Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 115

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 115
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474 43,969 5,505 Underwriting loss(3)(197,371)(49,482)(147,889)Net investment results(13)32,856 53,072 (20,216)Non-GAAP measures:Non-GAAP operating loss(1)(181,241)(23,014)(158,227)Non-GAAP diluted operating loss per common share(1)(1.81)(0.23)(1.58)Non-GAAP operating return on average common shareholders' equity(1)(77.1)%(7.1)%(70.0)

At December 31,20242023ChangeConsolidated Financial Condition($ in thousands except per share data)Total investments and cash and cash equivalents(4)$518,798 $602,318 $(83,520)Total assets1,316,006 1,518,934 (202,928)Reserve for loss and LAE793,679 867,433 (73,754)Senior notes - principal amount262,361 262,361 — Shareholders' equity45,193 249,160 (203,967)Total capital resources(5)307,554 511,521 (203,967)Ratio of debt to total capital resources(10)85.3 %51.3 %34.0 Book Value calculations:Book value per common share(6)$0.46 $2.48 $(2.02)Accumulated dividends per common share(12)4.27 4.27 — Book value per common share plus accumulated dividends$4.73 $6.75 $(2.02)Change in book value per common share plus accumulated dividends(29.9)%Diluted book value per common share(7)$0.45 $2.46 $(2.01)Non-GAAP measures:Adjusted book value per common share(8)1.52 3.19 (1.67)Adjusted Maiden shareholders' equity(9)150,148 320,076 (169,928)Adjusted total capital resources(9)412,509 582,437 (169,928)Ratio of debt to adjusted total capital resources(11)63.6 %45.0 %18.6 

(1)Non-GAAP operating loss, non-GAAP diluted operating loss per common share and non-GAAP operating return on