**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-Q**

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| Bermuda(State                or other jurisdiction ofincorporation                or organization)                    | 04-3106389(IRS                Employer Identification No.) |
|-----------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
|                                                                                                                  |                                                       |
| 48                Par-la-Ville Road, Suite 1141 HM11(Address                of principal executive offices)           | HM11(Zip                Code)                              |
|                                                                                                                  |                                                       |
| (441)                292-7090(Registrant’s                telephone number, including area                code) |

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|                         |   |                                                                                                                                                       |   | Page   |
|------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                         |   |                                                                                                                                                       |   |   |
| PART                I        |   | FINANCIAL                INFORMATION                                                                                                                       |   |   |
|                         |   |                                                                                                                                                       |   |   |
| Item                1.       |   | Consolidated                Financial Statements:                                                                                                          |   |   |
|                         |   |                                                                                                                                                       |   |   |
|                         |   | Consolidated                Balance Sheets as of June 30, 2008 (Unaudited) and December 31, 2007                                                           |   | 3      |
|                         |   |                                                                                                                                                       |   |   |
|                         |   | Consolidated                Statements of Income for the three and six months ended June 30,                2008 and                2007 (Unaudited)       |   | 4      |
|                         |   |                                                                                                                                                       |   |   |
|                         |   | Consolidated                Statements of Cash Flows for the six months ended June 30, 2008 and                2007                (Unaudited)             |   | 5      |
|                         |   |                                                                                                                                                       |   |   |
|                         |   | Consolidated                Statements of Changes in Shareholders’ Equity for the six months ended                June 30, 2008 and 2007 (Unaudited) |   | 6      |
|                         |   |                                                                                                                                                       |   |   |
|                    |   | Notes                to Consolidated Financial Statements (Unaudited)                                                                                      |   | 7      |
|                         |   |                                                                                                                                                       |   |   |
| Item                2.       |   | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                                  |   |   |
|                         |   |                                                                                                                                                       |   |   |
| Item                3.       |   | Quantitative                and Qualitative Disclosures About Market Risk                                                                                  |   |   |
|                         |   |                                                                                                                                                       |   |   |
| Item                4.       |   | Controls                and Procedures                                                                                                                     |   |   |
|                         |   |                                                                                                                                                       |   |   |
| PART                II       |   | OTHER                INFORMATION                                                                                                                           |   |   |
|                         |   |                                                                                                                                                       |   |   |
| Item                2.       |   | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                                 |   |   |
|                         |   |                                                                                                                                                       |   |   |
| Item                4.       |   | Submission                of Matters to a vote of Security Holders                                                                                         |   |   |
|                         |   |                                                                                                                                                       |   |   |
| Item                6.       |   | Exhibits                                                                                                                                                   |   |   |
|                         |   |                                                                                                                                                       |   |   |
|                         |   | Signatures                                                                                                                                                 |   |   |

----

**MAIDEN        HOLDINGS, LTD**

**CONSOLIDATED        BALANCE SHEETS**

**(in        thousands (000’s), except per share data)**

|                                                                                                                                                  |   |  **(Unaudited)**              |      |                                   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|-----------|----------------------------------------|--------|
|                                                                                                                                                  |   | **June                  30, 2008** |      | **December                  31, 2007** |   |
| **Assets**                                                                                                                                            |   |                               |      |                                   |   |
| Fixed                  maturities, available-for-sale, at fair value (amortized cost $752,990                  ;                  $488,765)           |   | $                                  | 721,496   |                                   | $      | 474,789 |   |
| Other                  investments, at fair value (cost $15,485; $15,176)                                                                             |   |                               | 12,134    |                                   |   | 15,656 |   |
| **Total                  investments**                                                                                                                |   |                               | 733,630   |                                   |   | 490,445 |   |
| Cash                  and cash equivalents                                                                                                            |   |                               | 74,170    |                                   |   | 35,729 |   |
| Accrued                  investment income                                                                                                            |   |                               | 4,827     |                                   |   | 3,204 |   |
| Reinsurance                  balances receivable, net (primarily with related parties - see                  note 8)                             |   |                               | 101,933   |                                   |   | 27,990 |   |
| Loan                  to related party (see note 8)                                                                                                   |   |                               | 167,975   |                                   |   | 113,542 |   |
| Prepaid                  expenses and other assets                                                                                                    |   |                               | 62        |                                   |   | 454 |   |
| Deferred                  commission and other acquisition costs (primarily with related                  parties -                  see note 8) |   |                               | 91,011    |                                   |   | 44,215 |   |
| Furniture                  and equipment,                  net                                                                                        |   |                               | 70        |                                   |   | 29 |   |
|                                                                                                                                                  |   |                               |      |                                   |   |   |   |
| **Total                  Assets**                                                                                                                     |   | $                                  | 1,173,678 |                                   | $      | 715,608 |   |
| **Liabilities                  and Shareholders’ Equity**                                                                                       |   |                               |      |                                   |   |   |   |
| **Liabilities**                                                                                                                                       |   |                               |      |                                   |   |   |   |
| Loss                  and loss adjustment expense reserves (primarily with related parties                  - see                  note 8)       |   | $                                  | 83,340    |                                   | $      | 38,508 |   |
| Unearned                  premiums (primarily with related parties - see                  note 8)                                                |   |                               | 268,206   |                                   |   | 137,166 |   |
| Accrued                  expenses and other liabilities                                                                                               |   |                               | 4,175     |                                   |   | 2,589 |   |
| Due                  to broker                                                                                                                        |   |                               | 26,660    |                                   |   | - |   |
| Securities                  sold under agreements to repurchase, at contract value                                                                    |   |                               | 254,557   |                                   |   | - |   |
|                                                                                                                                                  |   |                               |      |                                   |   |   |   |
| **Total                  Liabilities**                                                                                                                |   |                               | 636,938   |                                   |   | 178,263 |   |
|                                                                                                                                                  |   |                               |      |                                   |   |   |   |
| **Shareholders’                  Equity:**                                                                                                      |   |                               |      |                                   |   |   |   |
| Common                  shares, $0.01 par value; 100,000,000 shares authorized, 59,550,000                  issued                  and outstanding   |   |                               | 596       |                                   |   | 596 |   |
| Additional                  paid-in capital                                                                                                           |   |                               | 530,038   |                                   |   | 529,647 |   |
| Accumulated                  other comprehensive loss                                                                                                 |   |                               | (34,845   | )                                      |   | (13,496 | ) |
| Retained                  earnings                                                                                                                    |   |                               | 40,951    |                                   |   | 20,598 |   |
| **Total                  Shareholders’ Equity**                                                                                                 |   |                               | 536,740   |                                   |   | 537,345 |   |
| **Total                  Liabilities and Shareholders’ Equity**                                                                                 |   | $                                  | 1,173,678 |                                   | $      | 715,608 |   |

*See        accompanying notes to the unaudited consolidated financial        statements.*

----

**MAIDEN        HOLDINGS, LTD**.

**CONSOLIDATED        STATEMENTS OF INCOME**

**(in        thousands (000’s), except per share data)**

**(Unaudited)**

|                                                                                                                                            |   |                                                                                                     |    |                                                                                                               |   |                                                                                                       |   |                                                                                                                   |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                                            |   | **For                  the****Three                  Months****Ended****June                  30, 2008** |    | **Period                  from****May                  31, 2007 (inception) to****June                  30, 2007** |   | **For                  the****Six                  Months****Ended****J****une                  30, 2008** |   | **Period                  from****May                  31, 2007 (inception) to****J****une                  30, 2007** |     |
| **Revenues:**                                                                                                                                   |   |                                                                                                     |    |                                                                                                          |   |                                                                                                  |   |                                                                                                              |     |
| Premium                  income:                                                                                                                |   |                                                                                                     |    |                                                                                                          |   |                                                                                                  |   |                                                                                                              |     |
| Net                  premiums written (primarily with related parties - see                  note 8)                                       |   | $                                                                                                        | 171,251 |                                                                                                               | $      | -                                                                                                          |   | $                                                                                                                      | 273,683  |   | $ | - |   |
| Change                  in unearned premiums                                                                                                    |   |                                                                                                     | (93,913 | )                                                                                                                  |   | -                                                                                                          |   |                                                                                                                   | (131,040 | ) |   | - |   |
| **Net                  earned premium**                                                                                                         |   |                                                                                                     | 77,338  |                                                                                                               |   | -                                                                                                          |   |                                                                                                                   | 142,643  |   |   | - |   |
| Net                  investment income                                                                                                          |   |                                                                                                     | 7,763   |                                                                                                               |   | 59                                                                                                         |   |                                                                                                                   | 15,372   |   |   | 59 |   |
| Net                  realized investment gains                                                                                                  |   |                                                                                                     | 39      |                                                                                                               |   | -                                                                                                          |   |                                                                                                                   | 163      |   |   | - |   |
| **Total                  revenues**                                                                                                             |   |                                                                                                     | 85,140  |                                                                                                               |   | 59                                                                                                         |   |                                                                                                                   | 158,178  |   |   | 59 |   |
| **Expenses:**                                                                                                                                   |   |                                                                                                     |    |                                                                                                               |   |                                                                                                       |   |                                                                                                                   |     |   |   |   |   |
| Loss                  and loss adjustment expenses (primarily with related parties -                  see                  note 8)         |   |                                                                                                     | 43,610  |                                                                                                               |   | -                                                                                                          |   |                                                                                                                   | 81,446   |   |   | - |   |
| Commission                  and other acquisition expenses (primarily with related parties                  - see                  note 8) |   |                                                                                                     | 25,498  |                                                                                                               |   | -                                                                                                          |   |                                                                                                                   | 46,758   |   |   | - |   |
| Salaries                  and benefits                                                                                                          |   |                                                                                                     | 615     |                                                                                                               |   | -                                                                                                          |   |                                                                                                                   | 1,147    |   |   | - |   |
| Other                  operating expenses                                                                                                       |   |                                                                                                     | 1,625   |                                                                                                               |   | 136                                                                                                        |   |                                                                                                                   | 2,519    |   |   | 136 |   |
| **Total                  expenses**                                                                                                             |   |                                                                                                     | 71,348  |                                                                                                               |   | 136                                                                                                        |   |                                                                                                                   | 131,870  |   |   | 136 |   |
|                                                                                                                                            |   |                                                                                                     |    |                                                                                                               |   |                                                                                                       |   |                                                                                                                   |     |   |   |   |   |
| **Net                  income (loss)**                                                                                                          |   | $                                                                                                        | 13,792  |                                                                                                               | $      | (77                                                                                                        | )      |                                                                                                                   | 26,308   |   | $ | (77 | ) |
|                                                                                                                                            |   |                                                                                                     |    |                                                                                                               |   |                                                                                                       |   |                                                                                                                   |     |   |   |   |   |
| **Basic                  and diluted earnings per common share**                                                                                |   | $                                                                                                        | 0.23    |                                                                                                               | $      | (0.02                                                                                                      | )      |                                                                                                                   | 0.44     |   | $ | (0.02 | ) |
| **Dividends                  declared per common share**                                                                                        |   | $                                                                                                        | 0.05    |                                                                                                               | $      | -                                                                                                          |   |                                                                                                                   | 0.10     |   | $ | - |   |

