Maiden Holdings MHNC

Maiden Holdings, Ltd. is a Bermuda based holding company that creates shareholder value by actively managing and allocating assets and capital, primarily through ownership and management of businesses in the insurance and related financial services industries. The company does not underwrite prospective reinsurance risks. It generates short term income protection business through its wholly owned subsidiaries Maiden Life Försäkrings AB and Maiden General Försäkrings AB in the Scandinavian and Northern European markets. Maiden Global Holdings Ltd. operates as a licensed intermediary in the United Kingdom, providing branded auto and credit life insurance products through insurer partners in Europe and other global markets. The company also maintains historic reinsurance programs in run off, including those related to AmTrust, and has placed the Genesis Legacy Solutions platform in run off.

Revenue is derived mainly from net premiums earned on reinsurance contracts, including property and casualty reinsurance and AmTrust related agreements, as well as from investment income on the company's investment portfolio. Historically, the IIS business contributed earned premiums, though it is now in run off. In 2024, the Diversified Reinsurance segment reported net premiums earned of $35,787,000 representing 72.3% of total, while the AmTrust Reinsurance segment reported $13,687,000 representing 27.7% of the $49,474,000 total net premiums earned.

The company operates through the following two reportable segments: Diversified Reinsurance and AmTrust Reinsurance.

• Diversified Reinsurance: This segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe, and it also includes transactions entered into by the Genesis Legacy Solutions platform since November 2020.

• AmTrust Reinsurance: This segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement with AII and the European hospital liability quota share agreement with AEL and AIU DAC, both of which are in run off effective January 1, 2019.

The company positions itself as a specialty reinsurer serving regional and specialty property and casualty insurers in Europe, leveraging its deep expertise in those markets. It does not underwrite new prospective risks, instead focusing on run off portfolios and legacy services, which distinguishes it from active underwriters. Its competitive advantages include long standing relationships with counterparties such as AmTrust, a disciplined capital approach, and the ability to provide tailored solutions through its GLS platform for small insurance entities needing run off services.

The company's customers include regional and specialty property and casualty insurance companies primarily in Europe, with notable counterparties such as AmTrust and its subsidiaries AII, AEL, and AIU DAC. Maiden Global works with insurer partners across Europe and other global markets to distribute branded auto and credit life insurance products. Maiden Life Försäkrings AB and Maiden General Försäkrings AB serve policyholders in the Scandinavian and Northern European markets. The Genesis Legacy Solutions platform provides run off services to small insurance entities, particularly those that are no longer core to their operations.