Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 102

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 102
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 2.6 %BBB+McKesson Corp., 1.5% Due 11/17/20252,687 1.3 %A-Baxter International Inc., 1.3%, Due 5/30/20252,428 1.2 %BBBAmerican Tower Corp, 1.0%, Due 1/15/2032457 0.2 %BBBTotal$17,686 8.7 %

(1)    Ratings as assigned by S&P, or equivalent

At March 31, 2025 and December 31, 2024, we held the following types of non-U.S. dollar denominated securities:

March 31, 2025December 31, 2024($ in thousands)Fair Value% of TotalFair Value% of TotalNon-USD  denominated collateralized loan obligations$63,103 49.8 %$60,283 48.9 %Non-USD  denominated corporate bonds17,686 14.0 %24,373 19.8 %Non-U.S. government bonds45,816 36.2 %38,532 31.3 %Total non-U.S. dollar denominated securities$126,605 100.0 %$123,188 100.0 %

At March 31, 2025 and December 31, 2024, respectively, 100.0% of non-U.S. dollar denominated securities were invested in euro denominated bonds. The net increase in non-USD denominated fixed maturities is largely due to foreign exchange appreciation of euro denominated corporate bonds relative to the U.S. dollar during the three months ended March 31, 2025.

At March 31, 2025 and December 31, 2024, the Company's non-U.S. government issuers have a rating of AA or higher by Fitch Ratings.  The Company does not employ any credit default protection against any of the fixed maturities held in non-U.S. dollar denominated currencies at March 31, 2025 and December 31, 2024, respectively.

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For our non-U.S. dollar denominated corporate bonds, the following table summarizes the composition of the fair value of our fixed maturity investments at the dates indicated by ratings at March 31, 2025 and December 31, 2024:

R