MAIDEN HOLDINGS, LTD. (NASDAQ:MHLD) Files An 8-K Results of Operations and Financial Condition
Item 2.02
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Results of Operations and Financial Condition.
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On February 27, 2017, Maiden Holdings, Ltd. (the Company) issued a
press release announcing its results of operations for the fiscal
quarter ended December 31, 2016. A copy of the press release is
furnished herewith as Exhibit 99.1 and incorporated herein by
reference.
press release announcing its results of operations for the fiscal
quarter ended December 31, 2016. A copy of the press release is
furnished herewith as Exhibit 99.1 and incorporated herein by
reference.
The information contained in this Item 2.02 and in the accompanying
exhibit shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act) or
otherwise subject to the liabilities of that section, or
incorporated by reference in any filing under the Exchange Act or
the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in such filing.
exhibit shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act) or
otherwise subject to the liabilities of that section, or
incorporated by reference in any filing under the Exchange Act or
the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in such filing.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibit
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Exhibit
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No.
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Description
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99.1
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Press Release of Maiden Holdings, Ltd., dated February
27, 2017 |
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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Date:
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February 28, 2017
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MAIDEN HOLDINGS, LTD.
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By:
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/s/ Lawrence F. Metz
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Lawrence F. Metz
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Executive Vice President, General Counsel and
Secretary
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EXHIBIT INDEX
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Exhibit
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No.
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Description
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99.1
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Press Release of Maiden Holdings, Ltd., dated February
28, 2017 |
Exhibit 99.1
!["logo1a10.jpg"](/"logo1a10.jpg/")
PRESS RELEASE
Maiden Holdings, Ltd. Announces Fourth Quarter and Year-End 2016
Financial Results
Financial Results
Highlights for the quarter ended December 31, 2016
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Net loss attributable to Maiden common shareholders of $74.7
million, or $0.87 per diluted common share compared with net income attributable to Maiden common shareholders of $24.7 million, or $0.32 per diluted common share(8)>in the fourth quarter of 2015; |
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Net operating loss(1)>of
$69.7 million, or $0.81 per diluted common share compared with net operating earnings of $26.4 million, or $0.34 per diluted common share in the fourth quarter of 2015; |
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Fourth quarter results reflect a previously announced reserve
charge of $120.4 million, including: |
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$56.9 million in the Diversified Reinsurance segment due to
commercial auto; |
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$52.0 million in the AmTrust Reinsurance segment primarily
within AmTrusts Specialty Program segment due to adverse development in commercial auto and general liability lines of business; |
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$11.5 million in the other category to reflect additional
reserves for Maidens former client, National General Holdings Corporation. |
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Excluding the impact of the $120.4 million reserve charge,
Maiden would have reported fourth quarter 2016 net income attributable to Maiden common shareholders of $45.7 million, or $0.52 per diluted share and net operating income attributable to Maiden common shareholders of $39.3 million, or $0.45 per diluted common share; |
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Gross premiums written increased 8.8% to $572.1 million
compared to the fourth quarter of 2015; |
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Net premiums written increased 6.7% to $521.0 million
compared to the fourth quarter of 2015; |
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Combined ratio(13)>of
117.4% compared to 99.9% in the fourth quarter of 2015; |
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Excluding the impact of the $120.4 million reserve charge,
Maidens combined ratio for the fourth quarter of 2016 would have been 97.9%; and |
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Net investment income was $38.6 million compared to $34.8
million in the fourth quarter of 2015. |
Highlights for the year ended December 31, 2016
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Net income attributable to Maiden common shareholders of
$15.2 million or $0.19 per diluted common share compared with $100.1 million, or $1.31 per diluted common share in 2015; |
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Net operating earnings(1)>of
$17.3 million, or $0.22 per diluted common share compared with net operating earnings of $107.2 million, or $1.39 per diluted common share in 2015; |
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Excluding the impact of the $120.4 million reserve charge,
Maiden would have reported 2016 net income attributable to Maiden common shareholders of $135.7 million, or $1.67 per diluted share and net operating income attributable to Maiden common shareholders of $126.2 million, or $1.56 per diluted common share; |
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Gross premiums written were $2.8 billion, an increase of 6.3%
compared to 2015; |
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Net premiums written increased 5.6% to $2.7 billion in 2016
compared to 2015; |
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Combined ratio(13)>of
103.2% compared to 99.3% in 2015; |
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Net investment income was $145.9 million, an increase of
11.3% compared to 2015; and |
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Book value per common share(4)>of
$12.12 at December 31, 2016 increased 3.0% compared to December 31, 2015. |
HAMILTON, Bermuda – Maiden Holdings, Ltd. (NASDAQ: MHLD) (Maiden or
the Company) today reported a fourth quarter 2016 net loss
attributable to Maiden common shareholders of $74.7 million or
$0.87 per diluted common share compared to net income attributable
to Maiden common shareholders of $24.7 million or $0.32 per diluted
common share in the fourth quarter of 2015. The net operating
loss(1)>was
$69.7 million, or $0.81 per diluted common share compared with net
operating earnings of $26.4 million, or $0.34 per diluted common
share in the fourth quarter of 2015.
