | ||||
|
Basic earnings per common share attributable to Maiden shareholders
|
$ | 0.27 | $ | 0.19 | ||||
|
Diluted earnings per common share attributable to Maiden shareholders
|
$ | 0.27 | $ | 0.19 | ||||
|
Basic operating earnings per common share attributable to Maiden shareholders
|
$ | 0.27 | $ | 0.23 | ||||
|
Diluted operating earnings per common share attributable to Maiden shareholders
|
$ | 0.27 | $ | 0.23 | ||||
|
Dividends declared per common share
|
$ | 0.07 | $ | 0.065 | ||||
|
Weighted average number of basic shares outstanding
|
72,107,194 | 70,291,312 | ||||||
|
Weighted average number of diluted shares outstanding
|
72,773,914 | 70,776,794 | ||||||
|
Net Loss and loss adjustment expense ratio*
|
63.0 | % | 64.5 | % | ||||
|
Commission and other acquisition expense ratio**
|
30.5 | % | 29.3 | % | ||||
|
General and administrative expense ratio***
|
3.5 | % | 3.3 | % | ||||
|
Combined ratio****
|
97.0 | % | 97.1 | % | ||||
|
Annualized return on equity
|
10.3 | % | 7.9 | % | ||||
|
Annualized return on equity on operating earnings
|
10.6 | % | 9.4 | % | ||||
Maiden Holdings, Ltd.
Non - GAAP Financial Measure
(in thousands (000's), except per share data)
(Unaudited)
|
For the Three Months
Ended March 31, 2011
|
For the Three Months
Ended March 31, 2010
|
|||||||
|
Reconciliation of net income to net operating earnings:
|
||||||||
|
Net income attributable to Maiden
|
$ | 19,342 | $ | 13,569 | ||||
|
Add (subtract)
|
||||||||
|
Net realized and unrealized investment (gains) losses
|
(47 | ) | (312 | ) | ||||
|
Foreign exchange (gains) losses
|
(1,062 | ) | 1,153 | |||||
|
Amortization of intangible assets
|
1,258 | 1,452 | ||||||
|
Non-cash deferred tax charge
|
287 | 300 | ||||||
|
Operating earnings attributable to Maiden (1)
|
$ | 19,778 | $ | 16,162 | ||||
|
Operating earnings per common share attributable to Maiden shareholders:
|
||||||||
|
Basic earnings per common share attributable to Maiden shareholders
|
$ | 0.27 | $ | 0.23 | ||||
|
Diluted earnings per common share attributable to Maiden shareholders
|
$ | 0.27 | $ | 0.23 | ||||
|
Reconciliation of net income to income from operations:
|
||||||||
|
Net income attributable to Maiden
|
$ | 19,342 | $ | 13,569 | ||||
|
Add (subtract)
|
||||||||
|
Foreign exchange (gains) losses
|
(1,062 | ) | 1,153 | |||||
|
Amortization of intangible assets
|
1,258 | 1,452 | ||||||
|
Subordinated debt interest expense
|
9,118 | 9,115 | ||||||
|
Income tax expense
|
1,172 | 300 | ||||||
|
Income attributable to noncontrolling interest
|
3 | - | ||||||
|
Income from operations attributable to Maiden (2)
|
$ | 29,831 | $ | 25,589 | ||||
|
March 31, 2011
|
December 31, 2010
|
|||||||
|
Investable assets:
|
||||||||
|
Total investments
|
$ | 1,867,621 | $ | 1,880,280 | ||||
|
Cash and cash equivalents
|
97,340 | 96,151 | ||||||
|
Restricted cash and cash equivalents
|
52,764 | 89,756 | ||||||
|
Funds withheld (3)
|
122,100 | 119,000 | ||||||
|
Loan to related party
|
167,975 | 167,975 | ||||||
|
Total investable assets (3)
|
$ | 2,307,800 | $ | 2,353,162 | ||||
(1) Net operating earnings is a non-GAAP financial measure defined by the Company as net income attributable to Maiden excluding realized investment gains and losses, foreign exchange gains and losses, amortization of intangible assets and non-cash deferred tax charge and should not be considered as an alternative to net income. The Company's management believes that net operating earnings is a useful indicator of trends in the Company's underlying operations. The Company's measure of net operating earnings may not be comparable to similarly titled measures used by other companies.
(2) Income from Operations is a non-GAAP financial measure defined by the Company as net income attributable to Maiden excluding foreign exchange gains and losses, amortization of intangible assets, subordinated debt interest expense, income tax expense and income attributable to noncontrolling interest and should not be considered as an alternative to net income. The Company’s management believes that 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 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, loan to a related party and the portion of the funds withheld balance that comprises fixed maturity securities and cash and cash equivalents.
Maiden Holdings, Ltd.
