What changed in this filing

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Item 1. Financial Statements

2023-08-08 compared with 2023-05-09 · 368 added, 227 removed, 1130 unchanged (34% of the section changed)

54 unchanged sentences

Common shares ($ 0.01 par value;

149,583,812 and 149,224,080 shares issued in 2023 and 2022, respectively;

101,763,727 and 101,532,151 shares outstanding in 2023 and 2022, respectively)

149,726,105 and 2022:

149,224,080 shares issued;

101,605,815 and 2022:

101,532,151 shares outstanding)

Additional paid-in capital 885,462 884,259

1 unchanged sentence

Accumulated deficit ( 462,637 ) ( 442,863 )

Treasury shares, at cost ( 47,820,085 and 47,691,929 shares in 2023 and 2022, respectively)

Treasury shares, at cost (2023:

48,120,290 shares and 2022:

47,691,929 shares)

( 117,896 ) ( 117,075 )

8 unchanged sentences

dollars, except per share data)

For the Three Months Ended March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

Gross premiums written

3 unchanged sentences

Change in unearned premiums

4,164 7,257 12,406 18,702

Net premiums earned

Other insurance (expense) revenue, net ( 59 ) 51

11,039 10,443 20,041 11,565

Other insurance revenue, net 78 469 19 520

Net investment income

10,518 7,667 20,063 14,234

Net realized and unrealized investment gains 1,145 2,111 2,150 4,420

4 unchanged sentences

Commission and other acquisition expenses

4,945 4,885 9,180 7,413

General and administrative expenses

1 unchanged sentence

Interest and amortization expenses

4,773 4,833 8,597 9,665

Foreign exchange and other losses (gains) 2,621 ( 6,586 ) 5,437 ( 10,535 )

1 unchanged sentence

30,710 17,300 61,508 29,314

Loss before income taxes and interest in income of equity method investments ( 11,305 ) ( 1,965 )

(Loss) income before income taxes and interest in income (loss) of equity method investments ( 7,930 ) 3,390 ( 19,235 ) 1,425

income tax (benefit) expense ( 194 ) ( 713 ) ( 222 ) 542

Interest in (loss) income of equity method investments ( 51 ) 1,271

Net loss ( 11,328 ) ( 1,949 )

Interest in income (loss) of equity method investments 4,803 ( 3,041 ) 4,752 ( 1,770 )

Net (loss) income ( 2,933 ) 1,062 ( 14,261 ) ( 887 )

Gain from repurchase of preference shares — 24,690 — 28,233

Net (loss) income (attributable) available to Maiden common shareholders $ ( 2,933 ) $ 25,752 $ ( 14,261 ) $ 27,346

Basic and diluted earnings per share attributable to common shareholders $ ( 0.11 ) $ 0.02

Basic and diluted (loss) earnings per share (attributable) available to common shareholders $ ( 0.03 ) $ 0.29 $ ( 0.14 ) $ 0.31

Weighted average number of common shares - basic 101,754,218 87,092,045 101,653,848 86,821,114

4 unchanged sentences

(in thousands of U.S.

For the Three Months Ended March 31,

Net loss $ ( 11,328 ) $ ( 1,949 )

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

Net (loss) income $ ( 2,933 ) $ 1,062 $ ( 14,261 ) $ ( 887 )

Other comprehensive income (loss)

1 unchanged sentence

Net unrealized holdings gains on equity method investments arising during period — — — 4,414

Adjustment for reclassification of net realized gains recognized in net loss — ( 5,238 )

Adjustment for reclassification of net realized gains recognized in net (loss) income — ( 410 ) — ( 5,648 )

Foreign currency translation adjustment 766 10,256 1,334 15,848

Other comprehensive income (loss), before tax 1,613 ( 14,272 ) 4,117 ( 26,968 )

Income tax (expense) benefit related to components of other comprehensive loss ( 30 ) 129

Income tax benefit (expense) related to components of other comprehensive income (loss) 11 114 ( 19 ) 243

Other comprehensive income (loss), after tax 1,624 ( 14,158 ) 4,098 ( 26,725 )

4 unchanged sentences

(in thousands of U.S.

For the Three Months Ended March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

Preference shares - Series A, C and D

1 unchanged sentence

$ — $ 152,338 $ — $ 159,210

Repurchase of Preference Shares – Series A — ( 10,891 ) — ( 10,891 )

Repurchase of Preference Shares – Series C

— ( 11,144 ) — ( 15,644 )

Repurchase of Preference Shares – Series D

— ( 10,631 ) — ( 13,003 )

Ending balance

— 119,672 — 119,672

Common shares

Beginning balance

1,496 933 1,492 923

Issuance of common shares from vesting of stock based compensation 1 1 5 11

Ending balance

1,497 934 1,497 934

Additional paid-in capital

3 unchanged sentences

Share-based compensation expense

Exchange and repurchase of preference shares 93 230

338 231 1,115 2,271

Repurchase of preference shares — 1,091 93 1,321

Cash settlement of restricted shares/options granted — 10 — 10

Ending balance

5 unchanged sentences

Foreign currency translation adjustment

766 10,256 1,334 15,848

Ending balance

4 unchanged sentences

Opening allowance for expected credit losses — — ( 5,513 ) —

Net loss ( 11,328 ) ( 1,949 )

Net (loss) income ( 2,933 ) 1,062 ( 14,261 ) ( 887 )

Gain from repurchase of preference shares — 24,690 — 28,233

4 unchanged sentences

( 117,363 ) ( 35,025 ) ( 117,075 ) ( 34,016 )

Shares repurchased for tax purposes ( 288 ) ( 1,017 )

Shares repurchased ( 533 ) — ( 821 ) ( 1,009 )

Ending balance

6 unchanged sentences

(in thousands of U.S.

For the Three Months Ended March 31, 2023 2022

For the Six Months Ended June 30, 2023 2022

Cash flows from operating activities

2 unchanged sentences

Depreciation, amortization and share-based compensation ( 801 ) 1,845

Interest in loss (income) of equity method investments 51 ( 1,271 )

Interest in (income) loss of equity method investments ( 4,752 ) 1,770

Net realized and unrealized investment gains ( 2,150 ) ( 4,420 )

Change in expected credit losses ( 32 ) —

Change in allowance for expected credit losses 250 —

Foreign exchange and other losses (gains) 5,437 ( 10,535 )

21 unchanged sentences

Proceeds from sale and redemption of equity method investments 15,746 23,263

Proceeds from sale and redemption of equity securities 469 —

Others, net ( 32 ) ( 55 )

3 unchanged sentences

Repurchase of preference shares — ( 9,984 )

Repurchase of senior notes ( 95 ) —

Cash settlement of restricted shares granted and options exercised — 10

Net cash used in financing activities ( 916 ) ( 10,983 )

Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents 233 ( 1,213 )

Net (decrease) increase in cash, restricted cash and cash equivalents ( 5,263 ) 5,799

Net decrease in cash, restricted cash and cash equivalents ( 19,162 ) ( 4,619 )

Cash, restricted cash and cash equivalents, beginning of period 46,624 66,087

62 unchanged sentences

The Company's reinsurance recoverable on unpaid losses is currently the most significant financial asset within the scope of ASU 2016-13.

The guidance is effective for public business entities, excluding entities eligible to be smaller reporting companies ("SRCs") as defined by the SEC, for annual periods beginning after December 15, 2019, and interim periods therein.

The guidance is effective for all other entities, including public entities eligible to be SRCs, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

As of March 31, 2023, the Company qualified for SRC status, as determined on the last business day of its most recently completed second quarter, and remains eligible to follow the reporting deadlines and effective dates applicable to SRCs.