the Company) today reported a fourth quarter 2016 net loss
attributable to Maiden common shareholders of $74.7 million or
$0.87 per diluted common share compared to net income attributable
to Maiden common shareholders of $24.7 million or $0.32 per diluted
common share in the fourth quarter of 2015. The net operating
loss(1)>was
$69.7 million, or $0.81 per diluted common share compared with net
operating earnings of $26.4 million, or $0.34 per diluted common
share in the fourth quarter of 2015.
As Maiden previously reported on February 14, 2017, the Companys
fourth quarter 2016 results include a reserve charge of $120.4
million, which is primarily derived from the commercial auto line
of business in both of its reported operating segments. The charge
includes both a provision for adverse development realized during
the fourth quarter, as well as a more conservative view of the
ultimate exposures on commercial auto liability throughout the
portfolio. Excluding the impact of the $120.4 million reserve
charge, Maiden would have reported fourth quarter 2016 net income
attributable to Maiden common shareholders of $45.7 million, or
$0.52 per diluted share, and an annualized net return on common
equity of 15.1%. Excluding the impact of the $120.4 million reserve
charge, Maiden would have reported fourth quarter 2016 net
operating income attributable to Maiden common shareholders of
$39.3 million, or $0.45 per diluted common share and an annualized
operating return on common equity(7)>of
13.0%. Excluding the impact of the $120.4 million reserve charge,
Maiden would have reported 2016 net income attributable to Maiden
common shareholders of $135.7 million, or $1.67 per diluted share
and a net return on common equity of 13.8%. Excluding the impact of
the $120.4 million reserve charge, Maiden would have reported 2016
net operating income attributable to Maiden common shareholders of
$126.2 million, or $1.56 per diluted common share and an operating
return on common equity(7)>of
12.8%.
fourth quarter 2016 results include a reserve charge of $120.4
million, which is primarily derived from the commercial auto line
of business in both of its reported operating segments. The charge
includes both a provision for adverse development realized during
the fourth quarter, as well as a more conservative view of the
ultimate exposures on commercial auto liability throughout the
portfolio. Excluding the impact of the $120.4 million reserve
charge, Maiden would have reported fourth quarter 2016 net income
attributable to Maiden common shareholders of $45.7 million, or
$0.52 per diluted share, and an annualized net return on common
equity of 15.1%. Excluding the impact of the $120.4 million reserve
charge, Maiden would have reported fourth quarter 2016 net
operating income attributable to Maiden common shareholders of
$39.3 million, or $0.45 per diluted common share and an annualized
operating return on common equity(7)>of
13.0%. Excluding the impact of the $120.4 million reserve charge,
Maiden would have reported 2016 net income attributable to Maiden
common shareholders of $135.7 million, or $1.67 per diluted share
and a net return on common equity of 13.8%. Excluding the impact of
the $120.4 million reserve charge, Maiden would have reported 2016
net operating income attributable to Maiden common shareholders of
$126.2 million, or $1.56 per diluted common share and an operating
return on common equity(7)>of
12.8%.
