Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 143

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 143
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.5)% for the year ended December 31, 2024 compared to an income tax rate of (0.5)% for the year ended December 31, 2023. The effective tax rate on the Company's net loss differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S. and Sweden.

Underwriting Results by Reportable Segment

Diversified Reinsurance Segment 

 The underwriting results for our Diversified Reinsurance segment for the years ended December 31, 2024 and 2023 were as follows:

For the Year Ended December 31,20242023($ in thousands)Gross premiums written$34,882 $27,402 Net premiums written$34,749 $27,104 Net premiums earned$35,787 $29,039 Other insurance revenue, net 65 39 Net loss and LAE(22,583)(14,230)Commission and other acquisition expenses(15,266)(13,879)General and administrative expenses(9,441)(10,110)Underwriting loss$(11,438)$(9,141)

66

Underwriting loss by business unit is detailed in the table below for the Diversified Reinsurance segment for the years ended December 31, 2024 and 2023:

For the Year Ended December 31,20242023($ in thousands)International$(2,235)$(4,880)GLS(8,529)(4,625)Other run-off lines(674)364 Underwriting loss$(11,438)$(9,141)

Premiums -  Gross premiums written increased by $7.5 million, or 27.3% for the year ended December 31, 2024 compared to 2023. Net premiums written for the year ended December 31, 2024 increased by $7.6 million or 28.2% compared to 2023 due to growth in new Credit Life programs written by Maiden LF and Maiden GF. Net premiums earned increased by $6.7 million or 23.2% during the year ended December 31, 2024 compared to 2023.

The growth in written and earned premium was the result of new Credit Life programs written by Maiden LF and Maiden GF in the year ended December 31, 2024. However, as discussed in the "Overview" section, Maiden LF and Maiden GF are no longer writing new business and