Therefore, Topic 326 was adopted by the Company on January 1, 2023 and recognized an opening allowance for expected credit losses of $ 5,513 in the beginning retained earnings on January 1, 2023.

Topic 326 was adopted by the Company on January 1, 2023 and an opening allowance for expected credit losses of $ 5,513 was recognized by the Company in the beginning retained earnings on January 1, 2023.

Credit Losses - AFS Fixed Maturity Securities

18 unchanged sentences

Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible.

Based on the Company's analysis, there was no allowance for expected credit losses recognized on AFS securities held at March 31, 2023.

Based on the Company's analysis, there was no allowance for expected credit losses recognized on AFS securities held at June 30, 2023.

Credit Losses - Other Investments

The Company's investments in direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income or loss when determined to be needed from the Company's analysis of expected future cash flows.

As of June 30, 2023, the total allowance for expected credit losses on the Company's investment in direct lending entities was $ 1,023 .

Please see "Note 5(d).

Fair Value Measurements" for additional information regarding this investment.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Significant Accounting Policies (continued)

Credit Losses - Other Investments

As of March 31, 2023, the total allowance for expected credit losses on the Company's investment in direct lending entities was $ 1,023 .

Please see "Note 5(d).

Fair Value Measurements" for additional information regarding this investment.

Credit Losses - Reinsurance Recoverable on Unpaid Losses

9 unchanged sentences

The Company does not have a history of significant write-offs.

As of March 31, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 4,254 which is discussed in more detail in "Note 8.

As of June 30, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 4,530 which is discussed in more detail in "Note 8.

Reinsurance" .

5 unchanged sentences

The Company does not have a history of significant write-offs.

As of March 31, 2023, the total allowance for expected credit losses on the Company's reinsurance balances receivable was $ 190 .

As of June 30, 2023, the total allowance for expected credit losses on the Company's reinsurance balances receivable was $ 196 .

Credit Losses - Funds Withheld Receivable

4 unchanged sentences

The Company does not have a history of significant write-offs.

As of March 31, 2023, the total allowance for expected credit losses on the Company's funds withheld receivable was $ 18 .

As of June 30, 2023, the total allowance for expected credit losses on the Company's funds withheld receivable was $ 19 .

MAIDEN HOLDINGS, LTD.

17 unchanged sentences

All remaining assets are allocated to Corporate.

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the three months ended March 31, 2023 and 2022, respectively:

For the Three Months Ended March 31, 2023 Diversified Reinsurance AmTrust Reinsurance Total

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net (loss) income for the three months ended June 30, 2023 and 2022, respectively:

For the Three Months Ended June 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

5 unchanged sentences

Other insurance revenue

Net loss and LAE ( 3,828 ) ( 7,704 ) ( 11,532 )

Commission and other acquisition expenses

( 3,514 ) ( 1,431 ) ( 4,945 )

General and administrative expenses

( 3,058 ) ( 844 ) ( 3,902 )

Underwriting loss $ ( 3,118 ) $ ( 6,144 ) ( 9,262 )

Reconciliation to net loss

Net investment income and net realized and unrealized investment gains 11,663

Interest and amortization expenses

Foreign exchange and other losses, net ( 2,621 )

Other general and administrative expenses

Income tax benefit 194

Interest in income of equity method investments 4,803

Net loss $ ( 2,933 )

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Segment Information (continued)

For the Three Months Ended June 30, 2022 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

$ 6,148 $ ( 2,809 ) $ 3,339

Net premiums written

$ 5,995 $ ( 2,809 ) $ 3,186

Net premiums earned

$ 7,125 $ 3,318 $ 10,443

Other insurance revenue

Net loss and LAE

( 2,340 ) ( 4,534 ) ( 6,874 )

Commission and other acquisition expenses

3 unchanged sentences

Underwriting loss $ ( 1,273 ) $ ( 3,857 ) ( 5,130 )

Reconciliation to net income

Net investment income and net realized and unrealized investment gains 9,778

Interest and amortization expenses

Foreign exchange and other gains, net 6,586

Other general and administrative expenses

Income tax benefit 713

Interest in loss from equity method investments ( 3,041 )

Net income $ 1,062

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the six months ended June 30, 2023 and 2022, respectively:

For the Six Months Ended June 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

$ 13,501 $ ( 5,790 ) $ 7,711

Net premiums written

$ 13,425 $ ( 5,790 ) $ 7,635

Net premiums earned

$ 14,675 $ 5,366 $ 20,041

Other insurance revenue 19 — 19

Net loss and LAE

( 6,984 ) ( 14,363 ) ( 21,347 )

Commission and other acquisition expenses

( 7,170 ) ( 2,010 ) ( 9,180 )

General and administrative expenses

( 5,647 ) ( 1,401 ) ( 7,048 )

Underwriting loss $ ( 5,107 ) $ ( 12,408 ) ( 17,515 )

Reconciliation to net loss

4 unchanged sentences

Income tax benefit 222

Interest in loss of equity method investments ( 51 )

Interest in income from equity method investments 4,752

Net loss $ ( 14,261 )

4 unchanged sentences

Segment Information (continued)

For the Three Months Ended March 31, 2022 Diversified Reinsurance AmTrust Reinsurance Total

For the Six Months Ended June 30, 2022 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

18 unchanged sentences

Income tax expense ( 542 )

Interest in income from equity method investments 1,271

Interest in loss from equity method investments ( 1,770 )

Net loss $ ( 887 )

The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at March 31, 2023 and December 31, 2022:

March 31, 2023 Diversified Reinsurance AmTrust Reinsurance Total

The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at June 30, 2023 and December 31, 2022:

June 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total

Total assets - reportable segments

12 unchanged sentences

Segment Information (continued)

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2023 and 2022:

For the Three Months Ended March 31, 2023 2022

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and six months ended June 30, 2023 and 2022:

For the Three Months Ended June 30, 2023 2022

Net premiums written

8 unchanged sentences

Specialty Risk and Extended Warranty

Total AmTrust Reinsurance

223 ( 2,809 )

Total Net Premiums Written

$ 6,875 $ 3,186

For the Six Months Ended June 30, 2023 2022

Net premiums written Total Total

Diversified Reinsurance

International $ 13,425 $ 10,578

Total Diversified Reinsurance 13,425 10,578

AmTrust Reinsurance

Small Commercial Business

( 158 ) ( 14,371 )

Specialty Program

Specialty Risk and Extended Warranty

( 5,789 ) ( 4,119 )

Total AmTrust Reinsurance

2 unchanged sentences

$ 7,635 $ ( 7,137 )

The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three months ended March 31, 2023 and 2022:

For the Three Months Ended March 31, 2023 2022

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Segment Information (continued)

The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and six months ended June 30, 2023 and 2022:

For the Three Months Ended June 30, 2023 2022

Net premiums earned

9 unchanged sentences

Total AmTrust Reinsurance

Total Net Premiums Earned

$ 11,039 $ 10,443

For the Six Months Ended June 30, 2023 2022

Net premiums earned Total Total

Diversified Reinsurance

International $ 14,675 $ 13,080

Total Diversified Reinsurance 14,675 13,080

AmTrust Reinsurance

Small Commercial Business

( 158 ) ( 14,359 )

Specialty Program

Specialty Risk and Extended Warranty

Total AmTrust Reinsurance

5,366 ( 1,515 )

Total Net Premiums Earned

10 unchanged sentences

a) Fixed Maturities

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at March 31, 2023 and December 31, 2022 are as follows:

March 31, 2023 Original or amortized cost Gross unrealized gains Gross unrealized losses Fair value

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at June 30, 2023 and December 31, 2022 are as follows:

June 30, 2023 Original or amortized cost Gross unrealized gains Gross unrealized losses Fair value

treasury bonds

23 unchanged sentences

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

March 31, 2023 Amortized cost Fair value

June 30, 2023 Amortized cost Fair value

Due in one year or less

17 unchanged sentences

Less than 12 Months 12 Months or More Total

March 31, 2023 Fair

June 30, 2023 Fair

value Unrealized

12 unchanged sentences

$ 50,371 $ ( 160 ) $ 221,899 $ ( 12,972 ) $ 272,270 $ ( 13,132 )

At March 31, 2023, there were 84 securities in an unrealized loss position with a fair value of $ 310,400 and unrealized losses of $ 13,978 .