Commenting on the Company’s results, Art Raschbaum, Chief
Executive Officer of Maiden, said: Despite the significant
challenges presented in the commercial auto business, we reported a
modest profit for the year and have continued to grow our business
and investable assets while strengthening investment income. We
remain focused on improving the profitability of our business and
believe the fourth quarter reserve charge will help us to stabilize
underwriting performance as we enter 2017. Importantly, our 2016
underwriting year expected loss ratios reflect solid profitability.
While the market remains competitive, we were able to expand our
business in 2016 by leveraging our strong franchise and value-added
products and services. We believe our prospects for continued
disciplined growth are strong. Additionally, we are in an excellent
position to improve our cost of capital, and will explore
opportunities to refinance our existing indebtedness in 2017 at an
improved rate.
Executive Officer of Maiden, said: Despite the significant
challenges presented in the commercial auto business, we reported a
modest profit for the year and have continued to grow our business
and investable assets while strengthening investment income. We
remain focused on improving the profitability of our business and
believe the fourth quarter reserve charge will help us to stabilize
underwriting performance as we enter 2017. Importantly, our 2016
underwriting year expected loss ratios reflect solid profitability.
While the market remains competitive, we were able to expand our
business in 2016 by leveraging our strong franchise and value-added
products and services. We believe our prospects for continued
disciplined growth are strong. Additionally, we are in an excellent
position to improve our cost of capital, and will explore
opportunities to refinance our existing indebtedness in 2017 at an
improved rate.
Results for the quarter ended December 31, 2016
Maiden reported a fourth quarter 2016 net loss attributable to
common shareholders of $74.7 million or $0.87 per diluted common
share compared with net income attributable to Maiden common
shareholders of $24.7 million or $0.32 per diluted common share in
the fourth quarter of 2015. The net operating loss(1)>was
$69.7 million, or $0.81 per diluted common share in the fourth
quarter of 2016 compared with net operating earnings of $26.4
million, or $0.34 per diluted common share in the fourth quarter of
2015.
common shareholders of $74.7 million or $0.87 per diluted common
share compared with net income attributable to Maiden common
shareholders of $24.7 million or $0.32 per diluted common share in
the fourth quarter of 2015. The net operating loss(1)>was
$69.7 million, or $0.81 per diluted common share in the fourth
quarter of 2016 compared with net operating earnings of $26.4
million, or $0.34 per diluted common share in the fourth quarter of
2015.
In the fourth quarter of 2016, gross premiums written increased
8.8% to $572.1 million from $525.9 million in the fourth quarter of
2015. The Diversified Reinsurance segments gross premiums written
totaled $157.0 million, an increase of 7.8% versus the fourth
quarter of 2015, with the growth resulting from existing client
accounts and premium from new customers won throughout the year. In
the AmTrust Reinsurance segment, gross premiums written were $414.7
million, an increase of 9.0% compared to $380.3 million in the
fourth quarter of 2015.
8.8% to $572.1 million from $525.9 million in the fourth quarter of
2015. The Diversified Reinsurance segments gross premiums written
totaled $157.0 million, an increase of 7.8% versus the fourth
quarter of 2015, with the growth resulting from existing client
accounts and premium from new customers won throughout the year. In
the AmTrust Reinsurance segment, gross premiums written were $414.7
million, an increase of 9.0% compared to $380.3 million in the
fourth quarter of 2015.
Net premiums written totaled $521.0 million in the fourth quarter
of 2016, an increase of 6.7% compared to the fourth quarter of
2015.
of 2016, an increase of 6.7% compared to the fourth quarter of
2015.
Net premiums earned were $616.3 million, an increase of 5.6%
compared to the fourth quarter of 2015. In the Diversified
Reinsurance segment, net premiums earned increased 6.8% to $186.0
million compared to the fourth quarter of 2015. The AmTrust
Reinsurance segment net premiums earned were $429.9 million, up
5.0% compared to the fourth quarter of 2015.
compared to the fourth quarter of 2015. In the Diversified
Reinsurance segment, net premiums earned increased 6.8% to $186.0
million compared to the fourth quarter of 2015. The AmTrust
Reinsurance segment net premiums earned were $429.9 million, up
5.0% compared to the fourth quarter of 2015.
