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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File No. 001-34042
MAIDEN HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
Bermuda98-0570192
(State or other jurisdiction of
incorporation or organization)		(IRS Employer
Identification No.)
94 Pitts Bay Road
Pembroke 
BermudaHM08
(Address of principal executive offices)(Zip Code)

(441) 298-4900
(Registrant's telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading symbol(s)Name of Each Exchange on Which Registered
Common Shares, par value $0.01 per shareMHLD
NASDAQ Capital Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☒
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act).
Yes ☐ No ☒
As of November 7, 2024, 99,320,805 common shares were outstanding. 143,789,931 common shares, par value $0.01 per share, were outstanding when the ownership by our affiliate Maiden Reinsurance Ltd. of 44,469,126 common shares were included. These affiliated shares are treated as treasury shares and are not included in the computation of consolidated book value and earnings per common share.



INDEX
Page
PART I - Financial Information
PART II - Other Information

2

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share and per share data)
September 30,
2024		December 31,
2023
ASSETS(Unaudited)(Audited)
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2024 - $229,759; 2023 - $258,536)
$225,756 $250,601 
Equity securities, at fair value (Cost: 2024 - $16,987; 2023 - $43,439)
19,311 45,299 
Equity method investments86,236 80,929 
   Other investments (Allowance for expected credit losses: 2024 - $1,023; 2023 - $1,023)
147,823 182,811 
   Total investments479,126 559,640 
  Cash and cash equivalents109,965 35,412 
  Restricted cash and cash equivalents17,823 7,266 
  Accrued investment income3,724 4,532 
Reinsurance balances receivable, net (includes $6,300 and $9,201 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $211; 2023 - $187)
9,875 12,450 
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,331; 2023 - $3,240)
574,358 564,331 
   Loan to related party167,975 167,975 
Deferred commission and other acquisition expenses (includes $8,449 and $16,605 from related parties in 2024 and 2023, respectively)
9,226 17,566 
Funds withheld receivable (includes $0 and $128,451 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $19; 2023 - $19)
14,815 143,985 
  Other assets6,624 5,777 
Total assets
$1,393,511 $1,518,934 
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $613,425 and $752,991 from related parties in 2024 and 2023, respectively)
$721,436 $867,433 
Unearned premiums (includes $32,744 and $44,577 from related parties in 2024 and 2023, respectively)
33,883 46,260 
   Deferred gain on retroactive reinsurance90,321 73,240 
Liability for securities purchased10,980 — 
Accrued expenses and other liabilities (includes $53,712 and $10,781 from related parties in 2024 and 2023, respectively)
73,994 28,244 
   Senior notes - principal amount262,361 262,361 
Less: unamortized debt issuance costs7,646 7,764 
   Senior notes, net254,715 254,597 
Total liabilities
1,185,329 1,269,774 
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; 2024: 150,298,798 and 2023: 149,732,355 shares issued; 2024: 99,422,608 and 2023: 100,472,120 shares outstanding)
1,503 1,497 
   Additional paid-in capital887,520 886,072 
   Accumulated other comprehensive loss(27,788)(31,469)
   Accumulated deficit(529,925)(486,945)
Treasury shares, at cost (2024: 50,876,190 shares and 2023: 49,260,235 shares)
(123,128)(119,995)
Total shareholders’ equity
208,182 249,160 
Total liabilities and equity
$1,393,511 $1,518,934 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
3

MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands of U.S. dollars, except per share data)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Revenues
Gross premiums written
$8,861 $8,660 $25,633 $16,371 
Net premiums written
$8,843 $8,625 $25,496 $16,260 
Change in unearned premiums
4,560 3,854 12,392 16,260 
Net premiums earned
13,403 12,479 37,888 32,520 
Other insurance (expense) revenue , net
— (16)46 3 
Net investment income
4,878 9,048 19,531 29,111 
Net realized and unrealized investment (losses) gains
(3,804)244 6,403 2,394 
Total revenues
14,477 21,755 63,868 64,028 
Expenses
Net loss and loss adjustment expenses
19,857 15,156 45,453 36,503 
Commission and other acquisition expenses
9,068 5,340 19,474 14,520 
General and administrative expenses
10,014 6,787 25,953 23,734 
Interest and amortization expenses
4,817 4,814 14,448 13,411 
Foreign exchange and other losses (gains)
5,915 (4,594)3,862 843 
Total expenses
49,671 27,503 109,190 89,011 
Loss before income taxes and interest in income of equity method investments
(35,194)(5,748)(45,322)(24,983)
Less: income tax expense (benefit)
25 (31)478 (253)
Interest in income of equity method investments
751 2,190 2,820 6,942 
Net loss
$(34,468)$(3,527)$(42,980)$(17,788)
Basic and diluted loss per share attributable to common shareholders
$(0.35)$(0.03)$(0.43)$(0.18)
Weighted average number of common shares - basic and diluted99,724,474 101,454,767 100,112,436 101,586,759 

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
4

MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands of U.S. dollars)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Net loss$(34,468)$(3,527)$(42,980)$(17,788)
Other comprehensive income (loss)
Net unrealized holdings gains on AFS securities
2,427 338 3,932 3,121 
Adjustment for reclassification of net realized gains recognized in net loss— (3)— (3)
Foreign currency translation adjustment2,304 (2,075)(207)(741)
Other comprehensive income (loss), before tax
4,731 (1,740)3,725 2,377 
Income tax expense related to components of other comprehensive income (loss)(34)(17)(44)(36)
Other comprehensive income (loss), after tax
4,697 (1,757)3,681 2,341 
Comprehensive loss
$(29,771)$(5,284)$(39,299)$(15,447)

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
5

MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)
(in thousands of U.S. dollars)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Common shares
Beginning balance
$1,503 $1,497 $1,497 $1,492 
Issuance of common shares from vesting of stock based compensation— — 6 5 
Ending balance
1,503 1,497 1,503 1,497 
Additional paid-in capital
Beginning balance
886,972 885,462 886,072 884,259 
Issuance of common shares from vesting of stock based compensation— — (6)(5)
Share-based compensation expense
548 286 1,454 1,401 
Repurchase of preference shares— — — 93 
Ending balance
887,520 885,748 887,520 885,748 
Accumulated other comprehensive loss
Beginning balance
(32,485)(37,136)(31,469)(41,234)
Change in net unrealized investment gains
2,393 318 3,888 3,082 
Foreign currency translation adjustment
2,304 (2,075)(207)(741)
Ending balance
(27,788)(38,893)(27,788)(38,893)
Accumulated deficit
Beginning balance
(495,457)(462,637)(486,945)(442,863)
 Opening allowance for expected credit losses— — — (5,513)
Net loss(34,468)(3,527)(42,980)(17,788)
Ending balance
(529,925)(466,164)(529,925)(466,164)
Treasury shares
Beginning balance
(122,487)(117,896)(119,995)(117,075)
Shares repurchased (641)(1,055)(3,133)(1,876)
Ending balance
(123,128)(118,951)(123,128)(118,951)
Total shareholders' equity
$208,182 $263,237 $208,182 $263,237 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
6

MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands of U.S. dollars)
For the Nine Months Ended September 30,20242023
Cash flows from operating activities
Net loss
$(42,980)$(17,788)
Adjustments to reconcile net loss to net cash flows from operating activities:
Other non-cash expenses including depreciation, amortization and share-based compensation(590)(890)
Interest in income of equity method investments
(2,820)(6,942)
Net realized and unrealized investment gains
(6,403)(2,394)
Change in allowance for expected credit losses(890)(23)
Foreign exchange and other losses
3,862 843 
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net2,516 177 
Reinsurance recoverable on unpaid losses8,005 4,060 
Accrued investment income822 (1,391)
Deferred commission and other acquisition expenses8,342 5,797 
Funds withheld receivable14,726 1,683 
Other assets905 411 
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses(35,627)(9,086)
Unearned premiums(12,372)(16,264)
Accrued expenses and other liabilities43,348 (24,190)
Net cash used in operating activities
(19,156)(65,997)
Cash flows from investing activities:
Purchases of fixed maturities (329,717)(47,373)
Purchases of other investments(23,488)(33,287)
Purchases of equity method investments(7,693)(10,288)
Purchases of equity securities— (1,448)
Proceeds from sales of fixed maturities 50,299 64,126 
Proceeds from maturities, paydowns and calls of fixed maturities321,791 43,903 
Proceeds from sale and redemption of other investments68,199 17,229 
Proceeds from sale and redemption of equity method investments4,658 17,843 
Proceeds from sale and redemption of equity securities23,392 469 
Others, net(367)(37)
Net cash provided by investing activities
107,074 51,137 
Cash flows from financing activities:
Repurchase of common shares(3,133)(1,876)
Repurchase of senior notes— (95)
Net cash used in financing activities
(3,133)(1,971)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents 325 (263)
Net increase (decrease) in cash, restricted cash and cash equivalents
85,110 (17,094)
Cash, restricted cash and cash equivalents, beginning of period42,678 46,624 
Cash, restricted cash and cash equivalents, end of period$127,788 $29,530 
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period$109,965 $17,930 
Restricted cash and cash equivalents, end of period17,823 11,600 
Total cash, restricted cash and cash equivalents, end of period$127,788 $29,530 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
7
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)

1. Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Parent Company" or "Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated.
These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior year comparatives have been reclassified to conform to the current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.
Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets.
In November 2020, the Company formed our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which specialized in providing a full range of legacy services to small insurance entities, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations, working with clients to develop and implement finality solutions including acquiring entire companies. The Company believed the formation of GLS was highly complementary to its overall longer-term strategy. However, a combination of factors, including market conditions in the sector GLS focuses on, resulted in an inability for GLS to gain sufficient scale to achieve its objectives or earn a profit, and GLS results did not reach the objectives the Company expected it to over time. Having completed the capital commitment made to GLS in 2020, the Company has determined to not commit any additional capital to new opportunities and to run-off the existing accounts underwritten by GLS. The Company does not presently underwrite prospective reinsurance risks.
Short-term income protection business is written on a primary basis by our wholly owned subsidiaries Maiden Life Försäkrings AB ("Maiden LF") and Maiden General Försäkrings AB ("Maiden GF") in the Scandinavian and Northern European markets. Our wholly owned subsidiary, Maiden Global Holdings Ltd. (“Maiden Global”) is a licensed intermediary in the United Kingdom. Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in Europe and other global markets ("IIS business"). These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance Ltd. (“Maiden Reinsurance”). Since 2023, the Company has been evaluating the strategic value of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of our target return on capital levels. On May 3, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB, a Swedish unit of AmTrust Financial Services, Inc. ("AmTrust") which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries. On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), both wholly owned subsidiaries of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland. These agreements are collectively referred to as the "AmTrust Renewal Rights Agreements". Under these agreements, those AmTrust subsidiaries in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed. All programs written by Maiden LF and GF, including those covered by the AmTrust Renewal Rights Agreements, are in the process of being cancelled in accordance with the requirements of the AmTrust Renewal Rights Agreements, or their contractual terms.
These transactions are part of the Company's broader plan to divest its IIS businesses as a result of its recently concluded strategic review of the IIS business platform. The purpose of that review was to evaluate the strategic value of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of the Company's target return on capital levels. As part of these conclusions, the Company expects to enter into additional transactions to either sell or wind-up Maiden GF and Maiden LF and is actively evaluating potential transactions. Please see "Note 10. Related Party Transactions" for details regarding the Renewal Rights Agreement.
The Company also has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust reinsurance agreements which were terminated in 2019 as discussed in "Note 10. Related Party Transactions". In addition, the Company has a retroactive reinsurance agreement and a commutation agreement that further reduces its exposure and limits the potential volatility related to AmTrust liabilities, which are discussed in "Note 8. Reinsurance". Please also see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for further details.
8
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
2. Significant Accounting Policies
There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, except for the following:
Recently Adopted Accounting Standards
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03 "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820). The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restrictions; and any circumstances that could cause a lapse in the restrictions. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company adopted this Update on January 1, 2024.
Certain of the Company's equity securities are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods as described in "Note 4. (b) Investments". The Company has assessed the required disclosures for equity securities that may be subject to contractual sales restrictions. These amendments have expanded the disclosures made in "Note 4. Investments" however the adoption of this standard did not impact the Company’s condensed consolidated balance sheets, results of operations or statement of cash flows.
9
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information
The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe. This segment also includes transactions entered into by GLS as described in "Note 1. Basis of Presentation". Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”) and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AEL and AIU DAC, which are both in run-off effective January 1, 2019. Please refer to "Note 10. Related Party Transactions" for additional information regarding the AmTrust Reinsurance segment.
The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied; however, general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, funds withheld receivable, loan to related party and restricted cash and investments. All remaining assets are allocated to Corporate.
The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the three months ended September 30, 2024 and 2023, respectively:
For the Three Months Ended September 30, 2024Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$9,053 $(192)$8,861 
Net premiums written
$9,035 $(192)$8,843 
Net premiums earned
$9,576 $3,827 $13,403 
Net loss and LAE(4,036)(15,821)(19,857)
Commission and other acquisition expenses
(3,975)(5,093)(9,068)
General and administrative expenses
(2,512)(717)(3,229)
Underwriting loss
$(947)$(17,804)(18,751)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses
1,074 
Interest and amortization expenses
(4,817)
Foreign exchange and other losses, net
(5,915)
Other general and administrative expenses
(6,785)
Income tax expense
(25)
Interest in income of equity method investments
751 
Net loss
$(34,468)
10
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
For the Three Months Ended September 30, 2023Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$6,762 $1,898 $8,660 
Net premiums written
$6,727 $1,898 $8,625 
Net premiums earned
$7,207 $5,272 $12,479 
Other insurance expense
(16)— (16)
Net loss and LAE
(4,142)(11,014)(15,156)
Commission and other acquisition expenses
(3,374)(1,966)(5,340)
General and administrative expenses
(2,216)(661)(2,877)
Underwriting loss
$(2,541)$(8,369)(10,910)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains
9,292 
Interest and amortization expenses
(4,814)
Foreign exchange and other gains, net
4,594 
Other general and administrative expenses
(3,910)
Income tax benefit
31 
Interest in income from equity method investments
2,190 
Net loss
$(3,527)

