Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 203

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 203
---
6% to $1.42 per common share at March 31, 2025. There were no common share repurchases made in the three months ended March 31, 2025 under the Company's authorized common share repurchase plan. Please refer to the "Results of Operations" section for further information on our 2025 results to date.

Maiden Holdings North America ("Maiden NA")

We believe Maiden NA’s investments, including its ownership of Maiden Reinsurance and its active asset management strategy, will create opportunities to utilize NOL carryforwards of $460.8 million at March 31, 2025. Approximately $379.9 million of these NOL carryforwards expire in various years beginning in 2029. As of March 31, 2025, $81.0 million or 17.6% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law.  The NOL carryforwards combined with additional net deferred tax assets ("DTA") primarily related to our insurance liabilities result in net U.S. DTA (before valuation allowance) of $167.5 million or $1.68 per common share at March 31, 2025. 

Net U.S. DTA of $167.5 million is not presently recognized on the Company's condensed consolidated balance sheets as a full valuation allowance is carried against it. At this time, the Company believes it is necessary to maintain a full valuation allowance against the net U.S. DTA as more evidence is needed regarding the utilization of these losses. As circumstances further develop, we will continuously evaluate the amount of the valuation allowance held against the net U.S. DTA.

For further details on the NOL carryforwards, please see "Note 13 — Income Taxes" included under Item 8 "Financial Statements and Supplementary Data" of the Annual Report on Form 10–K for the year ended December 31, 2024. Taken together, we believe these measures should generate additional income for Maiden NA in a tax-efficient manner, while sharing in the improvement in profitability anticipated in Maiden Reinsurance as a result of the measures enacted as described above.

 44

Three Months Ended March 31, 2025 and 2024 Financial Highlights

For the Three Months Ended March 31,20252024ChangeSummary Consolidated Statement of Income Data (unaudited):($ in thousands except per share data)Net (loss) income$(8