Net loss and loss adjustment expenses of $522.5 million were up
31.6% compared to the fourth quarter of 2015. The loss
ratio(9)>of
84.5% was higher than the 67.8% reported in the fourth quarter of
2015.
31.6% compared to the fourth quarter of 2015. The loss
ratio(9)>of
84.5% was higher than the 67.8% reported in the fourth quarter of
2015.
Commission and other acquisition expenses, increased 7.9% to $186.2
million in the fourth quarter of 2016, compared to the same quarter
a year ago. The expense ratio(12)
increased to 32.9% for the fourth quarter of 2016 compared with
32.1% in the same quarter last year, due to changes in business
mix, with the amount of quota share premiums outpacing excess of
loss business. General and administrative expenses for the fourth
quarter of 2016 totaled $17.2 million, an 8.3% increase compared
with $15.9 million in the fourth quarter of 2015. The general and
administrative expense ratio(11)>was
2.8% in the fourth quarter of 2016, compared to 2.7% in the fourth
quarter of 2015.
million in the fourth quarter of 2016, compared to the same quarter
a year ago. The expense ratio(12)
increased to 32.9% for the fourth quarter of 2016 compared with
32.1% in the same quarter last year, due to changes in business
mix, with the amount of quota share premiums outpacing excess of
loss business. General and administrative expenses for the fourth
quarter of 2016 totaled $17.2 million, an 8.3% increase compared
with $15.9 million in the fourth quarter of 2015. The general and
administrative expense ratio(11)>was
2.8% in the fourth quarter of 2016, compared to 2.7% in the fourth
quarter of 2015.
The combined ratio(13)>for
the fourth quarter of 2016 totaled 117.4% compared with 99.9% in
the fourth quarter of 2015.>>The Diversified Reinsurance
segment combined ratio was 128.3% in the fourth quarter of 2016
compared to 103.6% in the fourth quarter of 2015, as net adverse
development from commercial auto business negatively impacted
results. The AmTrust Reinsurance segment combined ratio was 108.1%
in the fourth quarter of 2016 compared to 95.8% in the fourth
quarter of 2015 due to an elevated level of loss development from
AmTrusts Specialty Program segment in the quarter, primarily in
commercial auto and to a lesser extent general liability. Excluding
the fourth quarter reserve charge of $120.4 million, Maidens
combined ratio for the fourth quarter of 2016 would have been
97.9%, comprised of 98.1% for the Diversified Reinsurance segment
and 96.0% for the AmTrust Reinsurance segment.
the fourth quarter of 2016 totaled 117.4% compared with 99.9% in
the fourth quarter of 2015.>>The Diversified Reinsurance
segment combined ratio was 128.3% in the fourth quarter of 2016
compared to 103.6% in the fourth quarter of 2015, as net adverse
development from commercial auto business negatively impacted
results. The AmTrust Reinsurance segment combined ratio was 108.1%
in the fourth quarter of 2016 compared to 95.8% in the fourth
quarter of 2015 due to an elevated level of loss development from
AmTrusts Specialty Program segment in the quarter, primarily in
commercial auto and to a lesser extent general liability. Excluding
the fourth quarter reserve charge of $120.4 million, Maidens
combined ratio for the fourth quarter of 2016 would have been
97.9%, comprised of 98.1% for the Diversified Reinsurance segment
and 96.0% for the AmTrust Reinsurance segment.
Net investment income of $38.6 million in the fourth quarter of
2016 increased 10.8% compared to the fourth quarter of 2015. As of
December 31, 2016, the average yield on the fixed income portfolio
(excluding cash) is 3.30% with an average duration of 5.07 years.
Cash and cash equivalents were $149.5 million at December 31, 2016
or $183.0 million lower than at year-end 2015.
2016 increased 10.8% compared to the fourth quarter of 2015. As of
December 31, 2016, the average yield on the fixed income portfolio
(excluding cash) is 3.30% with an average duration of 5.07 years.
Cash and cash equivalents were $149.5 million at December 31, 2016
or $183.0 million lower than at year-end 2015.
