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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, 2023
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 November 3, 2023, 100,939,240 common shares were outstanding. 143,490,893 common shares, par value $0.01 per share, were outstanding when the ownership by our affiliate Maiden Reinsurance Ltd. of 42,405,553 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,
2023
December 31,
2022
ASSETS(Unaudited)(Audited)
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2023 - $270,900; 2022 - $330,439)
$258,106 $314,527 
Equity securities, at fair value (cost: 2023 - $41,488; 2022 - $40,509)
45,647 43,621 
Equity method investments79,400 80,159 
   Other investments (Allowance for expected credit losses: 2023 - $1,023)
166,222 148,753 
   Total investments549,375 587,060 
  Cash and cash equivalents17,930 30,986 
  Restricted cash and cash equivalents11,600 15,638 
  Accrued investment income5,486 4,122 
Reinsurance balances receivable, net: (includes $7,366 and $8,395 from related parties in 2023 and 2022, respectively. Allowance for expected credit losses: 2023 - $158)
10,416 10,707 
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $4,289)
558,777 556,116 
   Loan to related party167,975 167,975 
Deferred commission and other acquisition expenses (includes $18,220 and $23,632 from related parties in 2023 and 2022, respectively)
19,122 24,976 
Funds withheld receivable: (includes $213,051 and $416,835 from related parties in 2023 and 2022, respectively. Allowance for expected credit losses: 2023 - $17)
229,568 441,412 
  Other assets7,214 7,874 
Total assets
$1,577,463 $1,846,866 
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $783,595 and $988,684 from related parties in 2023 and 2022, respectively)
$911,475 $1,131,408 
Unearned premiums (includes $48,914 and $63,443 from related parties in 2023 and 2022, respectively)
50,691 67,081 
   Deferred gain on retroactive reinsurance58,837 47,708 
Accrued expenses and other liabilities (includes $21,960 and $33,278 from related parties in 2023 and 2022, respectively)
38,664 60,518 
   Senior notes - principal amount262,361 262,500 
Less: unamortized debt issuance costs7,802 6,928 
   Senior notes, net254,559 255,572 
Total liabilities
1,314,226 1,562,287 
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; 2023: 149,726,105 and 2022: 149,224,080 shares issued; 2023: 101,085,340 and 2022: 101,532,151 shares outstanding)
1,497 1,492 
   Additional paid-in capital885,748 884,259 
   Accumulated other comprehensive loss(38,893)(41,234)
   Accumulated deficit(466,164)(442,863)
Treasury shares, at cost (2023: 48,640,765 shares and 2022: 47,691,929 shares)
(118,951)(117,075)
Total shareholders’ equity
263,237 284,579 
Total liabilities and equity
$1,577,463 $1,846,866 
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,
2023202220232022
Revenues
Gross premiums written
$8,660 $5,380 $16,371 $(1,451)
Net premiums written
$8,625 $5,222 $16,260 $(1,915)
Change in unearned premiums
3,854 7,029 16,260 25,731 
Net premiums earned
12,479 12,251 32,520 23,816 
Other insurance (expense) revenue, net(16)368 3 888 
Net investment income
9,048 6,637 29,111 20,871 
Net realized and unrealized investment gains (losses)244 (1,572)2,394 2,848 
Total revenues
21,755 17,684 64,028 48,423 
Expenses
Net loss and loss adjustment expenses
15,156 17,426 36,503 22,017 
Commission and other acquisition expenses
5,340 5,398 14,520 12,811 
General and administrative expenses
6,787 6,491 23,734 24,671 
Interest and amortization expenses
4,814 4,833 13,411 14,498 
Foreign exchange and other (gains) losses(4,594)(8,586)843 (19,121)
Total expenses
27,503 25,562 89,011 54,876 
Loss before income taxes and interest in income (loss) of equity method investments(5,748)(7,878)(24,983)(6,453)
Less: income tax (benefit) expense(31)(91)(253)451 
Interest in income (loss) of equity method investments2,190 (373)6,942 (2,143)
Net loss(3,527)(8,160)(17,788)(9,047)
Gain from repurchase of preference shares   28,233 
Net (loss) income (attributable) available to Maiden common shareholders$(3,527)$(8,160)$(17,788)$19,186 
Basic and diluted (loss) earnings per share (attributable) available to common shareholders$(0.03)$(0.09)$(0.18)$0.22 
Weighted average number of common shares - basic101,454,767 87,161,499 101,586,759 86,935,823 
Adjusted weighted average number of common shares and assumed conversions - diluted101,454,767 87,161,499 101,586,759 86,937,552 