*See        accompanying notes to the unaudited consolidated financial        statements.*

----

**MAIDEN        HOLDINGS, LTD**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**(in        thousands (000’s), except per share data)**

**(Unaudited)**

|                                                                                                                 |   | **For                  the Six****Months                  Ended****June                  30, 2008** |     | **Period                  from****May                  31, 2007****(inception)                  to****June                  30, 2007** |   |
|----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|----------|----------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Cash                  flows from operating activities:**                                                           |   |                                                                                                |     |                                                                                                                              |   |
| Net                  income                                                                                          |   | $                                                                                                   | 26,308   |                                                                                                                                   | **$**  | (77 | ) |
| Adjustments                  to reconcile net income to net cash provided by operating activities                  : |   |                                                                                                |     |                                                                                                                                   |   |   |   |
| Depreciation                                                                                                         |   |                                                                                                | 11       |                                                                                                                                   |   | - |   |
| Net                  realized gain on sales of investments                                                           |   |                                                                                                | (163     | )                                                                                                                                      |   | - |   |
| Amortization                  of bond premium and discount                                                           |   |                                                                                                | (787     | )                                                                                                                                      |   | - |   |
| Amortization                  of share-based compensation expense                                                    |   |                                                                                                | 391      |                                                                                                                                   |   | - |   |
| Changes                  in assets - (increase) decrease:                                                            |   |                                                                                                |     |                                                                                                                                   |   |   |   |
| Reinsurance                  balances receivable                                                                     |   |                                                                                                | (73,943  | )                                                                                                                                      |   | - |   |
| Accrued                  investment income                                                                           |   |                                                                                                | (1,623   | )                                                                                                                                      |   | (59 | ) |
| Deferred                  commission and other acquisition costs                                                     |   |                                                                                                | (46,796  | )                                                                                                                                      |   | - |   |
| Prepaid                  expenses and other assets                                                                   |   |                                                                                                | 392      |                                                                                                                                   |   | - |   |
| Changes                  in liabilities - increase (decrease):                                                       |   |                                                                                                |     |                                                                                                                                   |   |   |   |
| Accrued                  expenses and other liabilities                                                              |   |                                                                                                | (1,391   | )                                                                                                                                      |   | (26 | ) |
| Loss                  and loss adjustment expense reserves                                                           |   |                                                                                                | 44,832   |                                                                                                                                   |   | - |   |
| Unearned                  premiums                                                                                   |   |                                                                                                | 131,040  |                                                                                                                                   |   | - |   |
| **Net                  cash provided by (used in) operating activities**                                             |   |                                                                                                | 78,271   |                                                                                                                                   |   | (162 | ) |
| **Cash                  flows from investing activities:**                                                           |   |                                                                                                |     |                                                                                                                                   |   |   |   |
| Purchases                  of investments:                                                                           |   |                                                                                                |     |                                                                                                                                   |   |   |   |
| Purchases                  of fixed-maturity securities                                                              |   |                                                                                                | (309,980 | )                                                                                                                                      |   | **-** |   |
| Purchases                  of other investments                                                                      |   |                                                                                                | (309     | )                                                                                                                                      |   | **-** |   |
| Sale                  of investments:                                                                                |   |                                                                                                |     |                                                                                                                                   |   |   |   |
| Proceeds                  from sales of fixed-maturity securities                                                    |   |                                                                                                | 73,365   |                                                                                                                                   |   | **-** |   |
| Purchase                  of furniture and equipment                                                                 |   |                                                                                                | (52      | )                                                                                                                                      |   | **-** |   |
| Loan                  to related party                                                                               |   |                                                                                                | (54,433  | )                                                                                                                                      |   | - |   |
| **Net                  cash used in investing activities**                                                           |   |                                                                                                | (291,409 | )                                                                                                                                      |   | - |   |
| **Cash                  flows from financing activities:**                                                           |   |                                                                                                |     |                                                                                                                                   |   |   |   |
| Repurchase                  agreements, net                                                                          |   |                                                                                                | 254,557  |                                                                                                                                   |   | **-** |   |
| Common                  shares issuance                                                                              |   |                                                                                                | -        |                                                                                                                                   |   | 50,000 |   |
| Dividend                  paid                                                                                       |   |                                                                                                | (2,978   | )                                                                                                                                      |   | **-** |   |
| **Net                  cash provided by financing activities**                                                       |   |                                                                                                | 251,579  |                                                                                                                                   |   | 50,000 |   |
| **Net                  increase in cash and cash equivalents**                                                       |   |                                                                                                | 38,441   |                                                                                                                                   |   | 49,838 |   |
| **Cash                  and cash equivalents, beginning of period**                                                  |   |                                                                                                | 35,729   |                                                                                                                                   |   | - |   |
| **Cash                  and cash equivalents, end of period**                                                        |   | $                                                                                                   | 74,170   |                                                                                                                                   | $      | 49,838 |   |

*See        accompanying notes to the unaudited consolidated financial        statements.*

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**MAIDEN        HOLDINGS, LTD**

**CONSOLIDATED        STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY **

**(in        thousands**
**        (000’s)**
**,        except**
**        per**
**        share data)**

**(Unaudited)**

| **For                  the Period****from                  May 31, 2007 (inception)****to                  June 30, 2007** |   |   **Common****Shares** |   |  **Additional****Paid-In****Capital** |   | **Accumulated****Other****Comprehensive****Loss** |   |   **Retained****Earnings** |   |  **Total****Shareholders’****Equity** |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|--------------------------------------------|--------|---------------------------------------------------|--------|--------------------------------------|--------|--------------------------------------------------|--------|
|                                                                                                                       |   |                             |   |                                       |   |                                              |   |                                 |   |                                             |   |
| **Balance                  at May 31, 2007**                                                                               |   | $                                | -      |                                       | $      | -                                                 |   | $                                    | -      |                                             | $      | - |   | $ | - |   |
| Shares                  issued, net                                                                                        |   |                             | 78     |                                       |   | 49,922                                            |   |                                 |   |                                             |   |   |   |   | 50,000 |   |
|                                                                                                                       |   |                             |   |                                       |   |                                              |   |                                 |   |                                             |   |   |   |   |   |   |
| Net                  income                                                                                                |   |                             | -      |                                       |   | -                                                 |   |                                 | -      |                                             |   | (77 | ) |   | (77 | ) |
| Net                  unrealized losses                                                                                     |   |                             | -      |                                       |   | -                                                 |   |                                 | -      |                                             |   | - |   |   | - |   |
| **Comprehensive                  Income**                                                                                  |   |                             |   |                                       |   |                                              |   |                                 |   |                                             |   |   |   |   | (77 | ) |
| Share                  based compensation                                                                                  |   |                             | -      |                                       |   | -                                                 |   |                                 | -      |                                             |   | - |   |   | - |   |
| Dividends                  to shareholders                                                                                 |   |                             | -      |                                       |   | -                                                 |   |                                 | -      |                                             |   | - |   |   | - |   |
|                                                                                                                       |   |                             |   |                                       |   |                                              |   |                                 |   |                                             |   |   |   |   |   |   |
| **Balance                  at June 30, 2007**                                                                              |   | $                                | 78     |                                       | $      | 49,922                                            |   | $                                    | -      |                                             | $      | (77 | ) | $ | 49,923 |   |

