Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 137

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 137
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2024 increased by $6.7 million or 23.2% compared to 2023 mainly due to growth in Credit Life programs written by Maiden LF and Maiden GF. Please refer to the analysis of our Diversified Reinsurance segment for further discussion. 

Net premiums earned in the AmTrust Reinsurance segment for the year ended December 31, 2024 decreased by $1.2 million or 8.3% compared to 2023. Please refer to the analysis of our AmTrust Reinsurance segment for further discussion.

Other Insurance Expenses (Revenue), Net

Other insurance (expense) revenue, net  is discussed further in our Diversified Reinsurance and AmTrust Reinsurance segment analysis. For the year ended December 31, 2024 this included $24.3 million in underwriting-related charges for the resolution of disputed ceded collected premium balances with AmTrust effective as of December 31, 2024, which is further discussed under the AmTrust Reinsurance segment analysis below.

Net Investment Income

Net investment income decreased by $11.8 million or 31.7% to $25.5 million for the year ended December 31, 2024 compared to $37.4 million of net investment income in 2023. This was largely driven by lower interest income earned on our funds withheld balance with AmTrust as claim payments were settled through the funds held receivable, combined with higher investment expenses compared to the prior year. The funds withheld balance with AmTrust was fully exhausted during 2024.

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Average book yields increased to 4.5% for the year ended December 31, 2024 compared to 4.1% in 2023 due to the following factors:

▪Loan to related party carried a higher weighted average interest rate on a balance of $168.0 million which increased to 7.1% during the year ended December 31, 2024 compared to 7.0% in 2023. The loan to related party represents a larger portion of our fixed income assets now that the funds withheld receivable with AmTrust has been fully utilized, leading to an overall increase in book yields. This was partly offset by:

▪Interest income on our funds withheld receivable decreased by $8.9 million due to a lower average ending funds withheld balance with AmTrust which was $19.7 million during the year ended December 31, 2024 compared to $279.4 million in 2023. Funds withheld