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the nine months ended September 30, 2024 and 2023, respectively:
For the Nine Months Ended September 30, 2024Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$26,374 $(741)$25,633 
Net premiums written
$26,237 $(741)$25,496 
Net premiums earned
$26,796 $11,092 $37,888 
Other insurance revenue
46 — 46 
Net loss and LAE
(12,314)(33,139)(45,453)
Commission and other acquisition expenses
(11,564)(7,910)(19,474)
General and administrative expenses
(6,960)(2,087)(9,047)
Underwriting loss
$(3,996)$(32,044)(36,040)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains
25,934 
Interest and amortization expenses
(14,448)
Foreign exchange and other losses, net
(3,862)
Other general and administrative expenses
(16,906)
Income tax expense
(478)
Interest in income from equity method investments
2,820 
Net loss
$(42,980)





11
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
For the Nine Months Ended September 30, 2023Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$20,263 $(3,892)$16,371 
Net premiums written
$20,152 $(3,892)$16,260 
Net premiums earned
$21,882 $10,638 $32,520 
Other insurance revenue
3 — 3 
Net loss and LAE
(11,126)(25,377)(36,503)
Commission and other acquisition expenses
(10,544)(3,976)(14,520)
General and administrative expenses
(7,863)(2,062)(9,925)
Underwriting loss
$(7,648)$(20,777)(28,425)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains
31,505 
Interest and amortization expenses
(13,411)
Foreign exchange and other losses, net
(843)
Other general and administrative expenses
(13,809)
Income tax benefit
253 
Interest in income from equity method investments
6,942 
Net loss
$(17,788)