At June 30, 2023, there were 79 securities in an unrealized loss position with a fair value of $ 272,270 and unrealized losses of $ 13,132 .

Of these securities in an unrealized loss position, there were 74 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $ 221,899 and unrealized losses of $ 12,972 .

30 unchanged sentences

Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell.

Based on the Company's analysis at March 31, 2023 and 2022, respectively, the Company did not recognize any impairment on its AFS fixed maturity securities as the Company expects the amortized cost basis will ultimately be recovered based on projected cash flows as the related securities approach maturity.

Based on the Company's analysis at June 30, 2023 and 2022, respectively, the Company did not recognize any impairment on its AFS fixed maturity securities as the Company expects the amortized cost basis will ultimately be recovered based on projected cash flows as the related securities approach maturity.

The Company continues to monitor the credit quality of the AFS securities to assess if it is probable that it will receive contractual or estimated cash flows in the form of principal and interest.

Therefore, as the unrealized losses were due to non-credit factors, there was no allowance recorded for expected credit losses on AFS securities for the three months ended March 31, 2023.

Therefore, as the unrealized losses were due to non-credit factors, there was no allowance recorded for expected credit losses on AFS securities for the three and six months ended June 30, 2023.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Investments (continued)

The following tables summarize the credit ratings of our fixed maturities as at March 31, 2023 and December 31, 2022:

March 31, 2023 Amortized cost Fair value % of Total

The following tables summarize the credit ratings of our fixed maturities as at June 30, 2023 and December 31, 2022:

June 30, 2023 Amortized cost Fair value % of Total

treasury bonds

29 unchanged sentences

Other investments

The table shows the composition of the Company's other investments as of March 31, 2023 and December 31, 2022:

March 31, 2023 December 31, 2022

The table shows the composition of the Company's other investments as of June 30, 2023 and December 31, 2022:

June 30, 2023 December 31, 2022

Carrying value % of Total Carrying value % of Total

5 unchanged sentences

Total other investments $ 150,149 100.0 % $ 148,753 100.0 %

The Company's investments in direct lending entities of $ 57,250 at March 31, 2023 (December 31, 2022 - $ 56,087 ) are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined.

An allowance for expected credit losses of $ 1,023 was reported on the investments in direct lending entities as at March 31, 2023 and recorded in opening retained earnings on January 1, 2023.

The Company's investments in direct lending entities of $ 61,400 at June 30, 2023 (December 31, 2022 - $ 56,087 ) are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined.

An allowance for expected credit losses of $ 1,023 was reported on the investments in direct lending entities as at June 30, 2023 and recorded in opening retained earnings on January 1, 2023.

Please see "Note 5(d).

11 unchanged sentences

There is no active market for these investments.

The following table provides the cost and fair values of the equity securities held at March 31, 2023 and December 31, 2022:

March 31, 2023 December 31, 2022

The following table provides the cost and fair values of the equity securities held at June 30, 2023 and December 31, 2022:

June 30, 2023 December 31, 2022

Cost Fair Value Cost Fair Value

5 unchanged sentences

The equity method investments include real estate investments, hedge fund investments, and other investments.

The table below shows the carrying value of the Company's equity method investments as of March 31, 2023 and December 31, 2022:

March 31, 2023 December 31, 2022

The table below shows the carrying value of the Company's equity method investments as of June 30, 2023 and December 31, 2022:

June 30, 2023 December 31, 2022

Carrying Value % of Total Carrying Value % of Total

9 unchanged sentences

c) Net Investment Income

Net investment income was derived from the following sources for the three months ended March 31, 2023 and 2022:

For the Three Months Ended March 31,

Net investment income was derived from the following sources for the three and six months ended June 30, 2023 and 2022:

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

Fixed maturities

3 unchanged sentences

Cash and cash equivalents and other investments 1,813 989 3,006 1,582

10,707 7,821 20,351 14,571

Investment expenses

9 unchanged sentences

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method.

The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three months ended March 31, 2023 and 2022:

For the Three Months Ended March 31, 2023 Gross gains Gross losses Net

The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2023 and 2022:

For the Three Months Ended June 30, 2023 Gross gains Gross losses Net

Fixed maturities

$ — $ ( 786 ) $ ( 786 )

Equity securities 454 ( 1 ) 453

1 unchanged sentence

Net realized and unrealized investment gains (losses) $ 2,688 $ ( 1,543 ) $ 1,145

For the Three Months Ended March 31, 2022 Gross gains Gross losses Net

For the Three Months Ended June 30, 2022 Gross gains Gross losses Net

Fixed maturities

4 unchanged sentences

Net realized and unrealized investment gains (losses) $ 4,178 $ ( 2,067 ) $ 2,111

Realized and unrealized gains and losses from equity securities detailed above include both sales of equity securities and unrealized gains and losses stemming from fair value changes.

The unrealized gains (losses) recognized in net loss for the three months ended March 31, 2023 and 2022 for investments still held at March 31, 2023 and 2022, respectively, were as follows:

For the Three Months Ended March 31,

Net gains (losses) recognized for equity securities $ 646 $ ( 487 )

For the Six Months Ended June 30, 2023 Gross gains Gross losses Net

Fixed maturities

$ — $ ( 786 ) $ ( 786 )

Equity securities 1,478 ( 379 ) 1,099

Other investments

3,875 ( 2,038 ) 1,837

Net realized and unrealized investment gains (losses) $ 5,353 $ ( 3,203 ) $ 2,150

For the Six Months Ended June 30, 2022 Gross gains Gross losses Net

Fixed maturities

$ 1,238 $ ( 142 ) $ 1,096

Equity securities 3,659 ( 808 ) 2,851

Other investments

2,432 ( 1,959 ) 473

Net realized and unrealized investment gains (losses) $ 7,329 $ ( 2,909 ) $ 4,420

Realized and unrealized gains and losses from equity securities detailed above include both sales of equity securities and unrealized gains and losses coming from fair value changes.

The unrealized gains recognized in net loss or income for the three and six months ended June 30, 2023 and 2022 for investments held at June 30, 2023 and 2022, respectively, were as follows:

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

Net gains recognized for equity securities $ 453 $ 3,338 $ 1,099 $ 2,851

Net gains recognized for equity securities divested ( 10 ) — ( 186 ) —

Unrealized gains (losses) recognized for equity securities still held at reporting date $ 470 $ ( 487 )

Proceeds from sales of fixed maturity investments were $ 954 in the three months ended March 31, 2023 (2022 - $ 101,604 ).

Net unrealized losses were as follows at March 31, 2023 and December 31, 2022, respectively:

March 31, 2023 December 31, 2022

Unrealized gains recognized for equity securities still held at reporting date $ 443 $ 3,338 $ 913 $ 2,851

Proceeds from sales of fixed maturity investments were $ 43,829 and $ 44,783 in the three and six months ended June 30, 2023 (2022 - $ 2,934 and $ 104,538 , respectively).

