Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 147

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 147
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 by significantly higher net adverse PPD for the AmTrust Quota Share experienced in 2024. 

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The table below shows total adverse PPD for the AmTrust Reinsurance segment for the years ended December 31, 2024 and 2023: 

For the Year Ended December 31,20242023PPD adverse (favorable)($ in thousands)AmTrust Quota Share$104,952 $24,098 European Hospital Liability Quota Share47,015 10,268 AmTrust other runoff(4,443)(618)Total AmTrust Reinsurance PPD$147,524 $33,748 

AmTrust Quota Share

Net adverse PPD was $105.0 million for the year ended December 31, 2024 compared to net adverse PPD of $24.1 million in 2023. The table below details prior year loss development by the most significant lines of business for AmTrust Quota Share for the years ended December 31, 2024 and 2023:

For the Year Ended December 31,20242023PPD adverse (favorable) before the impact of the LPT/ADC Agreement($ in thousands)Workers Compensation$(18,145)$(17,956)Commercial Auto Liability(3,536)9,747 General Liability92,997 31,703 Other Lines56 (14)Other Specialty Risk & Extended Warranty33,580 618 Total AmTrust Quota Share PPD$104,952 $24,098 

 Net adverse PPD for the AmTrust Quota Share during the year ended December 31, 2024 was primarily due to significant adverse PPD in General Liability and Other Specialty Risk & Extended Warranty for two principal sub-lines of business: 

• adverse development of $79.0 million in U.S. Program General Liability business ceded in the Specialty Risk and Extended Warranty segment as one specific program has continued to experience significant adverse development from construction defect coverage for accident years 2014 to 2022 and new claims emergence reported by AmTrust was again far greater than expected. This program includes multiple year policies written in venues with lengthy statutes of repose which result in reporting periods that extend for many years; and 

• adverse development of $33.6 million in U.K. structural defect coverages driven by continued significant emergence during the recent year for policies written in 2011 which are related to both cladding and other perils such as water ingress