12
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
The following tables summarize the financial position of the Company's reportable segments including a reconciliation to the Company's consolidated total assets at September 30, 2024 and December 31, 2023:
September 30, 2024Diversified ReinsuranceAmTrust ReinsuranceTotal
Reinsurance balances receivable, net
$3,533 $6,300 $9,833 
Reinsurance recoverable on unpaid losses
4,647 532,874 537,521 
Deferred commission and other acquisition expenses
777 8,449 9,226 
Loan to related party
— 167,975 167,975 
Restricted cash and cash equivalents and investments
65,946 147,715 213,661 
Funds withheld receivable
14,815 — 14,815 
Other assets
646 — 646 
Total assets - reportable segments
90,364 863,313 953,677 
Corporate assets
— — 439,834 
Total Assets
$90,364 $863,313 $1,393,511 
December 31, 2023Diversified ReinsuranceAmTrust ReinsuranceTotal
Reinsurance balances receivable, net
$3,108 $9,201 $12,309 
Reinsurance recoverable on unpaid losses
5,692 515,463 521,155 
Deferred commission and other acquisition expenses
961 16,605 17,566 
Loan to related party
— 167,975 167,975 
Restricted cash and cash equivalents and investments
67,211 152,663 219,874 
Funds withheld receivable
15,534 128,451 143,985 
Other assets
685 — 685 
Total assets - reportable segments
93,191 990,358 1,083,549 
Corporate assets
— — 435,385 
Total Assets
$93,191 $990,358 $1,518,934 

13
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and nine months ended September 30, 2024 and 2023:
For the Three Months Ended September 30,20242023
Net premiums written
TotalTotal
Diversified Reinsurance
International
$9,035 $6,727 
Total Diversified Reinsurance
9,035 6,727 
AmTrust Reinsurance
Small Commercial Business
(73)(160)
Specialty Program
14 — 
Specialty Risk and Extended Warranty
(133)2,058 
Total AmTrust Reinsurance
(192)1,898 
Total Net Premiums Written
$8,843 $8,625 
For the Nine Months Ended September 30,20242023
Net premiums writtenTotalTotal
Diversified Reinsurance
International$26,237 $20,152 
Total Diversified Reinsurance26,237 20,152 
AmTrust Reinsurance
Small Commercial Business
(620)(318)
Specialty Program
(31)157 
Specialty Risk and Extended Warranty
(90)(3,731)
Total AmTrust Reinsurance
(741)(3,892)
Total Net Premiums Written
$25,496 $16,260 

14
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2024 and 2023:
For the Three Months Ended September 30,20242023
Net premiums earned
TotalTotal
Diversified Reinsurance
International
$9,576 $7,207 
Total Diversified Reinsurance
9,576 7,207 
AmTrust Reinsurance
Small Commercial Business
(73)(160)
Specialty Program
14 — 
Specialty Risk and Extended Warranty
3,886 5,432 
Total AmTrust Reinsurance
3,827 5,272 
Total Net Premiums Earned
$13,403 $12,479 
For the Nine Months Ended September 30,20242023
Net premiums earnedTotalTotal
Diversified Reinsurance
International$26,796 $21,882 
Total Diversified Reinsurance26,796 21,882 
AmTrust Reinsurance
Small Commercial Business
(620)(318)
Specialty Program
(31)157 
Specialty Risk and Extended Warranty
11,743 10,799 
Total AmTrust Reinsurance
11,092 10,638 
Total Net Premiums Earned
$37,888 $32,520 

15
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
4. Investments
The Company holds: (i) available-for-sale ("AFS") portfolios of fixed maturity and equity securities, carried at fair value; (ii) other investments, of which certain investments are carried at fair value and investments in direct lending entities are carried at cost less impairment; (iii) equity method investments; and (iv) funds held - directly managed.
a)Fixed Maturities
The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024Original or amortized costGross unrealized gainsGross unrealized lossesFair value
U.S. treasury bonds
$48,676 $17 $— $48,693 
U.S. agency bonds – mortgage-backed
27,493 — (2,535)24,958 
Non-U.S. government bonds48,997 37 (292)48,742 
Collateralized loan obligations65,973 4 (140)65,837 
Corporate bonds
38,620 — (1,094)37,526 
Total fixed maturity investments
$229,759 $58 $(4,061)$225,756 