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,
2023202220232022
Net loss$(3,527)$(8,160)$(17,788)$(9,047)
Other comprehensive income (loss)
Net unrealized holdings gains (losses) on AFS securities arising during period338 (14,864)3,121 (56,446)
Net unrealized holdings gains on equity method investments arising during period   4,414 
Adjustment for reclassification of net realized gains recognized in net loss(3)(48)(3)(5,696)
Foreign currency translation adjustment(2,075)2,246 (741)18,094 
Other comprehensive (loss) income, before tax(1,740)(12,666)2,377 (39,634)
Income tax (expense) benefit related to components of other comprehensive (loss) income(17)53 (36)296 
Other comprehensive (loss) income, after tax(1,757)(12,613)2,341 (39,338)
Comprehensive loss$(5,284)$(20,773)$(15,447)$(48,385)

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,
2023202220232022
Preference shares - Series A, C and D
Beginning balance
$— $119,672 $ $159,210 
Repurchase of Preference Shares – Series A (10,891)
Repurchase of Preference Shares Series C
 (15,644)
Repurchase of Preference Shares Series D
 (13,003)
Ending balance
 119,672  119,672 
Common shares
Beginning balance
1,497 934 1,492 923 
Issuance of common shares from vesting of stock based compensation  5 11 
Ending balance
1,497 934 1,497 934 
Additional paid-in capital
Beginning balance
885,462 772,241 884,259 768,650 
Issuance of common shares from vesting of stock based compensation— — (5)(11)
Share-based compensation expense
286 233 1,401 2,504 
 Repurchase of preference shares  93 1,321 
Cash settlement of restricted shares/options granted   10 
Ending balance
885,748 772,474 885,748 772,474 
Accumulated other comprehensive loss
Beginning balance
(37,136)(38,940)(41,234)(12,215)
Change in net unrealized investment gains (losses)318 (14,859)3,082 (57,432)
Foreign currency translation adjustment
(2,075)2,246 (741)18,094 
Ending balance
(38,893)(51,553)(38,893)(51,553)
Accumulated deficit
Beginning balance
(462,637)(470,949)(442,863)(498,295)
 Opening allowance for expected credit losses— — (5,513) 
Net loss(3,527)(8,160)(17,788)(9,047)
Gain from repurchase of preference shares —  28,233 
Ending balance
(466,164)(479,109)(466,164)(479,109)
Treasury shares
Beginning balance
(117,896)(35,025)(117,075)(34,016)
Shares repurchased (1,055) (1,876)(1,009)
Ending balance
(118,951)(35,025)(118,951)(35,025)
Total shareholders' equity
$263,237 $327,393 $263,237 $327,393 
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 30,20232022
Cash flows from operating activities
Net loss$(17,788)$(9,047)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation, amortization and share-based compensation(890)1,628 
Interest in (income) loss of equity method investments(6,942)2,143 
Net realized and unrealized investment gains(2,394)(2,848)
Change in allowance for expected credit losses(23) 
Foreign exchange and other losses (gains)843 (19,121)
Changes in assets (increase) decrease:
Reinsurance balances receivable, net177 6,163 
Reinsurance recoverable on unpaid losses4,060 6,238 
Accrued investment income(1,391)635 
Deferred commission and other acquisition expenses5,797 9,192 
Funds withheld receivable1,683 1,037 
Other assets411 (235)
Changes in liabilities increase (decrease):
Reserve for loss and loss adjustment expenses(9,086)(179,627)
Unearned premiums(16,264)(25,725)
Deferred gain on retroactive reinsurance (270)
Accrued expenses and other liabilities(24,190)110,004 
Net cash used in operating activities(65,997)(99,833)
Cash flows from investing activities:
Purchases of fixed maturities (47,373)(34,022)
Purchases of other investments(33,287)(28,225)
Purchases of equity method investments(10,288)(26,483)
Purchases of equity securities(1,448)(15,592)
Proceeds from sales of fixed maturities 64,126 139,645 
Proceeds from maturities, paydowns and calls of fixed maturities43,903 48,003 
Proceeds from sale and redemption of other investments17,229 3,794 
Proceeds from sale and redemption of equity method investments17,843 32,332 
Proceeds from sale and redemption of equity securities469  
Others, net(37)(73)
Net cash provided by investing activities51,137 119,379 
Cash flows from financing activities:
Repurchase of common shares(1,876)(1,009)
Repurchase of preference shares (9,984)
Repurchase of senior notes(95) 
Cash settlement of restricted shares granted and options exercised 10 
Net cash used in financing activities(1,971)(10,983)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents (263)(2,152)
Net (decrease) increase in cash, restricted cash and cash equivalents(17,094)6,411 
Cash, restricted cash and cash equivalents, beginning of period46,624 66,087 
Cash, restricted cash and cash equivalents, end of period$29,530 $72,498 