Net unrealized losses at June 30, 2023 and December 31, 2022 included:

June 30, 2023 December 31, 2022

Fixed maturity investments $ ( 13,129 ) $ ( 15,912 )

4 unchanged sentences

$ 2,764 $ ( 12,975 )

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Investments (continued)

e) Restricted Cash and Cash Equivalents and Investments

1 unchanged sentence

The assets in trust as collateral are primarily cash and highly rated fixed maturities.

The fair values of restricted assets at March 31, 2023 and December 31, 2022 are:

March 31, 2023 December 31, 2022

The fair values of restricted assets at June 30, 2023 and December 31, 2022 are:

June 30, 2023 December 31, 2022

Restricted cash – third party agreements $ 6,481 $ 13,122

13 unchanged sentences

$ 232,600 $ 296,830

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments

34 unchanged sentences

The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments (continued)

ASC 825, "Disclosure About Fair Value of Financial Instruments" , requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value.

The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at March 31, 2023 and December 31, 2022.

government and U.S.

15 unchanged sentences

government bonds are included in the Level 2 fair value hierarchy.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments (continued)

Collateralized loan obligations ("CLO") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher.

28 unchanged sentences

The fair values are therefore measured using the NAV as a practical expedient.

Derivative Instruments - The Company has recently entered into reinsurance contracts that are accounted for as derivatives.

Derivative Instruments - The Company has entered into reinsurance contracts that are accounted for as derivatives.

These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event.

4 unchanged sentences

T he fair value changes in underwriting-related derivative instruments is included within other insurance revenue (expense), net.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments (continued)

The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities.

5 unchanged sentences

In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active trading markets and the lowest priority to unobservable inputs that reflect significant market assumptions.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments (continued)

At March 31, 2023 and December 31, 2022, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

March 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value

At June 30, 2023 and December 31, 2022, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

June 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value

Fixed maturities

26 unchanged sentences

Underwriting-related derivative liability $ — $ — $ 14,559 $ — $ 14,559

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments (continued)

The Company utilizes the Pricing Service to assist in determining the fair value of its investments;

2 unchanged sentences

The Company analyzes and reviews the information and prices received from the Pricing Service to ensure that the prices provided represent a reasonable estimate of fair value.

The Pricing Service was utilized to estimate fair value measurements for 98.4 % and 98.5 % of our fixed maturities at March 31, 2023 and December 31, 2022, respectively.

The Pricing Service was utilized to estimate fair value measurements for 98.2 % and 98.5 % of our fixed maturities at June 30, 2023 and December 31, 2022, respectively.

The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets.

1 unchanged sentence

treasury bonds generally do not trade actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2 within the fair value hierarchy.

At March 31, 2023 and December 31, 2022, approximately 1.6 % and 1.5 %, respectively, of our fixed maturities were valued using the market approach.

At March 31, 2023, one security or $ 5,121 (December 31, 2022 - one security or $ 4,764 ) of our fixed maturity investment portfolio classified as Level 2 in the table above was priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments (continued)

At March 31, 2023 and December 31, 2022, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers.

There were no transfers to or from Level 3 during the three months ended March 31, 2023 and 2022.

At June 30, 2023 and December 31, 2022, approximately 1.8 % and 1.5 %, respectively, of our fixed maturities were valued using the market approach.

At June 30, 2023, one security or $ 5,073 (December 31, 2022 - one security or $ 4,764 ) of our fixed maturity investment portfolio classified as Level 2 in the table above was priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available.

At June 30, 2023 and December 31, 2022, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers.

There were no transfers to or from Level 3 during the six months ended June 30, 2023 and 2022.

At March 31, 2023, the Company holds Level 3 financial instruments which include privately held equity investments of $ 21,198 (December 31, 2022 - $ 18,806 ) which are included in total investments and an underwriting-related derivative liability of $ 3,966 (December 31, 2022 - $ 14,559 ) on a reinsurance contract written by GLS which is included in accrued expenses and other liabilities.

At June 30, 2023, the Company holds Level 3 financial instruments which include privately held equity investments of $ 21,398 (December 31, 2022 - $ 18,806 ) which are included in total investments and an underwriting-related derivative liability of $ 3,984 (December 31, 2022 - $ 14,559 ) on a reinsurance contract written by GLS which is included in accrued expenses and other liabilities.

The fair value of privately held equity securities are estimated using quarterly unaudited capital or financial statements provided by the investee or recent private market transactions, where applicable.

2 unchanged sentences

Due to significant unobservable inputs in these valuations, the Company classifies the fair values as Level 3 within the fair value hierarchy .

The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at March 31, 2023:

Fair Value Valuation Technique Unobservable Inputs Range

3 unchanged sentences

Underwriting-related derivative liability $ 3,984 Discounted cash flows Duration matched discount rates 5.0 % to 6.0 %

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2023 and 2022.

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2023 and 2022.

The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below:

For the Three Months Ended March 31,

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

Balance - beginning of period $ 21,198 $ 9,660 $ 18,806 $ 7,094

Sales — ( 1,000 ) — ( 1,000 )

Net realized and unrealized gains recognized in the statement of income 200 3,659 1,592 3,659

1 unchanged sentence

Total Level 3 investments - end of period $ 21,398 $ 16,194 $ 21,398 $ 16,194

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments (continued)

(d) Financial Instruments Disclosed, But Not Carried, at Fair Value

The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments related to insurance contracts .

At March 31, 2023, the carrying values of cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, loan to related party, and certain other assets and liabilities approximate fair values due to their inherent short duration.

At June 30, 2023, the carrying values of cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, loan to related party, and certain other assets and liabilities approximate fair values due to their inherent short duration.

As these financial instruments are not actively traded, the fair values of these financial instruments are classified as Level 2.

4 unchanged sentences

Long-Term Debt" ) are based on indicative market pricing obtained from a third-party pricing service which uses observable market inputs, and therefore the fair values of these liabilities are classified as Level 2.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Fair Value of Financial Instruments (continued)

The following table presents the respective carrying value and fair value for the Senior Notes as at March 31, 2023 and December 31, 2022:

March 31, 2023 December 31, 2022

The following table presents the respective carrying value and fair value for the Senior Notes as at June 30, 2023 and December 31, 2022:

June 30, 2023 December 31, 2022

Carrying Value Fair Value Carrying Value Fair Value

6 unchanged sentences

a) Common Shares

At March 31, 2023, the aggregate authorized share capital of the Company is 150,000,000 shares from which 149,583,812 common shares were issued, of which 101,763,727 common shares are outstanding, and 47,820,085 shares are treasury shares.

Included in treasury shares are 41,439,348 common shares issued to Maiden Reinsurance as part of the exchange for preference shares held ("Exchange") which are not treated as outstanding common shares on the Condensed Consolidated Balance Sheet on March 31, 2023.

The remaining 416,188 shares are undesignated at March 31, 2023.

At March 31, 2023, 998,108 common shares will be issued and outstanding upon vesting of restricted shares.

On May 3, 2023 at its Annual General Meeting of Shareholders, the Company's common shareholders approved the increase in the authorized share capital of the Company from $ 1,500 divided into 150,000,000 shares of par value $ 0.01 each, to $ 2,000 divided into 200,000,000 shares of par value $ 0.01 each.

At June 30, 2023, the aggregate authorized share capital of the Company is 200,000,000 shares from which 149,726,105 common shares were issued, of which 101,605,815 common shares are outstanding, and 48,120,290 shares are treasury shares.

The remaining 50,273,895 shares are undesignated at June 30, 2023.

