Maiden Holdings, Ltd. Provides Earnings Guidance for the Year 2016
February 14, 2017 at 04:30 pm EST
Share
Maiden Holdings, Ltd. provided earnings guidance for the year 2016. Maiden expects to report a modest level of operating and net income for the full year. Absent the impact of commercial auto adverse development and reserve strengthening in 2016, Maiden would have generated profitable underwriting results for the year. Maiden does not anticipate any change to its quarterly dividend policy. The company announced that its fourth quarter 2016 results will include a reserve charge of approximately $120 million relative to the Company’s projected December 31, 2016 reserve balance of approximately $2.9 billion. The $120 million charge, which is primarily from its commercial auto business, includes both a provision to substantially strengthen reserves as well as adverse development realized during the fourth quarter.
Maiden Holdings, Ltd. is a Bermuda-based holding company. The Company is engaged in the ownership and management of businesses and assets in the insurance and related financial services industries. The Company also provides a range of legacy services to small insurance companies, 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 that enable its clients to meet their capital and risk management objectives. Its Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance businesses focusing on regional and specialty property and casualty insurance companies located primarily in Europe. Its AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance Ltd. (Maiden Reinsurance) by AmTrust Financial Services, Inc. (AmTrust).