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period$17,930 $24,376 
Restricted cash and cash equivalents, end of period11,600 48,122 
Total cash, restricted cash and cash equivalents, end of period$29,530 $72,498 
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, 2022. 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. We are currently underwriting reinsurance risks on a retroactive basis through our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which provides a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core to operations. GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives. We expect this legacy solutions business to contribute to our active asset and capital management strategies. 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. Insurance support services are provided to Maiden LF and Maiden GF by our wholly owned subsidiary services company, Maiden Global Holdings Ltd. (“Maiden Global”), which is also 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 the European Union ("EU") 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”).
The Company also has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust Financial Services, Inc. ("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 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, 2022 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, 2022, except for the following:
Recently Adopted Accounting Standards
Accounting for Measurement of Credit Losses on Financial Instruments
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13 "Financial Instruments: Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset.
ASU 2016-13 also modified the accounting for available-for-sale ("AFS") debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the previous other-than-temporarily-impaired ("OTTI") methodology.
In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20, regardless of the measurement basis of those recoverables. The Company's reinsurance recoverable on unpaid losses is currently the most significant financial asset within the scope of ASU 2016-13.
Topic 326 was adopted by the Company on January 1, 2023 and an opening allowance for expected credit losses of $5,513 was recognized by the Company in the beginning retained earnings on January 1, 2023.
Credit Losses - AFS Fixed Maturity Securities
An AFS fixed maturity security is considered impaired if the fair value of the investment is below its amortized cost. On a quarterly basis, the Company evaluates all AFS fixed maturities for impairment losses. If an AFS fixed maturity security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged immediately to net income (loss) and is included in net investment gains (losses).
If the Company does not intend to sell or will not be required to sell the impaired security before its anticipated recovery, the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss impairment or other factors. If the Company does not anticipate to fully recover the amortized cost, an allowance for expected credit losses is established. The allowance for expected credit losses is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses).
On a quarterly basis, the Company assesses whether unrealized losses on its AFS fixed maturity securities represent credit impairments by considering the following factors: the extent to which its fair value is less than its amortized cost; adverse conditions related to the specific security, industry, or geographical area; any recent downgrades in the security's credit rating by a credit rating agency; and if failure of the issuer to make scheduled principal or interest payments exists.
The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss impairment exists. If a security is assessed to be credit impaired, it is subject to discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, then a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss related to changes in interest rates and market conditions is recognized in other comprehensive income. The Company reports accrued interest receivable related to AFS securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible.
Based on the Company's analysis, there was no allowance for expected credit losses recognized on AFS securities held at September 30, 2023.
Credit Losses - Other Investments
The Company's investments in direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income or loss when determined to be needed from the Company's analysis of expected future cash flows. As of September 30, 2023, the total allowance for expected credit losses on the Company's investment in direct lending entities was $1,023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment.
9

