Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 184

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 184
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 primarily driven by significantly lower underwriting results in the AmTrust Reinsurance segment as discussed further below. 

Non-GAAP operating loss and Non-GAAP diluted operating loss per share attributable to common shareholders can be reconciled to the nearest U.S. GAAP financial measure as follows:

For the Year Ended December 31,20242023($ in thousands except per share data)Net loss attributable to Maiden common shareholders $(200,969)$(38,569)Add (subtract):Net realized and unrealized investment gains(5,610)(7,848)Foreign exchange and other (gains) losses(7,001)5,741 Interest in income of equity method investments(1,700)(7,846)Change in reinsurance recoverable under the LPT/ADC Agreement34,039 25,508 Non-GAAP operating loss$(181,241)$(23,014)Diluted loss per share attributable to common shareholders$(2.01)$(0.38)Add (subtract):Net realized and unrealized investment gains(0.05)(0.08)Foreign exchange and other (gains) losses(0.07)0.06 Interest in income of equity method investments(0.02)(0.08)Change in reinsurance recoverable under the LPT/ADC Agreement0.34 0.25 Non-GAAP diluted operating loss per share attributable to common shareholders$(1.81)$(0.23)

Non-GAAP Underwriting Results

The following summarizes our non-GAAP underwriting results for the years ended December 31, 2024 and 2023:

For the Year Ended December 31,20242023($ in thousands)Gross premiums written$33,196 $23,466 Net premiums written$33,063 $23,168 Net premiums earned$49,474 $43,969 Other insurance (expense) revenue, net (24,194)39 Non-GAAP net loss and LAE(1)(152,088)(35,720)Commission and other acquisition expenses(24,310)(19,462)General and administrative expenses(12,214)(12,800)Non-GAAP underwriting loss(1)$(163,332)$(23,974)

(1) Non-GAAP underwriting loss and non-GAAP net loss and LAE for the years ended December 31, 2024 and 2023 are adjusted for prior year reserve development subject to the L