Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 141

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 141
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Corporate general and administrative expenses for the year ended December 31, 2024 increased by $5.1 million or 28.6% compared to 2023 primarily due to $5.9 million in higher professional service fees related to various strategic initiatives. Excluding these non-recurring expenses, our adjusted operating expenses decreased 3.9% to $29.4 million for the year ended December 31, 2024, compared to $30.6 million for the year ended December 31, 2023. The majority of these expenses were related to significant and ongoing strategic initiatives pursued by the Company, including our recently announced business combination with Kestrel and active exploration of finality solutions related to the Company's reinsurance liabilities as discussed in the Business Strategy section. 

Corporate expenses also included stock-based incentive compensation costs of $2.0 million compared to $1.7 million in 2023. General and administrative expenses for the years ended December 31, 2024 and 2023 are comprised of:    

For the Year Ended December 31,20242023($ in thousands)General and administrative expenses – segments$12,214 $12,800 General and administrative expenses – corporate23,134 17,996 Total general and administrative expenses$35,348 $30,796 

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Expenses related to the Company’s IIS business, which is no longer writing new business and has entered into the AmTrust Renewal Rights Agreements, were 19.0% of recurring operating expenses for the year ended December 31, 2024.

Interest and Amortization Expenses 

Total interest and amortization expenses for the outstanding Senior Notes issued by Maiden Holdings in 2016 and Maiden NA in 2013 were $19.3 million for the year ended December 31, 2024 compared to $18.2 million in 2023 which included interest expense for the Senior Notes of $19.1 million for both respective years.The issuance costs related to the Senior Notes were capitalized and are being amortized over their effective life using the effective interest method of amortization. Due to changes in the amortization method for the 2013 Senior Notes in 2023, the amortization expense was $0.2 million for the year ended December 31, 2024 compared to amortization income of $0.8 million in 2023.

During the year ended December 31, 2023, the