Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 175

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 175
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 for accident years 2015 to 2018 as new claims emergence was significantly greater than expected; this was partly offset by continued favorable development within Workers Compensation business for accident years 2014 to 2017. Net adverse loss development on European Hospital Liability Quota Share was primarily driven by emergence of loss data from adverse claim verdicts on older claims, resulting in strengthening of loss development tail on underwriting years 2011 to 2014.Change in Recoverable for LPT/ADC AgreementThe reconciliation of the beginning and ending gross and net loss and LAE reserves included a net decrease in the deferred gain on retroactive reinsurance of $987 for the three months ended March 31, 2025 (2024: $4,982 increase) due to a decrease in the deferred gain and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $987 for the three months ended March 31, 2025 (2024: $5,000 increase). The decrease in the deferred gain on retroactive reinsurance of $987 for the three months ended March 31, 2025 included amortization of the deferred gain on the LPT/ADC Agreement of $5,888 partly offset by adverse PPD of $4,901 that was the result of foreign currency translation adjustments on the re-measurement of net loss liabilities denominated in British pound and euro on loss reserves covered under the LPT/ADC Agreement. 

Please refer to Note 8. Reinsurance for tables that show the components of the decrease in the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement and the related deferred gain for the three months ended March 31, 2025 and the year ended December 31, 2024.

 30

MAIDEN HOLDINGS, LTD. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(in thousands of U.S. dollars, except share and per share data)

10. Related Party Transactions 

The Founding Shareholders of the Company were Michael Karfunkel, George Karfunkel and Barry Zyskind. Based on each individual's most recent public filing, Leah Karfunkel (wife of the late Michael Karfunkel), George Karfunkel and Barry Zyskind (the Company's non-executive chairman) each own or control less than 5.0% of the Company's outstanding common shares. Leah Karfunkel and George Kar