Maiden Holdings (MHLD) Q2 Loss Widens Y/Y, Revenues Down
Zacks Investment Research | Aug 15, 2019 07:57AM ET
Maiden Holdings, Ltd. (NASDAQ:MHLD) reported operating loss per share of 27 cents in the second quarter of 2019, wider than a loss of 22 cents incurred in the year-ago quarter.
Operating revenues dropped 77% year over year to $166 million, attributable to lower net premiums earned, other insurance revenues and net investment income.
Quarter in Detail
In the quarter under review, gross premiums declined to $2.1 million from $521.5 million due to termination of both quota share contracts in the AmTrust Reinsurance segment and the return of unearned premiums on certain lines covered by the Partial Termination Agreement with AmTrust.
Net investment income decreased 9.3% to $31.1 million attributable to lower yield.
Total expenses dropped 66.4% year over year to $184.1 million, owing to lower net loss and loss adjustment expenses, commission costs, and other acquisition costs as well as general and administrative expenses.
Net loss and loss adjustment expenses decreased 67.1% to $121.6 million, attributable to lower earned premiums within the AmTrust Reinsurance segment.
The company incurred an underwriting loss of $39.1 million, wider than the year-ago quarterly net loss of $32 million. Combined ratio deteriorated 2850 basis points (bps) year over year to 136.6%.
Maiden Holdings, Ltd. Price, Consensus and EPS Surprise
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