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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 March 31, 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 filerAccelerated filer
Non-accelerated filerSmaller 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 May 4, 2024, 100,209,450 common shares were outstanding. 143,625,719 common shares, par value $0.01 per share, were outstanding when the ownership by our affiliate Maiden Reinsurance Ltd. of 43,416,269 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)
March 31,
2024
December 31,
2023
ASSETS(Unaudited)(Audited)
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2024 - $266,368; 2023 - $258,536)
$259,451 $250,601 
Equity securities, at fair value (Cost: 2024 - $43,439; 2023 - $43,439)
44,428 45,299 
Equity method investments82,159 80,929 
   Other investments (Allowance for expected credit losses: 2024 - $1,023; 2023 - $1,023)
200,388 182,811 
   Total investments586,426 559,640 
  Cash and cash equivalents20,721 35,412 
  Restricted cash and cash equivalents9,449 7,266 
  Accrued investment income3,927 4,532 
Reinsurance balances receivable, net (includes $7,882 and $9,201 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $145; 2023 - $187)
11,552 12,450 
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,438; 2023 - $3,240)
569,346 564,331 
   Loan to related party167,975 167,975 
Deferred commission and other acquisition expenses (includes $15,144 and $16,605 from related parties in 2024 and 2023, respectively)
15,990 17,566 
Funds withheld receivable (includes $61,016 and $128,451 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $18; 2023 - $19)
77,089 143,985 
  Other assets6,496 5,777 
Total assets
$1,468,971 $1,518,934 
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $700,127 and $752,991 from related parties in 2024 and 2023, respectively)
$813,879 $867,433 
Unearned premiums (includes $40,655 and $44,577 from related parties in 2024 and 2023, respectively)
42,108 46,260 
   Deferred gain on retroactive reinsurance78,222 73,240 
Accrued expenses and other liabilities (includes $15,347 and $10,781 from related parties in 2024 and 2023, respectively)
30,766 28,244 
   Senior notes - principal amount262,361 262,361 
Less: unamortized debt issuance costs7,725 7,764 
   Senior notes, net254,636 254,597 
Total liabilities
1,219,611 1,269,774 
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; 2024: 150,134,586 and 2023: 149,732,355 shares issued; 2024: 100,393,538 and 2023: 100,472,120 shares outstanding)
1,501 1,497 
   Additional paid-in capital886,432 886,072 
   Accumulated other comprehensive loss(32,191)(31,469)
   Accumulated deficit(485,486)(486,945)
Treasury shares, at cost (2024: 49,741,048 shares and 2023: 49,260,235 shares)
(120,896)(119,995)
Total shareholders’ equity
249,360 249,160 
Total liabilities and equity
$1,468,971 $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 March 31,
20242023
Revenues
Gross premiums written
$8,323 $836 
Net premiums written
$8,314 $760 
Change in unearned premiums
4,094 8,242 
Net premiums earned
12,408 9,002 
Other insurance revenue (expense), net
46 (59)
Net investment income
7,700 9,545 
Net realized and unrealized investment gains
8,750 1,005 
Total revenues
28,904 19,493 
Expenses
Net loss and loss adjustment expenses
11,625 9,815 
Commission and other acquisition expenses
5,593 4,235 
General and administrative expenses
8,060 10,108 
Interest and amortization expenses
4,815 3,824 
Foreign exchange and other (gains) losses
(2,053)2,816 
Total expenses
28,040 30,798 
Income (loss) before income taxes and interest in income (loss) of equity method investments
864 (11,305)
Less: income tax expense (benefit)
11 (28)
Interest in income (loss) of equity method investments
606 (51)
Net income (loss)
$1,459 $(11,328)
Basic and diluted earnings (loss) per share available (attributable) to common shareholders
$0.01 $(0.11)
Weighted average number of common shares - basic and diluted100,457,125 101,552,364 

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 March 31,
20242023
Net income (loss)$1,459 $(11,328)
Other comprehensive (loss) income
Net unrealized holdings gains on AFS securities arising during period
1,018 1,936 
Foreign currency translation adjustment(1,736)568 
Other comprehensive (loss) income, before tax(718)2,504 
Income tax expense related to components of other comprehensive (loss) income(4)(30)
Other comprehensive (loss) income, after tax(722)2,474 
Comprehensive income (loss)
$737 $(8,854)