| **For                  the Six Months Ended****June                  30, 2008** |   | **Common****Shares** |   | **Additional****Paid-In****Capital** |   | **Accumulated****Other****Comprehensive****Loss** |   | **Retained****Earnings** |    |  **Total****Shareholders’****Equity** |   |
|---------------------------------------------------------------------------------|--------|----------------------|--------|--------------------------------------|--------|---------------------------------------------------|--------|--------------------------|---------|--------------------------------------------------|--------|
|                                                                            |   |                 |   |                                 |   |                                              |   |                     |    |                                             |   |
| **Balance                  at December 31, 2007**                               |   | $                    | 596    |                                 | $      | 529,647                                           |   | $                        | (13,496 | )                                                | $      | 20,598 |   | $ | 537,345 |   |
|                                                                            |   |                 |   |                                 |   |                                              |   |                     |    |                                             |   |   |   |   |   |   |
| Net                  income                                                     |   |                 | -      |                                 |   | -                                                 |   |                     | -       |                                             |   | 26,308 |   |   | 26,308 |   |
| Net                  unrealized losses                                          |   |                 | -      |                                 |   | -                                                 |   |                     | (21,349 | )                                                |   | - |   |   | (21,349 | ) |
| **Comprehensive                  Income**                                       |   |                 |   |                                 |   |                                              |   |                     |    |                                             |   |   |   |   | 4,959 |   |
| Share                  based compensation                                       |   |                 | -      |                                 |   | 391                                               |   |                     | -       |                                             |   | - |   |   | 391 |   |
| Dividends                  to shareholders                                      |   |                 | -      |                                 |   | -                                                 |   |                     | -       |                                             |   | (5,955 | ) |   | (5,955 | ) |
|                                                                            |   |                 |   |                                 |   |                                              |   |                     |    |                                             |   |   |   |   |   |   |
| **Balance                  at June 30, 2008**                                   |   | $                    | 596    |                                 | $      | 530,038                                           |   | $                        | (34,845 | )                                                | $      | 40,951 |   | $ | 536,740 |   |

*See        accompanying notes to the unaudited consolidated financial statements.*

----

**Notes        to Consolidated Financial Statements**

**(in        thousands (000’s), except per share data)**

**(Unaudited)**

| **1.** | **Basis                  of Presentation — Summary of Significant Accounting                  Policies** |
|--------|----------------------------------------------------------------------------------------------------------------|

| **2.** | **Recent                  Accounting Pronouncements** |
|--------|-------------------------------------------------------|

----

| **3.** | **Investments** |
|--------|-----------------|

*(a)*
*Available-for-Sale        Fixed Maturities and Other Investments*

|  June                  30, 2008                       |   | Original                  oramortizedcost |    | Grossunrealizedgains |   | Grossunrealizedlosses |   |  Fairvalue |    |
|------------------------------------------------------------|--------|-------------------------------------------|---------|----------------------|--------|-----------------------|--------|-----------------|---------|
| Fixed                  Maturities:                         |   |                                 |    |            |   |             |   |       |    |
| U.S.                  Agency - mortgage backed securities  |   | $                                         | 397,730 |                 | $      | 479                   |   | $               | (2,416  | ) | $ | 395,793 |   |
| Corporate                  fixed maturities                |   |                                      | 355,260 |                 |   | 428                   |   |            | (29,985 | ) |   | 325,703 |   |
| Total                  available for sale fixed maturities |   |                                      | 752,990 |                 |   | 907                   |   |            | (32,401 | ) |   | 721,496 |   |
| Other                  investments                         |   |                                      | 15,485  |                 |   | -                     |   |            | (3,351  | ) |   | 12,134 |   |
| ** **Total                  investments               |   | $                                         | 768,475 |                 | $      | 907                   |   | $               | (35,752 | ) | $ | 733,630 |   |

|   December                  31, 2007                         |   | Original                  oramortizedcost |    | Grossunrealized                  gains |   | Grossunrealizedlosses |   |  Fairvalue |    |
|------------------------------------------------------------------------|--------|-------------------------------------------|---------|----------------------------------------|--------|-----------------------|--------|-----------------|---------|
| Fixed                  Maturities:                                     |   |                                 |    |                              |   |             |   |       |    |
| U.S.                  Agency - mortgage backed securities              |   | $                                         | 204,363 |                                   | $      | 660                   |   | $               | -       |   | $ | 205,023 |   |
| Corporate                  fixed maturities                            |   |                                      | 284,402 |                                   |   | 445                   |   |            | (15,081 | ) |   | 269,766 |   |
| Total                  available for sale fixed maturities             |   |                                      | 488,765 |                                   |   | 1,105                 |   |            | (15,081 | ) |   | 474,789 |   |
| Other                  investments                                     |   |                                      | 15,176  |                                   |   | 480                   |   |            | -       |   |   | 15,656 |   |
|       Total                  investments |   | $                                         | 503,941 |                                   | $      | 1,585                 |   | $               | (15,081 | ) | $ | 490,445 |   |

----

*(b)        Investment Income*

|                                                                                |   | For                  the Three Months Ended June 30, 2008 |   | Period                  from May 31, 2007 (inception) to June 30, 2007 |   | For                  the Six Months Ended June 30, 2008 |   | Period                  from May 31, 2007 (inception) to June 30, 2007 |   |
|-------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|------------------------------------------------------------------------|--------|---------------------------------------------------------|--------|------------------------------------------------------------------------|--------|
| Fixed                  maturities                                                   |   | **$**                                                     | 7,128  |                                                                   | **$**  | **-**                                                   |   | **$**                                                                  | 13,968 |   | **$** | **-** |   |
| Cash                  and cash equivalents                                          |   |                                                      | 1,093  |                                                                   |   | 59                                                      |   |                                                                   | 1,384  |   |   | 59 |   |
| Loan                  to related party                                              |   |                                                      | 934    |                                                                   |   | **-**                                                   |   |                                                                   | 2,285  |   |   | **-** |   |
|                                                                                |   |                                                      | 9,155  |                                                                   |   | 59                                                      |   |                                                                   | 17,637 |   |   | 59 |   |
| Less:                                                                               |   |                                                      |   |                                                                   |   |                                                    |   |                                                                   |   |   |   |   |   |
| Investment                  expenses                                                |   |                                                      | (316   | )                                                                      |   | -                                                       |   |                                                                   | (813   | ) |   | **-** |   |
| Interest                  expense on securities sold under agreements to repurchase |   |                                                      | (1,076 | )                                                                      |   | -                                                       |   |                                                                   | (1,452 | ) |   | **-** |   |
|                                                                                |   | **$**                                                     | 7,763  |                                                                   | $      | 59                                                      |   | $                                                                      | 15,372 |   | $ | 59 |   |

*(c)        Other-Than-Temporary Impairment*

|                                                                                                             |   | Less                  than 12 months |    | 12                  months or more |   | Total                       |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|------------------------------------|--------|-----------------------------|--------|
|                                                                                                             |   | Fair                  value          |    | Unrealizedlosses                   |   | Fair                  value |   | UnrealizedLosses |   | Fair                  value |   | Unrealizedlosses |   |
| Available-for-sale                  securities:                                                                  |   |                                 |    |                               |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S.                  Agency mortgage backed securities                                                          |   | $                                    | 323,578 |                               |   | (2,416                      | )      | $ | - |   |   | - |   | $ | 323,578 |   |   | (2,416 | ) |
| Corporate                  fixed maturities                                                                      |   |                                 | 302,093 |                               |   | (29,985                     | )      |   | - |   |   | - |   |   | 302,093 |   |   | (29,985 | ) |
|                                                                                                             |   |                                 | 625,671 |                               |   | (32,401                     | )      |   | - |   |   | - |   |   | 625,671 |   |   | (32,401 | ) |
| Other                  investments                                                                               |   | $                                    | 12,134  |                               |   | (3,351                      | )      | $ | - |   |   | - |   | $ | 12,134 |   |   | (3,351 | ) |
| Total                  temporarily impaired available-for-sale securities and other                  investments |   | $                                    | 637,805 |                               |   | (35,752                     | )      | $ | - |   |   | - |   | $ | 637,805 |   |   | (35,752 | ) |

|                                                                                                             |   | Less                  than 12 months |    | 12                  months or more |   | Total                       |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|------------------------------------|--------|-----------------------------|--------|
|                                                                                                             |   | Fair                  value          |    | Unrealizedlosses                   |   | Fair                  value |   | UnrealizedLosses |   | Fair                  value |   | Unrealizedlosses |   |
| Available-for-sale                  securities:                                                                  |   |                            |    |                          |   |                   |   |    |   |    |   |    |   |
| U.S.                  Agency mortgage backed securities                                                          |   | $                                    | -       |                               |   | -                           |   | $ | - |   |   | - |   | $ | - |   |   | - |   |
| Corporate                  fixed maturities                                                                      |   |                                 | 249,233 |                               |   | (15,081                     | )      |   | - |   |   | - |   |   | 249,233 |   |   | (15,081 | ) |
|                                                                                                             |   |                                 | 249,233 |                               |   | (15,081                     | )      |   | - |   |   | - |   |   | 249,233 |   |   | (15,081 | ) |
| Other                  investments                                                                               |   | $                                    | -       |                               |   | -                           |   | $ | - |   |   | - |   | $ | - |   |   | - |   |
| Total                  temporarily impaired available-for-sale securities and other                  investments |   | $                                    | 249,233 |                               |   | (15,081                     | )      | $ | - |   |   | - |   | $ | 249,233 |   |   | (15,081 | ) |

