Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 182

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 182
---
 by Maiden Reinsurance to Maiden NA which provides the sole source of income for interest payments on the 2013 Senior Notes. In 2023 and 2024, the Vermont DFR approved an annual dividend program from Maiden Reinsurance to Maiden NA, with notification to the Vermont DFR as dividends are paid. Subsequent to that approval, Maiden Reinsurance paid total dividends of $68.8 million to Maiden NA as of December 31, 2024. 

The summarized financial information below has been presented on a combined basis for the issuer Maiden NA and the guarantor Maiden Holdings, excluding all other subsidiaries. Intercompany balances and transactions between Maiden NA and Maiden Holdings, whose information is presented above on a combined basis, were eliminated. Any investment by Maiden NA or Maiden Holdings in subsidiaries that are not issuers or guarantors is not presented in the financial information below. 

Intercompany balances with subsidiaries that are not issuers or guarantors and any related party transactions were separately disclosed and are not included in the total assets and total liabilities presented for Maiden NA and Maiden Holdings. The net loss for Maiden NA and Maiden Holdings was due to interest and amortization expenses on the Senior Notes as well as general and administrative expenses. The net loss in Maiden NA also reflects income tax expense incurred for the respective periods. 

Summarized financial information of Maiden NA and Maiden Holdings as of December 31, 2024 and for the year ended December 31, 2024  was as follows:

 Maiden NAMaiden Holdings($ in thousands)Total assets$11,486 $4,749 Total liabilities153,756 109,528 Amounts due from subsidiaries (not included in total assets above)28 3,123 Amounts due to subsidiaries (not included in total liabilities above)12,718 3,518 Related party loan payable (not included in total liabilities above)— 311,534 Total revenue1,828 21 Net loss(10,566)(41,907)

86

The ratio of Debt to Total Capital Resources at December 31, 2024 and 2023 was computed as follows: 

December 31, 20242023($ in thousands)Senior notes - principal amount$262,361 $262,361 Maiden shareholders’ equity45,193 249,160 Total capital resources$307,554 $511,521 Ratio of debt to total capital resources85.3 %51.3