Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 92

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 92
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 on maintaining adequate levels of unrestricted liquidity and cash flows. Our expanded asset management strategy can be impacted by both investment specific and broader financial market conditions and may not produce the expected liquidity and cash flows these investments are designed to achieve, or the timing thereof may also be impacted by those factors.

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At March 31, 2025, unrestricted cash, cash equivalents and fixed maturity investments were $42.5 million compared to $75.0 million held at December 31, 2024, a decrease of $32.5 million during the three months ended March 31, 2025. This was primarily driven by a $30.2 million decrease in our AFS bond portfolio due to sales and maturities during the three months ended March 31, 2025, the proceeds of which were used for operating expenses and interest payments on our Senior Notes.

Please see the related discussion on investing and financing cash flows below. The table below summarizes our operating, investing and financing cash flows for the three months ended March 31, 2025 and 2024: 

For the Three Months Ended March 31,20252024($ in thousands)Operating activities$(21,126)$8,049 Investing activities29,477 (19,736)Financing activities— (673)Effect of exchange rate changes on foreign currency cash809 (148)Total increase (decrease) in cash, restricted cash and cash equivalents$9,160 $(12,508)

Cash Flows used in Operating Activities

Cash flows used in operating activities for the three months ended March 31, 2025 was $21.1 million compared to cash flows provided by operating activities of $8.0 million for the three months ended March 31, 2024.  The increase in cash used in operating activities for the three months ended March 31, 2025 was due to claim payments for ongoing runoff of reinsurance liabilities whereas the settlement of claims was primarily through the funds withheld receivable in the three months ended March 31, 2024. 

Cash Flows provided by Investing Activities

Cash flows provided by investing activities consist primarily of proceeds from sales and maturities of investments net of purchases. Net cash provided by investing activities was $29.5 million for the three months ended March 31, 2025 compared to net cash used in investing activities of $19.7 million for the same period in 2024. 

For the three months ended March 31,