----

*(d)        Other*

| **4.** | **Fair                  Value of Financial                  Instruments** |
|--------|---------------------------------------------------------------------------|

|   | · | 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. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Investments        available for sale*

*Other        investments.*

*Fair        Value Hierarchy*

|                                                                               |   | Total  |     | Level                  1 |   | Level                  2 |   | Level                  3 |     |
|------------------------------------------------------------------------------------|--------|--------|----------|--------------------------|--------|--------------------------|--------|--------------------------|----------|
| Assets:                                                                            |   |   |     |                     |   |                     |   |                     |     |
| Available-for-sale                  fixed maturities                               |   | $      | 721,496  |                     | $      | -                        |   | $                        | 721,496  |   | $ | - |   |
| Other                  investments                                                 |   |   | 12,134   |                     |   | -                        |   |                     |     |   |   | 12,134 |   |
|                                                                               |   | $      | 733,630  |                     | $      | -                        |   | $                        | 721,496  |   | $ | 12,134 |   |
| Liabilities:                                                                       |   |   |     |                     |   |                          |   |                     |     |   |   |  |   |
| Securities                  sold under agreements to repurchase, at contract value |   |   | (254,557 | )                        |   | -                        |   |                     | (254,557 | ) |   | - |   |
|                                                                          |   | $      | 479,073  |                     | $      | -                        |   | $                        | 466,939  |   | $ | 12,134 |   |

----

|                                                              |   | Three                  months endedJune                  30, 2008 |   | Six                  months ended June                  30, 2008 |   |
|-------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|------------------------------------------------------------------|--------|
| Beginning                  balance                                |   | $                                                                 | 12,383 |                                                             | $      | 15,656 |   |
| Total                  net losses for the period included in:     |   |                                                              |        |                                                             |   |   |   |
| Net                  income                                       |   |                                                              | -      |                                                             |   | - |   |
| Other                  comprehensive loss                         |   |                                                              | (535   | )                                                                |   | (3,831 | ) |
| Purchases,                  sales, issuances and settlements, net |   |                                                              | 286    |                                                             |   | 309 |   |
| Net                  transfers into (out of) Level 3              |   |                                                              | -      |                                                             |   | - |   |
| Ending                  balance as of June 30, 2008               |   | $                                                                 | 12,134 |                                                             | $      | 12,134 |   |

| **5.** | **Earnings                  Per Share** |
|--------|-----------------------------------------|

|                                                                            |   | Three                  months ended June                  30, 2008 |       | Period                  from May 31, 2007 (inception) to June 30, 2007 |   | Six                  months ended June 30, 2008 |   | Period                  from May 31, 2007 (inception) to June 30, 2007 |       |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|------------------------------------------------------------------------|--------|-------------------------------------------------|--------|------------------------------------------------------------------------|------------|
| Net                  income available to common shareholders                    |   | **$**                                                              | 13,792     |                                                                   | **$**  | (77                                             | )      | **$**                                                                  | 26,308     |   | **$** | (77 | ) |
|                                                                            |   |                                                               |            |                                                                   |   |                                            |   |                                                                   |       |   |   |   |   |
| Weighted                  average number of common shares outstanding - basic   |   |                                                               | 59,550,000 |                                                                   |   | 4,026,000                                       |   |                                                                   | 59,550,000 |   |   | 4,026,000 |   |
| Potentially                  dilutive securities:                               |   |                                                               | -          |                                                                   |   | -                                               |   |                                                                   | -          |   |   | - |   |
| Warrants                                                                        |   |                                                               |       |                                                                   |   |                                            |   |                                                                   |       |   |   |   |   |
| Share                  options                                                  |   |                                                               | -          |                                                                   |   | -                                               |   |                                                                   | -          |   |   | - |   |
| Weighted                  average number of common shares outstanding - diluted |   |                                                               | 59,550,000 |                                                                   |   | 4,026,000                                       |   |                                                                   | 59,550,000 |   |   | 4,026,000 |   |
|                                                                            |   |                                                               |       |                                                                   |   |                                            |   |                                                                   |       |   |   |   |   |
| Basic                  and diluted earnings per common share:                   |   | $                                                                  | 0.23       |                                                                   | $      | (0.02                                           | )      | $                                                                      | 0.44       |   | $ | (0.02 | ) |

| **6.** | **Share                  Based Compensation** |
|--------|-----------------------------------------------|

*Share        Options*

----

| Assumptions                  :                            |   | 2008                             |   |
|-----------------------------------------------------------|--------|----------------------------------|--------|
| Volatility                                                |   | 29.8                             | %      |   |
| Risk-free                  interest rate                  |   | 3.30                             | %      |   |
| Weighted                  average expected lives in years |   | 6.1                  years  |   |
| Forfeiture                  rate                          |   | 0                                | %      |   |
| Dividend                  yield rate                      |   | 1                                | %      |   |

*Expected        Price Volatility*

*Risk-Free        Interest Rate -*

*Expected        Lives -*

*Forfeiture        Rate -*

|                                         |   | Number                  ofShare                  Options |    | Weighted                  Average Exercise Price |   | Weighted                  Average Remaining Contractual                  Term |   |
|----------------------------------------------|--------|----------------------------------------------------------|---------|--------------------------------------------------|--------|-------------------------------------------------------------------------------|--------|
| Outstanding,                  March 31, 2008 |   |                                                     | 883,000 |                                             | $      | 10.00                                                                         |   |   | 9.5                  years |   |
| Granted                                      |   |                                                     | 79,000  |                                             |   | 10.00                                                                         |   |   | 9.9                  years |   |
| Exercised                                    |   |                                                     | **-**   |                                             |   | -                                                                             |   |   |   |   |
| Cancelled                                    |   |                                                     | **-**   |                                             |   | **-**                                                                         |   |   |   |   |
| Outstanding,                  June 30, 2008  |   |                                                     | 962,000 |                                             | $      | 10.00                                                                         |   |   | 9.3                  years |   |

|                                            |   | Number                  ofShare                  Options |    | Weighted                  Average Exercise Price |   | Weighted                  Average Remaining Contractual                  Term |   |
|-------------------------------------------------|--------|----------------------------------------------------------|---------|--------------------------------------------------|--------|-------------------------------------------------------------------------------|--------|
| Outstanding,                  December 31, 2007 |   |                                                     | 716,000 |                                             | $      | 10.00                                                                         |   |   | 9.1                  years |   |
| Granted                                         |   |                                                     | 246,000 |                                             |   | 10.00                                                                         |   |   | 9.7                  years |   |
| Exercised                                       |   |                                                     | **-**   |                                             |   | -                                                                             |   |   |   |   |
| Cancelled                                       |   |                                                     | **-**   |                                             |   | **-**                                                                         |   |   |   |   |
| Outstanding,                  June 30, 2008     |   |                                                     | 962,000 |                                             | $      | 10.00                                                                         |   |   | 9.3                  years |   |

The        weighted average grant date fair value was $3.33 for all options outstanding        at        June 30, 2008. There was approximately $2,471 of total unrecognized compensation        cost related to non-vested share-based compensation arrangements as of June        30,        2008.

| **7.** | **Dividend                  Declared** |
|--------|----------------------------------------|

----

| **8.** | **Related                  Party Transactions** |
|--------|-------------------------------------------------|

*Quota        Share Reinsurance Agreement*

*Other        Reinsurance Agreement*

| Assets                  and (liabilities):                       |   | June                  30, 2008 |     |  December                  31, 2007 |   |
|------------------------------------------------------------------|--------|--------------------------------|----------|------------------------------------------|--------|
| Loan                  to related party                           |   | $                              | 167,975  |                                     | $      | 113,542 |   |
| Reinsurance                  balances receivable, net            |   |                           | 94,301   |                                     |   | 27,891 |   |
| Accrued                  interest on loan to related party       |   |                           | 962      |                                     |   | 240 |   |
| Deferred                  commission and other acquisition costs |   |                           | 84,840   |                                     |   | 42,501 |   |
| Loss                  and loss adjustment expense reserves       |   |                           | (82,667  | )                                        |   | (38,485 | ) |
| Unearned                  premiums                               |   |                           | (255,119 | )                                        |   | (137,099 | ) |
|                                                             |   |                           |     |                                     |   |   |   |

|                                                                       |   |                                                               |    |                                                                   |   |
|----------------------------------------------------------------------------|--------|--------------------------------------------------------------------|---------|------------------------------------------------------------------------|--------|
| Results                  of operations:                                    |   | Three                  months ended June                  30, 2008 |    | Period                  from May 31, 2007 (inception) to June 30, 2007 |   | Six                  months endedJune                  30, 2008 |   | Period                  from May 31, 2007 (inception) to June 30, 2007 |   |
| Net                  premium written - assumed                             |   | $                                                                  | 171,245 |                                                                   | $      | - |   | $ | 258,959 |   | $ | - |   |
| Change                  in unearned premium - assumed                      |   |                                                               | (94,602 | )                                                                      |   | - |   |   | (118,020 | ) |   | - |   |
| Net                  earned premium - assumed                              |   |                                                               | 76,643  |                                                                   |   | - |   |   | 140,939 |   |   | - |   |
|                                                                       |   |                                                               |         |                                                                   |   |   |   |   |   |   |   |   |   |
| Commission                  and other acquisition costs on premium written |   |                                                               | 58,077  |                                                                   |   | - |   |   | 86,543 |   |   | - |   |
| Commission                  and other acquisition costs- deferred          |   |                                                               | (32,913 | )                                                                      |   | - |   |   | (40,625 | ) |   | - |   |
| Ceding                  commission expensed                                |   |                                                               | 25,164  |                                                                   |   | - |   |   | 45,918 |   |   | - |   |
|                                                                       |   |                                                               |    |                                                                   |   |   |   |   |   |   |   |   |   |
| Loss                  and loss adjustment expense                          |   |                                                               | 43,363  |                                                                   |   | - |   |   | 80,762 |   |   | - |   |