Total assets increased 9.6% to $6.3 billion at December 31, 2016
compared to $5.7 billion at year-end 2015. Shareholders’ equity
was $1.4 billion, up 1.0% compared to December 31, 2015. Book value
per common share was $12.12 at December 31, 2016 or 3.0% higher
than at December 31, 2015.
compared to $5.7 billion at year-end 2015. Shareholders’ equity
was $1.4 billion, up 1.0% compared to December 31, 2015. Book value
per common share was $12.12 at December 31, 2016 or 3.0% higher
than at December 31, 2015.
During the fourth quarter of 2016, the Board of Directors declared
dividends of $0.15 per common share, $0.515625 per Series A
preference share and $0.445313 per Series C preference share.
dividends of $0.15 per common share, $0.515625 per Series A
preference share and $0.445313 per Series C preference share.
Results for the year ended December 31, 2016
Net income attributable to Maiden common shareholders was $15.2
million or $0.19 per diluted common share in fiscal year 2016
compared to net income attributable to Maiden common shareholders
of $100.1 million or $1.31 per diluted common share in 2015. Net
operating earnings(1)>for
2016 were $17.3 million, or $0.22 per diluted common share compared
with $107.2 million, or $1.39 per diluted common share in 2015.
million or $0.19 per diluted common share in fiscal year 2016
compared to net income attributable to Maiden common shareholders
of $100.1 million or $1.31 per diluted common share in 2015. Net
operating earnings(1)>for
2016 were $17.3 million, or $0.22 per diluted common share compared
with $107.2 million, or $1.39 per diluted common share in 2015.
In 2016, gross premiums written totaled $2.8 billion, an increase
of 6.3% compared to the 2015. Gross premiums written in the
Diversified Reinsurance segment totaled $824.3 million, an increase
of 6.1% versus 2015. In the AmTrust Reinsurance segment, gross
premiums written increased by 6.4% to $2.0 billion compared to
2015.
of 6.3% compared to the 2015. Gross premiums written in the
Diversified Reinsurance segment totaled $824.3 million, an increase
of 6.1% versus 2015. In the AmTrust Reinsurance segment, gross
premiums written increased by 6.4% to $2.0 billion compared to
2015.
In 2016, net premiums written totaled $2.7 billion, an increase of
5.6% compared to 2015.
5.6% compared to 2015.
Net premiums earned of $2.6 billion increased 5.7% compared to
2015. Net premiums earned decreased 2.8% in the Diversified
Reinsurance segment to $724.1 million compared to 2015. The AmTrust
Reinsurance segment net premiums earned were up 9.5% to $1.8
billion compared to 2015.
2015. Net premiums earned decreased 2.8% in the Diversified
Reinsurance segment to $724.1 million compared to 2015. The AmTrust
Reinsurance segment net premiums earned were up 9.5% to $1.8
billion compared to 2015.
Net loss and loss adjustment expenses of $1.8 billion were up 11.4%
compared to 2015. The loss ratio(9)>of
70.6% was higher than the 66.9% in 2015.
compared to 2015. The loss ratio(9)>of
70.6% was higher than the 66.9% in 2015.
Commission and other acquisition expenses, increased 6.8% to $773.7
million in 2016 versus 2015, while the expense ratio(12)
rose to 32.6% compared with 32.4% in 2015. General and
administrative expenses for 2016 totaled $67.0 million compared
with $64.9 million in 2015. The general and administrative expense
ratio(11)>decreased
to 2.6% versus 2.7% in 2015.
million in 2016 versus 2015, while the expense ratio(12)
rose to 32.6% compared with 32.4% in 2015. General and
administrative expenses for 2016 totaled $67.0 million compared
with $64.9 million in 2015. The general and administrative expense
ratio(11)>decreased
to 2.6% versus 2.7% in 2015.
The combined ratio(13)>for
2016 was 103.2% compared to the 99.3% combined ratio reported for
2015. The Diversified Reinsurance segment had a combined ratio of
109.4% in 2016 compared to 103.0% in 2015. The AmTrust Reinsurance
segment combined ratio was 98.4% in 2016 compared to 95.3% in 2015.
2016 was 103.2% compared to the 99.3% combined ratio reported for
2015. The Diversified Reinsurance segment had a combined ratio of
109.4% in 2016 compared to 103.0% in 2015. The AmTrust Reinsurance
segment combined ratio was 98.4% in 2016 compared to 95.3% in 2015.
