| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| Bermuda(State or other jurisdiction ofincorporation or organization)        | 98-0570192(IRS EmployerIdentification No.) |
|-----------------------------------------------------------------------------|--------------------------------------------|
|                                                                        |                                       |
| 131 Front Street, Hamilton, Bermuda(Address of principal executive offices) | HM12(Zip Code)                             |
|                                                                        |                                       |
| (441) 292-7090(Registrant’s telephone number, including area code)    |

| Large accelerated filer o                                                              | Accelerated filer x         |
|----------------------------------------------------------------------------------------|-----------------------------|
|                                                                                   |                        |
| Non-accelerated filer   o (Do not check if a smaller reporting company) | Smaller reporting company o |

----

|                           |   | Page                                                                                                                                                               |
|--------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| PART I - Financial Information |   |                                                                                                                                                               |
| Item 1.         |   | Financial Statements                                                                                                                                               |   |   |
|                           |   |                                                                                                                                                               |   |   |
|                           |   | Condensed Consolidated Balance Sheets as of March 31, 2011 (unaudited) and December 31, 2010                                                                       |   | 3 |
|                           |   |                                                                                                                                                               |   |   |
|                           |   | Condensed Consolidated Statements of Income  for the three months ended March 31, 2011 and 2010 (unaudited)                                              |   | 4 |
|                           |   |                                                                                                                                                               |   |   |
|                           |   | Condensed Consolidated Statements of Changes in Shareholders’ Equity and Comprehensive Income for the three months ended March 31, 2011 and 2010 (unaudited) |   | 5 |
|                           |   |                                                                                                                                                               |   |   |
|                           |   | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010 (unaudited)                                                     |   | 7 |
|                           |   |                                                                                                                                                               |   |   |
|                           |   | Notes to Condensed Consolidated Financial Statements (unaudited)                                                                                                   |   | 8 |
|                           |   |                                                                                                                                                               |   |   |
| Item 2.         |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                        |   | 27 |
|                           |   |                                                                                                                                                               |   |   |
| Item 3.         |   | Quantitative and Qualitative Disclosures About Market Risk                                                                                                         |   | 48 |
|                           |   |                                                                                                                                                               |   |   |
| Item 4.              |   | Controls and Procedures                                                                                                                                            |   | 50 |
|                           |   |                                                                                                                                                               |   |   |
| PART II - Other Information    |   |                                                                                                                                                               |
| Item 5.         |   | Other Information - Submission of Matters to a Vote of Security Holders                                                                                            |   | 51 |
|                           |   |                                                                                                                                                               |   |   |
| Item 6.         |   | Exhibits                                                                                                                                                           |   | 52 |
|                           |   |                                                                                                                                                               |   |   |
|                           |   | Signatures                                                                                                                                                         |   | 53 |

----

|                                                                                                                                                                                            |   | March 31, 2011 |      |                | December 31, 2010 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|---------------------|-------------------|--------|
|                                                                                                                                                                                            |   | (Unaudited)         |      |                | (Audited)         |   |
| ASSETS                                                                                                                                                                                          |   |                |      |                |              |   |
| Investments:                                                                                                                                                                                    |   |                |      |                |              |   |
| Fixed maturities, available for sale, at fair value(Amortized cost 2011:$1,803,375; 2010: $1,819,775)                                                                                           |   | $                   | 1,861,299 |                |              | $      | 1,874,433 |   |
| Other investments, at fair value (Cost 2011: $5,993; 2010: $5,751)                                                                                                                              |   |                | 6,322     |                |              |   | 5,847 |   |
| Total investments                                                                                                                                                                               |   |                | 1,867,621 |                |              |   | 1,880,280 |   |
| Cash and cash equivalents                                                                                                                                                                       |   |                | 97,340    |                |              |   | 96,151 |   |
| Restricted cash and cash equivalents                                                                                                                                                            |   |                | 52,764    |                |              |   | 89,756 |   |
| Accrued investment income                                                                                                                                                                       |   |                | 12,645    |                |              |   | 14,091 |   |
| Reinsurance balances receivable, net (includes $121,812 and $95,227 from related parties in 2011 and 2010, respectively)                                                                        |   |                | 315,349   |                |              |   | 226,333 |   |
| Funds withheld                                                                                                                                                                                  |   |                | 164,533   |                |              |   | 152,713 |   |
| Prepaid reinsurance premiums (includes $3,282 and $1,211 from related parties in 2011 and 2010, respectively)                                                                                   |   |                | 31,488    |                |              |   | 28,992 |   |
| Reinsurance recoverable on unpaid losses (includes $1,931 and $383 from related parties in 2011 and 2010, respectively)                                                                         |   |                | 11,435    |                |              |   | 6,656 |   |
| Loan to related party                                                                                                                                                                           |   |                | 167,975   |                |              |   | 167,975 |   |
| Deferred acquisition costs (includes $123,404 and $118,015 from related parties in 2011 and 2010, respectively)                                                                                 |   |                | 234,253   |                |              |   | 203,631 |   |
| Goodwill and intangible assets, net                                                                                                                                                             |   |                | 102,543   |                |              |   | 103,905 |   |
| Other assets                                                                                                                                                                                    |   |                | 14,168    |                |              |   | 12,079 |   |
| Total assets                                                                                                                                                                                    |   | $                   | 3,072,114 |                |              | $      | 2,982,562 |   |
| LIABILITIES                                                                                                                                                                                     |   |                |      |                |              |   |   |   |
| Reserve for loss and loss adjustment expenses (includes $284,554 and $263,916  from related parties in 2011 and 2010, respectively)                                                   |   | $                   | 1,254,850 |                |              | $      | 1,226,773 |   |
| Unearned premiums (includes $384,808 and $366,412 from related parties in 2011 and 2010, respectively)                                                                                          |   |                | 764,264   |                |              |   | 657,556 |   |
| Accrued expenses and other liabilities                                                                                                                                                          |   |                | 67,815    |                |              |   | 56,368 |   |
| Securities sold under agreements to repurchase, at contract value                                                                                                                               |   |                | —   |                |              |   | 76,225 |   |
| Junior subordinated debt                                                                                                                                                                        |   |                | 215,209   |                |              |   | 215,191 |   |
| Total liabilities                                                                                                                                                                               |   |                | 2,303,138 |                |              |   | 2,232,113 |   |
| Commitments and Contingencies                                                                                                                                                                   |   |                |      |                |              |   |   |   |
| EQUITY                                                                                                                                                                                          |   |                |      |                |              |   |   |   |
| Common shares ($0.01 par value; 73,069,530 and 73,069,436 shares issued in 2011 and 2010, respectively; 72,107,194  and 72,107,100 shares outstanding in 2011 and 2010, respectively) |   |                | 731       |                |              |   | 731 |   |
| Additional paid-in capital                                                                                                                                                                      |   |                | 577,478   |                |              |   | 577,135 |   |
| Accumulated other comprehensive income                                                                                                                                                          |   |                | 59,204    |                |              |   | 54,334 |   |
| Retained earnings                                                                                                                                                                               |   |                | 136,070   |                |              |   | 121,775 |   |
| Treasury shares, at cost (2011 and 2010: 962,336 shares)                                                                                                                                        |   |                | (3,801    | )    |              |   | (3,801 | )    |
| Total Maiden shareholders’ equity                                                                                                                                                         |   |                | 769,682   |                |              |   | 750,174 |   |
| Noncontrolling interest in subsidiary                                                                                                                                                           |   |                | 294       |                |              |   | 275 |   |
| Total equity                                                                                                                                                                                    |   |                | 769,976   |                |              |   | 750,449 |   |
| Total liabilities and equity                                                                                                                                                                    |   | $                   | 3,072,114 |                |              | $      | 2,982,562 |   |

----

| For the three months ended                      |   | March 31, 2011 |     |    | March 31, 2010 |   |
|----------------------------------------------------------------|--------|---------------------|----------|---------|---------------------|--------|
| Revenues:                                                      |   |                |     |    |                |   |
| Gross premiums written                                         |   | $                   | 470,777  |    |                | $      | 327,382 |   |
| Net premiums written                                           |   | $                   | 449,500  |    |                | $      | 311,291 |   |
| Change in unearned premiums                                    |   |                | (102,965 | )  |                |   | (47,362 | )  |
| Net earned premium                                             |   |                | 346,535  |    |                |   | 263,929 |   |
| Other insurance revenue                                        |   |                | 4,655    |    |                |   | — |   |
| Net investment income                                          |   |                | 19,141   |    |                |   | 17,581 |   |
| Net realized and unrealized investment gains                   |   |                | 47       |    |                |   | 312 |   |
| Total revenues                                                 |   |                | 370,378  |    |                |   | 281,822 |   |
| Expenses:                                                      |   |                |     |    |                |   |   |   |
| Loss and loss adjustment expenses                              |   |                | 221,182  |    |                |   | 170,285 |   |
| Commission and other acquisition expenses                      |   |                | 107,072  |    |                |   | 77,396 |   |
| General and administrative expenses                            |   |                | 12,293   |    |                |   | 8,552 |   |
| Subordinated debt interest expense                             |   |                | 9,118    |    |                |   | 9,115 |   |
| Amortization of intangible assets                              |   |                | 1,258    |    |                |   | 1,452 |   |
| Foreign exchange (gains) losses                                |   |                | (1,062   | )  |                |   | 1,153 |   |
| Total expenses                                                 |   |                | 349,861  |    |                |   | 267,953 |   |
| Income before income taxes                                     |   |                | 20,517   |    |                |   | 13,869 |   |
| Income taxes:                                                  |   |                |     |    |                |   |   |   |
| Current tax expense                                            |   |                | 885      |    |                |   | — |   |
| Deferred tax expense                                           |   |                | 287      |    |                |   | 300 |   |
| Income tax expense                                             |   |                | 1,172    |    |                |   | 300 |   |
| Net income                                                     |   |                | 19,345   |    |                |   | 13,569 |   |
| Less: Income attributable to noncontrolling interest           |   |                | (3       | )       |                |   | — |   |
| Net income attributable to Maiden                              |   | $                   | 19,342   |    |                | $      | 13,569 |   |
|                                                           |   |                |     |    |                |   |   |   |
| Basic earnings per share attributable to Maiden shareholders   |   | $                   | 0.27     |    |                | $      | 0.19 |   |
| Diluted earnings per share attributable to Maiden shareholders |   | $                   | 0.27     |    |                | $      | 0.19 |   |
| Dividends declared per common share                            |   | $                   | 0.07     |    |                | $      | 0.065 |   |

----

|                                                                           |   |        |    |   |                      |   |   | Maiden Shareholders’ Equity |   |    |           |   |
|--------------------------------------------------------------------------------|--------|-------------|---------|--------|---------------------------|--------|--------|-----------------------------------|--------|---------|----------------|--------|
| For the three months endedMarch 31, 2011                                       |   | Totalequity |    |   | Maidencomprehensiveincome |   |   | Retainedearnings                  |   |    | Treasuryshares |   |   | Accumulatedothercomprehensiveincome |   |   | Commonshares |   |   | Additionalpaid-in capital |   |   | Noncontrollinginterest insubsidiary |   |
| Beginning balance                                                              |   | $           | 750,449 |   |                      |   |   |                              | $      | 121,775 |           |   | $ | (3,801 | ) |   | $ | 54,334 |   |   | $ | 731 |   |   | $ | 577,135 |   |   | $ | 275 |   |
| Exercise of options and issuance of shares                                     |   |        | 4       |   |                      |   |   |                              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4 |   |   |   | — |   |
| Comprehensive income:                                                          |   |        |    |   |                      |   |   |                              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                     |   |        | 19,345  |   |                      | $      | 19,342 |                              |   |    | 19,342         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3 |   |
| Other comprehensive income:                                                    |   |        |    |   |                      |   |   |                              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized holdings net gains arising during the period                        |   |        |    |   |                      |   | 3,546  |                              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | — |   |
| Adjustment for reclassification of net realized gains recognized in net income |   |        |    |   |                      |   | (47    | )                                 |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | — |   |
| Change in net unrealized gains on investments                                  |   |        | 3,499   |   |                      |   | 3,499  |                              |   |    |           |   |   |   |   |   |   |   | 3,499 |   |   |   |   |   |   |   |   |   |   |   | — |   |
| Foreign currency translation adjustment                                        |   |        | 1,387   |   |                      |   | 1,371  |                              |   |    |           |   |   |   |   |   |   |   | 1,371 |   |   |   |   |   |   |   |   |   |   |   | 16 |   |
| Other comprehensive income                                                     |   |        | 4,886   |   |                      |   | 4,870  |                              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16 |   |
| Comprehensive income                                                           |   |        | 24,231  |   |                      | $      | 24,212 |                              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 19 |   |
| Share based compensation                                                       |   |        | 339     |   |                      |   |   |                              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 339 |   |   |   | — |   |
| Dividends on common shares                                                     |   |        | (5,047  | )      |                      |   |   |                              |   |    | (5,047         | )      |   |   |     |   |   |   |     |   |   |   |     |   |   |   |     |   |   |   | — |   |
| Ending balance                                                                 |   | $           | 769,976 |   |                      |   |   |                              |   | $       | 136,070        |   |   | $ | (3,801 | ) |   | $ | 59,204 |   |   | $ | 731 |   |   | $ | 577,478 |   |   | $ | 294 |   |

