What changed in this filing

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Item 1. Financial Statements

2024-05-09 compared with 2023-11-08 · 352 added, 505 removed, 1023 unchanged (46% of the section changed)

4 unchanged sentences

dollars, except share and per share data)

September 30,

2024 December 31,

12 unchanged sentences

2023 - $ 1,023 )

200,388 182,811

Total investments 586,426 559,640

2 unchanged sentences

Accrued investment income 3,927 4,532

Reinsurance balances receivable, net:

(includes $ 7,366 and $ 8,395 from related parties in 2023 and 2022, respectively.

Reinsurance balances receivable, net (includes $ 7,882 and $ 9,201 from related parties in 2024 and 2023, respectively.

Allowance for expected credit losses:

1 unchanged sentence

2023 - $ 187 )

11,552 12,450

Reinsurance recoverable on unpaid losses (Allowance for expected credit losses:

1 unchanged sentence

2023 - $ 3,240 )

569,346 564,331

Loan to related party 167,975 167,975

1 unchanged sentence

15,990 17,566

Funds withheld receivable:

(includes $ 213,051 and $ 416,835 from related parties in 2023 and 2022, respectively.

Funds withheld receivable (includes $ 61,016 and $ 128,451 from related parties in 2024 and 2023, respectively.

Allowance for expected credit losses:

1 unchanged sentence

2023 - $ 19 )

77,089 143,985

Other assets 6,496 5,777

34 unchanged sentences

dollars, except per share data)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2023 2022 2023 2022

For the Three Months Ended March 31,

Gross premiums written

3 unchanged sentences

Change in unearned premiums

3,854 7,029 16,260 25,731

Net premiums earned

12,479 12,251 32,520 23,816

Other insurance (expense) revenue, net ( 16 ) 368 3 888

Other insurance revenue (expense), net

Net investment income

9,048 6,637 29,111 20,871

Net realized and unrealized investment gains (losses) 244 ( 1,572 ) 2,394 2,848

Net realized and unrealized investment gains

Total revenues

1 unchanged sentence

Net loss and loss adjustment expenses

15,156 17,426 36,503 22,017

Commission and other acquisition expenses

5,340 5,398 14,520 12,811

General and administrative expenses

6,787 6,491 23,734 24,671

Interest and amortization expenses

4,814 4,833 13,411 14,498

Foreign exchange and other (gains) losses

( 2,053 ) 2,816

Total expenses

28,040 30,798

Loss before income taxes and interest in income (loss) of equity method investments ( 5,748 ) ( 7,878 ) ( 24,983 ) ( 6,453 )

income tax (benefit) expense ( 31 ) ( 91 ) ( 253 ) 451

Income (loss) before income taxes and interest in income (loss) of equity method investments

864 ( 11,305 )

income tax expense (benefit)

Interest in income (loss) of equity method investments

Net loss ( 3,527 ) ( 8,160 ) ( 17,788 ) ( 9,047 )

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

Net (loss) income (attributable) available to Maiden common shareholders $ ( 3,527 ) $ ( 8,160 ) $ ( 17,788 ) $ 19,186

Basic and diluted (loss) earnings per share (attributable) available to common shareholders $ ( 0.03 ) $ ( 0.09 ) $ ( 0.18 ) $ 0.22

Weighted average number of common shares - basic 101,454,767 87,161,499 101,586,759 86,935,823

Adjusted weighted average number of common shares and assumed conversions - diluted 101,454,767 87,161,499 101,586,759 86,937,552

Net income (loss)

$ 1,459 $ ( 11,328 )

Basic and diluted earnings (loss) per share available (attributable) to common shareholders

$ 0.01 $ ( 0.11 )

Weighted average number of common shares - basic and diluted 100,457,125 101,552,364

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(in thousands of U.S.

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2023 2022 2023 2022

Net loss $ ( 3,527 ) $ ( 8,160 ) $ ( 17,788 ) $ ( 9,047 )

Other comprehensive income (loss)

Net unrealized holdings gains (losses) on AFS securities arising during period 338 ( 14,864 ) 3,121 ( 56,446 )

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

Adjustment for reclassification of net realized gains recognized in net loss ( 3 ) ( 48 ) ( 3 ) ( 5,696 )

For the Three Months Ended March 31,

Net income (loss) $ 1,459 $ ( 11,328 )

Other comprehensive (loss) income

Net unrealized holdings gains on AFS securities arising during period

Foreign currency translation adjustment ( 1,736 ) 568

Other comprehensive (loss) income, before tax ( 718 ) 2,504

Income tax (expense) benefit related to components of other comprehensive (loss) income ( 17 ) 53 ( 36 ) 296

Income tax expense related to components of other comprehensive (loss) income ( 4 ) ( 30 )

Other comprehensive (loss) income, after tax ( 722 ) 2,474

Comprehensive loss $ ( 5,284 ) $ ( 20,773 ) $ ( 15,447 ) $ ( 48,385 )

Comprehensive income (loss)

$ 737 $ ( 8,854 )

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(in thousands of U.S.