At June 30, 2023, 1,020,027 common shares will be issued and outstanding upon vesting of restricted shares.

b) Treasury Shares

On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $ 100,000 of the Company's common shares from time to time at market prices.

The Company has a remaining authorization of $ 74,245 for common share repurchases at March 31, 2023 (December 31, 2022 - $ 74,245 ).

No repurchases were made during the three months ended March 31, 2023 and 2022 under the common share repurchase plan.

During the three months ended March 31, 2023, the Company repurchased 128,156 common shares (2022 - 403,716 ) at an average price per share of $ 2.25 (2022 - $ 2.50 ) from employees, which represent tax withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares.

The 41,439,348 common shares issued to Maiden Reinsurance as part of the Exchange are reflected as treasury shares on the Condensed Consolidated Balance Sheet and are not treated as outstanding common shares at March 31, 2023.

Please refer to further details on the Exchange in the Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023.

The table below includes the total number of treasury shares outstanding at March 31, 2023 and December 31, 2022:

March 31, 2023 December 31, 2022

Number of treasury shares held by Maiden Reinsurance due to the Exchange 41,439,348 41,439,348

Number of treasury shares due to common share repurchases for tax purposes 6,380,737 6,252,581

During the three and six months ended June 30, 2023, Maiden Reinsurance repurchased 299,630 common shares at an average price per share of $ 2.07 under the Company's share repurchase plan (2022 - none).

The Company has a remaining authorization of $ 73,626 for common share repurchases at June 30, 2023 (December 31, 2022 - $ 74,245 ).

During the six months ended June 30, 2023, the Company also repurchased 128,731 common shares (2022 - 403,716 ) at an average price per share of $ 2.25 (2022 - $ 2.50 ) from employees, which represent tax withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares.

Treasury shares include 41,738,978 common shares owned by Maiden Reinsurance which includes 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 299,630 shares directly purchased on the open market by Maiden Reinsurance which are not treated as outstanding common shares on the Condensed Consolidated Balance Sheet at June 30, 2023.

Please see further information on the Exchange and related preference share repurchases in the Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023.

The table below includes the total number of treasury shares outstanding at June 30, 2023 and December 31, 2022:

June 30, 2023 December 31, 2022

Number of shares held by Maiden Reinsurance treated as treasury shares 41,738,978 41,439,348

Number of treasury shares due to common share repurchases by Maiden Holdings 6,381,312 6,252,581

Total number of treasury shares at the end of the reporting period 48,120,290 47,691,929

6 unchanged sentences

The following tables set forth financial information regarding the changes in the balances of each component of AOCI:

For the Three Months Ended March 31, 2023 Change in net unrealized gains on investment Foreign currency translation Total

For the Three Months Ended June 30, 2023 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance $ ( 13,762 ) $ ( 24,998 ) $ ( 38,760 )

2 unchanged sentences

Ending balance, Maiden shareholders $ ( 12,904 ) $ ( 24,232 ) $ ( 37,136 )

For the Three Months Ended March 31, 2022 Change in net unrealized gains on investment Foreign currency translation Total

For the Three Months Ended June 30, 2022 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance $ ( 20,852 ) $ ( 3,930 ) $ ( 24,782 )

3 unchanged sentences

Ending balance, Maiden shareholders $ ( 45,266 ) $ 6,326 $ ( 38,940 )

For the Six Months Ended June 30, 2023 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance

$ ( 15,668 ) $ ( 25,566 ) $ ( 41,234 )

Other comprehensive income before reclassifications 2,764 1,334 4,098

Net current period other comprehensive income 2,764 1,334 4,098

Ending balance, Maiden shareholders

$ ( 12,904 ) $ ( 24,232 ) $ ( 37,136 )

For the Six Months Ended June 30, 2022 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance

$ ( 2,693 ) $ ( 9,522 ) $ ( 12,215 )

Other comprehensive (loss) income before reclassifications ( 36,925 ) 15,848 ( 21,077 )

Amounts reclassified from AOCI to net income, net of tax ( 5,648 ) — ( 5,648 )

Net current period other comprehensive (loss) income ( 42,573 ) 15,848 ( 26,725 )

Ending balance, Maiden shareholders

$ ( 45,266 ) $ 6,326 $ ( 38,940 )

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Long-Term Debt

At March 31, 2023 and December 31, 2022, Maiden Holdings had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and its wholly owned subsidiary, Maiden Holdings North America, Ltd.

At June 30, 2023 and December 31, 2022, Maiden Holdings had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and its wholly owned subsidiary, Maiden Holdings North America, Ltd.

("Maiden NA") had outstanding publicly-traded senior notes which were issued in 2013 ("2013 Senior Notes") (collectively "Senior Notes").

1 unchanged sentence

The Senior Notes are unsecured and unsubordinated obligations of the Company.

The following tables detail the issuances of Senior Notes outstanding at March 31, 2023 and December 31, 2022:

March 31, 2023 2016 Senior Notes 2013 Senior Notes Total

The following tables detail the issuances of Senior Notes outstanding at June 30, 2023 and December 31, 2022:

June 30, 2023 2016 Senior Notes 2013 Senior Notes Total

Principal amount

8 unchanged sentences

Other details:

Original debt issuance costs $ 3,715 $ 5,054

Original debt issuance costs pertaining to remaining outstanding principal amount $ 3,715 $ 5,050

Maturity date June 14, 2046 December 1, 2043

2 unchanged sentences

Effective interest rate 7.07 % 8.04 %

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Long-Term Debt (continued)

Total interest and amortization expense incurred on the Senior Notes for the three months ended March 31, 2023 was $ 3,824 (2022 - $ 4,832 ), of which $ 1,342 was accrued as interest payable at both March 31, 2023 and December 31, 2022, respectively.

Total interest and amortization expense incurred on the Senior Notes for the three and six months ended June 30, 2023 was $ 4,813 and $ 8,637 , respectively (2022 - $ 4,833 and $ 9,665 , respectively), of which $ 1,342 was accrued as interest payable at both June 30, 2023 and December 31, 2022, respectively.

The issuance costs related to the Senior Notes were capitalized and are amortized over the effective life of the Senior Notes using the effective interest method of amortization.

3 unchanged sentences

Maiden Holdings is required to give at least thirty days and not more than sixty days notice prior to the redemption date.

Please see "Note 14.

Subsequent Events" for details of the recent authorization for Maiden Reinsurance to repurchase a portion of the Company's Senior Notes from time to time at market prices, in open market purchases or as may be privately negotiated.

On May 3, 2023, the Company's Board of Directors approved the repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $ 100,000 of the Company's Senior Notes from time to time at market prices in open market purchases or as may be privately negotiated.

During the three and six months ended June 30, 2023, the Company repurchased 5,567 notes of the 2013 Senior Notes at an average price per unit of $ 17.10 for a total cost of $ 95 .

Total interest and amortization expenses were partly offset by a gain of $ 40 that was realized on the repurchase of the 2013 Senior Notes during the three and six months ended June 30, 2023.

The Company has a remaining authorization of $ 99,905 for Senior Notes repurchases at June 30, 2023.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

The Company uses reinsurance and retrocessional agreements ("ceded reinsurance") to mitigate volatility, reduce its exposure to certain risks and provide capital support.

3 unchanged sentences

In the event that one or more of our reinsurers or retrocessionaires are unable to meet their obligations under these agreements, the Company would not realize the full value of the reinsurance recoverable balances.