----

*Reinsurance        Brokerage Agreements*

*Asset        Management Agreement *

| **9.** | **Segments** |
|--------|--------------|

|  **Three                  months ended June 30, 2008** |   | Reinsurance                  - AmTrust Quota Share |    |  Reinsurance                  - Other |   | Corporate                  and                  other |   | Total                    |   |
|-------------------------------------------------------------|--------|----------------------------------------------------|---------|--------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------|--------|
| **Revenues**                                                |   |                                               |    |                                  |   |                                             |   |                     |   |
| Net                  premium written                        |   | $                                                  | 168,068 |                                       | $      | 3,183                                                 |   | $                             | -      |   | $ | 171,251 |   |
| Earned                  premium                             |   |                                               | 76,246  |                                       |   | 1,092                                                 |   |                          | -      |   |   | 77,338 |   |
| Investment                  income and other revenues       |   |                                               | 1,031   |                                       |   | -                                                     |   |                          | 6,771  |   |   | 7,802 |   |
| Total                  revenues                             |   |                                               | 77,277  |                                       |   | 1,092                                                 |   |                          | 6,771  |   |   | 85,140 |   |
| **Expenses**                                                |   |                                               |    |                                       |   |                                                  |   |                          |   |   |   |   |   |
| Loss                  and loss adjustment expenses          |   |                                               | 43,213  |                                       |   | 397                                                   |   |                          | -      |   |   | 43,610 |   |
| Commission                  and other acquisition expenses  |   |                                               | 25,043  |                                       |   | 455                                                   |   |                          | -      |   |   | 25,498 |   |
| Other                  expenses                             |   |                                               | 201     |                                       |   | 480                                                   |   |                          | 1,559  |   |   | 2,240 |   |
| Total                  expenses                             |   |                                               | 68,457  |                                       |   | 1,332                                                 |   |                          | 1,559  |   |   | 71,348 |   |
| Net                  income (loss)                          |   | $                                                  | 8,820   |                                       | $      | (240                                                  | )      | $                             | 5,212  |   | $ | 13,792 |   |

|  **Six                  months ended June 30, 2008**  |   | Reinsurance                  - AmTrust Quota Share |    |  Reinsurance                  - Other |   | Corporate                  and                  other |   | Total                    |   |
|------------------------------------------------------------|--------|----------------------------------------------------|---------|--------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------|--------|
| **Revenues**                                               |   |                                               |    |                                  |   |                                             |   |                     |   |
| Net                  premium written                       |   | $                                                  | 251,016 |                                       | $      | 22,667                                                |   | $                             | -      |   | $ | 273,683 |   |
| Earned                  premium                            |   |                                               | 140,036 |                                       |   | 2,607                                                 |   |                          | -      |   |   | 142,643 |   |
| Investment                  income and other revenues      |   |                                               | 2,382   |                                       |   | -                                                     |   |                          | 13,153 |   |   | 15,535 |   |
| Total                  revenues                            |   |                                               | 142,418 |                                       |   | 2,607                                                 |   |                          | 13,153 |   |   | 158,178 |   |
| **Expenses**                                               |   |                                               |    |                                       |   |                                                  |   |                          |   |   |   |   |   |
| Loss                  and loss adjustment expenses         |   |                                               | 80,421  |                                       |   | 1,025                                                 |   |                          | -      |   |   | 81,446 |   |
| Commission                  and other acquisition expenses |   |                                               | 45,614  |                                       |   | 1,144                                                 |   |                          | -      |   |   | 46,758 |   |
| Other                  expenses                            |   |                                               | 377     |                                       |   | 629                                                   |   |                          | 2,660  |   |   | 3,666 |   |
| Total                  expenses                            |   |                                               | 126,412 |                                       |   | 2,798                                                 |   |                          | 2,660  |   |   | 131,870 |   |
| Net                  income (loss)                         |   | $                                                  | 16,006  |                                       | $      | (191                                                  | )      | $                             | 10,493 |   | $ | 26,308 |   |

----

|  **Period                  from May 31, 2007 (inception) to June 30, 2007** |   | Reinsurance                  - AmTrust Quota Share |   |  Reinsurance                  - Other |   | Corporate                  and                  other |   | Total                    |   |
|----------------------------------------------------------------------------------|--------|----------------------------------------------------|--------|--------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------|--------|
| **Revenues**                                                                     |   |                                               |   |                                  |   |                                             |   |                     |   |
| Net                  premium written                                             |   | $                                                  | -      |                                       | $      | -                                                     |   | $                             | -      |   | $ | - |   |
| Earned                  premium                                                  |   |                                               | -      |                                       |   | -                                                     |   |                          | -      |   |   | - |   |
| Investment                  income and other revenues                            |   |                                               | -      |                                       |   | -                                                     |   |                          | 59     |   |   | 59 |   |
| Total                  revenues                                                  |   |                                               | -      |                                       |   | -                                                     |   |                          | 59     |   |   | 59 |   |
| **Expenses**                                                                     |   |                                               |   |                                       |   |                                                  |   |                          |   |   |   |   |   |
| Loss                  and loss adjustment expenses                               |   |                                               | -      |                                       |   | -                                                     |   |                          | -      |   |   | - |   |
| Commission                  and other acquisition expenses                       |   |                                               | -      |                                       |   | -                                                     |   |                          | -      |   |   | - |   |
| Other                  expenses                                                  |   |                                               | -      |                                       |   | -                                                     |   |                          | 136    |   |   | 136 |   |
| Total                  expenses                                                  |   |                                               | -      |                                       |   | -                                                     |   |                          | 136    |   |   | 136 |   |
| Net                  income (loss)                                               |   | $                                                  | -      |                                       | $      | -                                                     |   | $                             | (77    | ) | $ | (77 | ) |

|                                                             |   | Reinsurance                  - AmTrust Quota Share |    |  Reinsurance                  - Other |   |  Corporate                  and Other |   | Total                    |    |
|------------------------------------------------------------------|--------|----------------------------------------------------|---------|--------------------------------------------|--------|--------------------------------------------|--------|-------------------------------|---------|
| **As                  of June 30, 2008**                         |   |                                               |    |                                  |   |                                  |   |                     |    |
| Reinsurance                  balances receivable                 |   | $                                                  | 89,019  |                                       | $      | 12,914                                     |   | $                             | -       |   | $ | 101,933 |   |
| Deferred                  commission and other acquisition costs |   |                                               | 82,482  |                                       |   | 8,529                                      |   |                          | -       |   |   | 91,011 |   |
| Loan                  to related party                           |   |                                               | 167,975 |                                       |   | -                                          |   |                          | -       |   |   | 167,975 |   |
| Corporate                  and other assets                      |   |                                               | 14,993  |                                       |   | -                                          |   |                          | 797,766 |   |   | 812,759 |   |
| Total                  assets                                    |   | $                                                  | 354,469 |                                       | $      | 21,443                                     |   | $                             | 797,766 |   | $ | 1,173,678 |   |

|                                                             |   | Reinsurance                  - AmTrust Quota Share |    |  Reinsurance                  - Other |   |  Corporate                  and Other |   | Total                    |    |
|------------------------------------------------------------------|--------|----------------------------------------------------|---------|--------------------------------------------|--------|--------------------------------------------|--------|-------------------------------|---------|
| **As                  of December 31, 2007**                     |   |                                               |    |                                  |   |                                  |   |                     |    |
| Reinsurance                  balances receivable                 |   | $                                                  | 27,990  |                                       | $      | -                                          |   | $                             | -       |   | $ | 27,990 |   |
| Deferred                  commission and other acquisition costs |   |                                               | 44,215  |                                       |   | -                                          |   |                          | -       |   |   | 44,215 |   |
| Loan                  to related party                           |   |                                               | 113,542 |                                       |   | -                                          |   |                          | -       |   |   | 113,542 |   |
| Corporate                  and other assets                      |   |                                               | -       |                                       |   | -                                          |   |                          | 529,861 |   |   | 529,861 |   |
| Total                  assets                                    |   | $                                                  | 185,747 |                                       | $      | -                                          |   | $                             | 529,861 |   | $ | 715,608 |   |