----

|                                                                           |   |        |    |                |                      |   |   | Maiden Shareholders’ Equity |   |   |           |    |
|--------------------------------------------------------------------------------|--------|-------------|---------|---------------------|---------------------------|--------|--------|-----------------------------------|--------|--------|----------------|---------|
| For the three months endedMarch 31, 2010                                       |   | Totalequity |    |                | Maidencomprehensiveincome |   |   | Retainedearnings                  |   |   | Treasuryshares |    |   | Accumulatedothercomprehensiveincome |   |   | Commonshares |   |   | Additionalpaid-in capital |   |   | Noncontrollinginterest insubsidiary |   |
| Beginning balance                                                              |   | $           | 676,526 |                |                      |   |   |                              | $      | 70,781 |           |    | $ | (3,801 | ) |   | $ | 32,747 |   |   | $ | 713 |   |   | $ | 576,086 |   |   | $ | — |   |
| Exercise of options and issuance of shares                                     |   |        | 2       |                |                      |   |   |                              |   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   | 2 |   |   |   | — |   |
| Comprehensive income:                                                          |   |        |    |                |                      |   |   |                              |   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                     |   |        | 13,569  |                |                      | $      | 13,569 |                              |   |   | 13,569         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | — |   |
| Other comprehensive income:                                                    |   |        |    |                |                      |   |   |                              |   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized holdings net gains arising during the period                        |   |        |    |                |                      |   | 24,524 |                              |   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | — |   |
| Adjustment for reclassification of net realized gains recognized in net income |   |        |    |                |                      |   | (312   | )                            |   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | — |   |
| Change in net unrealized gains on investments                                  |   |        | 24,212  |                |                      |   | 24,212 |                              |   |   |           |    |   |   |   |   |   |   | 24,212 |   |   |   |   |   |   |   |   |   |   |   | — |   |
| Comprehensive income                                                           |   |        | 37,781  |                |                      | $      | 37,781 |                              |   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | — |   |
| Share based compensation                                                       |   |        | 210     |                |                      |   |   |                              |   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 210 |   |   |   | — |   |
| Dividends on common shares                                                     |   |        | (4,569  | )    |                      |   |   |                              |   |   | (4,569         | )  |   |   |     |   |   |   |     |   |   |   |     |   |   |   |     |   |   |   | — |   |
| Ending balance                                                                 |   | $           | 709,950 |                |                      |   |   |                              |   | $      | 79,781         |    |   | $ | (3,801 | ) |   | $ | 56,959 |   |   | $ | 713 |   |   | $ | 576,298 |   |   | $ | — |   |

----

| For the three months ended March 31,                                                           |   | 2011   |     |    | 2010   |   |
|--------------------------------------------------------------------------------------------------------------------|--------|--------|----------|---------|--------|--------|
| Cash flows from operating activities:                                                                              |   |   |     |    |   |   |   |   |
| Net income                                                                                                         |   | $      | 19,345   |    |   | $      | 13,569 |   |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities:                        |   |   |     |    |   |   |   |   |
| Depreciation and amortization of intangibles                                                                       |   |   | 1,680    |    |   |   | 1,749 |   |
| Net realized and unrealized (gain) loss on investments                                                             |   |   | (47      | )       |   |   | (312 | )  |
| Foreign exchange (gains)  losses                                                                         |   |   | (1,062   | )  |   |   | 1,153 |   |
| Amortization of share-based compensation expense, bond premium and discount junior subordinated debt discount, net |   |   | 437      |    |   |   | (1,334 | ) |
| Changes in assets - (increase) decrease:                                                                           |   |   |     |    |   |   |   |   |
| Reinsurance balances receivable, net                                                                               |   |   | (88,539  | )       |   |   | (87,416 | ) |
| Funds withheld                                                                                                     |   |   | (4,233   | )       |   |   |   |   |
| Prepaid reinsurance premiums                                                                                       |   |   | (2,083   | )       |   |   | 2,484 |   |
| Accrued investment income                                                                                          |   |   | 1,446    |    |   |   | (1,177 | ) |
| Deferred commission and other acquisition costs                                                                    |   |   | (30,162  | )       |   |   | (5,271 | ) |
| Other assets                                                                                                       |   |   | (2,283   | )  |   |   | (270 | ) |
| Changes in liabilities – increase (decrease):                                                                |   |   |     |    |   |   |   |   |
| Reserve for loss and loss adjustment expenses                                                                      |   |   | 17,978   |    |   |   | 38,252 |   |
| Unearned premiums                                                                                                  |   |   | 105,122  |    |   |   | 46,462 |   |
| Accrued expenses and other liabilities                                                                             |   |   | (3,932   | )  |   |   | (10,717 | ) |
| Net cash provided by (used in) operating activities                                                                |   |   | 13,667   |    |   |   | (2,828 | ) |
| Cash flows from investing activities:                                                                              |   |   |     |    |   |   |   |   |
| Purchases of investments:                                                                                          |   |   |     |    |   |   |   |   |
| Purchases of fixed-maturity securities – available-for-sale                                                  |   |   | (156,737 | )       |   |   | (205,443 | ) |
| Purchases of other investments                                                                                     |   |   | (241     | )       |   |   | — |   |
| Sale of investments:                                                                                               |   |   |     |    |   |   |   |   |
| Proceeds from sales of fixed-maturity securities – available-for-sale                                        |   |   | 13,686   |    |   |   | 37,737 |   |
| Proceeds from maturities and calls of fixed-maturity securities                                                    |   |   | 175,023  |    |   |   | 123,558 |   |
| Proceeds from redemption of other investments                                                                      |   |   | —  |    |   |   | 3 |   |
| Decrease in restricted cash and cash equivalents                                                                   |   |   | 36,992   |    |   |   | 27,305 |   |
| Purchase of capital assets                                                                                         |   |   | (717     | )       |   |   | (673 | ) |
| Net cash provided by (used in) investing activities                                                                |   |   | 68,006   |    |   |   | (17,513 | ) |
| Cash flows from financing activities:                                                                              |   |   |     |    |   |   |   |   |
| Repurchase agreements, net                                                                                         |   |   | (76,225  | )       |   |   | (19,077 | ) |
| Common share issuance                                                                                              |   |   | 4        |    |   |   | 2 |   |
| Dividend paid                                                                                                      |   |   | (5,047   | )       |   |   | (4,569 | ) |
| Net cash used in financing activities                                                                              |   |   | (81,268  | )       |   |   | (23,644 | )  |
| Effect of exchange rate changes on foreign currency cash                                                           |   |   | 784      |    |   |   | (668 | )  |
| Net increase (decrease) in cash and cash equivalents                                                               |   |   | 1,189    |    |   |   | (44,653 | )  |
| Cash and cash equivalents, beginning of period                                                                     |   |   | 96,151   |    |   |   | 107,396 |   |
| Cash and cash equivalents, end of period                                                                           |   | $      | 97,340   |    |   | $      | 62,743 |   |

----

----

----

| As of March 31, 2011                                |   | Original orAmortizedCost |         | GrossUnrealizedGains |   | GrossUnrealizedLosses |         | Fair Value |
|-----------------------------------------------------|--------|--------------------------|--------------|----------------------|--------|-----------------------|--------------|------------|
| Fixed Maturities:                                   |   |                     |    |                 |   |                  |    |       |   |   |    |   |   |   |    |   |
| U.S. treasury bonds                                 |   | $                        | 92,040       |                 |   | $                     | 891          |       |   | $ | (1,963 | ) |   | $ | 90,968 |   |
| U.S. agency bonds – mortgage backed |   |                     | 958,552      |                 |   |                  | 20,464       |       |   |   | (6,290 | ) |   |   | 972,726 |   |
| U.S. agency bonds – other           |   |                     | 18,711       |                 |   |                  | 1,406        |       |   |   | — |   |   |   | 20,117 |   |
| Non-U.S. government bonds                           |   |                     | 15,479       |                 |   |                  | 1,049        |       |   |   | — |   |   |   | 16,528 |   |
| Corporate bonds                                     |   |                     | 656,101      |                 |   |                  | 49,091       |       |   |   | (6,426 | ) |   |   | 698,766 |   |
| Municipal bonds                                     |   |                     | 62,492       |                 |   |                  | 539          |       |   |   | (837 | ) |   |   | 62,194 |   |
| Total available for sale fixed maturities           |   |                     | 1,803,375    |                 |   |                  | 73,440       |       |   |   | (15,516 | ) |   |   | 1,861,299 |   |
| Other investments                                   |   |                     | 5,993        |                 |   |                  | 329          |       |   |   | — |   |   |   | 6,322 |   |
| Total investments                                   |   | $                        | 1,809,368    |                 |   | $                     | 73,769       |       |   | $ | (15,516 | ) |   | $ | 1,867,621 |   |

| As of December 31, 2010                             |   | Original orAmortizedCost |         | GrossUnrealizedGains |   | GrossUnrealizedLosses |         | Fair Value |   |
|-----------------------------------------------------|--------|--------------------------|--------------|----------------------|--------|-----------------------|--------------|------------|--------|
| Fixed Maturities:                                   |   |                     |    |                 |   |                  |    |       |   |   |    |   |   |   |    |   |
| U.S. treasury bonds                                 |   | $                        | 92,043       |                 |   | $                     | 1,108        |       |   | $ | (1,422 | )    |   | $ | 91,729 |   |
| U.S. agency bonds – mortgage backed |   |                     | 951,465      |                 |   |                  | 22,351       |       |   |   | (4,348 | )    |   |   | 969,468 |   |
| U.S. agency bonds – other           |   |                     | 41,770       |                 |   |                  | 1,638        |       |   |   | — |   |   |   | 43,408 |   |
| Non-U.S. government bonds                           |   |                     | 15,494       |                 |   |                  | 444          |       |   |   | — |   |   |   | 15,938 |   |
| Corporate bonds                                     |   |                     | 673,756      |                 |   |                  | 46,647       |       |   |   | (11,410 | )    |   |   | 708,993 |   |
| Municipal bonds                                     |   |                     | 45,247       |                 |   |                  | 441          |       |   |   | (791 | )    |   |   | 44,897 |   |
| Total available for sale fixed maturities           |   |                     | 1,819,775    |                 |   |                  | 72,629       |       |   |   | (17,971 | )    |   |   | 1,874,433 |   |
| Other investments                                   |   |                     | 5,751        |                 |   |                  | 96           |       |   |   | — |   |   |   | 5,847 |   |
| Total investments                                   |   | $                        | 1,825,526    |                 |   | $                     | 72,725       |       |   | $ | (17,971 | )    |   | $ | 1,880,280 |   |

| As of March 31, 2011                           |   | Amortized Cost |      |   | FairValue |   |      | % of TotalFair Value |   |
|-----------------------------------------------------|--------|---------------------|-----------|--------|-----------|--------|-----------|-------------------------------------|--------|
| Maturity                                            |   |                |      |   |      |   |      |                                |   |
| Due in one year or less                             |   | $                   | 41,151    |   |      | $      | 41,665    |                                |   |   | 2.2 | % |
| Due after one year through five years               |   |                | 163,951   |   |      |   | 170,800   |                                |   |   | 9.2 | % |
| Due after five years through ten years              |   |                | 548,738   |   |      |   | 579,951   |                                |   |   | 31.2 | % |
| Due after ten years                                 |   |                | 90,983    |   |      |   | 96,156    |                                |   |   | 5.2 | % |
|                                                |   |                | 844,823   |   |      |   | 888,572   |                                |   |   | 47.8 | % |
| U.S. agency bonds – mortgage backed |   |                | 958,552   |   |      |   | 972,727   |                                |   |   | 52.2 | % |
| Total                                               |   | $                   | 1,803,375 |   |      | $      | 1,861,299 |                                |   |   | 100.0 | % |

----

|                                                     |   | Less than 12 Months |    |   | 12 Months or More |   |    | Total               |   |
|----------------------------------------------------------|--------|---------------------|---------|--------|-------------------|--------|---------|---------------------|--------|
| As of March 31, 2011                                     |   | FairValue           |    |   | UnrealizedLosses  |   |    | FairValue           |   |   | UnrealizedLosses |   |   | FairValue |   |   | UnrealizedLosses |   |
| Available-for-sale securities:                           |   |                |    |   |              |   |    |                |   |   |   |   |   |   |   |   |   |   |
| U.S. treasury bonds                                      |   | $                   | 46,655  |   |              | $      | (1,963  | )                   |   | $ | — |   |   | $ | — |   |   | $ | 46,655 |   |   | $ | (1,963 | ) |
| U.S. agency bonds – mortgage backed      |   |                | 294,289 |   |              |   | (6,290  | )    |   |   | — |   |   |   | — |   |   |   | 294,289 |   |   |   | (6,290 | )    |
| Corporate bonds                                          |   |                | 50,016  |   |              |   | (1,255  | )    |   |   | 172,202 |   |   |   | (5,171 | )    |   |   | 222,218 |   |   |   | (6,426 | )    |
| Municipal bonds                                          |   |                | 20,731  |   |              |   | (837    | )    |   |   | — |   |   |   | — |   |   |   | 20,731 |   |   |   | (837 | )    |
| Total temporarily impaired available-for-sale securities |   | $                   | 411,691 |   |              | $      | (10,345 | )                   |   | $ | 172,202 |   |   | $ | (5,171 | ) |   | $ | 583,893 |   |   | $ | (15,516 | ) |

|                                                     |   | Less than 12 Months |    | 12 Months or More |   | Total     |
|----------------------------------------------------------|--------|---------------------|---------|-------------------|--------|-----------|
| As of December 31, 2010                                  |   | FairValue           |    | UnrealizedLosses  |   | FairValue |   | UnrealizedLosses |   | FairValue |   | UnrealizedLosses |
| Available-for-sale securities:                           |   |                |    |              |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. treasury bonds                                      |   | $                   | 47,165  |              |   | $         | (1,422 | )    |   | $ | — |   |   | $ | — |   |   | $ | 47,165 |   |   | $ | (1,422 | )    |
| U.S. agency bonds – mortgage backed      |   |                | 315,370 |              |   |      | (4,348 | )    |   |   | — |   |   |   | — |   |   |   | 315,370 |   |   |   | (4,348 | )    |
| Corporate bonds                                          |   |                | 86,976  |              |   |      | (1,555 | )    |   |   | 166,062 |   |   |   | (9,855 | )    |   |   | 253,038 |   |   |   | (11,410 | )    |
| Municipal bonds                                          |   |                | 27,315  |              |   |      | (791 | )    |   |   | — |   |   |   | — |   |   |   | 27,315 |   |   |   | (791 | )    |
| Total temporarily impaired available-for-sale securities |   | $                   | 476,826 |              |   | $         | (8,116 | )    |   | $ | 166,062 |   |   | $ | (9,855 | )    |   | $ | 642,888 |   |   | $ | (17,971 | )    |