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 March 31,
20242023
Common shares
Beginning balance
$1,497 $1,492 
Issuance of common shares from vesting of stock based compensation4 4 
Ending balance
1,501 1,496 
Additional paid-in capital
Beginning balance
886,072 884,259 
Issuance of common shares from vesting of stock based compensation(4)(4)
Share-based compensation expense
364 777 
Exchange of preference shares— 93 
Ending balance
886,432 885,125 
Accumulated other comprehensive loss
Beginning balance
(31,469)(41,234)
Change in net unrealized investment gains
1,014 1,906 
Foreign currency translation adjustment
(1,736)568 
Ending balance
(32,191)(38,760)
Accumulated deficit
Beginning balance
(486,945)(442,863)
 Opening allowance for expected credit losses— (5,513)
Net income (loss)1,459 (11,328)
Ending balance
(485,486)(459,704)
Treasury shares
Beginning balance
(119,995)(117,075)
Shares repurchased (901)(288)
Ending balance
(120,896)(117,363)
Total shareholders' equity
$249,360 $270,794 
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 Three Months Ended March 31,20242023
Cash flows from operating activities
Net income (loss)
$1,459 $(11,328)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation, amortization and share-based compensation(479)(579)
Interest in (income) loss of equity method investments
(606)51 
Net realized and unrealized investment gains
(8,750)(1,005)
Change in allowance for expected credit losses(842)(32)
Foreign exchange and other (gains) losses
(2,053)2,816 
Changes in assets (increase) decrease:
Reinsurance balances receivable, net673 269 
Reinsurance recoverable on unpaid losses692 906 
Accrued investment income573 (1,297)
Deferred commission and other acquisition expenses1,539 2,967 
Funds withheld receivable14,325 958 
Other assets(707)(362)
Changes in liabilities increase (decrease):
Reserve for loss and loss adjustment expenses4,131 4,597 
Unearned premiums(4,088)(8,242)
Accrued expenses and other liabilities2,182 (10,066)
Net cash provided by (used in) operating activities
8,049 (20,347)
Cash flows from investing activities:
Purchases of fixed maturities (165,478)(2,709)
Purchases of other investments(8,204)(8,552)
Purchases of equity method investments(2,727)(2,329)
Purchases of equity securities (1,000)
Proceeds from sales of fixed maturities 23,835 954 
Proceeds from maturities, paydowns and calls of fixed maturities130,876 8,014 
Proceeds from sale and redemption of other investments466 10,318 
Proceeds from sale and redemption of equity method investments1,618 10,579 
Others, net(122)(8)
Net cash (used in) provided by investing activities
(19,736)15,267 
Cash flows from financing activities:
Repurchase of common shares(673)(288)
Net cash used in financing activities
(673)(288)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents (148)105 
Net decrease in cash, restricted cash and cash equivalents
(12,508)(5,263)
Cash, restricted cash and cash equivalents, beginning of period42,678 46,624 
Cash, restricted cash and cash equivalents, end of period$30,170 $41,361 
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period$20,721 $24,194 
Restricted cash and cash equivalents, end of period9,449 17,167 
Total cash, restricted cash and cash equivalents, end of period$30,170 $41,361 
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 transaction with AmTrust Nordic AB ("AmTrust Nordic"), a Swedish unit of AmTrust Financial Services, Inc. ("AmTrust") which is expected to cover the majority of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries. The Company anticipates entering into additional renewal rights agreements with other AmTrust entities for certain business written by Maiden GF and Maiden LF in the United Kingdom and Ireland. Please see "Note 14. Subsequent Events" for further details on this transaction.
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 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, AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("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 income (loss) for the three months ended March 31, 2024 and 2023, respectively:
For the Three Months Ended March 31, 2024Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$8,828 $(505)$8,323 
Net premiums written
$8,819 $(505)$8,314 
Net premiums earned
$8,991 $3,417 $12,408 
Other insurance revenue
46  46 
Net loss and LAE(2,924)(8,701)(11,625)
Commission and other acquisition expenses
(4,295)(1,298)(5,593)
General and administrative expenses
(2,090)(670)(2,760)
Underwriting loss
$(272)$(7,252)(7,524)
Reconciliation to net income
Net investment income and net realized and unrealized investment gains
16,450 
Interest and amortization expenses
(4,815)
Foreign exchange and other gains, net
2,053 
Other general and administrative expenses
(5,300)
Income tax expense
(11)
Interest in income of equity method investments
606 
Net income
$1,459 
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 March 31, 2023Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$6,849 $(6,013)$836 
Net premiums written
$6,773 $(6,013)$760 
Net premiums earned
$7,471 $1,531 $9,002 
Other insurance expense
(59) (59)
Net loss and LAE
(3,156)(6,659)(9,815)
Commission and other acquisition expenses
(3,656)(579)(4,235)
General and administrative expenses
(2,589)(557)(3,146)
Underwriting loss
$(1,989)$(6,264)(8,253)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains
10,550 
Interest and amortization expenses
(3,824)
Foreign exchange and other losses, net
(2,816)
Other general and administrative expenses
(6,962)
Income tax benefit
28 
Interest in loss from equity method investments
(51)
Net loss
$(11,328)