----

|                                                             |   |                                              |    |
|------------------------------------------------------------------|--------|---------------------------------------------------|---------|
|                                                             |   | Three                  months ended June 30, 2008 |    |  Period                  from May 31, 2007 (inception) to June                  30, 2007 |   | Six                  months ended June                  30, 2008 |   | Period                  from May 31, 2007 (inception) to June                  30, 2007 |   |
|                                                             |   |  Total                                       |    |  %                  of Total |   |  Total |   | %                  of Total |   | Total |   | %                  of Total |   |  Total |   |  %                  of Total |   |
| Gross                  and net premiums written                  |   |                                              |    |    |   |    |   |   |   |   |   |   |   |   |   |    |   |
| **Reinsurance                  - AmTrust Quota Share**           |   |                                              |    |    |   |    |   |   |   |   |   |   |   |   |   |    |   |
| Workers                  Compensation                            |   | **$**                                             | 29,399  |   |   | 17.16 |   | **$** | **-** |   |   | **-** |   | $ | 73,056 |   |   | 26.69 |   | **$** | **-** |   |   | **-** |   |
| Specialty                  Middle Market Property & Casualty |   |                                              | 14,614  |   |   | 8.53 |   |   | - |   |   | - |   |   | 21,481 |   |   | 7.84 |   |   | - |   |   | - |   |
| Specialty                  Risk and Extended Warranty            |   |                                              | 37,251  |   |   | 21.75 |   |   | - |   |   | - |   |   | 69,675 |   |   | 25.45 |   |   | - |   |   | - |   |
| Unitrin                  Business Insurance (UBI)                |   |                                              | 86,804  |   |   | 50.70 |   |   | **-** |   |   | **-** |   |   | 86,804 |   |   | 31.72 |   |   | **-** |   |   | **-** |   |
| Total                  Reinsurance - AmTrust Quota Share         |   | **$**                                             | 168,068 |   |   | 98.14 |   | **$** | **-** |   |   | **-** |   | $ | 251,016 |   |   | 91.70 |   | **$** | **-** |   |   | **-** |   |
| **Reinsurance                  - Other**                         |   |                                              | 3,183   |   |   | 1.86 |   |   |   |   |   |   |   |   | 22,667 |   |   | 8.30 |   |   |  |   |   |   |   |
|                                                             |   | **$**                                             | 171,251 |   |   | 100.00 |   | **$** | **-** |   |   | **-** |   | $ | 273,683 |   |   | 100.00 |   | **$** | **-** |   |   | **-** |   |
| Gross                  and net premiums earned                   |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Reinsurance                  - AmTrust Quota Share**           |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Workers                  Compensation                            |   | **$**                                             | 32,404  |   |   | 41.90 |   | **$** | **-** |   |   | **-** |   | $ | 64,284 |   |   | 45.06 |   | **$** | **-** |   |   | **-** |   |
| Specialty                  Middle Market Property & Casualty |   |                                              | 8,989   |   |   | 11.62 |   |   | - |   |   | - |   |   | 19,303 |   |   | 13.53 |   |   | - |   |   | - |   |
| Specialty                  Risk and Extended Warranty            |   |                                              | 21,408  |   |   | 27.68 |   |   | - |   |   | - |   |   | 43,004 |   |   | 30.14 |   |   | - |   |   | - |   |
| Unitrin                  Business Insurance (UBI)                |   |                                              | 13,445  |   |   | 17.39 |   |   | **-** |   |   | **-** |   |   | 13,445 |   |   | 9.43 |   |   | **-** |   |   | **-** |   |
| Total                  AmTrust Quota Share                       |   | **$**                                             | 76,246  |   |   | 98.59 |   | **$** | **-** |   |   | **-** |   | $ | 140,036 |   |   | 98.16 |   | **$** | **-** |   |   | **-** |   |
| **Reinsurance                  - Other**                         |   |                                              | 1,092   |   |   | 1.41 |   |   | **-** |   |   | **-** |   |   | 2,607 |   |   | 1.84 |   |   | **-** |   |   | **-** |   |
|                                                             |   | **$**                                             | 77,338  |   |   | 100.00 |   | **$** | - |   |   | - |   | $ | 142,643 |   |   | 100.00 |   | **$** | - |   |   | - |   |

----

**Item        2.**
** **
**MANAGEMENT’S        DISCUSSION AND ANALYSIS OF **
**FINANCIAL        CONDITION AND RESULTS OF OPERATIONS**

|  | • | claims                  development; |
|--|---------|--------------------------------------|

|  | • | general                  economic conditions and conditions specific to the reinsurance                  markets in                  which we operate; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | pricing                  competition; |
|--|---------|---------------------------------------|

|  | • | rating                  agency policies and practices; |
|--|---------|--------------------------------------------------------|

|  | • | catastrophic                  events; |
|--|---------|---------------------------------------|

|  | • | material                  fluctuations in interest rates; |
|--|---------|-----------------------------------------------------------|

|  | • | tax                  and regulatory changes and conditions; and |
|--|---------|-----------------------------------------------------------------|

|  | • | loss                  of key executives. |
|--|---------|------------------------------------------|

**Overview**

----

***Reinsurance        - AmTrust Quota Share***

***Reinsurance        - Other***

**Principal        Revenue and Expense Items**

***Revenues***

***Expenses***

----

*Loss        and Loss Adjustment Expenses*

*Commission        and Other Acquisition Expenses*

*Salaries        and benefits. *

*Other        Operating Expenses*

***Ratios***

*Net        Loss Ratio.*

*Net        Expense Ratio.*

*Net        Combined Ratio*

*Net        Leverage Ratio. *

*Annualized Return        on Equity.*

**Measurement        of Results; Outlook**

*Premiums        Written and Net Leverage Ratio*

*Net        Loss Ratio*

*Net        Expense Ratio*

----

*Net        Combined Ratio*

*Net        Income and Return on Average Equity*

**Critical        Accounting Policies**

**Results        of Operations **

|                                                                                                                                            |   | For                  the Three Months Ended June 30, 2008 |     | Period                  from May 31 (inception) to June 30, 2007 |   | For                  the Six Months Ended June 30, 2008 |   | Period                  from May 31 (inception) to June 30, 2007 |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|----------|------------------------------------------------------------------|--------|---------------------------------------------------------|--------|------------------------------------------------------------------|----------|
| **Revenues:**                                                                                                                                   |   |                                                      |     |                                                        |   |                                               |   |                                                        |     |
| Premium                  income:                                                                                                                |   |                                                      |     |                                                        |   |                                               |   |                                                        |     |
| Net                  premiums written (primarily with related parties - see                  note 8)                                       |   | $                                                         | 171,251  |                                                             | $      | -                                                       |   | $                                                                | 273,683  |   | $ | - |   |
| Change                  in unearned premiums                                                                                                    |   |                                                      | (93,913  | )                                                                |   | -                                                       |   |                                                             | (131,040 | ) |   | - |   |
| **Net                  earned premium**                                                                                                         |   |                                                      | 77,338   |                                                             |   | -                                                       |   |                                                             | 142,643  |   |   | - |   |
| Net                  investment income                                                                                                          |   |                                                      | 7,763    |                                                             |   | 59                                                      |   |                                                             | 15,372   |   |   | 59 |   |
| Net                  realized investment gains                                                                                                  |   |                                                      | 39       |                                                             |   | -                                                       |   |                                                             | 163      |   |   | - |   |
| **Total                  revenues**                                                                                                             |   |                                                      | 85,140   |                                                             |   | 59                                                      |   |                                                             | 158,178  |   |   | 59 |   |
| **Expenses:**                                                                                                                                   |   |                                                      |     |                                                             |   |                                                    |   |                                                             |     |   |   |   |   |
| Loss                  and loss adjustment expenses (primarily with related parties -                  see                  note 8)         |   |                                                      | 43,610   |                                                             |   | -                                                       |   |                                                             | 81,446   |   |   | - |   |
| Commission                  and other acquisition expenses (primarily with related parties                  - see                  note 8) |   |                                                      | 25,498   |                                                             |   | -                                                       |   |                                                             | 46,758   |   |   | - |   |
| Salaries                  and benefits                                                                                                          |   |                                                      | 615      |                                                             |   | -                                                       |   |                                                             | 1,147    |   |   | - |   |
| Other                  operating expenses                                                                                                       |   |                                                      | 1,625    |                                                             |   | 136                                                     |   |                                                             | 2,519    |   |   | 136 |   |
| **Total                  expenses**                                                                                                             |   |                                                      | 71,348   |                                                             |   | 136                                                     |   |                                                             | 131,870  |   |   | 136 |   |
|                                                                                                                                            |   |                                                      |     |                                                             |   |                                                    |   |                                                             |     |   |   |   |   |
| **Net                  income (loss)**                                                                                                          |   | $                                                         | 13,792   |                                                             | $      | (77                                                     | )      | $                                                                | 26,308   |   | $ | (77 | ) |
|                                                                                                                                            |   |                                                      |     |                                                             |   |                                                    |   |                                                             |     |   |   |   |   |
| **Basic                  and diluted earnings per common share**                                                                                |   | $                                                         | 0.23     |                                                             | $      | (0.02                                                   | )      | $                                                                | 0.44     |   | $ | (0.02 | ) |
| **Dividends                  declared per common share**                                                                                        |   | $                                                         | 0.05     |                                                             | $      | -                                                       |   | $                                                                | 0.10     |   | $ | - |   |
|                                                                                                                                            |   |                                                      |     |                                                             |   |                                                    |   |                                                             |     |   |   |   |   |
| **Key                  measures:    **                                                                                                |   |                                                      |     |                                                             |   |                                                    |   |                                                             |     |   |   |   |   |
| Net                  loss ratio                                                                                                       |   |                                                      | **56.4** | **%**                                                            |   | **N/A**                                                 |   |                                                             | **57.1** | **%** |   | **N/A** |   |
| Net                  expense ratio                                                                                                    |   |                                                      | **35.9** | **%**                                                            |   | **N/A**                                                 |   |                                                             | **35.3** | **%** |   | **N/A** |   |
| Net                  combined ratio                                                                                                   |   |                                                      | **92.3** | **%**                                                            |   | **N/A**                                                 |   |                                                             | **92.4** | **%** |   | **N/A** |   |

