Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 145

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 145
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31, 2024 and 2023: 

For the Year Ended December 31,20242023Prior Year Loss Development adverse (favorable)($ in thousands)IIS business$793 $2,504 GLS5,265 954 Other run-off lines850 982 Total Diversified Reinsurance Prior Year Development$6,908 $4,440 

Commission and Other Acquisition Expenses - Commission and other acquisition expenses increased by $1.4 million or 10.0% for the year ended December 31, 2024 compared to 2023 due to growth in new Credit Life programs written by Maiden LF and GF. Total acquisition costs as a percentage of net premiums earned decreased due to lower profit commissions incurred as a result of recent loss experience on certain International programs.

General and Administrative Expenses - General and administrative expenses decreased by $0.7 million or 6.6% for the year ended December 31, 2024 compared to 2023 largely due to lower staff incentive compensation compared to the prior year.

67

AmTrust Reinsurance Segment 

The AmTrust Reinsurance segment reported an underwriting loss of $185.9 million for the year ended December 31, 2024 compared to an underwriting loss of $40.3 million for the year ended December 31, 2023. The underwriting results for the AmTrust 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$(1,686)$(3,936)Net premiums written$(1,686)$(3,936)Net premiums earned$13,687 $14,930 Other insurance expenses(24,259)— Net loss and LAE(163,544)(46,998)Commission and other acquisition expenses(9,044)(5,583)General and administrative expenses(2,773)(2,690)Underwriting loss$(185,933)$(40,341)

Premiums -  The table below shows net premiums written by category for the years ended December 31, 2024 and 2023: 

For the Year Ended December 31,20242023 ($ in thousands)Net Premiums WrittenSmall Commercial Business$(643)38.1 %$(465)11.8 %Specialty Program(31)1.9 %156 (4