----

|   | The table below shows our portfolio of other investments: |
|--------|-----------------------------------------------------------|

|                                |   | March 31, 2011 |   | December 31, 2010 |
|-------------------------------------|--------|----------------|--------|-------------------|
| Hedge fund                          |   | $              | 4,935  |              |   |   | 78.1 | % |   | $ | 4,846 |   |   |   | 82.9 | % |
| Investments in limited partnerships |   |           | 1,387  |              |   |   | 21.9 | % |   |   | 1,001 |   |   |   | 17.1 | % |
| Total other investments             |   | $              | 6,322  |              |   |   | 100.0 | % |   | $ | 5,847 |   |   |   | 100.0 | % |

|   | The Company has an unfunded commitment on its investments in limited partnerships of approximately $4,613 as of March 31, 2011. |
|--------|---------------------------------------------------------------------------------------------------------------------------------|

| For the three months ended March 31, 2011 |   | Gross Gains |    |   | Gross losses |   |    | Net    |   |
|-------------------------------------------|--------|------------------|---------|--------|-------------------|--------|---------|--------|--------|
| Available-for-sale securities             |   | $                | 63      |   |              | $      | (16     | )      |   | $ | 47 |   |
| Other investments                         |   |             | — |   |              |   | — |   |   |   | — |   |
| Net realized and unrealized gains         |   | $                | 63      |   |              | $      | (16     | )      |   | $ | 47 |   |

| For the three months ended March 31, 2010 |   | Gross Gains |    |   | Gross losses |   |    | Net    |   |
|-------------------------------------------|--------|------------------|---------|--------|-------------------|--------|---------|--------|--------|
| Available-for-sale securities             |   | $                | 312     |   |              | $      | — |   |   | $ | 312 |   |
| Other investments                         |   |             | — |   |              |   | — |   |   |   | — |   |
| Net realized and unrealized gains         |   | $                | 312     |   |              | $      | — |   |   | $ | 312 |   |

|                      |   | March 31, 2011 |   |   | March 31, 2010 |   |
|---------------------------|--------|----------------|--------|--------|----------------|--------|
| Fixed maturities          |   | $              | 57,924 |   |           | $      | 57,039 |   |
| Other investments         |   |           | 329    |   |           |   | (80 | ) |
| Net unrealized gains      |   | $              | 58,253 |   |           | $      | 56,959 |   |
| Change in unrealized gain |   | $              | 3,499  |   |           | $      | 24,212 |   |

----

|                                                                                                                                                                              |   | March 31, 2011 |      |   | December 31, 2010 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|------------------------|--------|
| Restricted cash – third party agreements                                                                                                                          |   | $                   | 39,935    |   |                   | $      | 59,615 |   |
| Restricted cash – related party agreements                                                                                                                        |   |                | 12,455    |   |                   |   | 29,743 |   |
| Restricted cash – U.S. state regulatory authorities                                                                                                               |   |                | 374       |   |                   |   | 398 |   |
| Total restricted cash                                                                                                                                                             |   |                | 52,764    |   |                   |   | 89,756 |   |
| Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2011 – $1,064,733; 2010 – $1,024,895) |   |                | 1,081,291 |   |                   |   | 1,053,982 |   |
| Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2011 – $373,430; 2010 – $339,810)   |   |                | 397,531   |   |                   |   | 361,424 |   |
| Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2011 – $13,195; 2010 – $13,198)          |   |                | 13,591    |   |                   |   | 13,690 |   |
| Total restricted investments                                                                                                                                                      |   |                | 1,492,413 |   |                   |   | 1,429,096 |   |
| Total restricted cash and investments                                                                                                                                             |   | $                   | 1,545,177 |   |                   | $      | 1,518,852 |   |

|   | · | Level 1 - Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level 3 - Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| As of March 31, 2011                                |   | Quoted Pricesin ActiveMarkets for Identical Assets(Level 1) |    |   | SignificantOtherObservableInputs(Level 2) |   |      | SignificantUnobservableInputs(Level 3 |   |   | Total FairValue |   |
|-----------------------------------------------------|--------|-------------------------------------------------------------|---------|--------|-------------------------------------------|--------|-----------|---------------------------------------|--------|--------|-----------------|--------|
| Assets                                              |   |                                                        |    |   |                                      |   |      |                                  |   |   |            |   |
| Fixed maturities                                    |   |                                                        |    |   |                                      |   |      |                                  |   |   |            |   |
| U.S. treasury bonds                                 |   | $                                                           | 90,968  |   |                                      | $      | —   |                                  |   | $      | —         |   |   | $ | 90,968 |   |
| U.S. agency bonds – mortgage backed |   |                                                        | — |   |                                      |   | 972,726   |                                  |   |   | —         |   |   |   | 972,726 |   |
| U.S. agency bonds – other           |   |                                                        | — |   |                                      |   | 20,117    |                                  |   |   | —         |   |   |   | 20,117 |   |
| Non U.S. government bonds                           |   |                                                        | — |   |                                      |   | 16,528    |                                  |   |   | —         |   |   |   | 16,528 |   |
| Corporate bonds                                     |   |                                                        | — |   |                                      |   | 698,766   |                                  |   |   | —         |   |   |   | 698,766 |   |
| Municipal bonds                                     |   |                                                        | — |   |                                      |   | 62,194    |                                  |   |   | —         |   |   |   | 62,194 |   |
| Other investments                                   |   |                                                        | — |   |                                      |   | —   |                                  |   |   | 6,322           |   |   |   | 6,322 |   |
| Total                                               |   | $                                                           | 90,968  |   |                                      | $      | 1,770,331 |                                  |   | $      | 6,322           |   |   | $ | 1,867,621 |   |
| As a percentage of total assets                     |   |                                                        | 3.0     | %      |                                      |   | 57.6      | %                                     |   |   | 0.2             | %      |   |   | 60.8 | % |
| Liabilities                                         |   |                                                        |    |   |                                      |   |      |                                  |   |   |            |   |   |   |   |   |
| Securities sold under agreements to repurchase      |   | $                                                           | — |   |                                      | $      | —   |                                  |   | $      | —         |   |   | $ | — |   |
| As a percentage of total liabilities                |   |                                                        | — |   |                                      |   | —   |                                  |   |   | —         |   |   |   | — |   |

| As of December 31, 2010                             |   | Quoted Pricesin ActiveMarkets for Identical Assets(Level 1) |          |   | Significant OtherObservableInputs(Level 2) |   |          | SignificantUnobservableInputs(Level 3) |   |   | Total FairValue |   |
|-----------------------------------------------------|--------|-------------------------------------------------------------|---------------|--------|--------------------------------------------|--------|---------------|----------------------------------------|--------|--------|-----------------|--------|
| Assets                                              |   |                                                        |          |   |                                       |   |          |                                   |   |   |            |   |
| Fixed maturities                                    |   |                                                        |          |   |                                       |   |          |                                   |   |   |            |   |
| U.S. treasury bonds                                 |   | $                                                           | 91,729        |   |                                       | $      | —       |                                   |   | $      | —         |   |   | $ | 91,729 |   |
| U.S. agency bonds – mortgage backed |   |                                                        | —       |   |                                       |   | 969,468       |                                   |   |   | —         |   |   |   | 969,468 |   |
| U.S. agency bonds – other           |   |                                                        | —       |   |                                       |   | 43,408        |                                   |   |   | —         |   |   |   | 43,408 |   |
| Non U.S. government bonds                           |   |                                                        | —       |   |                                       |   | 15,938        |                                   |   |   | —         |   |   |   | 15,938 |   |
| Corporate bonds                                     |   |                                                        | —       |   |                                       |   | 708,993       |                                   |   |   | —         |   |   |   | 708,993 |   |
| Municipal bonds                                     |   |                                                        | —       |   |                                       |   | 44,897        |                                   |   |   | —         |   |   |   | 44,897 |   |
| Other investments                                   |   |                                                        | —       |   |                                       |   | —       |                                   |   |   | 5,847           |   |   |   | 5,847 |   |
| Total                                               |   | $                                                           | 91,729        |   |                                       | $      | 1,782,704     |                                   |   | $      | 5,847           |   |   | $ | 1,880,280 |   |
| As a percentage of total assets                     |   |                                                        | 3.1           | %      |                                       |   | 59.7          | %                                      |   |   | 0.2             | %      |   |   | 63.0 | % |
| Liabilities                                         |   |                                                        |     |   |                                       |   |     |                                   |   |   |       |   |   |   |     |   |
| Securities sold under agreements to repurchase      |   | $                                                           | —       |   |                                       | $      | 76,225        |                                   |   | $      | —         |   |   | $ | 76,225 |   |
| As a percentage of total liabilities                |   |                                                        | —       |   |                                       |   | 3.4           | %                       |   |   | —         |   |   |   | 3.4 | %    |

----

| Other Investments:                                                                                                                             |   | For the three monthsendedMarch 31, 2011 |    |   | For the three monthsendedMarch 31, 2010 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|---------|--------|--------------------------------------------------------|--------|
| Balance at beginning of period                                                                                                                      |   | $                                                      | 5,847   |   |                                                   | $      | 5,549 |   |
| Net realized and unrealized gains – included in net income                                                                                    |   |                                                   | — |   |                                                   |   | — |   |
| Net realized and unrealized losses – included in net income                                                                                   |   |                                                   | — |   |                                                   |   | — |   |
| Change in net unrealized gains – included in other comprehensive income (loss)                                                                |   |                                                   | 234     |   |                                                   |   | — |   |
| Change in net unrealized losses – included in other comprehensive income (loss)                                                               |   |                                                   | — |   |                                                   |   | 55 |   |
| Purchases                                                                                                                                           |   |                                                   | 241     |   |                                                   |   | — |   |
| Sales and redemptions                                                                                                                               |   |                                                   | — |   |                                                   |   | (3 | )  |
| Transfers into Level 3                                                                                                                              |   |                                                   | — |   |                                                   |   | — |   |
| Transfers out of Level 3                                                                                                                            |   |                                                   | — |   |                                                   |   | — |   |
| Balance at end of period                                                                                                                            |   | $                                                      | 6,322   |   |                                                   | $      | 5,601 |   |
| Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date |   | $                                                      | — |   |                                                   | $      | — |   |

| As of March 31, 2011   |   | Gross  |     | Accumulated Amortization |   | Net    |    | Useful Life         |
|------------------------|--------|--------|----------|--------------------------|--------|--------|---------|---------------------|
| Goodwill               |   | $      | 58,325   |                     |   | $      | — |                |   | $ | 58,325 |   |   | Indefinite |
| State licenses         |   |   | 7,727    |                     |   |   | — |                |   |   | 7,727 |   |   | Indefinite |
| Customer relationships |   |   | 51,400   |                     |   |   | (14,909 | )    |   |   | 36,491 |   |   | 15 years double declining |
| Net balance            |   | $      | 117, 452 |                     |   | $      | (14,909 | )    |   | $ | 102,543 |   |   |   |

----

| As of December 31, 2010 |   | Gross  |    | Accumulated Amortization |   | Net    |    | Useful Life         |
|-------------------------|--------|--------|---------|--------------------------|--------|--------|---------|---------------------|
| Goodwill                |   | $      | 58,429  |                     |   | $      | — |                |   | $ | 58,429 |   |   | Indefinite |
| State licenses          |   |   | 7,727   |                     |   |   | — |                |   |   | 7,727 |   |   | Indefinite |
| Customer relationships  |   |   | 51,400  |                     |   |   | (13,651 | )    |   |   | 37,749 |   |   | 15 years double declining |
| Net balance             |   | $      | 117,556 |                     |   | $      | (13,651 | )    |   | $ | 103,905 |   |   |   |

|   |   | March 31, 2011 |   |
|--------|--------|----------------|--------|
| 2011   |   | $              | 3,775  |   |
| 2012   |   |           | 4,362  |   |
| 2013   |   |           | 3,781  |   |
| 2014   |   |           | 3,276  |   |
| 2015   |   |           | 2,840  |   |

----

|                                                                 |   | For the three monthsendedMarch 31, 2011 |       |   | For the three monthsended March 31, 2010 |   |
|----------------------------------------------------------------------|--------|--------------------------------------------------------|------------|--------|--------------------------------------------------------------|--------|
| Net income available to Maiden common shareholders                   |   | $                                                      | 19,342     |   |                                                         | $      | 13,569 |   |
| Weighted average number of common shares outstanding – basic   |   |                                                   | 72,107,194 |   |                                                         |   | 70,291,312 |   |
| Potentially dilutive securities:                                     |   |                                                   |       |   |                                                         |   |   |   |
| Warrants                                                             |   |                                                   | —    |   |                                                         |   | — |   |
| Share options                                                        |   |                                                   | 666,720    |   |                                                         |   | 485,482 |   |
| Weighted average number of common shares outstanding – diluted |   |                                                   | 72,773,914 |   |                                                         |   | 70,776,794 |   |
| Basic earnings per common share:                                     |   | $                                                      | 0.27       |   |                                                         | $      | 0.19 |   |
| Diluted earnings per common share:                                   |   | $                                                      | 0.27       |   |                                                         | $      | 0.19 |   |

| Assumptions:                             |   | March 31, 2011 |      |
|------------------------------------------|--------|----------------|-----------|
| Volatility                               |   |           | 29.8-46.0 | % |
| Risk-free interest rate                  |   |           | 1.62-3.30 | % |
| Weighted average expected lives in years |   | 5-6.1 years    |      |
| Forfeiture rate                          |   |           | 0         | % |
| Dividend yield rate                      |   |           | 1-5.39    | % |

