Maiden Holdings Q1 results hit hard by termination of AmTrust deals
Maiden Holdings’ first quarter results were unrecognisable from previous quarters due to the impact of the termination of quota share contracts with AmTrust Reinsurance and the non-renewal of some large European deals.
The Bermuda re/insurer posted a net loss of $36.6 million in the first quarter compared with a net profit of $13.7 million in the same period a year earlier. Its combined ratio in the first quarter was 129.6 percent compared with 102.9 percent in first quarter 2018.
Its first quarter 2019 net loss and loss adjustment expenses decreased to $152.7 million from $353.2 million in the first quarter of 2018, due primarily to lower earned premiums for the AmTrust Reinsurance segment.
Its gross written premiums were a negative $561.1 million (compared with $623.3 million a year earlier) due to the termination of two quota share contracts in its AmTrust Reinsurance segment and the return of unearned premiums on certain lines covered by its Partial Termination Agreement with AmTrust.
Both terminations were effective January 1, 2019. Its net premiums earned were $183.1 million in first quarter 2019, compared with $516.8 million a year earlier due to the combined impact of the terminated quota share contracts within the AmTrust Reinsurance segment and non-renewals in Maiden's European Capital Solutions business and a reduction in the German Auto programs produced by the Company's IIS unit within its Diversified Reinsurance segment.
The first quarter results follow a poor set of results in 2018 for the company. It posted a $570.w million net loss for the year; its CEO Lawrence Metz described 2018 as an “extremely difficult year” but also predicted its performance would improve as it moved through 2019.
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