Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 280

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 2
Chunk 280
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 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 31, 2025 compared to an underwriting loss of $7.5 million in the same period in 2024 largely due to:

•favorable prior year loss development ("PPD") of $12.4 million in the first quarter of 2025 compared to adverse PPD of $6.6 million during the same period in 2024, detailed as follows;

•Our AmTrust Reinsurance segment had favorable PPD of $7.8 million in the first quarter of 2025 compared to adverse PPD of $7.2 million for the first quarter of 2024.

•Our Diversified Reinsurance segment had favorable PPD of $4.6 million in the first quarter of 2025 compared to favorable PPD of $0.7 million for the first quarter of 2024.

•On a current accident year basis, underwriting loss was $4.9 million for the three months ended March 31, 2025 compared to an underwriting loss of $1.0 million for the same period in 2024. 

•lower income from investment activities which totaled $3.6 million for the three months ended March 31, 2025 compared to $17.1 million for the same period in 2024 primarily due to continued negative operating cash flows due to settlement of claim payments to AmTrust as we run-off existing reinsurance liabilities in the AmTrust Reinsurance segment. The change in investment activities was comprised of:

•net investment income decreased to $3.0 million for the three months ended March 31, 2025 compared to $7.7 million that was earned for the same period in 2024;

•realized and unrealized investment gains of $3.3 million for the three months ended March 31, 2025 compared to gains of  $8.8 million for the same period in 2024; and

•interest in loss of equity method investments of $2.7 million for the three months ended March 31, 2025 compared to income of $0.6 million in 2024. 

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•corporate general and administrative expenses increased to $7.5 million for the three months ended March 31, 2025 compared to corporate expenses of $