----

| For the three months ended March 31, 2011 |   | Number ofShare Options |      |    | WeightedAverageExercise Price |   |   | Weighted AverageRemainingContractual Term |   |
|-------------------------------------------|--------|----------------------------------|-----------|---------|------------------------------------|--------|--------|-----------------------------------------------------|--------|
| Outstanding, December 31, 2010            |   |                             | 2,940,876 |    |                               | $      | 6.41   |                                                |   | 8.40 years |   |
| Granted                                   |   |                             | 7,500     |    |                               |   | 7.69   |                                                |   | 9.95 years |   |
| Exercised                                 |   |                             | (998      | )  |                               |   | 3.28   |                                                |   |   | — |   |
| Cancelled                                 |   |                             | (41,313   | )       |                               |   | 7.21   |                                                |   |   | — |   |
| Outstanding, March 31, 2011               |   |                             | 2,906,065 |    |                               | $      | 6.41   |                                                |   | 8.13 years |   |

| For the three months ended March 31, 2010 |   | Number ofShare Options |      |    | WeightedAverageExercise Price |   |   | Weighted AverageRemainingContractual Term |   |
|-----------------------------------------------------|--------|----------------------------------|-----------|---------|------------------------------------|--------|--------|-----------------------------------------------------|--------|
| Outstanding, December 31, 2009                      |   |                             | 2,036,542 |    |                               | $      | 5.79   |                                                |   | 8.86 years |   |
| Granted                                             |   |                             | 300,000   |    |                               |   | 7.25   |                                                |   | 9.93 years |   |
| Exercised                                           |   |                             | (468      | )  |                               |   | 3.28   |                                                |   |   | — |   |
| Cancelled                                           |   |                             | (250      | )       |                               |   | 3.28   |                                                |   |   | — |   |
| Outstanding, March 31, 2010                         |   |                             | 2,335,824 |    |                               | $      | 5.98   |                                                |   | 8.78 years |   |

----

----

|   | · | by lending funds in the amount of $167,975 as of March 31, 2011 and December 31, 2010 to AII pursuant to a loan agreement entered into between those parties. This loan is carried at cost. The amount of collateral Maiden Bermuda is required to maintain, which is determined quarterly, equals its proportionate share of (a) the amount of ceded paid losses for which AII is responsible to such AmTrust subsidiaries but has not yet paid, (b) the amount of ceded loss reserves (including ceded reserves for claims reported but not resolved and losses incurred but not reported) for which AII is responsible to AmTrust subsidiaries, and (c) the amount of ceded reserves for unearned premiums ceded by AmTrust subsidiaries to AII. Pursuant to the Master Agreement, AmTrust has agreed to cause AII not to commingle Maiden Bermuda’s assets with AII’s other assets and to cause the AmTrust subsidiaries not to commingle Maiden Bermuda’s assets with the AmTrust subsidiaries’ other assets if an AmTrust subsidiary withdraws those assets. AII has agreed that, if an AmTrust subsidiary returns to AII excess assets withdrawn from a Trust Account, drawn on a Letter of Credit or maintained by such AmTrust subsidiary as Withheld Funds, AII will immediately return to Maiden Bermuda its proportionate share of such excess assets. AII has further agreed that if the aggregate fair market value of the amount of Maiden Bermuda’s assets held in the Trust Account exceeds Maiden Bermuda’s proportionate share of AII’s obligations, or if an AmTrust subsidiary misapplies any such collateral, AII will immediately return to Maiden Bermuda an amount equal to such excess or misapplied collateral, less any amounts AII has paid to Maiden Bermuda. In addition, if an AmTrust subsidiary withdraws Maiden Bermuda’s assets from a Trust Account and maintains those assets on its books as withheld funds, AII has agreed to pay to Maiden Bermuda interest at the rate equivalent to the one-month LIBOR plus 90 basis points per annum computed on the basis of a 360-day year on the loan (except to the extent Maiden Bermuda’s proportionate share of AII’s obligations to that AmTrust subsidiary exceeds the value of the collateral Maiden Bermuda has provided). The amount of accrued interest relating to the loan was $486 and $496 as of March 31, 2011 and December 31, 2010, respectively. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | by entering into a Reinsurer Trust Assets Collateral agreement. The amount of the collateral, as of March 31, 2011 was approximately $366,475 (December 31, 2010 – $358,621) and the accrued interest was $3,742 (December 31, 2010 – $3,684). |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   For the three months ended March 31, 2011                       |   | DiversifiedReinsurance |     |   | AmTrustQuotaShare |   |    | ACACQuota Share |   |   | Total   |    |
|-----------------------------------------------------------------------------|--------|------------------------|----------|--------|-------------------|--------|---------|----------------------|--------|--------|---------|---------|
| Net premiums written                                                        |   | $                      | 258,818  |   |              | $      | 126,714 |                 |   | $      | 63,968  |    |   | $ | 449,500 |   |
| Net premiums earned                                                         |   |                   | 174,234  |   |              |   | 114,474 |                 |   |   | 57,827  |    |   |   | 346,535 |   |
| Other insurance revenue                                                     |   |                   | 4,655    |   |              |   | — |                 |   |   | — |    |   |   | 4,655 |   |
| Net losses and loss expenses                                                |   |                   | (110,345 | )      |              |   | (73,539 | )                    |   |   | (37,298 | )       |   |   | (221,182 | ) |
| Commissions and other acquisition costs                                     |   |                   | (51,420  | )      |              |   | (37,237 | )                    |   |   | (18,415 | )       |   |   | (107,072 | ) |
| General and administrative expenses                                         |   |                   | (8,028   | )      |              |   | (668    | )                    |   |   | (543    | )  |   |   | (9,239 | ) |
| Underwriting income                                                         |   | $                      | 9,096    |   |              | $      | 3,030   |                 |   | $      | 1,571   |    |   | $ | 13,697 |   |
|                                                                        |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   |   |   |
| Reconciliation to net income                                                |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   |   |   |
| Net investment income and realized and unrealized investment gains (losses) |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   | 19,188 |   |
| Amortization of intangible assets                                           |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   | (1,258 | ) |
| Foreign exchange gains                                                      |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   | 1,062 |   |
| Subordinated debt interest expense                                          |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   | (9,118 | ) |
| Other general and administrative expenses                                   |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   | (3,054 | ) |
| Income tax expense                                                          |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   | (1,172 | ) |
| Income attributable to noncontrolling interest                              |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   | (3 | ) |
| Net Income attributable to Maiden                                           |   |                   |     |   |              |   |    |                 |   |   |    |    |   | $ | 19,342 |   |
|                                                                        |   |                   |     |   |              |   |    |                 |   |   |    |    |   |   |   |   |
| Net loss and loss expense ratio*                                            |   |                   | 61.7     | %      |              |   | 64.2    | %                    |   |   | 64.5    | %       |   |   | 63.0 | % |
| Acquisition cost ratio**                                                    |   |                   | 28.7     | %      |              |   | 32.5    | %                    |   |   | 31.8    | %       |   |   | 30.5 | % |
| General and administrative expense ratio***                                 |   |                   | 4.5      | %      |              |   | 0.7     | %                    |   |   | 1.0     | %       |   |   | 3.5 | % |
| Combined ratio****                                                          |   |                   | 94.9     | %      |              |   | 97.4    | %                    |   |   | 97.3    | %       |   |   | 97.0 | % |

| For the three months ended March 31, 2010                                   |   | DiversifiedReinsurance |    |   | AmTrust QuotaShare |   |    | ACACQuota Share |   |   | Total   |   |
|-----------------------------------------------------------------------------|--------|------------------------|---------|--------|-------------------------|--------|---------|----------------------|--------|--------|---------|--------|
| Net premiums written                                                        |   | $                      | 167,914 |   |                    | $      | 121,556 |                 |   | $      | 21,821  |   |   | $ | 311,291 |   |
| Net premiums earned                                                         |   |                   | 151,180 |   |                    |   | 110,659 |                 |   |   | 2,090   |   |   |   | 263,929 |   |
| Net losses and loss expenses                                                |   |                   | (99,417 | )      |                    |   | (69,562 | )                    |   |   | (1,306  | )      |   |   | (170,285 | ) |
| Commissions and other acquisition costs                                     |   |                   | (40,514 | )      |                    |   | (36,148 | )                    |   |   | (734    | )      |   |   | (77,396 | ) |
| General and administrative expenses                                         |   |                   | (5,872  | )      |                    |   | (474    | )                    |   |   | — |   |   |   | (6,346 | ) |
| Underwriting income                                                         |   | $                      | 5,377   |   |                    | $      | 4,475   |                 |   | $      | 50      |   |   | $ | 9,902 |   |
|                                                                        |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   |   |   |
| Reconciliation to net income                                                |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   |   |   |
| Net investment income and realized and unrealized investment gains (losses) |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   | 17,893 |   |
| Amortization of intangible assets                                           |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   | (1,452 | ) |
| Foreign exchange losses                                                     |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   | (1,153 | ) |
| Subordinated debt interest expense                                          |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   | (9,115 | ) |
| Other general and administrative expenses                                   |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   | (2,206 | ) |
| Income tax expense                                                          |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   | (300 | ) |
| Net Income attributable to Maiden                                           |   |                   |    |   |                    |   |    |                 |   |   |    |   |   | $ | 13,569 |   |
|                                                                        |   |                   |    |   |                    |   |    |                 |   |   |    |   |   |   |   |   |
| Net loss and loss expense ratio*                                            |   |                   | 65.7    | %      |                    |   | 62.9    | %                    |   |   | 62.5    | %      |   |   | 64.5 | % |
| Acquisition cost ratio**                                                    |   |                   | 26.8    | %      |                    |   | 32.7    | %                    |   |   | 35.1    | %      |   |   | 29.3 | % |
| General and administrative expense ratio***                                 |   |                   | 3.9     | %      |                    |   | 0.4     | %                    |   |   | — |   |   |   | 3.2 | % |
| Combined ratio****                                                          |   |                   | 96.4    | %      |                    |   | 96.0    | %                    |   |   | 97.6    | %      |   |   | 97.1 | % |

----

| *      | Calculated by dividing net losses and loss expenses by net earned premium and other insurance revenue.                              |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                |
| **     | Calculated by dividing commission and other acquisition expenses by net earned premium and other insurance revenue.                 |
|   |                                                                                                                                |
| ***    | Calculated by dividing general and administrative expenses by net earned premium and other insurance revenue.                       |
|   |                                                                                                                                |
| ****   | Calculated by adding together net loss and loss expense ratio, acquisition cost ratio and general and administrative expense ratio. |

----

|                                     |   | DiversifiedReinsurance |         | AmTrustQuota Share |   | ACACQuota Share |         | Total  |
|------------------------------------------|--------|------------------------|--------------|--------------------|--------|-----------------|--------------|--------|
| As of March 31, 2011                     |   |                   |    |               |   |            |    |   |   |   |    |   |   |   |    |   |
| Reinsurance balances receivable, net     |   | $                      | 193,559      |               |   | $               | 45,315       |   |   | $ | 76,475 |   |   | $ | 315,349 |   |
| Funds withheld                           |   |                   | 164,533      |               |   |            | —      |   |   |   | — |   |   |   | 164,533 |   |
| Prepaid reinsurance premiums             |   |                   | 31,488       |               |   |            | —      |   |   |   | — |   |   |   | 31,488 |   |
| Reinsurance recoverable on unpaid losses |   |                   | 11,435       |               |   |            | —      |   |   |   | — |   |   |   | 11,435 |   |
| Deferred acquisition costs               |   |                   | 109,886      |               |   |            | 96,228       |   |   |   | 28,139 |   |   |   | 234,253 |   |
| Loan to related party                    |   |                   | —      |               |   |            | 167,975      |   |   |   | — |   |   |   | 167,975 |   |
| Goodwill and intangible assets, net      |   |                   | 102,543      |               |   |            | —      |   |   |   | — |   |   |   | 102,543 |   |
| Restricted investments and cash          |   |                   | 1,143,806    |               |   |            | 366,475      |   |   |   | 34,896 |   |   |   | 1,545,177 |   |
| Corporate and other assets               |   |                   | 953          |               |   |            | —      |   |   |   | — |   |   |   | 499,361 |   |
| Total Assets                             |   | $                      | 1,758,203    |               |   | $               | 675,993      |   |   | $ | 139,510 |   |   | $ | 3,072,114 |   |

|                                     |   | DiversifiedReinsurance |         | AmTrustQuota Share |   | ACACQuota Share |         | Total  |
|------------------------------------------|--------|------------------------|--------------|--------------------|--------|-----------------|--------------|--------|
| As of December 31, 2010                  |   |                   |    |               |   |            |    |   |   |   |    |   |   |   |    |   |
| Reinsurance balances receivable, net     |   | $                      | 131,109      |               |   | $               | 25,566       |   |   | $ | 69,658 |   |   | $ | 226,333 |   |
| Funds withheld                           |   |                   | 152,713      |               |   |            | —      |   |   |   | — |   |   |   | 152,713 |   |
| Prepaid reinsurance premiums             |   |                   | 28,992       |               |   |            | —      |   |   |   | — |   |   |   | 28,992 |   |
| Reinsurance recoverable on unpaid losses |   |                   | 6,656        |               |   |            | —      |   |   |   | — |   |   |   | 6,656 |   |
| Deferred acquisition costs               |   |                   | 85,252       |               |   |            | 92,155       |   |   |   | 26,224 |   |   |   | 203,631 |   |
| Loan to related party                    |   |                   | —      |               |   |            | 167,975      |   |   |   | — |   |   |   | 167,975 |   |
| Goodwill and intangible assets, net      |   |                   | 103,905      |               |   |            | —      |   |   |   | — |   |   |   | 103,905 |   |
| Restricted investments and cash          |   |                   | 1,136,252    |               |   |            | 358,621      |   |   |   | 23,979 |   |   |   | 1,518,852 |   |
| Corporate and other assets               |   |                   | 88           |               |   |            | —      |   |   |   | — |   |   |   | 573,505 |   |
| Total Assets                             |   | $                      | 1,644,967    |               |   | $               | 644,317      |   |   | $ | 119,861 |   |   | $ | 2,982,562 |   |

|  For the three months ended |   | March 31, 2011 |    |   | March 31, 2010 |   |
|--------------------------------------------|--------|----------------|---------|--------|----------------|--------|
|                                  |   | Total          |    |   | % of Total     |   |   | Total |   |   | % of Total |   |
| Net premiums written                       |   |           |    |   |           |   |   |   |   |   |   |   |
| Diversified Reinsurance                    |   |           |    |   |           |   |   |   |   |   |   |   |
| Property                                   |   | $              | 72,263  |   |           |   | 16.1 | % |   | $ | 58,053 |   |   |   | 18.6 | % |
| Casualty                                   |   |           | 131,018 |   |           |   | 29.1 | % |   |   | 92,161 |   |   |   | 29.6 | % |
| Accident and Health                        |   |           | 17,707  |   |           |   | 3.9 | % |   |   | 17,700 |   |   |   | 5.7 | % |
| International                              |   |           | 37,830  |   |           |   | 8.5 | % |   |   | — |   |   |   | — |   |
| Total Diversified Reinsurance              |   |           | 258,818 |   |           |   | 57.6 | % |   |   | 167,914 |   |   |   | 53.9 | % |
| AmTrust Quota Share                        |   |           |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Small Commercial Business                  |   |           | 61,670  |   |           |   | 13.7 | % |   |   | 58,934 |   |   |   | 18.9 | % |
| Specialty Program                          |   |           | 8,471   |   |           |   | 1.9 | % |   |   | 10,074 |   |   |   | 3.3 | % |
| Specialty Risk and Extended Warranty       |   |           | 56,573  |   |           |   | 12.6 | % |   |   | 52,548 |   |   |   | 16.9 | % |
| Total AmTrust Quota Share                  |   |           | 126,714 |   |           |   | 28.2 | % |   |   | 121,556 |   |   |   | 39.1 | % |
| ACAC Quota Share                           |   |           |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Automobile Liability                       |   |           | 36,747  |   |           |   | 8.2 | % |   |   | 12,439 |   |   |   | 4.0 | % |
| Automobile Physical Damage                 |   |           | 27,221  |   |           |   | 6.0 | % |   |   | 9,382 |   |   |   | 3.0 | % |
| Total ACAC Quota share                     |   |           | 63,968  |   |           |   | 14.2 | % |   |   | 21,821 |   |   |   | 7.0 | % |
|                                       |   | $              | 449,500 |   |           |   | 100.0 | % |   | $ | 311,291 |   |   |   | 100.0 | % |