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 (continued)
Credit Losses - Reinsurance Recoverable on Unpaid Losses
Reinsurance recoverable balances are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that the Company deems unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers both current and forecasted economic conditions in the determination of the credit loss allowance.
The Company records credit loss expenses related to reinsurance recoverable in net incurred losses and loss adjustment expenses in the Company’s condensed consolidated statements of income. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of September 30, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $4,289 which is discussed in more detail in "Note 8. Reinsurance".
Credit Losses - Reinsurance Balances Receivable
Reinsurance balances receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of premium balances receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of September 30, 2023, the total allowance for expected credit losses on the Company's reinsurance balances receivable was $158.
Credit Losses - Funds Withheld Receivable
Funds withheld receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of funds withheld receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of September 30, 2023, the total allowance for expected credit losses on the Company's funds withheld receivable was $17.
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
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 loss for the three months ended September 30, 2023 and 2022, respectively:
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)$(8,369)(10,910)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains9,292 
Interest and amortization expenses
(4,814)
Foreign exchange and other gains, net4,594 
Other general and administrative expenses
(3,910)
Income tax benefit31 
Interest in income of equity method investments2,190 
Net loss$(3,527)
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 Three Months Ended September 30, 2022Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$6,185 $(805)$5,380 
Net premiums written
$6,027 $(805)$5,222 
Net premiums earned
$6,932 $5,319 $12,251 
Other insurance revenue
368  368 
Net loss and LAE
(1,965)(15,461)(17,426)
Commission and other acquisition expenses
(3,394)(2,004)(5,398)
General and administrative expenses
(1,901)(521)(2,422)
Underwriting income (loss)$40 $(12,667)(12,627)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses5,065 
Interest and amortization expenses
(4,833)
Foreign exchange and other gains, net8,586 
Other general and administrative expenses
(4,069)
Income tax benefit91 
Interest in loss from equity method investments(373)
Net loss$(8,160)


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, 2023 and 2022, respectively:
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 $32,520 
Other insurance revenue3  3 
Net loss and LAE
(11,126)(25,377)(36,503)
Commission and other acquisition expenses
(10,544)(3,976)(14,520)
General and administrative expenses
(7,863)(2,062)(9,925)
Underwriting loss$(7,648)$(20,777)(28,425)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains31,505 
Interest and amortization expenses
(13,411)
Foreign exchange and other losses, net(843)
Other general and administrative expenses
(13,809)
Income tax benefit253 
Interest in income from equity method investments6,942 
Net loss$(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)
For the Nine Months Ended September 30, 2022Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$17,069 $(18,520)$(1,451)
Net premiums written
$16,605 $(18,520)$(1,915)
Net premiums earned
$20,012 $3,804 $23,816 
Other insurance revenue
888  888 
Net loss and LAE
(2,945)(19,072)(22,017)
Commission and other acquisition expenses
(10,684)(2,127)(12,811)
General and administrative expenses
(7,007)(2,281)(9,288)
Underwriting income (loss)$264 $(19,676)(19,412)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains23,719 
Interest and amortization expenses
(14,498)
Foreign exchange and other gains, net19,121 
Other general and administrative expenses
(15,383)
Income tax expense(451)
Interest in loss from equity method investments(2,143)
Net loss$(9,047)

The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at September 30, 2023 and December 31, 2022:
September 30, 2023Diversified ReinsuranceAmTrust ReinsuranceTotal
Total assets - reportable segments
$84,773 $1,067,057 $1,151,830 
Corporate assets
  425,633 
Total Assets
$84,773 $1,067,057 $1,577,463 
December 31, 2022Diversified ReinsuranceAmTrust ReinsuranceTotal
Total assets - reportable segments
$97,290 $1,342,852 $1,440,142 
Corporate assets
  406,724 
Total Assets
$97,290 $1,342,852 $1,846,866 


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, 2023 and 2022:
For the Three Months Ended September 30,20232022
Net premiums written
TotalTotal
Diversified Reinsurance
International
$6,727 $6,027 
Total Diversified Reinsurance
6,727 6,027 
AmTrust Reinsurance
Small Commercial Business
(160)(636)
Specialty Program
 (43)
Specialty Risk and Extended Warranty
2,058 (126)
Total AmTrust Reinsurance
1,898 (805)
Total Net Premiums Written
$8,625 $5,222 
For the Nine Months Ended September 30,20232022
Net premiums writtenTotalTotal
Diversified Reinsurance
International$20,152 $16,605 
Total Diversified Reinsurance20,152 16,605 
AmTrust Reinsurance
Small Commercial Business
(318)(15,007)
Specialty Program
157 732 
Specialty Risk and Extended Warranty
(3,731)(4,245)
Total AmTrust Reinsurance
(3,892)(18,520)
Total Net Premiums Written
$16,260 $(1,915)

