Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 155

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 155
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 contractual requirements. 

72

At December 31, 2024, the Company had letters of credit outstanding of $36.9 million for collateral purposes which are secured by cash and fixed maturities with a fair value of $42.6 million. 

At December 31, 2024 and 2023, restricted cash and cash equivalents and fixed maturity investments used as collateral were $192.4 million and $219.9 million, respectively. This collateral represents 71.9% and 75.0% of the fair value of total fixed maturity investments and cash, restricted cash and cash equivalents at December 31, 2024 and 2023, respectively. The following table provides additional information on restricted cash and fixed maturities used as collateral at December 31, 2024 and 2023: 

December 31, 20242023($ in thousands)Restricted Cash & EquivalentsFixed MaturitiesTotalRestricted Cash & EquivalentsFixed MaturitiesTotalDiversified Reinsurance$7,608$55,848$63,456$6,019$61,192$67,211AmTrust Reinsurance 1,406127,420128,8261,247151,416152,663Other 70—70———Total$9,084$183,268$192,352$7,266$212,608$219,874As a % of Consolidated Balance Sheet captions100.0%78.8%79.6%100.0%84.8%85.3%

Maiden Reinsurance loaned funds of $168.0 million to AmTrust at December 31, 2024 and 2023, respectively, to partially satisfy its collateral requirements with AII. Advances under the loan are secured by promissory notes and the loan is carried at cost. On January 30, 2019, in connection with the termination of the AmTrust Quota Share, the Company and AmTrust amended the Loan Agreement between Maiden Reinsurance, AmTrust and AII, originally entered into on November 16, 2007, to extend the maturity date to January 1, 2025 and the parties acknowledged that due to the termination of the AmTrust Quota Share, no further loans or advances may be made pursuant to the Loan Agreement.

Subsequent to December 31, 2024, Maiden Reinsurance and AmTrust amended the terms of the loan agreement provided by Maiden Reinsurance to AII