Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 144

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 144
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 have entered into the AmTrust Renewal Rights Agreements which are expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway, other Nordic countries, the United Kingdom and Ireland. Also, on November 29, 2024, the Company entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF to an expanding group of international insurance and reinsurance companies headquartered in the United Kingdom. Maiden LF and Maiden GF were the principal operating subsidiaries of the Company’s IIS platform; therefore we will experience limited premium written beyond 2024 for the Diversified Segment. Please refer to Note 16 — Assets Held for Sale of the Notes to Consolidated Financial Statements included in Part II Item 8. "Financial Statements and Supplementary Data for further information.

Other Insurance Revenue, Net - Total other insurance revenue, net includes service fee income generated by our GLS business, fair value changes in underwriting-related derivatives related to certain coverages on retroactive reinsurance contracts written by GLS, and fee income derived from our IIS business not directly associated with premium revenue assumed. Total other insurance revenue, net by source for the years ended December 31, 2024 and 2023 is detailed in the table below:

    For the Year Ended December 31,20242023Change in $($ in thousands)Change in fair value of non-hedged underwriting-related derivatives$— $(230)$230 Other service fee income46 169 (123)International fee income19 100 (81)Total other insurance revenue, net$65 $39 $26 

Net Loss and LAE - Net loss and LAE increased by $8.4 million for the year ended December 31, 2024 compared to 2023. Net Loss and LAE was impacted by adverse PPD of $6.9 million in 2024 compared to adverse PPD of $4.4 million experienced for 2023. The adverse PPD in 2024 was primarily due to adverse experience in GLS with unfavorable development also experienced in our International and facultative runoff lines. The adverse PPD experienced in 2023 was primarily due to German auto programs in run-off, along with development in European Capital Solutions and other runoff business lines. It also included the recognition of expected credit losses on reinsurance recoverable on unpaid losses recognized during the year. 

The table below details prior year loss development by line of business for the years ended December