Net investment income of $145.9 million in 2016 increased 11.3%
compared to $131.1 million in 2015.
compared to $131.1 million in 2015.
(1)(4)(7)(8) Please see the Non-GAAP Financial Measures table for
additional information on these non-GAAP financial measures and
reconciliation of these measures to GAAP measures.
additional information on these non-GAAP financial measures and
reconciliation of these measures to GAAP measures.
(9)(11)(12)(13) Loss ratio, general and administrative expense
ratio, expense ratio and combined ratio are operating metrics.
Please see the additional information on these measures under
Segment information tables.
ratio, expense ratio and combined ratio are operating metrics.
Please see the additional information on these measures under
Segment information tables.
Conference Call
Maidens Chief Executive Officer, Art Raschbaum and Chief Financial
Officer, Karen Schmitt will review these results tomorrow via
teleconference and live audio webcast beginning at 8:30 a.m. ET.
Officer, Karen Schmitt will review these results tomorrow via
teleconference and live audio webcast beginning at 8:30 a.m. ET.
To participate in the conference call, please access one of the
following at least five minutes prior to the start time:
following at least five minutes prior to the start time:
U.S. Callers: 1.877.734.5373
Outside U.S. Callers: 1.973.200.3059
Passcode: 60489931
Webcast: http://www.maiden.bm/news_events
A replay of the conference call will be available beginning at
11:30 a.m. ET on February 28, 2017 through 11:30 a.m. ET on March
7, 2017. To listen to the replay, please dial toll free:
1.855.859.2056 (U.S. Callers) or toll: 1.404.537.3406 (callers
outside the U.S.) and enter the Passcode: 60489931; or access
http://www.maiden.bm/news_events
11:30 a.m. ET on February 28, 2017 through 11:30 a.m. ET on March
7, 2017. To listen to the replay, please dial toll free:
1.855.859.2056 (U.S. Callers) or toll: 1.404.537.3406 (callers
outside the U.S.) and enter the Passcode: 60489931; or access
http://www.maiden.bm/news_events
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in
2007. Through its subsidiaries, which are each A rated (excellent)
by A.M. Best, the Company is focused on providing non-catastrophic,
customized reinsurance products and services to small and mid-size
insurance companies in the United States and Europe. As of December
31, 2016, Maiden had $6.3 billion in assets and shareholders’
equity of $1.4 billion.
2007. Through its subsidiaries, which are each A rated (excellent)
by A.M. Best, the Company is focused on providing non-catastrophic,
customized reinsurance products and services to small and mid-size
insurance companies in the United States and Europe. As of December
31, 2016, Maiden had $6.3 billion in assets and shareholders’
equity of $1.4 billion.
The Maiden Holdings, Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5006
http://www.globenewswire.com/newsroom/prs/?pkgid=5006
Forward Looking Statements
This release contains “forward-looking statements” which are made
About MAIDEN HOLDINGS, LTD. (NASDAQ:MHLD)
Maiden Holdings, Ltd. (Maiden) is a holding company. The Company is focused on serving the needs of regional and specialty insurers in the United States, Europe and select other global markets by providing reinsurance solutions designed to support their capital needs. Maiden operates through two segments: Diversified Reinsurance and AmTrust Reinsurance. It specializes in reinsurance solutions that optimize financing and risk management by providing coverage within the predictable and actuarially credible lower layers of coverage and/or reinsuring risks that are believed to be lower hazard, more predictable and generally not susceptible to catastrophe claims. The Company provides reinsurance through its wholly owned subsidiaries, Maiden Reinsurance Ltd. (Maiden Bermuda) and Maiden Reinsurance North America, Inc. (Maiden US). It provides insurance sales and distribution services through Maiden Global Holdings, Ltd. (Maiden Global) and its subsidiaries. MAIDEN HOLDINGS, LTD. (NASDAQ:MHLD) Recent Trading Information
MAIDEN HOLDINGS, LTD. (NASDAQ:MHLD) closed its last trading session 00.00 at 16.50 with 399,267 shares trading hands.
