Maiden Holdings, Ltd. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a net loss of $34.5 million for Q3 2024, a substantial increase from a net loss of $3.5 million in Q3 2023. For the nine months ended September 30, 2024, the net loss reached $43.0 million, compared to $17.8 million for the same period in the previous year. This resulted in a basic and diluted loss per share of $(0.35) for Q3 2024, compared to $(0.03) in Q3 2023.

Total revenues for Q3 2024 were reported at $14.5 million, down from $21.8 million in Q3 2023. The decline in revenue was attributed to a decrease in net investment income, which fell to $4.9 million from $9.0 million year-over-year. The company also faced increased total expenses, which rose to $49.7 million in Q3 2024 from $27.5 million in Q3 2023, primarily due to higher acquisition costs and general administrative expenses.

In terms of premiums, Maiden Holdings reported gross premiums written of $8.9 million for Q3 2024, a slight increase from $8.7 million in Q3 2023. Net premiums written also increased to $8.8 million from $8.6 million year-over-year. For the nine months ended September 30, 2024, net premiums written surged to $25.5 million, up from $16.3 million in the same period in 2023.

The company’s total assets decreased to $1.39 billion as of September 30, 2024, down from $1.52 billion at the end of 2023. Total liabilities also decreased to $1.19 billion, resulting in total shareholders' equity of $208.2 million, a decline from $249.2 million at year-end 2023. The book value per common share fell to $2.09 from $2.48 over the same period.

Strategically, Maiden Holdings is undergoing a review of its business segments, particularly focusing on the divestiture of its International Insurance Services (IIS) businesses. The company has also entered into Renewal Rights and Asset Purchase Agreements with AmTrust for various programs in Nordic countries and the UK, aiming to enhance its operational focus and profitability. Additionally, the Genesis Legacy Solutions (GLS) segment will be run-off due to insufficient scale and profitability.

The company continues to manage its investment portfolio actively, with total investments and cash equivalents amounting to $606.9 million as of September 30, 2024, reflecting a slight increase from $602.3 million at the end of 2023. However, the alternative investments portfolio saw a significant decrease, attributed to sales and redemptions of private equity and credit funds.

Overall, Maiden Holdings is navigating a challenging financial landscape, marked by increased losses and strategic shifts aimed at restoring profitability and enhancing shareholder value.