The following tables summarize the financial position of the Company's reportable segments including a reconciliation to the Company's consolidated total assets at March 31, 2024 and December 31, 2023:
March 31, 2024Diversified ReinsuranceAmTrust ReinsuranceTotal
Reinsurance balances receivable, net
$3,530 $7,882 $11,412 
Reinsurance recoverable on unpaid losses
5,472 520,780 526,252 
Deferred commission and other acquisition expenses
846 15,144 15,990 
Loan to related party
 167,975 167,975 
Restricted cash and cash equivalents and investments
70,556 156,202 226,758 
Funds withheld receivable
16,073 61,016 77,089 
Other assets
582  582 
Total assets - reportable segments
97,059 928,999 1,026,058 
Corporate assets
  442,913 
Total Assets
$97,059 $928,999 $1,468,971 
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 
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)
The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2024 and 2023:
For the Three Months Ended March 31,20242023
Net premiums written
TotalTotal
Diversified Reinsurance
International
$8,819 $6,773 
Total Diversified Reinsurance
8,819 6,773 
AmTrust Reinsurance
Small Commercial Business
(492)(83)
Specialty Program
(15)156 
Specialty Risk and Extended Warranty
2 (6,086)
Total AmTrust Reinsurance
(505)(6,013)
Total Net Premiums Written
$8,314 $760 
The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three months ended March 31, 2024 and 2023:
For the Three Months Ended March 31,20242023
Net premiums earned
TotalTotal
Diversified Reinsurance
International
$8,991 $7,471 
Total Diversified Reinsurance
8,991 7,471 
AmTrust Reinsurance
Small Commercial Business
(492)(83)
Specialty Program
(15)156 
Specialty Risk and Extended Warranty
3,924 1,458 
Total AmTrust Reinsurance
3,417 1,531 
Total Net Premiums Earned
$12,408 $9,002 

12

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 March 31, 2024 and December 31, 2023 are as follows:
March 31, 2024Original or amortized costGross unrealized gainsGross unrealized lossesFair value
U.S. treasury bonds
$66,447 $ $(3)$66,444 
U.S. agency bonds – mortgage-backed
29,221  (3,603)25,618 
Non-U.S. government bonds42,029 6 (462)41,573 
Collateralized loan obligations63,960  (765)63,195 
Corporate bonds
64,711  (2,090)62,621 
Total fixed maturity investments
$266,368 $6 $(6,923)$259,451 

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 $1,370 at March 31, 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 three months ended March 31, 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.
March 31, 2024Amortized costFair value
Due in one year or less
$139,186 $138,553 
Due after one year through five years
30,458 28,973 
Due after five years through ten years
3,543 3,112 
173,187 170,638 
U.S. agency bonds – mortgage-backed
29,221 25,618 
Collateralized loan obligations63,960 63,195 
Total fixed maturity investments
$266,368 $259,451 



13

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
March 31, 2024Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
U.S. treasury bonds
$46,011 $(3)$ $ $46,011 $(3)
U.S. agency bonds – mortgage-backed
  25,618 (3,603)25,618 (3,603)
Non-U.S. government bonds10,700 (9)10,109 (453)20,809 (462)
Collateralized loan obligations  63,195 (765)63,195 (765)
Corporate bonds
  62,621 (2,090)62,621 (2,090)
Total temporarily impaired fixed maturities
$56,711 $(12)$161,543 $(6,911)$218,254 $(6,923)
At March 31, 2024, there were 57 securities in an unrealized loss position with a fair value of $218,254 and unrealized losses of $6,923. Of these securities in an unrealized loss position, there were 52 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $161,543 and unrealized losses of $6,911.
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 March 31, 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 March 31, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not 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 months ended March 31, 2024 and 2023.


