Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 3

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 3
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$1,497 Issuance of common shares from vesting of stock based compensation10 4 Ending balance1,513 1,501 Additional paid-in capitalBeginning balance888,067 886,072 Issuance of common shares from vesting of stock based compensation(10)(4)Share-based compensation expense518 364 Ending balance888,575 886,432 Accumulated other comprehensive lossBeginning balance(32,733)(31,469)Change in net unrealized investment gains749 1,014 Foreign currency translation adjustment54 (1,736)Ending balance(31,930)(32,191)Accumulated deficitBeginning balance(687,914)(486,945)Net (loss) income(8,645)1,459 Ending balance(696,559)(485,486)Treasury sharesBeginning balance(123,730)(119,995)Shares repurchased (296)(901)Ending balance(124,026)(120,896)Total shareholders' equity$37,573 $249,360 

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.

 6

MAIDEN HOLDINGS, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands of U.S. dollars)

For the Three Months Ended March 31,20252024Cash flows from operating activitiesNet (loss) income$(8,645)$1,459 Adjustments to reconcile net (loss) income to net cash flows from operating activities:Other non-cash expenses including depreciation, amortization and share-based compensation(6,065)(479)Interest in loss (income) of equity method investments2,722 (606)Net realized and unrealized investment gains(3,331)(8,750)Change in allowance for expected credit losses(2,086)(842)Foreign exchange and other losses (gains)7,434 (2,053)Changes in assets – (increase) decrease:Reinsurance balances receivable, net(779)673 Reinsurance recoverable on unpaid losses3,266 692 Accrued investment income(282)573 Deferred commission and other acquisition expenses2,588 1,539 Funds withheld receivable44 14,325 Other assets(729)(707)Changes in liabilities – increase (decrease):Reserve for loss and loss adjustment expenses(8,301)4,131 Un