Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 210

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 210
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 the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,($ in thousands)20252024Gross premiums written$4,074 $8,323 Net premiums written$4,049 $8,314 Net premiums earned$7,684 $12,408 Other insurance revenue, net— 46 Net loss and LAE7,623 (11,625)Commission and other acquisition expenses(4,558)(5,593)General and administrative expenses(1)(3,295)(2,760)Underwriting income (loss)(2)7,454 (7,524)Other general and administrative expenses(1)(7,478)(5,300)Net investment income3,034 7,700 Net realized and unrealized investment gains3,331 8,750 Foreign exchange and other (losses) gains(7,434)2,053 Interest and amortization expenses(4,818)(4,815)Income tax expense(12)(11)Interest in (loss) income of equity method investments(2,722)606 Net (loss) income$(8,645)$1,459 

(1)Underwriting related general and administrative expenses is a non-GAAP measure. Please refer to "General and Administrative Expenses" below for additional information related to these corporate expenses and the reconciliation to those presented in our unaudited Condensed Consolidated Statements of Income.

(2)Underwriting loss is a non-GAAP measure and is calculated as net premiums earned plus other insurance revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities.

(3)The Company no longer presents certain non-GAAP measures such as combined ratio and its related components in its results of operation, as it believes that as the run-off of its reinsurance portfolios progresses, such ratios are increasingly not meaningful and of less value to readers as they evaluate our financial results.

Net (loss) income

Net loss for the three months ended March 31, 2025 was $8.6 million compared to net income of $1.5 million for the same respective period in 2024. The decrease in our financial results for the first quarter of 2025 compared to the first quarter of 2024 was primarily due to the following factors: 

•an underwriting income of $7.5 million for the three months ended March