Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 326

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 2
Chunk 326
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 partly offset by adverse PPD of $4.9 million covered by the LPT/ADC Agreement for the three months ended March 31, 2025 due to foreign currency translation adjustments on the re-measurement of net loss reserves and insurance related liabilities denominated in British pound and euro. 

Please refer to Note 8. Reinsurance of the Notes to Condensed Consolidated Financial Statements included in Part I Item 1. "Financial Information" for details regarding the movement in the deferred gain liability under the LPT/ADC Agreement.

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We believe the inclusion of the unamortized deferred gain on the LPT/ADC Agreement under these metrics better reflects the ultimate economic benefit of the LPT/ADC Agreement, which will improve the Company's shareholders' equity over the settlement period under the terms of the agreement. 

Reconciliation of shareholders' equity to Adjusted shareholders' equity and Adjusted Total Capital Resources 

The following table computes adjusted shareholders' equity and adjusted total capital resources by recognizing the unamortized deferred gain under the LPT/ADC Agreement at March 31, 2025 and December 31, 2024:

($ in thousands)March 31, 2025December 31, 2024Change in $Change %Total shareholders' equity$37,573 $45,193 $(7,620)(16.9)%Unamortized deferred gain on LPT/ADC Agreement103,968 104,955 (987)(0.9)%Adjusted shareholders' equity141,541 150,148 (8,607)(5.7)%Senior Notes - principal amount262,361 262,361 — — %Adjusted total capital resources$403,902 $412,509 $(8,607)(2.1)%

Non-GAAP Operating ROACE

Non-GAAP Operating ROACE for the three months ended March 31, 2025 and 2024 was as follows:

For the Three Months Ended March 31,($ in thousands)20252024Non-GAAP operating loss$(2,807)$(4,950)Opening adjusted shareholders’ equity150,148 320,076 Ending adjusted shareholders’ equity141,541 325,276 Average adjusted shareholders’ equity145,845 322,676 Non-GAAP Operating ROACE(7.8)%(6.2)%

Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share

The adjusted book value