Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 163

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 163
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FS fixed maturities at fair value60,703 13.6 %78,803 13.0 %Loan to related party(2)167,975 37.5 %167,975 27.8 %Total floating rate securities$228,678 51.1 %$246,778 40.8 % Total fixed income investments at fair value (1)$447,973 $605,239 

(1) Total fixed income investments at fair value include AFS fixed maturities, cash and restricted cash, funds withheld receivable, and loan to related party.

(2) The loan to related party balance does not include the the Premium Repayment Loan Agreement dated December 31, 2024 with respect to the settlement of certain ceded premium balances of $24.3 million entered into between AII and Maiden Reinsurance as discussed in Note 10 — Related Party Transactions. 

At December 31, 2024 and 2023, 100.0% of the Company’s U.S. agency bond holdings are mortgage-backed. Total U.S. agency MBS comprise 10.0% of our fixed maturity investment portfolio at December 31, 2024. Given their relative size to our total investments, if faster prepayment patterns were to occur over an extended period of time, this could potentially limit the growth in our investment income in certain circumstances or reduce the total amount of investment income we earn. Additional details on our U.S. Agency MBS holdings at December 31, 2024 and 2023 were as follows: 

December 31, 20242023($ in thousands)Fair Value% of TotalFair Value% of TotalFNMA – fixed rate$13,232 56.7 %$15,164 56.9 %FHLMC – fixed rate7,987 34.2 %9,099 34.1 %GNMA - variable rate2,137 9.1 %2,388 9.0 %Total U.S. agency bonds$23,356 100.0 %$26,651 100.0 %

At December 31, 2024 and 2023, 100.0% and 97.8%, respectively, of our fixed maturity investments consisted of investment grade securities. We define a security as being below investment grade if it has an S&P credit rating of