14

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 March 31, 2024 and December 31, 2023:
March 31, 2024Amortized costFair value% of Total
fair value
U.S. treasury bonds
$66,447 $66,444 25.6 %
U.S. agency bonds – mortgage-backed
29,221 25,618 9.9 %
AAA
74,228 73,452 28.3 %
AA+, AA, AA-
29,096 28,582 11.0 %
A+, A, A-
33,836 32,588 12.6 %
BBB+, BBB, BBB-
28,145 27,453 10.6 %
BB+ or lower
5,395 5,314 2.0 %
Total fixed maturities (1)
$266,368 $259,451 100.0 %

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 7.3 %
A+, A, A-
33,060 31,810 12.7 %
BBB+, BBB, BBB-
31,585 30,631 12.2 %
BB+ or lower
5,520 5,382 2.2 %
Total fixed maturities(1)
$258,536 $250,601 100.0 %
(1)Ratings above are based on Standard & Poor’s ("S&P"), or equivalent, ratings.

b)Other Investments, Equity Securities and Equity Method Investments
Certain of the Company's other investments and equity method investments 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. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no guarantee that we will be able to execute a sale in a timely manner. In addition, even if certain other investments and equity method investments are not eligible for redemption or sales are restricted, the Company may still receive income distributions from those investments.
Other investments
The table shows the composition of the Company's other investments as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Carrying value% of Total Carrying value% of Total
Private equity funds$53,757 26.8 %$47,383 25.9 %
Private credit investments29,220 14.6 %27,806 15.2 %
Privately held equity investments44,768 22.3 %38,617 21.1 %
Total other investments at fair value127,745 63.7 %113,806 62.2 %
Investments in direct lending entities (at cost)72,643 36.3 %69,005 37.8 %
Total other investments$200,388 100.0 %$182,811 100.0 %
The Company's collateralized investments in direct lending entities of $72,643 at March 31, 2024 (December 31, 2023 - $69,005) are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined. An allowance for expected credit losses of $1,023 was reported on the investments in direct lending entities as at March 31, 2024 and December 31, 2023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment.
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 (continued)
Equity Securities
Equity securities include publicly traded equity investments in common stocks and privately held equity investments in common and preferred stocks. The Company's publicly traded equity investments in common stocks trade on major exchanges. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments.
The following table provides the cost and fair values of the equity securities held at March 31, 2024 and December 31, 2023:
 March 31, 2024December 31, 2023
CostFair ValueCostFair Value
Privately held common stocks$34,549 $34,400 $34,549 $35,272 
Privately held preferred stocks8,800 9,946 8,800 9,946 
Publicly traded equity investments in common stocks90 82 90 81 
Total equity securities$43,439 $44,428 $43,439 $45,299 
With the exception of the publicly traded equity investments in common stocks presented in the table above, all of the privately held securities held at March 31, 2024 are subject to contractual sale restrictions. Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely. The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available.
 Fair Value Remaining duration of restrictionsNature of contractual sale restrictionsCircumstances that could cause a lapse in restrictions
Privately held common stocks$34,400 IndefiniteThe Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available
Privately held preferred stocks9,946 IndefiniteThe Purchaser must hold the restricted shares indefinitelyRegistration of securities with the SEC or if exemption is available
Total equity securities subject to contractual sale restrictions$44,346  

Equity Method Investments
The equity method investments currently include real estate investments and other investments. The table below shows the carrying value of the Company's equity method investments as of March 31, 2024 and December 31, 2023:
 March 31, 2024December 31, 2023
Carrying Value% of TotalCarrying Value% of Total
Real estate investments$52,614 64.0 %$49,897 61.7 %
Other investments29,545 36.0 %31,032 38.3 %
Total equity method investments$82,159 100.0 %$80,929 100.0 %
The equity method investments above include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs, therefore, the Company is not the primary beneficiary of these VIEs. The Company is deemed to have limited influence over the operating and financial policies of the investee and accordingly, these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these condensed consolidated financial statements.

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)
c)Net Investment Income
Net investment income was derived from the following sources for the three months ended March 31, 2024 and 2023:
For the Three Months Ended March 31,
20242023
Fixed maturities
$2,440 $2,418 
Income on funds withheld901 3,335 
Interest income from loan to related party3,070 2,698 
Cash and cash equivalents1,381 1,193 
7,792 9,644 
Investment expenses
(92)(99)
Net investment income
$7,700 $9,545 
d) Net Realized and Unrealized Investment Gains (Losses)
Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023:
For the Three Months Ended March 31, 2024Gross gainsGross lossesNet
Fixed maturities
$ $(218)$(218)
Equity securities146 (1,017)(871)
Other investments11,324 (1,485)9,839 
Net realized and unrealized investment gains (losses)$11,470 $(2,720)$8,750 
For the Three Months Ended March 31, 2023Gross gainsGross lossesNet
Equity securities$1,024 $(378)$646 
Other investments
1,641 (1,282)359 
Net realized and unrealized investment gains (losses)$2,665 $(1,660)$1,005 
Realized and unrealized gains and losses from equity securities detailed above include both sales and distributions of equity securities and unrealized gains and losses coming from fair value changes. Unrealized (losses) gains recognized for equity securities still held at reporting date for the three months ended March 31, 2024 and 2023, respectively, included:
For the Three Months Ended March 31,
 20242023
Net (losses) gains recognized for equity securities$(871)$646 
Net gains recognized for equity securities divested (176)
Unrealized (losses) gains recognized for equity securities still held at reporting date$(871)$470 
Proceeds from sales of fixed maturity investments were $23,835 for the three months ended March 31, 2024 (2023 - $954). Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at March 31, 2024 and December 31, 2023, respectively:
March 31, 2024December 31, 2023
Net unrealized losses on fixed maturity investments
$(6,917)$(7,935)
Deferred income tax
147 151 
Net unrealized losses, net of deferred income tax
$(6,770)$(7,784)
Change, net of deferred income tax
$1,014 $7,884 

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)
e)Restricted Cash and Cash Equivalents and Investments
The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of restricted assets at March 31, 2024 and December 31, 2023 are:
March 31, 2024December 31, 2023
  Restricted cash – third party agreements$5,643 $6,019 
  Restricted cash – related party agreements3,806 1,247 
  Total restricted cash9,449 7,266 
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2024 – $67,490; 2023 – $63,299)
64,913 61,192 
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2024 – $155,319; 2023 – $155,546)
152,396 151,416 
Total restricted investments
217,309 212,608 
Total restricted cash and investments
$226,758 $219,874 
18

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
5. Fair Value of Financial Instruments
(a) Fair Values of Financial Instruments
Fair Value Measurements — Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs:
Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; and publicly traded equity securities;
Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and
Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer.
The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy.
The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified between hierarchy levels.
For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives the quoted market prices from a third party nationally recognized provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value.
If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.
ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at March 31, 2024 and December 31, 2023.
U.S. government and U.S. agency bonds — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy.
Non-U.S. government bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government bonds are observable market inputs, the fair values of non-U.S. government bonds are included in the Level 2 fair value hierarchy.



19

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
5. Fair Value of Financial Instruments (continued)
Collateralized loan obligations ("CLO") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy.
Commercial mortgage-backed securities ("CMBS") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair values are included in the Level 2 fair value hierarchy.
Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy.
Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks. The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy.
Other investments — Includes unquoted investments comprised of the following types of investments:
Privately held investments: These are direct equity investments in common and preferred shares of privately held entities. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus are included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation.
Private credit investments: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient.
Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values are therefore measured using the NAV as a practical expedient.
Derivative Instruments - The Company entered into a reinsurance contract that is accounted for as a derivative. This reinsurance contract provides indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers this contract to be part of its underwriting operations. This derivative is initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of this derivative is determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this derivative. The fair value changes in underwriting-related derivative instruments is included within other insurance revenue (expense), net.
The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities. A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3 in the fair value hierarchy.
(b) Fair Value Hierarchy
The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuation methodology whenever available. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active trading markets and the lowest priority to unobservable inputs that reflect significant market assumptions.





20

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
5. Fair Value of Financial Instruments (continued)
At March 31, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:
March 31, 2024Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Fair Value Based on NAV Practical ExpedientTotal Fair Value
Fixed maturities
U.S. treasury bonds$66,444 $ $ $— $66,444