Maiden Holdings, Ltd. reported a significant decline in financial performance for the first quarter of 2025, with a net loss of $8.6 million, compared to a net income of $1.5 million in the same period of 2024. This downturn was primarily driven by a sharp decrease in gross premiums written, which fell to $4.1 million from $8.3 million year-over-year. Net premiums earned also decreased to $7.7 million from $12.4 million, reflecting the company's strategic decision to cease underwriting new reinsurance risks and the impact of ongoing run-off operations. The company's total revenues for the quarter were $14.0 million, down from $28.9 million in the prior year.
The company's financial position showed a decrease in total assets, which fell to $1.23 billion from $1.32 billion at the end of 2024. Total investments also declined to $456.7 million from $484.1 million, largely due to the run-off of reinsurance liabilities and the sale of fixed maturity securities to cover claims. The reserve for loss and loss adjustment expenses decreased to $757.3 million from $793.7 million, indicating a reduction in the company's liabilities as it continues to settle outstanding claims.
Strategically, Maiden Holdings has been undergoing significant changes, including the divestiture of its International Insurance Services (IIS) business, which has been in run-off since 2019. The company entered into agreements to sell its Swedish subsidiaries, Maiden Life Försäkrings AB and Maiden General Försäkrings AB, as part of a broader strategy to focus on core operations and enhance shareholder value. Additionally, the company is in the process of completing a combination agreement with Kestrel Group, which is expected to transform its business model and operations.
Operationally, the company has seen a reduction in its employee headcount and customer base as it transitions away from its previous business model. The number of common shares outstanding increased slightly to 99.7 million, reflecting ongoing share-based compensation activities. The company has also suspended its common share repurchase program in light of its strategic shift and the need to maintain liquidity. Looking ahead, Maiden Holdings anticipates that the combination with Kestrel will provide a more stable platform for growth, although it remains cautious about the potential impacts of market conditions and inflation on its operations and financial results.
About Maiden Holdings, Ltd.
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