December 31, 2023Original or amortized costGross unrealized gainsGross unrealized lossesFair value
U.S. treasury bonds
$55,046 $8 $(2)$55,052 
U.S. agency bonds – mortgage-backed
29,918 — (3,267)26,651 
Non-U.S. government bonds21,219 — (468)20,751 
Collateralized loan obligations80,591 — (1,788)78,803 
Corporate bonds
71,762 — (2,418)69,344 
Total fixed maturity investments
$258,536 $8 $(7,943)$250,601 
The Company separately presents the accrued interest receivable balance on its AFS fixed maturity investments on the Condensed Consolidated Balance Sheets under accrued investment income. The amount of accrued interest receivable on AFS securities was $1,645 at September 30, 2024 (December 31, 2023: $1,418). The Company has elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard adopted on January 1, 2023. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. There was no write-off recognized on the accrued interest receivable during the nine months ended September 30, 2024 and 2023.
The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2024Amortized costFair value
Due in one year or less
$112,360 $112,257 
Due after one year through five years
23,374 22,234 
Due after five years through ten years
559 470 
136,293 134,961 
U.S. agency bonds – mortgage-backed
27,493 24,958 
Collateralized loan obligations65,973 65,837 
Total fixed maturity investments
$229,759 $225,756 



16
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
4. Investments (continued)

The following tables summarize fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
Less than 12 Months12 Months or MoreTotal
September 30, 2024Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
U.S. treasury bonds
$— $— $520 $— $520 $— 
U.S. agency bonds – mortgage-backed
— — 24,958 (2,535)24,958 (2,535)
Non-U.S. government bonds20,746 (10)3,033 (282)23,779 (292)
Collateralized loan obligations— — 61,490 (140)61,490 (140)
Corporate bonds
— — 37,526 (1,094)37,526 (1,094)
Total temporarily impaired fixed maturities
$20,746 $(10)$127,527 $(4,051)$148,273 $(4,061)
At September 30, 2024, there were 46 securities in an unrealized loss position with a fair value of $148,273 and unrealized losses of $4,061. Of these securities in an unrealized loss position, there were 44 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $127,527 and unrealized losses of $4,051.
Less than 12 Months12 Months or MoreTotal
December 31, 2023Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
U.S. treasury bonds
$518 $(2)$— $— $518 $(2)
U.S. agency bonds – mortgage-backed
— — 26,651 (3,267)26,651 (3,267)
Non-U.S. government bonds8,217 (1)10,343 (467)18,560 (468)
Collateralized loan obligations— — 78,803 (1,788)78,803 (1,788)
Corporate bonds
— — 69,344 (2,418)69,344 (2,418)
Total temporarily impaired fixed maturities
$8,735 $(3)$185,141 $(7,940)$193,876 $(7,943)
At December 31, 2023, there were 59 securities in an unrealized loss position with a fair value of $193,876 and unrealized losses of $7,943. Of these securities in an unrealized loss position, there were 56 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $185,141 and unrealized losses of $7,940.
Allowance for Expected Credit Losses & Non-Credit Related Impairment Costs
The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income.
To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell.
Based on the Company's analysis at September 30, 2024 and 2023, respectively, the unrealized losses on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At September 30, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs. Therefore, there was no allowance recorded for expected credit losses on AFS securities for the three and nine months ended September 30, 2024 and 2023.


17
MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
4. Investments (continued)

The following tables summarize the credit ratings of our fixed maturities as at September 30, 2024 and December 31, 2023:
September 30, 2024Amortized costFair value% of Total
fair value
U.S. treasury bonds
$48,676 $48,693 21.5 %
U.S. agency bonds – mortgage-backed
27,493 24,958 11.1 %
AAA
76,613 76,474 33.9 %
AA+, AA, AA-
39,956 39,678 17.6 %
A+, A, A-
18,387 17,610 7.8 %
BBB+, BBB, BBB-
18,634 18,343 8.1 %
Total fixed maturities (1)
$229,759 $225,756 100.0 %

December 31, 2023Amortized costFair value% of Total
fair value
U.S. treasury bonds
$55,046 $55,052 22.0 %
U.S. agency bonds – mortgage-backed
29,918 26,651 10.6 %
AAA
84,455 82,703 33.0 %
AA+, AA, AA-
18,952 18,372