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, 2023 and 2022:
For the Three Months Ended September 30,20232022
Net premiums earned
TotalTotal
Diversified Reinsurance
International
$7,207 $6,932 
Total Diversified Reinsurance
7,207 6,932 
AmTrust Reinsurance
Small Commercial Business
(160)(636)
Specialty Program
 (43)
Specialty Risk and Extended Warranty
5,432 5,998 
Total AmTrust Reinsurance
5,272 5,319 
Total Net Premiums Earned
$12,479 $12,251 
For the Nine Months Ended September 30,20232022
Net premiums earnedTotalTotal
Diversified Reinsurance
International$21,882 $20,012 
Total Diversified Reinsurance21,882 20,012 
AmTrust Reinsurance
Small Commercial Business
(318)(14,995)
Specialty Program
157 733 
Specialty Risk and Extended Warranty
10,799 18,066 
Total AmTrust Reinsurance
10,638 3,804 
Total Net Premiums Earned
$32,520 $23,816 

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, 2023 and December 31, 2022 are as follows:
September 30, 2023Original or amortized costGross unrealized gainsGross unrealized lossesFair value
U.S. treasury bonds
$47,633 $2 $(23)$47,612 
U.S. agency bonds – mortgage-backed
36,009  (5,602)30,407 
Collateralized mortgage-backed securities6,199  (360)5,839 
Non-U.S. government bonds14,551  (729)13,822 
Collateralized loan obligations89,346  (2,374)86,972 
Corporate bonds
77,162  (3,708)73,454 
Total fixed maturity investments
$270,900 $2 $(12,796)$258,106 

December 31, 2022Original or amortized costGross unrealized gainsGross unrealized lossesFair value
U.S. treasury bonds
$55,647 $1 $(116)$55,532 
U.S. agency bonds – mortgage-backed
38,767  (4,402)34,365 
Collateralized mortgage-backed securities7,199  (432)6,767 
Non-U.S. government bonds12,643  (825)11,818 
Collateralized loan obligations119,120  (5,028)114,092 
Corporate bonds
97,063  (5,110)91,953 
Total fixed maturity investments
$330,439 $1 $(15,913)$314,527 
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, 2023Amortized costFair value
Due in one year or less
$80,291 $79,644 
Due after one year through five years
50,293 47,306 
Due after five years through ten years
8,762 7,938 
139,346 134,888 
U.S. agency bonds – mortgage-backed
36,009 30,407 
Collateralized mortgage-backed securities6,199 5,839 
Collateralized loan obligations89,346 86,972 
Total fixed maturity investments
$270,900 $258,106 

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, 2023Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
U.S. treasury bonds
$2,648 $(7)$984 $(16)$3,632 $(23)
U.S. agency bonds – mortgage-backed
  30,407 (5,602)30,407 (5,602)
Collateralized mortgage-backed securities  5,839 (360)5,839 (360)
Non-U.S. government bonds2,078  11,744 (729)13,822 (729)
Collateralized loan obligations  86,972 (2,374)86,972 (2,374)
Corporate bonds
  73,454 (3,708)73,454 (3,708)
Total temporarily impaired fixed maturities
$4,726 $(7)$209,400 $(12,789)$214,126 $(12,796)
At September 30, 2023, there were 75 securities in an unrealized loss position with a fair value of $214,126 and unrealized losses of $12,796. Of these securities in an unrealized loss position, there were 70 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $209,400 and unrealized losses of $12,789.
Less than 12 Months12 Months or MoreTotal
December 31, 2022Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
U.S. treasury bonds
$53,094 $(114)$148 $(2)$53,242 $(116)
U.S. agency bonds – mortgage-backed
31,394 (3,697)2,971 (705)34,365 (4,402)
Collateralized mortgage-backed securities6,767 (432)  6,767 (432)
Non-U.S. government bonds11,818 (825)  11,818 (825)
Collateralized loan obligations17,959 (1,032)96,133 (3,996)114,092 (5,028)
Corporate bonds
87,213 (4,325)4,740 (785)91,953 (