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the three months ended March 31, 2023 and 2022 was as follows:

For the Three Months Ended March 31, 2023 2022

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the six months ended June 30, 2023 and 2022 was as follows:

For the Six Months Ended June 30, 2023 2022

Premiums written

7 unchanged sentences

$ 20,041 $ 11,565

$ 9,002 $ 1,122

Gross loss and LAE

2 unchanged sentences

$ 21,347 $ 4,591

The Company's reinsurance recoverable on unpaid losses balance as at March 31, 2023 was $ 552,513 (December 31, 2022 - $ 556,116 ) presented in the Condensed Consolidated Balance Sheets.

As of March 31, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 4,254 .

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Reinsurance (continued)

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the three months ended March 31, 2023:

For the Three Months Ended March 31, 2023

The Company's reinsurance recoverable on unpaid losses balance as at June 30, 2023 was $ 561,576 (December 31, 2022 - $ 556,116 ) presented in the Condensed Consolidated Balance Sheets.

As of June 30, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 4,530 .

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the three and six months ended June 30, 2023:

For the Three Months Ended June 30, For the Six Months Ended June 30,

Allowance for expected credit losses on reinsurance recoverable, beginning of period $ 4,254 4,277

Reduction for expected credit losses on reinsurance recoverable where credit losses were previously recognized ( 23 )

Increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized 276 253

Allowance for expected credit losses on reinsurance recoverable, end of period $ 4,530 4,530

1 unchanged sentence

treaty reinsurance business held by Maiden Reinsurance were 100.0 % retroceded to Cavello in exchange for a ceding commission.

The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $ 55,836 at March 31, 2023 (December 31, 2022 - $ 60,112 ).

The recoverable due includes an allowance for expected credit losses of $ 3,915 as at March 31, 2023.

The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $ 54,880 at June 30, 2023 (December 31, 2022 - $ 60,112 ).

The recoverable due from Cavello is net of an allowance for expected credit losses of $ 4,008 as at June 30, 2023.

On July 31, 2019, Maiden Reinsurance and Cavello entered into a Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC Agreement") pursuant to which Cavello assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share in excess of a $ 2,178,535 retention up to $ 600,000 , in exchange for a retrocession premium of $ 445,000 .

3 unchanged sentences

Cumulative ceded losses exceeding $ 445,000 are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Reinsurance (continued)

The amount of the deferral is recalculated each period based on loss payments and updated estimates.

Consequently, cumulative adverse development subsequent to December 31, 2018 may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings.

As of March 31, 2023, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $ 491,651 while the deferred gain liability under the LPT/ADC Agreement was $ 46,981 (December 31, 2022 - $ 490,408 and $ 45,408 , respectively).

The recoverable due under the LPT/ADC Agreement includes an allowance for expected credit losses of $ 330 as at March 31, 2023.

As of June 30, 2023, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $ 502,195 while the deferred gain liability under the LPT/ADC Agreement was $ 57,708 (December 31, 2022 - $ 490,408 and $ 45,408 , respectively).

The recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $ 513 as at June 30, 2023.

Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in 2025.

2 unchanged sentences

Related Party Transactions".

As of March 31, 2023, the amount of collateral required was $ 461,563 .

As of June 30, 2023, the amount of collateral required was $ 471,636 .

Under the terms of the LPT/ADC Agreement, the covered losses associated with the Commutation and Release Agreement with AmTrust are eligible to be covered but recoverable only when such losses are paid or settled by AII or its affiliates, provided such losses and other related amounts shall not exceed $ 312,786 .

Cavello's parent company, Enstar, has credit ratings of BBB from both Standard & Poor's and Fitch Ratings at March 31, 2023.

Cavello's parent company, Enstar, has credit ratings of BBB from both Standard & Poor's and Fitch Ratings at June 30, 2023 .

MAIDEN HOLDINGS, LTD.

16 unchanged sentences

The reserve for loss and LAE consists of:

March 31, 2023 December 31, 2022

June 30, 2023 December 31, 2022

Reserve for reported loss and LAE

5 unchanged sentences

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:

For the Three Months Ended March 31, 2023 2022

For the Six Months Ended June 30, 2023 2022

Gross loss and LAE reserves, January 1

13 unchanged sentences

GLS run-off business acquired or assumed 767 7,554

Allowance for expected credit losses on recoverables 4,286 —

Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses 4,277 —

Effect of foreign exchange rate movements

6,946 ( 31,256 )

Net loss and LAE reserves, March 31 519,110 827,761

Reinsurance recoverable on unpaid losses, March 31 552,513 558,262

Gross loss and LAE reserves, March 31 $ 1,071,623 $ 1,386,023

Net loss and LAE reserves, June 30 439,685 720,261

Reinsurance recoverable on unpaid losses, June 30 561,576 554,846

Gross loss and LAE reserves, June 30 $ 1,001,261 $ 1,275,107

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years.

The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments.

The Company recognized net adverse prior year loss development of $ 3,656 for the three months ended March 31, 2023 (2022 - favorable $ 7,285 ).

In the Diversified Reinsurance segment, there was adverse prior year loss development of $ 757 for the three months ended March 31, 2023 (2022 - favorable $ 2,211 ).

Prior year loss development for the three months ended March 31, 2023 was due to adverse reserve development in other runoff business and also included the recognition of expected credit losses on reinsurance recoverable on unpaid losses.

Prior year loss development for the three months ended March 31, 2022 was due to favorable reserve development in German Auto Programs and other runoff business.

The Company recognized net adverse prior year loss development of $ 4,494 and $ 8,150 for the three and six months ended June 30, 2023, respectively (2022 - adverse $ 958 and favorable $ 6,327 , respectively).

In the Diversified Reinsurance segment, there was adverse prior year loss development of $ 1,317 and $ 2,074 for the three and six months ended June 30, 2023, respectively (2022 - adverse $ 826 and favorable $ 1,385 , respectively).

Prior year loss development for the three and six months ended June 30, 2023 was driven by adverse development primarily due to a German auto program in run-off from the International unit along with development from other runoff business lines and included the recognition of expected credit losses on reinsurance recoverable on unpaid losses.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Reserve for Loss and Loss Adjustment Expenses (continued)

In the AmTrust Reinsurance segment, net adverse prior year loss development was $ 2,899 during the three months ended March 31, 2023, (2022 - favorable $ 5,074 ).

Net adverse prior year loss development for the three months ended March 31, 2023 was driven by unfavorable movement in General Liability, Auto Liability and Specialty Risk & Extended Warranty partly offset by continued favorable development in Workers Compensation.

Net favorable prior year loss development for the three months ended March 31, 2022 was primarily due to favorable development from Workers Compensation policies and adjustments to AmTrust's inuring reinsurance for certain programs in Specialty Risk and Extended Warranty.

The increase in the deferred gain on retroactive reinsurance was $ 1,573 for the three months ended March 31, 2023 (2022 - $ 1,339 decrease).

This change included an increase in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $ 1,573 for the three months ended March 31, 2023 (2022 - $ 1,000 decrease) which is due to adverse development on loss reserves covered under the LPT/ADC Agreement ((2022 - favorable).

The deferred gain on retroactive reinsurance under the LPT/ADC Agreement represents the cumulative adverse development for covered risks in the AmTrust Quota Share as of March 31, 2023 and December 31, 2022.

Prior year loss development for the three and six months ended June 30, 2022 was driven by favorable reserve development in German Auto Programs and GLS partly offset by adverse development in European Capital Solutions that occurred in the second quarter of 2022.

In the AmTrust Reinsurance segment, net adverse prior year loss development was $ 3,177 and $ 6,076 during the three and six months ended June 30, 2023, respectively (2022 - adverse $ 132 and favorable $ 4,942 , respectively).

Net adverse prior year loss development for the three and six months ended June 30, 2023 was primarily from General Liability and Commercial Auto Liability partly offset by continued favorable development in Workers Compensation.