----

***Consolidated        Result of Operations for the three and six months ended June 30,        2008.***

*Net        Premium Written*

*Net        Premium Earned*

*Net        Investment Income*

*Net        Realized Gain on Investments*

*Loss        and Loss Adjustment Expenses*

*Commission        and Other Acquisition Expenses.*

| Three                  months ended June 30, 2008          |   | Reinsurance                  - Amtrust                  Quota Share |     | Reinsurance                  - Other |   | Total                  Reinsurance |   | Corporate                  and other |     | Total  |   |
|------------------------------------------------------------|--------|---------------------------------------------------------------------|----------|--------------------------------------|--------|------------------------------------|--------|--------------------------------------|----------|--------|--------|
| **Revenues**                                               |   |                                                                |     |                                 |   |                               |   |                                 |     |   |   |
| Net                  premium written                       |   | $                                                                   | 168,068  |                                 |   | 3,183                              |   |                                 | 171,251  |   |   | - |   | $ | 171,251 |   |
| Earned                  premium                            |   |                                                                | 76,246   |                                 |   | 1,092                              |   |                                 | 77,338   |   |   |  |   |   | 77,338 |   |
| Investment                  income and other revenues      |   |                                                                | 1,031    |                                 |   | -                                  |   |                                 | 1,031    |   |   | 6,771 |   |   | 7,802 |   |
| Total                  revenues                            |   | $                                                                   | 77,277   |                                 |   | 1,092                              |   |                                 | 78,369   |   |   | 6,771 |   | $ | 85,140 |   |
| **Expenses**                                               |   |                                                                |     |                                 |   |                               |   |                                 |     |   |   |   |   |   |   |   |
| Loss                  and loss adjustment expenses         |   |                                                                | 43,213   |                                 |   | 397                                |   |                                 | 43,610   |   |   | - |   |   | 43,610 |   |
| Commission                  and other acquisition expenses |   |                                                                | 25,043   |                                 |   | 455                                |   |                                 | 25,498   |   |   | - |   |   | 25,498 |   |
| Other                  expenses                            |   |                                                                | 201      |                                 |   | 480                                |   |                                 | 681      |   |   | 1,559 |   |   | 2,240 |   |
| Total                  expenses                            |   | $                                                                   | 68,457   |                                 |   | 1,331                              |   |                                 | 69,789   |   |   | 1,559 |   | $ | 71,348 |   |
| Net                  income (loss)                         |   | $                                                                   | 8,820    |                                 |   | (239                               | )      |                                 | 8,581    |   |   | 5,212 |   | $ | 13,792 |   |
|                                                       |   |                                                                |     |                                 |   |                               |   |                                 |     |   |   |   |   |   |   |   |
| Loss                  Ratio                                |   |                                                                | 56.7     | %                                    |   | 36.3                               | %      |                                 | 56.4     | %      |   | - |   |   | 56.4 | % |
| Expense                  Ratio                             |   |                                                                | 33.1     | %                                    |   | 85.5                               | %      |                                 | 33.8     | %      |   | 2.1 | % |   | 35.9 | % |
| Combined                  Ratio                            |   |                                                                | **89.8** | **%**                                |   | **121.9**                          | **%**  |                                 | **90.2** | **%**  |   | **2.1** | **%** |   | **92.3** | **%** |

----

| Six                  months ended June 30, 2008            |   | Reinsurance                  - Amtrust Quota Share |     | Reinsurance                  - Other |   | Total                  Reinsurance |   | Corporate                  andother |     | Total  |   |
|------------------------------------------------------------|--------|----------------------------------------------------|----------|--------------------------------------|--------|------------------------------------|--------|-------------------------------------|----------|--------|--------|
| **Revenues**                                               |   |                                               |     |                                 |   |                               |   |                                |     |   |   |
| Net                  premium written                       |   | $                                                  | 251,016  |                                 |   | 22,667                             |   |                                | 273,683  |   |   | - |   | $ | 273,683 |   |
| Earned                  premium                            |   |                                               | 140,036  |                                 |   | 2,607                              |   |                                | 142,643  |   |   |  |   |   | 142,643 |   |
| Investment                  income and other revenues      |   |                                               | 2,382    |                                 |   | -                                  |   |                                | 2,382    |   |   | 13,153 |   |   | 15,535 |   |
| Total                  revenues                            |   | $                                                  | 142,418  |                                 |   | 2,607                              |   |                                | 145,025  |   |   | 13,153 |   | $ | 158,178 |   |
| **Expenses**                                               |   |                                               |     |                                 |   |                               |   |                                |     |   |   |   |   |   |   |   |
| Loss                  and loss adjustment expenses         |   |                                               | 80,421   |                                 |   | 1,025                              |   |                                | 81,446   |   |   | - |   |   | 81,446 |   |
| Commission                  and other acquisition expenses |   |                                               | 45,614   |                                 |   | 1,144                              |   |                                | 46,758   |   |   | - |   |   | 46,758 |   |
| Other                  expenses                            |   |                                               | 377      |                                 |   | 629                                |   |                                | 1,006    |   |   | 2,660 |   |   | 3,666 |   |
| Total                  expenses                            |   | $                                                  | 126,412  |                                 |   | 2,798                              |   |                                | 129,210  |   |   | 2,660 |   | $ | 131,870 |   |
| Net                  income (loss)                         |   | $                                                  | 16,006   |                                 |   | (191                               | )      |                                | 15,815   |   |   | 10,493 |   | $ | 26,308 |   |
|                                                       |   |                                               |     |                                 |   |                               |   |                                |     |   |   |   |   |   |   |   |
| Loss                  Ratio                                |   |                                               | 57.4     | %                                    |   | 39.3                               | %      |                                | 57.1     | %      |   | - |   |   | 57.1 | % |
| Expense                  Ratio                             |   |                                               | 32.8     | %                                    |   | 68.0                               | %      |                                | 33.5     | %      |   | 1.8 | % |   | 35.3 | % |
| Combined                  Ratio                            |   |                                               | **90.3** | **%**                                |   | **107.3**                          | **%**  |                                | **90.6** | **%**  |   | **1.8** | **%** |   | **92.4** | **%** |

| Period                  from May 31, 2007 (inception) to June 30, 2007 |   | Reinsurance                  - Amtrust Quota Share |   | Reinsurance                  - Other |   | Total                  Reinsurance |   | Corporate                  and                  other |   | Total  |   |
|------------------------------------------------------------------------|--------|----------------------------------------------------|--------|--------------------------------------|--------|------------------------------------|--------|-------------------------------------------------------|--------|--------|--------|
| **Revenues**                                                           |   |                                               |   |                                 |   |                               |   |                                                  |   |   |   |
| Net                  premium written                                   |   | $                                                  | -      |                                 |   | -                                  |   |                                                  | -      |   |   | - |   | $ | - |   |
| Earned                  premium                                        |   |                                               | -      |                                 |   | -                                  |   |                                                  | -      |   |   |  |   |   | - |   |
| Investment                  income and other revenues                  |   |                                               | -      |                                 |   | -                                  |   |                                                  | -      |   |   | 59 |   |   | 59 |   |
| Total                  revenues                                        |   | $                                                  | -      |                                 |   | -                                  |   |                                                  | -      |   |   | 59 |   | $ | 59 |   |
| **Expenses**                                                           |   |                                               |   |                                 |   |                               |   |                                                  |   |   |   |   |   |   |   |   |
| Loss                  and loss adjustment expenses                     |   |                                               | -      |                                 |   | -                                  |   |                                                  | -      |   |   | - |   |   | - |   |
| Commission                  and other acquisition expenses             |   |                                               | -      |                                 |   | -                                  |   |                                                  | -      |   |   | - |   |   | - |   |
| Other                  expenses                                        |   |                                               | -      |                                 |   | -                                  |   |                                                  | -      |   |   | 136 |   |   | 136 |   |
| Total                  expenses                                        |   | $                                                  | -      |                                 |   | -                                  |   |                                                  | -      |   |   | 136 |   | $ | 136 |   |
| Net                  income (loss)                                     |   | $                                                  | -      |                                 |   | -                                  |   |                                                  | -      |   |   | (77 | ) | $ | (77 | ) |
|                                                                   |   |                                               |   |                                 |   |                               |   |                                                  |   |   |   |   |   |   |   |   |
| Loss                  Ratio                                            |   |                                               | n/m    |                                 |   | n/m                                |   |                                                  | n/m    |   |   | n/m |   |   | n/m |   |
| Expense                  Ratio                                         |   |                                               | n/m    |                                 |   | n/m                                |   |                                                  | n/m    |   |   | n/m |   |   | n/m |   |
| Combined                  Ratio                                        |   |                                               | n/m    |                                 |   | n/m                                |   |                                                  | n/m    |   |   | n/m |   |   | n/m |   |