----

| For the three months ended |   | March 31, 2011 |    |   | March 31, 2010       |   |
|--------------------------------------|--------|----------------|---------|--------|----------------------|--------|
|                                 |   | Total          |    |   | % of Total |   |   | Total |   |   | % of Total |   |
| Net premiums earned                  |   |           |    |   |                 |   |   |   |   |   |   |   |
| Diversified Reinsurance              |   |           |    |   |                 |   |   |   |   |   |   |   |
| Property                             |   | $              | 45,452  |   |                 |   | 13.1 | % |   | $ | 41,788 |   |   |   | 15.8 | % |
| Casualty                             |   |           | 85,705  |   |                 |   | 24.7 | % |   |   | 88,246 |   |   |   | 33.5 | % |
| Accident and Health                  |   |           | 11,651  |   |                 |   | 3.4 | % |   |   | 21,146 |   |   |   | 8.0 | % |
| International                        |   |           | 31,426  |   |                 |   | 9.1 | % |   |   | — |   |   |   | — |   |
| Total Diversified Reinsurance        |   |           | 174,234 |   |                 |   | 50.3 | % |   |   | 151,180 |   |   |   | 57.3 | % |
| AmTrust Quota Share                  |   |           |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Small Commercial Business            |   |           | 49,202  |   |                 |   | 14.2 | % |   |   | 51,954 |   |   |   | 19.7 | % |
| Specialty Program                    |   |           | 16,405  |   |                 |   | 4.7 | % |   |   | 14,774 |   |   |   | 5.6 | % |
| Specialty Risk and Extended Warranty |   |           | 48,867  |   |                 |   | 14.1 | % |   |   | 43,931 |   |   |   | 16.6 | % |
| Total AmTrust Quota Share            |   |           | 114,474 |   |                 |   | 33.0 | % |   |   | 110,659 |   |   |   | 41.9 | % |
| ACAC Quota Share                     |   |           |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Automobile Liability                 |   |           | 33,053  |   |                 |   | 9.5 | % |   |   | 1,170 |   |   |   | 0.5 | % |
| Automobile Physical Damage           |   |           | 24,774  |   |                 |   | 7.2 | % |   |   | 920 |   |   |   | 0.3 | % |
| Total ACAC Quota Share               |   |           | 57,827  |   |                 |   | 16.7 | % |   |   | 2,090 |   |   |   | 0.8 | % |
|                            |   | $              | 346,535 |   |                 |   | 100.0 | % |   | $ | 263,929 |   |   |   | 100.0 | % |

----

|   | · | Entering into a quota share reinsurance agreement with AmTrust Financial Services, Inc. (“AmTrust”) in 2007 (the “AmTrust Quota Share”); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Acquiring the reinsurance operations of GMAC Insurance in 2008 (the “GMAC Acquisition”); |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | Completing a private placement of trust preferred securities of approximately $260.1 million in 2009 (the “TRUPS Offering”); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Entering into a quota share reinsurance agreement with American Capital Acquisition Corporation (“ACAC”) in 2010 (the “ACAC Quota Share”); and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ·  | Acquiring the majority of the reinsurance-related infrastructure, assets and liabilities of U.K.-based GMAC International Insurance Services, Ltd. (“IIS”) in 2010 (the “IIS Acquisition”). |
|--------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | A renewal rights agreement under which Maiden Bermuda underwrites certain assumed reinsurance business written by GMAC International Insurance Company, Ltd. (“GMAC IICL”), which covers primarily personal auto and credit life coverages offered by primary insurers in association with programs IIS designs and implements for original equipment automobile manufacturers; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A reinsurance agreement (the “IICL Agreement”) under which Maiden Bermuda reinsures all of the existing contracts written by GMAC IICL pursuant to a loss portfolio transfer; under the purchase agreement, all future contracts will be underwritten by Maiden Bermuda; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Acquisition of GMAC VersichsrungService (“GMAC VS”), an insurance producer based in Germany which supports sales of primary personal auto insurance through participating automobile dealerships and original equipment automobile manufacturers; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Acquisition of GMAC Life Försäkrings (“GMAC LF”), a credit life insurer domiciled in Sweden which writes certain credit life insurance in association through automobile financings offered through participating automobile dealerships and original equipment automobile manufacturers which has been renamed Maiden Life Försäkrings AB (“Maiden LF”). |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| · | Net income available to common shareholders of $19.3 million, or $0.27 basic and diluted earnings per share compared to $13.6 million or $0.19 basic and diluted earnings per share for the same period in 2010. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Operating earnings of $19.8 million, or $0.27 basic and diluted operating earnings per share compared to $16.2 million or $0.23 basic and diluted operating earnings per share in 2010.(1) |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Gross premiums written of $470.8 million, an increase of 43.8% over 2010. |
|--------|---------------------------------------------------------------------------|

| · | Net premiums earned of $346.5 million, an increase of 31.3% over 2010. |
|--------|------------------------------------------------------------------------|

| · | Underwriting income of $13.7 million and a combined ratio of 97.0% compared to $9.9 million and 97.1%, respectively for the same period in 2010.(1) |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Net investment income of $19.1 million, an increase of 8.9% over 2010. |
|--------|-----------------------------------------------------------------------------|

| · | Annualized operating return on equity of 10.6% as compared to 9.4% for the same period in 2010.(1) |
|--------|----------------------------------------------------------------------------------------------------|

| · | Common shareholders’ equity of $769.7 million; book value per common share of $10.67. |
|--------|---------------------------------------------------------------------------------------------|

| · | Total investments of $1.9 billion; fixed maturities comprise 99.7% of total investments, of which 62.3% have a credit rating of AAA and an overall average credit rating of AA. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Total assets of $3.1 billion. |
|--------|------------------------------------|

| · | Reserve for losses and loss expenses of $1.3 billion. |
|--------|------------------------------------------------------------|

| · | Total debt of $215.2 million and a debt to total capitalization ratio of 21.9%. |
|--------|---------------------------------------------------------------------------------|

----

| (1) | Operating earnings, operating earnings per share, and book value per share are non-GAAP financial measures. See “Non-GAAP Financial Measures” for additional information and a reconciliation to the nearest GAAP financial measure (net income).  Combined ratios and underwriting income are operating metrics.  See “Certain Operating Metrics” for additional information on these measures. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  For the three months ended March 31,     |   | 2011            |    |   | 2010   |   |
|------------------------------------------------|--------|-----------------|---------|--------|--------|--------|
|                                           |   | ($ in Millions) |    |
| Net income                                     |   | $               | 19.3    |   |   | $      | 13.6 |   |
| Add (subtract):                                |   |            |    |   |   |   |   |   |
| Net realized investment gains                  |   |            | — |   |   |   | (0.3 | ) |
| Amortization of intangibles                    |   |            | 1.3     |   |   |   | 1.4 |   |
| Foreign exchange (gains) losses                |   |            | (1.1    | )      |   |   | 1.2 |   |
| Non-cash deferred tax expense                  |   |            | 0.3     |   |   |   | 0.3 |   |
| Operating earnings                             |   | $               | 19.8    |   |   | $      | 16.2 |   |
| Operating earnings per common share:           |   |            |    |   |   |   |   |   |
| Basic and diluted operating earnings per share |   | $               | 0.27    |   |   | $      | 0.23 |   |

|  For the three months ended March 31, |   | 2011            |   |   | 2010   |   |
|--------------------------------------------|--------|-----------------|--------|--------|--------|--------|
|                                       |   | ($ in Millions) |   |
| Operating earnings                         |   | $               | 19.8   |   |   | $      | 16.2 |   |
|                                       |   |            |   |   |   |   |   |   |
| Opening shareholders’ equity         |   | $               | 750.2  |   |   | $      | 676.5 |   |
| Ending shareholders’ equity          |   |            | 769.7  |   |   |   | 710.0 |   |
| Average shareholders’ equity         |   | $               | 759.9  |   |   | $      | 693.2 |   |
|                                       |   |            |   |   |   |   |   |   |
| Operating return on equity                 |   |            | 2.6    | %      |   |   | 2.3 | % |
| Annualized operating return on equity      |   |            | 10.6   | %      |   |   | 9.4 | % |

|                                     |   | March 31, 2011 |       |   | December 31, 2010 |   |
|------------------------------------------|--------|---------------------|------------|--------|-------------------|--------|
|                                     |   | ($ in Millions)     |       |
| Ending Maiden shareholders’ equity |   | $                   | 769.7      |   |              | $      | 750.2 |   |
| Common shares outstanding                |   |                | 72,107,194 |   |              |   | 72,107,100 |   |
| Book value per share                     |   | $                   | 10.67      |   |              | $      | 10.40 |   |

----

----

| · | losses paid, which are actual cash payments to insureds, net of recoveries from reinsurers; |
|--------|---------------------------------------------------------------------------------------------|

| · | change in outstanding loss or case reserves, which represent management’s best estimate of the likely settlement amount for known claims, less the portion that can be recovered from reinsurers; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | change in Incurred But Not Reported (“IBNR”) reserves, which are reserves established by us for changes in the values of claims that have been reported to us but are not yet settled, as well as claims that have occurred but have not yet been reported. The portion recoverable from reinsurers is deducted from the gross estimated loss. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| For the three months ended March 31,       |   | 2011            |    |   | 2010   |    |
|--------------------------------------------|--------|-----------------|---------|--------|--------|---------|
|                                       |   | ($ in Millions) |    |
| Gross premiums written                     |   | $          | 470.8   |   |   |  $ | 327.4 |   |
|                                       |   |            |    |   |   |    |   |   |
| Net premiums written                       |   | $               | 449.5   |   |   | $       | 311.3 |   |
|                                       |   |            |    |   |   |    |   |   |
| Net earned premium                         |   | $               | 346.5   |   |   | $       | 264.0 |   |
| Other insurance revenue                    |   |            | 4.7     |   |   |    | — |   |
| Loss and loss adjustment expenses          |   |            | (221.2  | )      |   |    | (170.3 | ) |
| Commissions and other acquisition expenses |   |            | (107.1  | )      |   |    | (77.4 | ) |
| General and administrative expenses        |   |            | (9.2    | )      |   |    | (6.3 | ) |
| Total underwriting income                  |   |            | 13.7    |   |   |    | 10.0 |   |
| General and administrative expenses        |   |            | (3.1    | )      |   |    | (2.2 | ) |
| Net investment income                      |   |            | 19.2    |   |   |    | 17.6 |   |
| Net realized investment gains (losses)     |   |            | — |   |   |    | 0.3 |   |
| Amortization of intangible assets          |   |            | (1.3    | )      |   |    | (1.5 | ) |
| Foreign exchange gain (loss)               |   |            | 1.1     |   |   |    | (1.2 | ) |
| Junior subordinated debt interest expense  |   |            | (9.1    | )      |   |    | (9.1 | ) |
| Income tax expense                         |   |            | (1.2    | )      |   |    | (0.3 | ) |
| Net income                                 |   | $               | 19.3    |   |   | $       | 13.6 |   |

| Selected Consolidated Ratios:            |   |   |   |   |   |   |   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|
| Loss and loss expense ratio              |   |   | 63.0   | %      |   |   | 64.5   | %      |
| Acquisition cost ratio                   |   |   | 30.5   | %      |   |   | 29.3   | %      |
| General and administrative expense ratio |   |   | 3.5    | %      |   |   | 3.3    | %      |
| Expense ratio                            |   |   | 34.0   | %      |   |   | 32.6   | %      |
| Combined ratio                           |   |   | 97.0   | %      |   |   | 97.1   | %      |

|                    |   | Net Premiums Written                           |   |   | Net Premiums Earned                            |   |
|-------------------------|--------|------------------------------------------------|--------|--------|------------------------------------------------|--------|
|                    |   | For the three months ended March 31, |   |   | For the three months ended March 31, |   |
|                    |   | 2011                                           |   |   | 2010                                           |   |   | 2011 |   |   | 2010 |   |
| Diversified Reinsurance |   |                                           | 57.6   | %      |                                           |   | 53.9 | % |   |   | 50.3 | % |   |   | 57.3 | % |
| AmTrust Quota Share     |   |                                           | 28.2   | %      |                                           |   | 39.1 | % |   |   | 33.0 | % |   |   | 41.9 | % |
| ACAC Quota Share        |   |                                           | 14.2   | %      |                                           |   | 7.0 | % |   |   | 16.7 | % |   |   | 0.8 | % |
| Total                   |   |                                           | 100.0  | %      |                                           |   | 100.0 | % |   |   | 100.0 | % |   |   | 100.0 | % |

