Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 85

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 85
---
 managers who have the discretion to hold foreign 

 52

currency exposures as part of their total return strategy, $30.6 million of equity method real estate investments denominated in Canadian dollars, as well as $12.6 million of funds withheld receivable. 

Underwriting Results by Reportable Segment

Diversified Reinsurance Segment 

The underwriting results for our Diversified Reinsurance segment for the three months ended March 31, 2025 and 2024 were as follows: 

For the Three Months Ended March 31,($ in thousands)20252024Gross premiums written$5,016 $8,828 Net premiums written$4,991 $8,819 Net premiums earned$5,000 $8,991 Other insurance revenue, net— 46 Net loss and LAE2,234 (2,924)Commission and other acquisition expenses(2,291)(4,295)General and administrative expenses(2,689)(2,090)Underwriting income (loss)$2,254 $(272)

 Underwriting income (loss) by business unit is detailed in the table below for the Diversified Reinsurance segment for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,($ in thousands)20252024International$(795)$(655)GLS1,190 (88)Other run-off lines1,859 471 Underwriting income (loss)$2,254 $(272)

Premiums — As discussed in the "Overview" section, Maiden LF and Maiden GF are no longer writing new business and have entered into the AmTrust Renewal Rights Agreements which are expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway, other Nordic countries, the United Kingdom and Ireland. In addition, on November 29, 2024, the Company entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF to an expanding group of international insurance and reinsurance companies headquartered in the United Kingdom. Maiden LF and Maiden GF were the principal operating subsidiaries of the Company’s IIS platform; therefore we will continue to experience limited premium written for 2025 in the Diversified Segment. Please refer to Note 14. Assets Held for Sale of the Notes to Condensed Consolidated Financial Statements included in Part I Item 1. "Financial Information" for more details.

Gross premiums written decreased by $