Supplemental Financial Data - Segment Information
(in thousands (000's))
(Unaudited)
|
For the Three Months Ended March 31, 2011
|
Diversified
Reinsurance
|
AmTrust Quota
Share
|
ACAC Quota
Share
|
Total
|
||||||||||||
|
Net premiums written
|
$
|
258,818
|
$
|
126,714
|
$
|
63,968
|
$
|
449,500
|
||||||||
|
Net premiums earned
|
174,234
|
114,474
|
57,827
|
346,535
|
||||||||||||
|
Other insurance revenue
|
4,655
|
-
|
-
|
4,655
|
||||||||||||
|
Net losses and loss expenses
|
(110,345
|
) |
(73,539
|
) |
(37,298
|
) |
(221,182
|
) | ||||||||
|
Commissions and other acquisition costs
|
(51,420
|
) |
(37,237
|
) |
(18,415
|
) |
(107,072
|
) | ||||||||
|
General and administrative expenses
|
(8,028
|
) |
(668
|
) |
(543
|
) |
(9,239
|
) | ||||||||
|
Underwriting income
|
$
|
9,096
|
$
|
3,030
|
$
|
1,571
|
$
|
13,697
|
||||||||
|
Reconciliation to net income
|
||||||||||||||||
|
Net investment income and realized and unrealized investment gains (losses)
|
19,188
|
|||||||||||||||
|
Amortization of intangible assets
|
(1,258
|
) | ||||||||||||||
|
Foreign exchange gains
|
1,062
|
|||||||||||||||
|
Subordinated debt interest expense
|
(9,118
|
) | ||||||||||||||
|
Other general and administrative expenses
|
(3,054
|
) | ||||||||||||||
|
Net Income before income taxes
|
$
|
20,517
|
||||||||||||||
|
Net loss and loss expense ratio*
|
61.7
|
% |
64.2
|
% |
64.5
|
% |
63.0
|
% | ||||||||
|
Acquisition cost ratio**
|
28.7
|
% |
32.5
|
% |
31.8
|
% |
30.5
|
% | ||||||||
|
General and administrative expense ratio***
|
4.5
|
% |
0.7
|
% |
1.0
|
% |
3.5
|
% | ||||||||
|
Combined ratio****
|
94.9
|
% |
97.4
|
% |
97.3
|
% |
97.0
|
% | ||||||||
|
For the Three Months Ended March 31, 2010
|
Diversified
Reinsurance
|
AmTrust Quota
Share
|
ACAC Quota
Share
|
Total
|
||||||||||||
|
Net premiums written
|
$
|
167,914
|
$
|
121,556
|
$
|
21,821
|
$
|
311,291
|
||||||||
|
Net premiums earned
|
151,180
|
110,659
|
2,090
|
263,929
|
||||||||||||
|
Net losses and loss expenses
|
(99,417
|
) |
(69,562
|
) |
(1,306
|
) |
(170,285
|
) | ||||||||
|
Commissions and other acquisition costs
|
(40,514
|
) |
(36,148
|
) |
(734
|
) |
(77,396
|
) | ||||||||
|
General and administrative expenses
|
(5,872
|
) |
(474
|
) |
-
|
(6,346
|
) | |||||||||
|
Underwriting income
|
$
|
5,377
|
$
|
4,475
|
$
|
50
|
$
|
9,902
|
||||||||
|
Reconciliation to net income
|
||||||||||||||||
|
Net investment income and realized investment gains (losses)
|
17,893
|
|||||||||||||||
|
Amortization of intangible assets
|
(1,452
|
) | ||||||||||||||
|
Foreign exchange losses
|
(1,153
|
) | ||||||||||||||
|
Subordinated debt interest expense
|
(9,115
|
) | ||||||||||||||
|
Other general and administrative expenses
|
(2,206
|
) | ||||||||||||||
|
Net Income before income taxes
|
$
|
13,869
|
||||||||||||||
|
Net loss and loss expense ratio*
|
65.7
|
% |
62.9
|
% |
62.5
|
% |
64.5
|
% | ||||||||
|
Acquisition cost ratio**
|
26.8
|
% |
32.7
|
% |
35.1
|
% |
29.3
|
% | ||||||||
|
General and administrative expense ratio***
|
3.9
|
% |
0.4
|
% |
-
|
3.3
|
% | |||||||||
|
Combined ratio****
|
96.4
|
% |
96.0
|
% |
97.6
|
% |
97.1
|
% | ||||||||
* Calculated by dividing net losses and loss expenses by net earned premium and other insurance revenue.
** Calculated by dividing commission and other acquisition expenses by net earned premium and other insurance revenue.
*** Calculated by dividing general and administrative expenses by net earned premium and other insurance revenue.
**** Calculated by adding together net loss and loss expense ratio, acquisition cost ratio and general and administrative expense ratio.
May 4, 2011
Maiden Holdings, Ltd. Announces Quarterly Dividend
HAMILTON, Bermuda, May 4, 2011 (GLOBE NEWSWIRE) — Maiden Holdings, Ltd. (Nasdaq:MHLD) today announced that its Board of Directors approved a quarterly cash dividend of $0.07 per share of common stock. The dividend will be payable on July 15, 2011 to shareholders of record as of July 1, 2011.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through our operating subsidiaries which are each A- rated (excellent) by A.M. Best, we are focused on providing non-catastrophic, customized reinsurance products and services, to small and mid-size insurance companies in the United States and Europe. As of March 31, 2011, the Company had $3.1 billion in assets and shareholders' equity of $769.7 million. MHLD-G
The Maiden Holdings, Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5006
|
CONTACT:
|
Maiden Holdings, Ltd.
|
|
|
John Marshaleck
|
|
|
441.298.4902
|
|
|
irelations@maiden.bm
|