**Liquidity        and Capital Resources**

----

***Our        Liquidity Requirements***

***Sources        of Cash***

|                                                              |   | Six                  months ended June 30, 2008(in                  thousands) |     | Period                  from May 31, 2007 (inception) to June 30, 2007 (in                  thousands) |   |
|-------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------|--------|
| Cash                  and cash equivalents provided by (used in): |   |                                                                           |     |                                                                                                   |   |
| Operating                  activities                             |   | $                                                                              | 78,271   |                                                                                                   |   | (162 | ) |
| Investing                  activities                             |   |                                                                           | (291,409 | )                                                                                                      |   | - |   |
| Financing                  activities                             |   |                                                                           | 251,579  |                                                                                                   |   | 50,000 |   |
| Change                  in cash and cash equivalents              |   | $                                                                              | 38,411   |                                                                                                   |   | 49,838 |   |

***Securities        Sold Under Agreements to Repurchase, at Contract Value***

***Restrictions        on Dividend Payments from Maiden Insurance***

----

***Loan        to AII and Other Collateral Arrangements***

| • | by                  lending assets to AII pursuant to a loan agreement between Maiden                  Insurance and AII, with such assets being deposited by AII into                  the                  Regulation 114 trusts established or to be established by AII for                  the sole                  benefit of AmTrust’s U.S. insurance subsidiaries pursuant to the                  reinsurance agreements between AII and those AmTrust                  subsidiaries; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | by                  transferring to AII assets for deposit into those Regulation 114                  trusts; |
|---------|---------------------------------------------------------------------------------------------------------------|

| • | by                  delivering letters of credit to the applicable AmTrust U.S. insurance                  subsidiaries on behalf of AII; Or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------|

| • | by                  requesting that AII cause such AmTrust U.S. insurance subsidiaries                  to                  withhold premiums otherwise payable to Maiden Insurance through                  AII. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Investment        Portfolio***

|                                                      |   | **June                  30, 2008**  |    | **December                  31, 2007**       |   |
|-----------------------------------------------------------|--------|-------------------------------------|---------|----------------------------------------------|--------|
|                                                      |   | **Carrying                  value** |    | **Percentage                  of portfolio** |   | **Carrying                  value** |   | **Percentage                  of portfolio** |   |
|                                                      |   |                                |    |                                         |   |   |   |   |   |
| Cash                  and cash equivalents                |   |                                | 74,170  |                                         |   | 9 | % |   | 35,729 |   |   | 7 | % |
| U.S.                  Agency - mortgage backed securities |   |                                | 395,793 |                                         |   | 49 | % |   | 205,023 |   |   | 39 | % |
| Corporate                  fixed maturities               |   |                                | 325,702 |                                         |   | 40 | % |   | 269,766 |   |   | 51 | % |
| Other                  investments                        |   |                                | 12,134  |                                         |   | 2 | % |   | 15,656 |   |   | 3 | % |
| ** **Total                                           |   |                                | 807,800 |                                         |   | 100 | % |   | 526,174 |   |   | 100 | % |

----

| · | how                  long and by how much the fair value of the security has been below                  its                  amortized cost; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| · | the                  financial condition and near-term prospects of the issuer of the                  security,                  including any specific events that may affect its operations or                  earnings; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | our                  intent and ability to keep the security for a sufficient time period                  for                  it to recover its value; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | any                  nonpayment of scheduled interest payments;                  and |
|--------|--------------------------------------------------------------------------------------|

| · | the                  occurrence of discrete credit event resulting in (i) the issuer                  defaulting                  on material outstanding obligation (ii) the issuer seeking protection                  under bankruptcy law. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Item        3. Exposures to Market Risk**

***Quantitative        and Qualitative Disclosures about Market Risk***

***Interest        Rate Risk***

| **Hypothetical Change in Interest Rates** |   | **Fair                  Value** |    | **Estimated                  Change in Fair Value** |   | **Hypothetical                  Percentage (Increase) Decrease in Shareholders’                  Equity** |   |
|---------------------------------------------------------------|--------|---------------------------------|---------|----------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------|--------|
| 200                  basis point increase                     |   | $                               | 676,851 |                                                     | $      | (44,645                                                                                                         | )      |   | -8% |   |
| 100                  basis point increase                     |   |                            | 698,537 |                                                     |   | (22,959                                                                                                         | )      |   | -4% |   |
| No                  change                                    |   |                            | 721,496 |                                                     |   | -                                                                                                               |   |   | 0% |   |
| 100                  basis point decrease                     |   |                            | 746,750 |                                                     |   | 25,254                                                                                                          |   |   | 5% |   |
| 200                  basis point decrease                     |   | $                               | 773,578 |                                                     | $      | 52,082                                                                                                          |   |   | 10% |   |

----

***Credit        Risk***

***Off-Balance        Sheet Transactions***

***Risks        Associated with Forward-Looking Statements Included in this Form        10-Q***

**Item        4.** **Controls        and Procedures**

----

**Item        2Unregistered        Sales of Equity Securities and Use of Proceeds**

**Item        4.**
** **
**Submission        of matters to a vote of security holders**

| (a) | Election                  of six directors to serve until the 2009 Annual General Meeting                  of the                  shareholders. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |    | Votes      |
|---------------------------------------|--------------|------------|
| Nominee                               |    | For        |   | Withhold                  all nominees |   | Withhold                  authority to vote for any individual authority |
| Barry                  D. Zyskind*    |    | 44,368,714 |   | 2,406,500 |   | 6,497,850 |
| Max                  G. Caviet*       |    | 44,368,714 |   | 2,406,500 |   | 6,497,850 |
| Raymond                  M. Neff*     |    | 50,868,564 |   | 2,406,500 |   | - |
| Simcha                  Lyons*        |    | 50,868,564 |   | 2,406,500 |   | - |
| Yehuda                  L. Neuberger* |         | 44,368,714 |   | 2,406,500 |   | 6,497,850 |
| Stephen                  H. Nigro*    |         | 50,868,564 |   | 2,406,500 |   | - |
| Max                  G. Caviet**      |         | 44,368,714 |   | 2,406,500 |   | - |
| Ben                  Turin**          |         | 50,868,564 |   | 2,406,500 |   | - |

| *                  Directors of Maiden Holdings, Ltd.                 |
|-----------------------------------------------------------------------------------------------------|
| **                  Directors of Maiden Insurance Company, Ltd.       |

| (b) | Removal                  of Pricewaterhousecoopers as independent registered public accounting                  firm                  of the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| Votes      |
|------------|
| For        |   | Against |   | Abstain |
| 50,868,564 |   | 7,500 |   | - |

| (c) | Appointment                      of BDO Seidman, LLP, to act as our independent registered public                      accounting firm for the fiscal year ending December 31,                      2008.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Votes      |
|------------|
| For        |   | Against |   | Abstain |
| 50,868,564 |   | 7,500 |   | - |

| (d) | Authorization                  of the removal of Pricewaterhousecoopers as Maiden Insurance’s independent                  auditor.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| Votes      |
|------------|
| For        |   | Against |   | Abstain |
| 50,868,564 |   | 7,500 |   | - |

| (e) | Authorization                  of the appointment of Arthur Morris & Company as Maiden Insurance’s                  independent auditor for the fiscal year ending December 31, 2008. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Votes      |
|------------|
| For        |   | Against |   | Abstain |
| 50,868,564 |   | 7,500 |   | - |

----

**Item        6.**
**        Exhibits**

| **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 June 30, 2008.             |
|                            |   |                                                                                                                                                                      |
| 31.2                            |   | Certification                  of the Chief Financial Officer, pursuant to Rule 13a-14(a) or 15d-14(a),                  for the quarter ended June 30, 2008.             |
|                            |   |                                                                                                                                                                      |
| 32.1                            |   | Certification                  of the Chief Executive Officer, pursuant to 18 U.S.C. Section 1350,                  for                  the quarter ended June 30, 2008. |
|                            |   |                                                                                                                                                                      |
| 32.2                            |   | Certification                  of the Chief Financial Officer, pursuant to 18 U.S.C. Section 1350,                  for                  the quarter ended June 30, 2008. |

----

|                                   | Maiden                  Holdings, Ltd.                                                |
|----------------------------------------|---------------------------------------------------------------------------------------|
|                                   | (Registrant)                                                                          |
|                                   |                                                                                  |
|                                   |                                                                                  |
| Date:                  August 13, 2008 | /s/                   Max G. Caviet                                              |
|                                   | Max                  G. Caviet President                  and Chief Executive Officer |
|                                   |                                                                                  |
|                                   |                                                                                  |
|                                   | /s/                   Michael J. Tait                                            |
|                                   | Michael                  J. Tait Chief                  Financial Officer             |

----