Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 323

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 2
Chunk 323
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8,750)Foreign exchange and other losses (gains)7,434 (2,053)Interest in loss (income) of equity method investments2,722 (606)Change in deferred gain on retroactive reinsurance under the LPT/ADC Agreement(987)5,000 Non-GAAP operating loss$(2,807)$(4,950)Diluted (loss) earnings per share attributable to common shareholders$(0.09)$0.01 Add (subtract):Net realized and unrealized investment gains(0.03)(0.08)Foreign exchange and other losses (gains)0.07 (0.02)Interest in loss (income) of equity method investments0.03 (0.01)Change in deferred gain on retroactive reinsurance under the LPT/ADC Agreement(0.01)0.05 Non-GAAP diluted operating loss per share attributable to common shareholders$(0.03)$(0.05)

Non-GAAP operating loss was $2.8 million for the three months ended March 31, 2025 compared to a non-GAAP operating loss of $5.0 million for the same period in 2024. The non-GAAP operating results were primarily driven by favorable non-GAAP underwriting results in the AmTrust Reinsurance segment as discussed further below. 

Non-GAAP Underwriting Results

The non-GAAP underwriting results for the three months ended March 31, 2025 and 2024 are as follows:

For the Three Months Ended March 31,($ in thousands)20252024Gross premiums written$4,074 $8,323 Net premiums written$4,049 $8,314 Net premiums earned$7,684 $12,408 Other insurance revenue, net— 46 Non-GAAP net loss and LAE(1)6,636 (6,625)Commission and other acquisition expenses(4,558)(5,593)General and administrative expenses(3,295)(2,760)Non-GAAP underwriting income (loss)(1)$6,467 $(2,524)

(1) Non-GAAP underwriting income (loss) and non-GAAP net loss and LAE for the three months ended March 31, 2025 and 2024 are adjusted for prior year reserve development subject to the LPT/ADC Agreement. Please see "Key Financial Measures" section for the definitions of Non-G