Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 135

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 135
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 adverse PPD of $33.7 million in 2023; and

•Our Diversified Reinsurance segment had adverse PPD of $6.9 million in 2024, compared to adverse PPD of $4.4 million in 2023. 

•on a current accident year basis, an underwriting loss of $42.9 million for the year ended December 31, 2024 compared to an underwriting loss of $11.3 million in 2023, primarily due to results in the AmTrust Reinsurance segment. The increase in the current year underwriting loss is primarily due to $24.3 million in charges related to the resolution of disputed ceded collected premium balances with AmTrust, which is further discussed under the AmTrust Reinsurance segment analysis below. 

•lower income from investment activities of $32.9 million for the year ended December 31, 2024 compared to $53.1 million in 2023 primarily due to continued negative operating cash flows due to settlement of claim payments to AmTrust as we run-off existing reinsurance liabilities in the AmTrust Reinsurance segment. The change in investment activities was comprised of:

•net investment income decreased to $25.5 million for the year ended December 31, 2024 compared to $37.4 million that was earned in 2023;

•realized and unrealized investment gains of $5.6 million for the year ended December 31, 2024 compared to gains of  $7.8 million in 2023; and

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•interest in income of equity method investments of $1.7 million for the year ended December 31, 2024 compared to income of $7.8 million in 2023.

•corporate general and administrative expenses increased to $23.1 million for the year ended December 31, 2024 compared to $18.0 million in 2023, primarily due to expenses  related to significant and ongoing strategic initiatives pursued by the Company, including our recently announced business combination with Kestrel. These items were partly offset by:

•foreign exchange and other gains of $7.0 million for the year ended December 31, 2024 compared to foreign exchange and other losses of $5.7 million earned in 2023, as the U.S. dollar strengthened against both the Euro and the British pound.

Net Premiums Written 

The table below compares net premiums written by our reportable