Net adverse prior year loss development for the three months ended June 30, 2022 was driven by modest unfavorable movements in General Liability and Commercial Auto Liability partly offset by continued favorable development in Workers Compensation.

The net favorable prior year loss development for the six months ended June 30, 2022 was primarily due to favorable development from Workers Compensation partly offset by deterioration in General Liability and to a lesser extent Commercial Auto Liability.

The increase in the deferred gain on retroactive reinsurance was $ 12,317 for the six months ended June 30, 2023 (2022 - $ 5,288 decrease).

This included an increase in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $ 12,300 for the six months ended June 30, 2023 (2022 - $ 4,463 decrease) caused by adverse development on loss reserves covered under the LPT/ADC Agreement (2022 - favorable).

The deferred gain on retroactive reinsurance under the LPT/ADC Agreement represents the cumulative adverse development for covered risks in the AmTrust Quota Share as of June 30, 2023 and December 31, 2022.

Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in 2025.

17 unchanged sentences

Effective January 1, 2019, Maiden Reinsurance and AII entered into a partial termination amendment ("Partial Termination Amendment") which amended the AmTrust Quota Share.

The Partial Termination Amendment provided for the cut-off of the ongoing and unearned premium of AmTrust’s Small Commercial Business, comprising workers’ compensation, general liability, umbrella liability, professional liability (including cyber liability) insurance coverages, and U.S.

The Partial Termination Amendment provided for the cut-off of the ongoing and unearned premium of AmTrust’s Small Commercial Business and U.S.

Specialty Risk and Extended Warranty ("Terminated Business") as of December 31, 2018.

Under the Partial Termination Amendment, the ceding commission payable by Maiden Reinsurance for its remaining in-force business immediately prior to January 1, 2019 increased by five percentage points with respect to in-force remaining business (excluding Terminated Business) and related unearned premium as of January 1, 2019.

The Partial Termination Amendment resulted in Maiden Reinsurance returning $ 647,980 in unearned premium to AII, or $ 436,760 net of applicable ceding commission and brokerage during the second quarter of 2019.

Subsequently, on January 30, 2019, Maiden Reinsurance and AII agreed to terminate the remaining business subject to the AmTrust Quota Share on a run-off basis effective as of January 1, 2019.

8 unchanged sentences

Related Party Transactions (continued)

Maiden Reinsurance paid $ 312,786 ("Commutation Payment"), which is the sum of the net ceded reserves in the amount of $ 330,682 with respect to the Commuted Business as of December 31, 2018 less payments in the amount of $ 17,896 made by Maiden Reinsurance with respect to the Commuted Business from January 1, 2019 through July 31, 2019.

The Commutation Payment was settled on August 12, 2019 and Maiden Reinsurance paid AII approximately $ 6,335 in interest related to the Commutation Payment premium, calculated at the rate of 3.30 % per annum from January 1, 2019 through August 12, 2019.

AII and Maiden Reinsurance also agreed that as of July 31, 2019, the AmTrust Quota Share was deemed amended as applicable so that the Commuted Business is no longer included as part of Covered Business under the AmTrust Quota Share.

On January 30, 2019, in connection with the termination of the reinsurance agreement described above, the Company and AmTrust entered into a second amendment to the Master Agreement between the parties, originally entered into on July 3, 2007, to remove the provisions requiring AmTrust to reinsure business with the Company.

Please refer to " Note 10.

Related Party Transactions" in the Annual Report on Form 10-K for the year ended December 31, 2022 for further details.

European Hospital Liability Quota Share

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As a result of the Commutation Agreement, Maiden Reinsurance reduced its exposure to AmTrust's Hospital Liability business, but still has exposure to Italian medical malpractice liabilities under the European Hospital Liability Quota Share.

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Condensed Consolidated Income Statements for the three months ended March 31, 2023 and 2022, respectively:

For the Three Months Ended March 31,

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Condensed Consolidated Income Statements for the three and six months ended June 30, 2023 and 2022, respectively:

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

Gross and net premiums written $ 223 $ ( 2,809 ) $ ( 5,790 ) $ ( 17,715 )

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The collateral requirements under the AmTrust Quota Share with AII was satisfied as follows:

• by lending funds of $ 167,975 at March 31, 2023 and December 31, 2022 pursuant to a loan agreement entered into between those parties.

Advances under the loan are secured by promissory notes and was assigned by AII to AmTrust

• by lending funds of $ 167,975 at June 30, 2023 and December 31, 2022 pursuant to a loan agreement entered into between those parties.

Advances under the loan are secured by promissory notes and was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost.

Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum.

Interest income on the loan was $ 2,927 and $ 5,625 for the three and six months ended June 30, 2023, respectively (2022 - $ 1,158 and $ 2,037 , respectively) and the effective yield was 7.0 % and 6.7 % for the respective periods (2022 - 2.8 % and 2.4 %).

MAIDEN HOLDINGS, LTD.

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Related Party Transactions (continued)

effective December 31, 2014 and is carried at cost.

Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum.

Interest income on the loan was $ 2,698 for the three months ended March 31, 2023 (2022 - $ 879 ) and the effective yield was 6.4 % for the respective period (2022 - 2.1 %).

• on January 30, 2019, in connection with the termination of the reinsurance agreements described above, the Company and AmTrust amended the Loan Agreement between Maiden Reinsurance, AmTrust and AII, originally entered into on November 16, 2007, by extending the maturity date to January 1, 2025 and specifies that due to the termination of the AmTrust Quota Share, no further loans or advances may be made pursuant to the Loan Agreement;

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AmTrust subsidiaries.

The amount of the collateral at March 31, 2023 was $ 28,482 (December 31, 2022 - $ 42,305 ) and the accrued interest was $ 143 (December 31, 2022 - $ 224 ).

The amount of the collateral at June 30, 2023 was $ 13,869 (December 31, 2022 - $ 42,305 ) and the accrued interest was $ 62 (December 31, 2022 - $ 224 ).

Please refer to "Note 4.

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• on January 11, 2019, the Company transferred $ 575,000 to AmTrust as a portion of the existing Trust Accounts used for collateral on the AmTrust Quota Share was converted to a funds withheld arrangement.

The funds withheld receivable earns an annual interest rate of 3.5 % for 2023, subject to annual adjustment ( 2.1 % for 2022).

At March 31, 2023, the funds withheld balance was $ 351,525 (December 31, 2022 - $ 416,835 ) and accrued interest was $ 3,434 (December 31, 2022 - $ 2,359 ).

The interest income on the funds withheld receivable was $ 3,281 for the three months ended March 31, 2023 (2022 - $ 2,552 ).

The funds withheld receivable earns an annual interest rate of 3.5 % for 2023, which is subject to annual adjustment ( 2.1 % for 2022).

At June 30, 2023, the funds withheld balance was $ 286,900 (December 31, 2022 - $ 416,835 ) and accrued interest was $ 3,061 (December 31, 2022 - $ 2,359 ).

The interest income on the funds withheld receivable was $ 3,061 and $ 6,342 for the three and six months ended June 30, 2023, respectively (2022 - $ 3,436 and $ 5,988 , respectively).

Pursuant to the terms of the LPT/ADC Agreement, Maiden Reinsurance, Cavello and AmTrust and certain of its affiliated companies entered into a Master Collateral Agreement (“MCA”) to define and enable the operation of collateral provided under the AmTrust Quota Share.

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Collateral has been provided to both AEL and AIU DAC under the European Hospital Liability Quota Share.

For AEL, the amount of the collateral held in reinsurance trust accounts at March 31, 2023 was $ 192,620 (December 31, 2022 - $ 188,473 ) and the accrued interest was $ 1,138 (December 31, 2022 - $ 966 ).

