Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 114

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 114
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 the capital management pillar of our business strategy and repurchased 1,871,755 common shares during 2024. Please refer to the "Results of Operations" section for further information on our 2024 results.

Maiden NA

We believe Maiden NA’s investments, including its ownership of Maiden Reinsurance and its active asset management strategy, will create opportunities to utilize NOL carryforwards of $459.6 million at December 31, 2024. Approximately  $379.9 million of these NOL carryforwards expire in various years beginning in 2029. As of December 31, 2024, $79.7 million or 17.4% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law. The NOL carryforwards combined with additional net deferred tax assets ("DTA") primarily related to our insurance liabilities result in U.S. DTA (before valuation allowance) of $157.7 million or $1.59 per common share at December 31, 2024. 

Net U.S. DTA of $157.7 million is not presently recognized on the Company's consolidated balance sheets as a full valuation allowance is carried against it. At this time, the Company believes it is necessary to maintain a full valuation allowance against the net U.S. DTA as more evidence is needed regarding the utilization of these losses. As circumstances further develop, we will continuously evaluate the amount of the valuation allowance held against the net U.S. DTA. 

For further details on the NOL carryforwards, please see "Note 13 — Income Taxes" included under Item 8 "Financial Statements and Supplementary Data" of this Annual Report on Form 10–K. Taken together, we believe these measures should generate additional income for Maiden NA in a tax-efficient manner, while sharing in the improvement in profitability anticipated in Maiden Reinsurance as a result of the measures enacted as described above.

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2024 and 2023 Financial Highlights 

For the Year Ended December 31,20242023ChangeSummary Consolidated Statement of Income Data:($ in thousands except per share data)Net loss$(200,969)$(38,569)$(162,400)Basic and diluted loss per common share:Net loss attributable to Maiden common shareholders(2)(2.01)(0.38)(1.63)Gross premiums written33,196 23,466 9,730 Net premiums earned49,