----

|   | · | Completion of the first year of operations of the ACAC Quota Share segment.  As noted, this segment commenced on March 1, 2010 and thus the first quarter of 2011 is a full calendar quarter compared to one month in 2010, contributing $42.2 million of the increase. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | First full calendar quarter of the IIS Acquisition.   The IIS Acquisition was completed on November 30, 2010 and thus the first quarter of 2011 represents the first full calendar quarter of operations for the business associated with the IIS Acquisition, which contributed $37.8 million of the overall increase in net premium written. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continued underwriting discipline by Maiden US.  Maiden US continues to maintain its underwriting discipline in the face of ongoing significant market competition. However, Maiden US continues to see demand for its products and in the first quarter of 2011, was successful in securing a series of new accounts and experienced organic growth which resulted in increased premiums of $35.6 million. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Completion of the first year of operations of the ACAC Quota Share segment.  As noted, this new segment commenced on March 1, 2010 and thus the first quarter of 2011 is a full calendar quarter compared to one month in 2010, contributing $55.7 million of the increase. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | First full calendar quarter of the IIS Acquisition.   The IIS Acquisition was completed on November 30, 2010 and thus the first quarter of 2011 represents the first full calendar quarter of operations for the business associated with the IIS Acquisition, which contributed $31.4 million of the overall increase in net premium earned. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                            |   | For the three months ended March 31, |   |
|-----------------------------------------------------------------|--------|--------------------------------------|--------|
|                                                            |   | 2011                                 |   |   | 2010 |   |
|                                                            |   | ($ in Millions)                      |   |
| General and administrative  expenses – segments |   | $                                    | 9.2    |   |   | $ | 6.3 |   |
| General and administrative expenses – corporate           |   |                                 | 3.1    |   |   |   | 2.2 |   |
| Total                                                           |   | $                                    | 12.3   |   |   | $ | 8.5 |   |

|                                       |   | For the three months ended March 31, |   |
|--------------------------------------------|--------|--------------------------------------|--------|
|                                       |   | 2011                                 |   |   | 2010 |   |
|                                       |   | ($ in Millions)                      |   |
| Net premiums written                       |   | $                                    | 258.8  |   |   | $ | 167.9 |   |
|                                       |   |                                 |   |   |   |   |   |   |
| Net premiums earned                        |   |                                 | 174.2  |   |   |   | 151.1 |   |
| Other insurance revenue                    |   |                                 | 4.7    |   |   |   | — |   |
| Net losses and loss expenses               |   |                                 | (110.4 | ) |   |   | (99.4 | ) |
| Commissions and other acquisition expenses |   |                                 | (51.4  | ) |   |   | (40.5 | ) |
| General and administrative expenses        |   |                                 | (8.0   | ) |   |   | (5.8 | ) |
| Underwriting income                        |   | $                                    | 9.1    |   |   | $ | 5.4 |   |
|                                       |   |                                 |   |   |   |   |   |   |
|                                       |   |                                 |   |   |   |   |   |   |
| Loss and loss expense ratio                |   |                                 | 61.7   | % |   |   | 65.7 | % |
| Acquisition cost ratio                     |   |                                 | 28.7   | % |   |   | 26.8 | % |
| General and administrative expense ratio   |   |                                 | 4.5    | % |   |   | 3.9 | % |
| Expense ratio                              |   |                                 | 33.2   | % |   |   | 30.7 | % |
| Combined ratio                             |   |                                 | 94.9   | % |   |   | 96.4 | % |

----

|                          |   | For the three months ended March 31, |   |   | Change In |   |
|-------------------------------|--------|--------------------------------------|--------|--------|-----------|--------|
|                          |   | 2011                                 |   |   | 2010      |   |   | $ |   |   | % |   |
|                          |   | ($ in Millions)                      |   |   |      |   |   |
| Property                      |   | $                                    | 72.3   |   |      | $      | 58.0 |   |   | $ | 14.3 |   |   |   | 24.6 | % |
| Casualty                      |   |                                 | 131.0  |   |      |   | 92.2 |   |   |   | 38.8 |   |   |   | 42.1 | % |
| Accident and Health           |   |                                 | 17.7   |   |      |   | 17.7 |   |   |   | — |   |   |   | — |   |
| International                 |   |                                 | 37.8   |   |      |   | — |   |   |   | 37.8 |   |   |   | NM |   |
| Total Diversified Reinsurance |   | $                                    | 258.8  |   |      | $      | 167.9 |   |   | $ | 90.9 |   |   |   | 54.1 | % |

----

|                          |   | For the three months ended March 31, |   |   | Change In |   |
|-------------------------------|--------|--------------------------------------|--------|--------|-----------|--------|
|                          |   | 2011                                 |   |   | 2010      |   |   | $ |   |   | % |   |
|                          |   | ($ in Millions)                      |   |   |      |   |
| Property                      |   | $                                    | 45.4   |   |      | $      | 41.8 |   |   | $ | 3.6 |   |   |   | 8.6 |  % |
| Casualty                      |   |                                 | 85.7   |   |      |   | 88.2 |   |   |   | (2.5 | ) |   |   | (2.8 | %) |
| Accident and Health           |   |                                 | 11.7   |   |      |   | 21.1 |   |   |   | (9.4 | ) |   |   | (44.8 | %) |
| International                 |   |                                 | 31.4   |   |      |   | — |   |   |   | 31.4 |   |   |   | NM |   |
| Total Diversified Reinsurance |   | $                                    | 174.2  |   |      | $      | 151.1 |   |   | $ | 23.1 |   |   |   | 15.2 | % |

----

----

|                                       |   | For the three months ended March 31, |   |
|--------------------------------------------|--------|--------------------------------------|--------|
|                                       |   | 2011                                 |   |   | 2010 |   |
|                                       |   | ($ in Millions)                      |   |
| Net premiums written                       |   | $                                    | 126.7  |   |   | $ | 121.6 |   |
| Net premiums earned                        |   | $                                    | 114.5  |   |   | $ | 110.7 |   |
| Net losses and loss expenses               |   |                                 | (73.5  | ) |   |   | (69.6 | ) |
| Commissions and other acquisition expenses |   |                                 | (37.2  | ) |   |   | (36.1 | ) |
| General and administrative expenses        |   |                                 | (0.7   | ) |   |   | (0.5 | ) |
| Underwriting income                        |   | $                                    | 3.1    |   |   | $ | 4.5 |   |
|                                       |   |                                 |   |   |   |   |   |   |
|                                       |   |                                 |   |   |   |   |   |   |
| Net loss and loss expense ratio            |   |                                 | 64.2   | % |   |   | 62.9 | % |
| Acquisition cost ratio                     |   |                                 | 32.5   | % |   |   | 32.7 | % |
| General and administrative expense ratio   |   |                                 | 0.7    | % |   |   | 0.4 | % |
| Expense ratio                              |   |                                 | 33.2   | % |   |   | 33.1 | % |
| Combined ratio                             |   |                                 | 97.4   | % |   |   | 96.0 | % |

|                                 |   | For the three months ended March 31, |            |   | Change In |   |
|--------------------------------------|--------|--------------------------------------|-----------------|--------|-----------|--------|
|                                 |   | 2011                                 |            |   | 2010      |   |   | $ |   |   | % |   |
|                                 |   |                                 | ($ in Millions) |   |      |
| Small Commercial Business            |   | $                                    | 61.6            |   |      | $      | 58.9 |   |   | $ | 2.7 |   |   |   | 4.6 |  % |
| Specialty Program                    |   |                                 | 8.5             |   |      |   | 10.1 |   |   |   | (1.6 | ) |   |   | (15.8 | )% |
| Specialty Risk and Extended Warranty |   |                                 | 56.6            |   |      |   | 52.6 |   |   |   | 4.0 |   |   |   | 7.6 |  % |
| Total AmTrust Quota Share            |   | $                                    | 126.7           |   |      | $      | 121.6 |   |   | $ | 5.1 |   |   |   | 4.2 |  % |

|                                 |   | For the three months ended March 31, |   |   | Change In       |   |
|--------------------------------------|--------|--------------------------------------|--------|--------|-----------------|--------|
|                                 |   | 2011                                 |   |   | 2010            |   |   | $ |   |   | % |   |
|                                 |   |                                 |   |   | ($ in Millions) |   |   |   |   |   |   |   |
| Small Commercial Business            |   | $                                    | 49.2   |   |            | $      | 52.0 |   |   | $ | (2.8 | ) |   |   | (5.4 | )% |
| Specialty Program                    |   |                                 | 16.4   |   |            |   | 14.8 |   |   |   | 1.6 |   |   |   | 10.8 |  % |
| Specialty Risk and Extended Warranty |   |                                 | 48.9   |   |            |   | 43.9 |   |   |   | 5.0 |   |   |   | 11.4 |  % |
| Total AmTrust Quota Share            |   | $                                    | 114.5  |   |            | $      | 110.7 |   |   | $ | 3.8 |   |   |   | 3.4 |  % |

----

|                                        |   | For the threemonths endedMarch 31, 2011 |   |   | For the periodMarch 1 toMarch 31, 2010 |   |
|---------------------------------------------|--------|-----------------------------------------|--------|--------|----------------------------------------|--------|
|                                        |   | ($ in Millions)                         |   |
| Net premiums written                        |   | $                                       | 64.0   |   |                                   | $      | 21.8 |   |
| Net premiums earned                         |   | $                                       | 57.8   |   |                                   |   | 2.1 |   |
| Net losses and loss expenses                |   |                                    | (37.3  | )      |                                   | $      | (1.3 | ) |
| Commissions and other acquisitions expenses |   |                                    | (18.4  | )      |                                   |   | (0.7 | ) |
| General and administrative expenses         |   |                                    | (0.5   | )      |                                   |   | — |   |
| Underwriting income                         |   | $                                       | 1.6    |   |                                   | $      | 0.1 |   |
| Net loss and loss expense ratio             |   |                                    | 64.5   | %      |                                   |   | 62.5 | % |
| Acquisition cost ratio                      |   |                                    | 31.8   | %      |                                   |   | 35.1 | % |
| General and administrative expense ratio    |   |                                    | 1.0    | %      |                                   |   | — | % |
| Expense ratio                               |   |                                    | 32.8   | %      |                                   |   | 35.1 | % |
| Combined ratio                              |   |                                    | 97.3   | %      |                                   |   | 97.6 | % |

|                       |   | For the threemonths ended March 31, |   |   | For the period March 1 to March 31, |   |   | Change in |   |
|----------------------------|--------|-----------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------|--------|
|                       |   | 2011                                          |   |   | 2010                                          |   |   | $         |   |   |   | % |   |
|                       |   |                                          |   |   | ($ in Millions)                               |   |   |      |   |   |   |   |   |
| Automobile liability       |   | $                                             | 36.8   |   |                                          | $      | 12.4   |      |   |   | 24.4 |   |   |   | 196.8 | % |
| Automobile physical damage |   |                                          | 27.2   |   |                                          |   | 9.4    |      |   |   | 17.8 |   |   |   | 198.1 | % |
| Total ACAC Quota Share     |   | $                                             | 64.0   |   |                                          | $      | 21.8   |      |   |   | 42.2 |   |   |   | 193.6 | % |

|                       |   | For the threemonths ended March 31, |   |   | For the Period March 1 to March 31, |   |   | Change in |   |
|----------------------------|--------|-----------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------|--------|
|                       |   | 2011                                          |   |   | 2010                                          |   |   | $         |   |   |   | % |   |
|                       |   |                                          |   |   | ($ in Millions)                               |   |   |      |   |   |   |   |   |
| Automobile liability       |   | $                                             | 33.0   |   |                                          | $      | 1.2    |      |   |   | 31.8 |   |   |   | NM |   |
| Automobile physical damage |   |                                          | 24.8   |   |                                          |   | 0.9    |      |   |   | 23.9 |   |   |   | NM |   |
| Total ACAC Quota Share     |   | $                                             | 57.8   |   |                                          | $      | 2.1    |      |   |   | 55.7 |   |   |   | NM |   |

----

----

|                                                   |   | For the three months endedMarch 31, |   |
|--------------------------------------------------------|--------|-------------------------------------|--------|
|                                                   |   | 2011                                |   |   | 2010 |   |
|                                                   |   | ($ in Millions)                     |   |
| Operating activities                                   |   | $                                   | 13.7   |   |   | $ | (2.9 | ) |
| Investing activities                                   |   |                                | 68.0   |   |   |   | (17.5 | ) |
| Financing activities                                   |   |                                | (81.3  | ) |   |   | (23.6 | ) |
| Effect of foreign exchange                             |   |                                | 0.8    |   |   |   | (0.7 | ) |
| Total increase (decrease) in cash and cash equivalents |   | $                                   | 1.2    |   |   | $ | (44.7 | ) |

----

|                                  |   | March 31, 2011         |   |   | December 31, 2010 |   |
|---------------------------------------|--------|------------------------|--------|--------|-------------------|--------|
|                                  |   | Cash & Equivalents |   |   | FixedMaturities   |   |   | Total |   |   | Cash & Equivalents |   |   | FixedMaturities |   |   | Total |   |
|                                  |   | ($ in Millions)        |   |   | ($ in Millions)   |   |
| Maiden US                             |   | $                      | 5.4    |   |              | $      | 574.6 |   |   | $ | 580.0 |   |   | $ | 13.4 |   |   | $ | 558.1 |   |   | $ | 571.5 |   |
| Maiden Bermuda                        |   |                   | 37.3   |   |              |   | 526.5 |   |   |   | 563.8 |   |   |   | 49.0 |   |   |   | 515.8 |   |   |   | 564.8 |   |
| Total Diversified Reinsurance Segment |   |                   | 42.7   |   |              |   | 1,101.1 |   |   |   | 1,143.8 |   |   |   | 62.4 |   |   |   | 1,073.9 |   |   |   | 1,136.3 |   |
|                                  |   |                   |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maiden Bermuda                        |   |                   | 8.3    |   |              |   | 358.2 |   |   |   | 366.5 |   |   |   | 18.1 |   |   |   | 340.5 |   |   |   | 358.6 |   |
| Total AmTrust Quota Share Segment     |   |                   | 8.3    |   |              |   | 358.2 |   |   |   | 366.5 |   |   |   | 18.1 |   |   |   | 340.5 |   |   |   | 358.6 |   |
|                                  |   |                   |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maiden Bermuda                        |   |                   | 1.8    |   |              |   | 33.1 |   |   |   | 34.9 |   |   |   | 9.3 |   |   |   | 14.7 |   |   |   | 24.0 |   |
| ACAC Quota Share                      |   |                   | 1.8    |   |              |   | 33.1 |   |   |   | 34.9 |   |   |   | 9.3 |   |   |   | 14.7 |   |   |   | 24.0 |   |
| Total                                 |   | $                      | 52.8   |   |              | $      | 1,492.4 |   |   | $ | 1,545.2 |   |   | $ | 89.8 |   |   | $ | 1,429.1 |   |   | $ | 1,518.9 |   |

----

|                                    |   | March 31, 2011  |   |   | December 31, 2010 |   |
|-----------------------------------------|--------|-----------------|--------|--------|-------------------|--------|
|                                    |   | Balance         |   |   | % of Total        |   |   | Balance |   |   | % of Total |   |
|                                    |   | ($ in Millions) |   |   |              |   |   | ($ in Millions) |   |   |   |   |
| Fixed maturities, at fair value         |   | $               | 111.9  |   |              |   | 67.5 | % |   | $ | 109.1 |   |   |   | 71.4 | % |
| Cash and cash equivalents               |   |            | 10.2   |   |              |   | 6.2 | % |   |   | 10.3 |   |   |   | 6.8 | % |
| Funds held on underlying business       |   |            | 18.3   |   |              |   | 11.1 | % |   |   | 18.0 |   |   |   | 11.8 | % |
| Insurance balances receivable and other |   |            | 25.3   |   |              |   | 15.2 | % |   |   | 15.3 |   |   |   | 10.0 | % |
| Total                                   |   | $               | 165.7  |   |              |   | 100.0 | % |   | $ | 152.7 |   |   |   | 100.0 | % |

|           |   | March 31, 2011  |   |   | December 31, 2010    |   |
|----------------|--------|-----------------|--------|--------|----------------------|--------|
|           |   | Fair Value      |   |   | % of Total |   |   | Fair Value |   |   | % of Total |   |
|           |   | ($ in Millions) |   |   |                 |   |   | ($ in Millions) |   |   |   |   |
| United Kingdom |   | $               | 30.3   |   |                 |   | 27.1 | % |   | $ | 29.8 |   |   |   | 27.3 | % |
| Germany        |   |            | 20.4   |   |                 |   | 18.3 | % |   |   | 19.9 |   |   |   | 18.2 | % |
| Italy          |   |            | 18.4   |   |                 |   | 16.5 | % |   |   | 17.4 |   |   |   | 15.9 | % |

----

| As of March 31, 2011                                 |   | Original or Amortized Cost |    |   | GrossUnrealized Gains |   |   | GrossUnrealized Losses |   |   | FairValue |   |
|------------------------------------------------------|--------|----------------------------|---------|--------|-----------------------|--------|--------|------------------------|--------|--------|-----------|--------|
|                                                 |   | ($ in Millions)            |    |
| Corporate bonds                                      |   | $                          | 656.1   |   |                  | $      | 49.1   |                   |   | $      | (6.4      | )      |   | $ | 698.8 |   |
| Non U.S. government bonds                            |   |                       | 15.5    |   |                  |   | 1.0    |                   |   |   | —   |   |   |   | 16.5 |   |
| Municipal bonds                                      |   |                       | 62.5    |   |                  |   | 0.5    |                   |   |   | (0.8      | )      |   |   | 62.2 |   |
| U.S. Treasury bond                                   |   |                       | 92.0    |   |                  |   | 0.9    |                   |   |   | (1.9      | )      |   |   | 91.0 |   |
| U.S. agency bonds – mortgage  backed |   |                       | 958.6   |   |                  |   | 20.4   |                   |   |   | (6.3      | )      |   |   | 972.7 |   |
| U.S. agency bonds - other                            |   |                       | 18.7    |   |                  |   | 1.4    |                   |   |   | —   |   |   |   | 20.1 |   |
| Total AFS fixed maturities                           |   |                       | 1,803.4 |   |                  |   | 73.3   |                   |   |   | (15.4     | )      |   |   | 1,861.3 |   |
| Other investments                                    |   |                       | 6.0     |   |                  |   | 0.3    |                   |   |   | —   |   |   |   | 6.3 |   |
| Total investments                                    |   | $                          | 1,809.4 |   |                  | $      | 73.6   |                   |   | $      | (15.4     | )      |   | $ | 1,867.6 |   |

| As of December 31, 2010                              |   | Original or Amortized Cost |    |   | GrossUnrealized Gains |   |   | GrossUnrealized Losses |   |   | FairValue |   |
|------------------------------------------------------|--------|----------------------------|---------|--------|-----------------------|--------|--------|------------------------|--------|--------|-----------|--------|
|                                                 |   | ($ in Millions)            |    |
| Corporate bonds                                      |   | $                          | 673.8   |   |                  | $      | 46.6   |                   |   | $      | (11.4     | )      |   | $ | 709.0 |   |
| Non U.S. government bonds                            |   |                       | 15.5    |   |                  |   | 0.4    |                   |   |   | —   |   |   |   | 15.9 |   |
| Municipal bonds                                      |   |                       | 45.2    |   |                  |   | 0.4    |                   |   |   | (0.8      | )      |   |   | 44.8 |   |
| U.S. Treasury bond                                   |   |                       | 92.0    |   |                  |   | 1.1    |                   |   |   | (1.4      | )      |   |   | 91.7 |   |
| U.S. agency bonds – mortgage  backed |   |                       | 951.5   |   |                  |   | 22.4   |                   |   |   | (4.4      | )      |   |   | 969.5 |   |
| U.S. agency bonds - other                            |   |                       | 41.8    |   |                  |   | 1.7    |                   |   |   | —   |   |   |   | 43.5 |   |
| Total AFS fixed maturities                           |   |                       | 1,819.8 |   |                  |   | 72.6   |                   |   |   | (18.0     | )      |   |   | 1,874.4 |   |
| Other investments                                    |   |                       | 5.8     |   |                  |   | 0.1    |                   |   |   | —   |   |   |   | 5.9 |   |
| Total investments                                    |   | $                          | 1,825.6 |   |                  | $      | 72.7   |                   |   | $      | (18.0     | )      |   | $ | 1,880.3 |   |

|   | • | Historic and implied volatility of the security;                                                                     |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                 |
|   | • | Length of time and extent to which the fair value has been less than amortized cost;                                 |
|   |    |                                                                                                                 |
|   | • | Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area; |
|   |    |                                                                                                                 |
|   | • | Failure, if any, of the issuer of the security to make scheduled payments; and                                       |
|   |    |                                                                                                                 |
|   | • | Recoveries or additional declines in fair value subsequent to the balance sheet date.                                |

----

|                                                 |   | Less Than 12 Months |   |   | 12 Months or More |   |   | Total     |   |
|------------------------------------------------------|--------|---------------------|--------|--------|-------------------|--------|--------|-----------|--------|
| As of March 31, 2011                                 |   | FairValue           |   |   | Unrealized Losses |   |   | FairValue |   |   | Unrealized Losses |   |   | FairValue |   |   | Unrealized Losses |   |
|                                                 |   | ($ in Millions)     |   |
| Available-for-sale securities:                       |   |                |   |   |              |   |   |      |   |   |   |   |   |   |   |   |   |   |
| U.S.  treasury bonds                            |   | $                   | 46.7   |   |              | $      | (1.9   | )         |   | $ | — |   |   | $ | — |   |   | $ | 46.7 |   |   | $ | (1.9 | ) |
| U.S. agency bonds – mortgage  backed |   |                | 294.3  |   |              |   | (6.3   | )         |   |   | — |   |   |   | — |   |   |   | 294.3 |   |   |   | (6.3 | ) |
| Corporate bonds                                      |   |                | 50.0   |   |              |   | (1.3   | )         |   |   | 172.2 |   |   |   | (5.1 | ) |   |   | 222.2 |   |   |   | (6.4 | ) |
| Municipal bonds                                      |   |                | 20.7   |   |              |   | (0.8   | )         |   |   | — |   |   |   | — |   |   |   | 20.7 |   |   |   | (0.8 | ) |
| Total temporarily impaired AFS securities            |   | $                   | 411.7  |   |              | $      | (10.3  | )         |   | $ | 172.2 |   |   | $ | (5.1 | ) |   | $ | 583.9 |   |   | $ | (15.4 | ) |

|                                                 |   | Less Than 12 Months |   |   | 12 Months or More |   |   | Total     |   |
|------------------------------------------------------|--------|---------------------|--------|--------|-------------------|--------|--------|-----------|--------|
| As of December 31, 2010                              |   | FairValue           |   |   | Unrealized Losses |   |   | FairValue |   |   | Unrealized Losses |   |   | FairValue |   |   | Unrealized Losses |   |
|                                                 |   | ($ in Millions)     |   |
| Available-for-sale securities:                       |   |                |   |   |              |   |   |      |   |   |   |   |   |   |   |   |   |   |
| U.S.  treasury bonds                            |   | $                   | 47.2   |   |              | $      | (1.4   | )         |   | $ | — |   |   | $ | — |   |   | $ | 47.2 |   |   | $ | (1.4 | ) |
| U.S. agency bonds – mortgage  backed |   |                | 315.4  |   |              |   | (4.3   | )    |   |   | — |   |   |   | — |   |   |   | 315.4 |   |   |   | (4.3 | ) |
| Corporate bonds                                      |   |                | 86.9   |   |              |   | (1.6   | )    |   |   | 166.1 |   |   |   | (9.9 | )  |   |   | 253.0 |   |   |   | (11.5 | ) |
| Municipal bonds                                      |   |                | 27.3   |   |              |   | (0.8   | )         |   |   | — |   |   |   | — |   |   |   | 27.3 |   |   |   | (0.8 | ) |
| Total temporarily impaired AFS securities            |   | $                   | 476.8  |   |              | $      | (8.1   | )         |   | $ | 166.1 |   |   | $ | (9.9 | ) |   | $ | 642.9 |   |   | $ | (18.0 | ) |

|                                           |   | March 31, 2011 |    |   | December 31, 2010 |   |
|------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                      |   | ($ inMillions) |    |   | % ofTotal         |   |   | ($ inMillions) |   |   | % ofTotal |   |
| Due in one year or less                        |   | $              | 41.7    |   |              |   | 2.2 | % |   | $ | 65.4 |   |   |   | 3.5 | % |
| Due after one year through five years          |   |           | 170.8   |   |              |   | 9.2 | % |   |   | 180.2 |   |   |   | 9.6 | % |
| Due after five years through ten years         |   |           | 579.9   |   |              |   | 31.2 | % |   |   | 578.7 |   |   |   | 30.9 | % |
| Due after ten years                            |   |           | 96.2    |   |              |   | 5.2 | % |   |   | 80.6 |   |   |   | 4.3 | % |
| U.S. agency bonds - mortgage-backed securities |   |           | 972.7   |   |              |   | 52.2 | % |   |   | 969.5 |   |   |   | 51.7 | % |
| Total                                          |   | $              | 1,861.3 |   |              |   | 100.0 | % |   | $ | 1,874.4 |   |   |   | 100.0 | % |

----

| Ratings as of March 31, 2011 |   | AmortizedCost   |    |   | FairMarket Value |   |    | % of TotalFair Market Value |   |
|------------------------------|--------|-----------------|---------|--------|------------------|--------|---------|-----------------------------|--------|
|                         |   | ($ in Millions) |    |   |             |   |    |
| U.S. treasury bonds          |   | $               | 92.0    |   |             | $      | 91.0    |                        |   |   | 4.9 | % |
| U.S. agency  bonds      |   |            | 977.3   |   |             |   | 992.8   |                        |   |   | 53.3 | % |
| AAA                          |   |            | 72.3    |   |             |   | 76.3    |                        |   |   | 4.1 | % |
| AA+, AA, AA-                 |   |            | 94.4    |   |             |   | 99.9    |                        |   |   | 5.4 | % |
| A+, A, A-                    |   |            | 318.0   |   |             |   | 326.3   |                        |   |   | 17.5 | % |
| BBB+, BBB, BBB-              |   |            | 211.8   |   |             |   | 236.4   |                        |   |   | 12.7 | % |
| BB+ or lower                 |   |            | 37.6    |   |             |   | 38.6    |                        |   |   | 2.1 | % |
| Total                        |   | $               | 1,803.4 |   |             | $      | 1,861.3 |                        |   |   | 100.0 | % |

| Ratings as of December 31, 2010 |   | AmortizedCost   |    |   | FairMarket Value |   |    | % of TotalFair Market Value |   |
|--------------------------------------|--------|-----------------|---------|--------|------------------|--------|---------|-----------------------------|--------|
|                                 |   | ($ in Millions) |    |   |             |   |    |
| U.S. treasury bonds                  |   | $               | 92.0    |   |             | $      | 91.7    |                        |   |   | 4.9 | % |
| U.S. agency bonds               |   |            | 993.2   |   |             |   | 1,012.9 |                        |   |   | 54.0 | % |
| AAA                                  |   |            | 74.7    |   |             |   | 78.5    |                        |   |   | 4.2 | % |
| AA+, AA, AA-                         |   |            | 74.5    |   |             |   | 79.4    |                        |   |   | 4.2 | % |
| A+, A, A-                            |   |            | 325.3   |   |             |   | 329.1   |                        |   |   | 17.6 | % |
| BBB+, BBB, BBB-                      |   |            | 222.5   |   |             |   | 244.1   |                        |   |   | 13.0 | % |
| BB+ or lower                         |   |            | 37.6    |   |             |   | 38.7    |                        |   |   | 2.1 | % |
| Total                                |   | $               | 1,819.8 |   |             | $      | 1,874.4 |                        |   |   | 100.0 | % |

|                                 |   | March 31, 2011  |   |   | December 31, 2010 |   |
|--------------------------------------|--------|-----------------|--------|--------|-------------------|--------|
|                                 |   | Fair Value      |   |   | % of Total        |   |   | Fair Value |   |   | % of Total |   |
| Mortgage-backed securities           |   | ($ in Millions) |   |   |              |   |   | ($ in Millions) |   |   |   |   |
| Residential mortgage-backed (RMBS)   |   |            |   |   |              |   |   |   |   |   |   |   |
| GNMA – Fixed Rate    |   | $               | 245.1  |   |              |   | 24.7 | % |   | $ | 273.5 |   |   |   | 27.0 | % |
| FNMA – Fixed Rate    |   |            | 502.7  |   |              |   | 50.6 | % |   |   | 465.7 |   |   |   | 46.0 | % |
| FNMA – Variable Rate |   |            | 75.3   |   |              |   | 7.6 | % |   |   | 80.0 |   |   |   | 7.9 | % |
| FHLMC – Fixed Rate   |   |            | 149.6  |   |              |   | 15.1 | % |   |   | 150.3 |   |   |   | 14.8 | % |
| Total agency RMBS                    |   |            | 972.7  |   |              |   | 98.0 | % |   |   | 969.5 |   |   |   | 95.7 | % |
| Total mortgage-backed securities     |   |            | 972.7  |   |              |   | 98.0 | % |   |   | 969.5 |   |   |   | 95.7 | % |
| Non-MBS fixed rate Agency securities |   |            | 20.1   |   |              |   | 2.0 | % |   |   | 43.4 |   |   |   | 4.3 | % |
| Total US Agency bonds                |   | $               | 992.8  |   |              |   | 100.0 | % |   | $ | 1,012.9 |   |   |   | 100.0 | % |

----

|                       |   | March 31, 2011  |   |   | December 31, 2010 |   |
|----------------------------|--------|-----------------|--------|--------|-------------------|--------|
|                       |   | Fair Value      |   |   | % of Total        |   |   | Fair Value |   |   | % of Total |   |
|                       |   | ($ in Millions) |   |   |              |   |   | ($ in Millions) |   |   |   |   |
| Corporate Securities       |   |            |   |   |              |   |   |   |   |   |   |   |
| Financial Institutions     |   | $               | 490.2  |   |              |   | 70.1 | % |   | $ | 486.1 |   |   |   | 68.6 | % |
| Industrials                |   |            | 151.6  |   |              |   | 21.7 | % |   |   | 161.5 |   |   |   | 22.8 | % |
| Utilities/Other            |   |            | 57.0   |   |              |   | 8.2 | % |   |   | 61.4 |   |   |   | 8.6 | % |
| Total Corporate Securities |   | $               | 698.8  |   |              |   | 100.0 | % |   | $ | 709.0 |   |   |   | 100.0 | % |

|                                   |   | Fair Value      |   | % of Holdings Based on Fair Value of All Fixed Income Securities |
|----------------------------------------|--------|-----------------|--------|------------------------------------------------------------------|
|                              |   | ($ in Millions) |   |                                                             |
| Morgan Stanley FLT, Due 10/18/2016 (1) |   | $               | 37.4   |                                                             |   |   | 2.0 | %  |
| Citigroup Inc. FLT, Due 6/9/2016 (1)   |   |            | 25.4   |                                                             |   |   | 1.4 | %  |
| Barclays Bank PLC Due 2/24/2020        |   |            | 19.9   |                                                             |   |   | 1.1 | % |
| Merrill Lynch FLT, Due 6/5/2012 (1)    |   |            | 19.9   |                                                             |   |   | 1.1 | %  |
| Bear Stearns FLT Due 11/21/2016 (1)    |   |            | 19.7   |                                                             |   |   | 1.1 | % |
| JPMorgan Chase FLT, Due 6/13/2016 (1)  |   |            | 19.4   |                                                             |   |   | 1.0 | %  |
| HSBC Finance FLT, Due 6/1/2016 (1)     |   |            | 19.2   |                                                             |   |   | 1.0 | % |
| SLM Corp FLT, Due 1/27/2014 (1)        |   |            | 19.0   |                                                             |   |   | 1.0 | %  |
| PartnerRe Finance LLC Due 6/1/2020     |   |            | 15.0   |                                                             |   |   | 0.8 | % |
| GE Capital Corp FLT, Due 3/20/2014 (1) |   |            | 14.6   |                                                             |   |   | 0.8 | %  |
| Total                                  |   | $               | 209.5  |                                                             |   |   | 11.3 | %  |

----

| (1) | Securities with the notation FLT are floating rate securities. |
|-----|----------------------------------------------------------------|

|        |   | March 31, 2011  |   | December 31, 2010 |
|-------------|--------|-----------------|--------|-------------------|
|        |   | Fair value      |   |              | % of Total |   | Fair value |   |   | % of Total |
|        |   | ($ in Millions) |   |              |   |   | ($ in Millions) |   |   |   |
| Germany     |   | $               | 9.9    |              |   |   | 59.8 | % |   | $ | 11.6 |   |   |   | 73.0 | % |
| Belgium     |   |            | 2.5    |              |   |   | 15.0 | % |   |   | 1.5 |   |   |   | 9.5 | % |
| Netherlands |   |            | 2.4    |              |   |   | 14.5 | % |   |   | 1.5 |   |   |   | 9.6 | % |

----

|                                            |   | March 31,2011   |     |   | December 31,2010 |   |
|-------------------------------------------------|--------|-----------------|----------|--------|------------------|--------|
|                                            |   | ($ in Millions) |     |
| Reinsurance balances receivable, net            |   | $               | 315.3    |   |             | $      | 226.3 |   |
| Prepaid reinsurance premiums                    |   |            | 31.5     |   |             |   | 29.0 |   |
| Deferred commission and other acquisition costs |   |            | 234.3    |   |             |   | 203.6 |   |
| Reserve for loss and loss adjustment expenses   |   |            | (1,254.9 | )      |             |   | (1,226.8 | ) |
| Unearned premiums                               |   |            | (764.3   | )      |             |   | (657.6 | ) |

|                                  |   | March 31,2011   |   |   | December 31,2010 |   |
|---------------------------------------|--------|-----------------|--------|--------|------------------|--------|
|                                  |   | ($ in Millions) |   |
| Junior subordinated debt              |   | $               | 215.2  |   |             | $      | 215.2 |   |
| Maiden shareholders’ equity     |   |            | 769.7  |   |             |   | 750.2 |   |
| Total capital resources               |   | $               | 984.9  |   |             | $      | 965.4 |   |
|                                  |   |            |   |   |             |   |   |   |
| Ratio of debt to total capitalization |   |            | 21.9   | %      |             |   | 22.3 | % |

----

|                                                                                                                  |   | March 31, 2011 |            |   | December 31, 2010 |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------------|--------|------------------------|--------|
|                                                                                                                  |   |                | ($ in Millions) |   |
| Foreign currency translation adjustment at beginning of period                                                        |   | $                   | (0.4            | )      |                   | $      | — |   |
| Change in foreign currency translation adjustment included in   accumulated other comprehensive income |   |                | 1.4             |   |                   |   | (0.4 | ) |
| Foreign currency translation adjustment at end of period                                                              |   | $                   | 1.0             |   |                   | $      | (0.4 | ) |

----

| Hypothetical Change in Interest Rates |   | Fair Value |    |   | Estimated Change in Fair Value |   |    | Hypothetical Percentage Increase (Decrease) in Shareholders’ Equity |   |
|-----------------------------------------------------------|--------|-----------------|---------|--------|-------------------------------------|--------|---------|---------------------------------------------------------------------------|--------|
|                                                      |   | ($ in Millions) |    |   |                                |   |    |
| 200 basis point increase                                  |   | $               | 1,701.6 |   |                                | $      | (159.7  | )                                                                         |   |   | (20.7 | %) |
| 100 basis point increase                                  |   |            | 1,777.7 |   |                                |   | (83.6   | )                                                                         |   |   | (10.9 | %) |
| No change                                                 |   |            | 1,861.3 |   |                                |   | — |                                                                      |   |   | — | % |
| 100 basis point decrease                                  |   |            | 1,945.6 |   |                                |   | 84.3    |                                                                      |   |   | 11.0 | % |
| 200 basis point decrease                                  |   |            | 2,038.3 |   |                                |   | 177.0   |                                                                      |   |   | 23.0 | % |

----

----

----

|   | (a) | The 2011 Annual General Meeting of Shareholders of the Company was held on May 4, 2011. |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (b) | Matters voted on at the meeting and the number of votes cast: |
|--------|-----|---------------------------------------------------------------|

|   | 1. | To elect five directors to the Board of Directors of Maiden Holdings, Ltd. to serve until the 2012 Annual General Meeting of Shareholders or until their successors have been duly elected or appointed and qualified: |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                |   | Votes For |       |   | Withheld |   |
|---------------------|--------|-----------|------------|--------|----------|--------|
| Simcha G. Lyons     |   |      | 62,101,708 |   |     |   | 836,688 |   |
| Raymond M. Neff     |   |      | 62,842,302 |   |     |   | 306,512 |   |
| Yehuda L. Neuberger |   |      | 61,438,832 |   |     |   | 1,709,982 |   |
| Steven H. Nigro     |   |      | 62,841,302 |   |     |   | 307,512 |   |
| Barry D. Zyskind    |   |      | 62,312,126 |   |     |   | 1,047,106 |   |

|   | 2. | To elect four directors to the Board of Directors of Maiden Insurance Company Ltd. to serve until the 2012 Annual General Meeting of Shareholders or until their successors have been duly elected or appointed and qualified: |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                |   | Votes For |       |   | Withheld |   |
|---------------------|--------|-----------|------------|--------|----------|--------|
| David A. Lamneck    |   |      | 62,785,855 |   |     |   | 362,959 |   |
| John M. Marshaleck  |   |      | 62,787,048 |   |     |   | 361,766 |   |
| Lawrence F. Metz    |   |      | 62,787,492 |   |     |   | 361,322 |   |
| Arturo M. Raschbaum |   |      | 62,788,492 |   |     |   | 360,322 |   |

|   | 3. | To elect five directors to the Board of Directors of Maiden Global Holdings, Ltd. to serve until the 2012 Annual General Meeting of Shareholders or until their successors have been duly elected or appointed and qualified: |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                |   | Votes For |       |   | Withheld |   |
|---------------------|--------|-----------|------------|--------|----------|--------|
| Patrick J. Haveron  |   |      | 62,782,048 |   |     |   | 366,766 |   |
| Ronald M. Judd      |   |      | 62,781,367 |   |     |   | 367,447 |   |
| John M. Marshaleck  |   |      | 62,788,492 |   |     |   | 360,322 |   |
| Lawrence F. Metz    |   |      | 62,787,048 |   |     |   | 361,766 |   |
| Arturo M. Raschbaum |   |      | 62,788,492 |   |     |   | 360,322 |   |

|   | 4. | An advisory vote on a non-binding resolution to approve the compensation of certain of our executive officers: |
|--------|----|----------------------------------------------------------------------------------------------------------------|

| Voted For  |   | Voted Against |    |   | Abstain |   |
|------------|--------|---------------|---------|--------|---------|--------|
| 62,109,169 |   |          | 999,725 |   |    |   | 39,920 |   |

|   | 5. | An advisory, non-binding vote to determine the frequency (whether annual, biennial or triennial) with which shareholders of the Company shall have an advisory vote on executive compensation: |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Annual     |   | Biennial |    |   | Triennial |   |       | Abstain |   |   | Broker Non-Votes |   |
|------------|--------|----------|---------|--------|-----------|--------|------------|---------|--------|--------|------------------|--------|
| 24,657,089 |   |     | 253,301 |   |      |   | 38,196,015 |    |   |   | 42,409           |   |   |   | 6,058,407 |   |

|   | 6. | To ratify the selections of BDO USA, LLP to serve as the Company’s and Maiden Global Holdings, Ltd.’s independent registered public accounting firm for the year ending December 31, 2011, and Arthur Morris and Company as Maiden Insurance Company Ltd.’s independent registered public accounting firm for the year ending December 31, 2011: |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Voted For  |   | Voted Against |   |   | Abstain |   |
|------------|--------|---------------|--------|--------|---------|--------|
| 69,157,685 |   |          | 23,688 |   |    |   | 25,848 |   |

----

| Exhibit Number |   | Description                                                                                                                  |
|----------------|--------|------------------------------------------------------------------------------------------------------------------------------|
| 31.1           |   | Certification of the Chief Executive Officer, pursuant to Rule 13a-14(a) or 15d-14(a), for the quarter ended March 31, 2011. |
|           |   |                                                                                                                         |
| 31.2           |   | Certification of the Chief Financial Officer, pursuant to Rule 13a-14(a) or 15d-14(a), for the quarter ended March 31, 2011. |
|           |   |                                                                                                                         |
| 32.1           |   | Certification of the Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, for the quarter ended March 31, 2011.      |
|           |   |                                                                                                                         |
| 32.2           |   | Certification of the Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, for the quarter ended March 31, 2011.      |

----

|               |   | MAIDEN HOLDINGS, LTD.(Registrant)            |   |
|--------------------|--------|----------------------------------------------|--------|
|               |   |                                         |   |
| Date: May 10, 2011 |   | /s/ ARTURO M. RASCHBAUM                 |   |
|               |   | Arturo M. Raschbaum                          |   |
|               |   | President and Chief Executive Officer        |   |
|               |   |                                         |   |
|               |   |                                         |   |
|               |   | /s/ JOHN M. MARSHALECK                  |   |
|               |   | John M. Marshaleck                           |   |
|               |   | Chief Financial Officer                      |   |
|               |   | (Principal Financial and Accounting Officer) |   |

----