For AEL, the amount of the collateral held in reinsurance trust accounts at June 30, 2023 was $ 157,863 (December 31, 2022 - $ 188,473 ) and the accrued interest was $ 1,163 (December 31, 2022 - $ 966 ).

Asset Management Agreement

Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM"), a wholly owned subsidiary of AmTrust, pursuant to which AIIM agreed to provide investment management services to the Company.

Effective January 1, 2018, AIIM provides investment management services for a quarterly fee of 0.02125 % of the average value of the account.

The agreement may be terminated upon 30 days written notice by either party.

MAIDEN HOLDINGS, LTD.

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Related Party Transactions (continued)

Asset Management Agreement

Effective January 1, 2018, AIIM provides investment management services for a quarterly fee of 0.02125 % of the average value of the account.

The agreement may be terminated upon 30 days written notice by either party.

The Company recorded $ 73 of investment management fees for the three months ended March 31, 2023 (2022 - $ 126 ) under this agreement.

The Company recorded $ 72 and $ 145 of investment management fees for the three and six months ended June 30, 2023, respectively (2022 - $ 104 and $ 230 , respectively) under this agreement.

On September 9, 2020, Maiden Reinsurance, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden Reinsurance and AIIM, and the release by Maiden Reinsurance of AIIM's obligations under the asset management agreement.

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a) Concentrations of Credit Risk

At March 31, 2023 and December 31, 2022, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance balances receivable, reinsurance recoverable on paid and unpaid losses and funds withheld receivable.

At June 30, 2023 and December 31, 2022, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance balances receivable, reinsurance recoverable on paid and unpaid losses and funds withheld receivable.

Please refer to " Note 8.

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AmTrust has a financial strength/credit rating of A- (Excellent) from A.M.

Best at March 31, 2023.

Best at June 30, 2023.

To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable.

The Company believes these balances as at March 31, 2023 will be fully collectible.

The Company believes these balances as at June 30, 2023 will be fully collectible.

Please refer to " Note 2.

Significant Accounting Polices " for additional information on the Company's credit loss allowances as at June 30, 2023 regarding other investments, reinsurance recoverable on unpaid losses, reinsurance balances receivable and funds withheld receivable that were recorded under Topic 326 which was adopted effective January 1, 2023.

b) Investment Commitments and Related Financial Guarantees

The Company had total unfunded commitments on alternative investments of $ 109,188 at March 31, 2023 (December 31, 2022 - $ 112,989 ) which included commitments for other investments, private equity securities and equity method investments.

The table below shows the total unfunded commitments by type of investment as at March 31, 2023 and December 31, 2022:

March 31, 2023 December 31, 2022

The Company had total unfunded commitments on alternative investments of $ 103,721 at June 30, 2023 (December 31, 2022 - $ 112,989 ) which included commitments for other investments, private equity securities and equity method investments.

The table below shows the total unfunded commitments by type of investment as at June 30, 2023 and December 31, 2022:

June 30, 2023 December 31, 2022

Fair Value % of Total Fair Value % of Total

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The Company is not bound to such guarantees without its express authorization.

As discussed above, at March 31, 2023, guarantees of $ 42,256 (December 31, 2022 - $ 42,141 ) were provided to lenders by the Company on behalf of real estate joint ventures, however, the likelihood of the Company incurring any losses pertaining to project level financing guarantees was determined to be remote.

As discussed above, at June 30, 2023, guarantees of $ 43,135 (December 31, 2022 - $ 42,141 ) were provided to lenders by the Company on behalf of real estate joint ventures, however, the likelihood of the Company incurring any losses pertaining to project level financing guarantees was determined to be remote.

Therefore, no liability has been accrued under ASC 450-20.

c) Operating Lease Commitments

The Company leases office spaces and office equipment under various operating leases expiring in various years through 2025.

The Company leases office spaces and equipment under various operating leases expiring in various years through 2025.

The Company's leases are currently classified as operating leases and none of them have non-lease components.

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As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 10 %, representing its secured incremental borrowing rate, in calculating the present value of the lease liability.

At March 31, 2023, the Company's future lease obligations of $ 382 (December 31, 2022 - $ 300 ) were calculated based on the present value of future annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases discounted using its secured incremental borrowing rate.

At June 30, 2023, the Company's future lease obligations of $ 329 (December 31, 2022 - $ 300 ) were calculated based on the present value of future annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases discounted using its secured incremental borrowing rate.

This amount has been recognized on the Consolidated Balance Sheet as a lease liability within accrued expenses and other liabilities with an equivalent amount for the right-of-use asset presented as part of other assets .

The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.The Company's weighted-average remaining lease term is approximately 1.9 years at March 31, 2023.

Under Topic 842, Leases , the Company continues to recognize the related leasing expense on a straight-line basis over the lease term on the Consolidated Statements of Income.

The Company's total lease expense for three months ended March 31, 2023 was $ 60 (2022 - $ 48 ) recognized within net income consistent with the prior accounting treatment under Topic 840.

The Company's total lease expense was $ 135 and $ 255 for three and six months ended June 30, 2023, respectively (2022 - $ 82 and $ 159 , respectively ) recognized within general and administrative expenses consistent with the prior accounting treatment under Topic 840.

d) Legal Proceedings

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Department of Labor.

The Company believes that it had good and sufficient reasons for terminating Mr.

Turin's employment and that the claim is without merit.

The Company will continue to vigorously defend itself against this claim.

On June 29, 2023, the Administrative Review Board issued a decision and order which summarily affirmed the September 2, 2021 decision and order of the Administrative Law Judge.

MAIDEN HOLDINGS, LTD.

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The following is a summary of the elements used in calculating basic and diluted earnings per common share:

For the Three Months Ended March 31,

Net loss $ ( 11,328 ) $ ( 1,949 )

Gain from repurchase of preference shares - Series A, C and D — 3,543

For the Three Months Ended June 30, For the Six Months Ended June 30,

2023 2022 2023 2022

Net (loss) income $ ( 2,933 ) $ 1,062 $ ( 14,261 ) $ ( 887 )

Gain from repurchase of preference shares — 24,690 — 28,233

Amount allocated to participating common shareholders (1)

— ( 137 ) — ( 154 )

Net (loss) income allocated to Maiden common shareholders $ ( 2,933 ) $ 25,615 $ ( 14,261 ) $ 27,192

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Share options and restricted share units (2)

— 1,867 — 2,711

Adjusted weighted average number of common shares – diluted (2)

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Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for the terms and conditions of securities that could potentially be dilutive in the future.

There were no potentially dilutive securities for the three months ended March 31, 2023 (2022 - 3,642 ).

The Company recognized an income tax benefit of $ 28 for the three months ended March 31, 2023, compared to an income tax expense of $ 1,255 for the same respective period in 2022.

There were no potentially dilutive securities for the three and six months ended June 30, 2023 (2022 - 1,867 and 2,711 , respectively).

The Company recognized an income tax benefit of $ 194 and $ 222 for the three and six months ended June 30, 2023, respectively, compared to an income tax benefit of $ 713 and income tax expense of $ 542 for the same respective periods in 2022.

The effective tax rate on the Company's net loss differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S.

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deferred tax assets which are primarily attributable to net operating losses and discounting of loss reserves for tax purposes.

At this time, the Company believes it is necessary to establish a valuation allowance against the U.S.

At this time, the Company believes it is necessary to establish a full valuation allowance against the U.S.

net deferred tax assets as more evidence is needed regarding the utilization of these tax benefits in the future .

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Subsequent Events

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements