Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 87

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 87
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 Other Acquisition Expenses — Commission and other acquisition expenses decreased by $2.0 million or 46.7% for the three months ended March 31, 2025, compared to the same respective period in 2024 due to lower premiums written and earned by Maiden LF and GF as they are no longer writing new business having entered into the AmTrust Renewal Rights Agreements in 2024.

General and Administrative Expenses — General and administrative expenses increased by $0.6 million or 28.7% for the three months ended March 31, 2025, compared to the same respective period in 2024.

AmTrust Reinsurance Segment 

The AmTrust Reinsurance segment reported underwriting income of $5.2 million during the three months ended March 31, 2025, compared to an underwriting loss of $7.3 million for the same respective period in 2024. 

The underwriting results for the AmTrust Reinsurance segment for the three months ended March 31, 2025 and 2024 were as follows:

For the Three Months Ended March 31,($ in thousands)20252024Gross premiums written$(942)$(505)Net premiums written$(942)$(505)Net premiums earned$2,684 $3,417 Net loss and LAE5,389 (8,701)Commission and other acquisition expenses(2,267)(1,298)General and administrative expenses(606)(670)Underwriting income (loss)$5,200 $(7,252)

Premiums — The table below shows net premiums written by category for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,20252024Change in($ in thousands)TotalTotal$Net Premiums WrittenSmall Commercial Business$(259)$(492)$233 Specialty Program— (15)15 Specialty Risk and Extended Warranty(683)2 (685)Total AmTrust Reinsurance$(942)$(505)$(437)

The negative premiums for the three months ended March 31, 2025 and March 31, 2024 reflect the termination of the AmTrust Quota Share and the European Hospital Liability Quota Share as of January 1, 2019 which has resulted in no new business written under these contracts since 2018. 

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Net premiums earned decreased by $0.7 million for the three months ended March 31, 202