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2023 2022 2023 2022

Preference shares - Series A, C and D

Beginning balance

$ — $ 119,672 $ — $ 159,210

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

Repurchase of Preference Shares – Series C

— — — ( 15,644 )

Repurchase of Preference Shares – Series D

— — — ( 13,003 )

Ending balance

— 119,672 — 119,672

For the Three Months Ended March 31,

Common shares

3 unchanged sentences

Ending balance

1,497 934 1,497 934

Additional paid-in capital

3 unchanged sentences

Share-based compensation expense

286 233 1,401 2,504

Repurchase of preference shares — — 93 1,321

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

Exchange of preference shares — 93

Ending balance

3 unchanged sentences

( 31,469 ) ( 41,234 )

Change in net unrealized investment gains (losses) 318 ( 14,859 ) 3,082 ( 57,432 )

Change in net unrealized investment gains

Foreign currency translation adjustment

6 unchanged sentences

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

Net loss ( 3,527 ) ( 8,160 ) ( 17,788 ) ( 9,047 )

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

Net income (loss) 1,459 ( 11,328 )

Ending balance

12 unchanged sentences

(in thousands of U.S.

For the Nine Months Ended September 30, 2023 2022

For the Three Months Ended March 31, 2024 2023

Cash flows from operating activities

Net loss $ ( 17,788 ) $ ( 9,047 )

Net income (loss)

$ 1,459 $ ( 11,328 )

Adjustments to reconcile net loss to net cash flows from operating activities:

2 unchanged sentences

Net realized and unrealized investment gains

( 8,750 ) ( 1,005 )

Change in allowance for expected credit losses ( 842 ) ( 32 )

Foreign exchange and other losses (gains) 843 ( 19,121 )

Foreign exchange and other (gains) losses

( 2,053 ) 2,816

Changes in assets – (increase) decrease:

8 unchanged sentences

Unearned premiums ( 4,088 ) ( 8,242 )

Deferred gain on retroactive reinsurance — ( 270 )

Accrued expenses and other liabilities 2,182 ( 10,066 )

Net cash used in operating activities ( 65,997 ) ( 99,833 )

Net cash provided by (used in) operating activities

8,049 ( 20,347 )

Cash flows from investing activities:

7 unchanged sentences

Proceeds from sale and redemption of equity method investments 1,618 10,579

Proceeds from sale and redemption of equity securities 469 —

Others, net ( 122 ) ( 8 )

Net cash provided by investing activities 51,137 119,379

Net cash (used in) provided by investing activities

( 19,736 ) 15,267

Cash flows from financing activities:

Repurchase of common shares ( 673 ) ( 288 )

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

( 673 ) ( 288 )

Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents ( 148 ) 105

Net (decrease) increase in cash, restricted cash and cash equivalents ( 17,094 ) 6,411

Net decrease in cash, restricted cash and cash equivalents

( 12,508 ) ( 5,263 )

Cash, restricted cash and cash equivalents, beginning of period 42,678 46,624

27 unchanged sentences

Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets.

We are currently underwriting reinsurance risks on a retroactive basis through our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which provides a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core to operations.

GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives.

We expect this legacy solutions business to contribute to our active asset and capital management strategies.

In November 2020, the Company formed our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which specialized in providing a full range of legacy services to small insurance entities, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations, working with clients to develop and implement finality solutions including acquiring entire companies.

The Company believed the formation of GLS was highly complementary to its overall longer-term strategy.

However, a combination of factors, including market conditions in the sector GLS focuses on, resulted in an inability for GLS to gain sufficient scale to achieve its objectives or earn a profit, and GLS results did not reach the objectives the Company expected it to over time.

Having completed the capital commitment made to GLS in 2020, the Company has determined to not commit any additional capital to new opportunities and to run-off the existing accounts underwritten by GLS.

The Company does not presently underwrite prospective reinsurance risks.

Short-term income protection business is written on a primary basis by our wholly owned subsidiaries Maiden Life Försäkrings AB ("Maiden LF") and Maiden General Försäkrings AB ("Maiden GF") in the Scandinavian and Northern European markets.

Insurance support services are provided to Maiden LF and Maiden GF by our wholly owned subsidiary services company, Maiden Global Holdings Ltd.

(“Maiden Global”), which is also a licensed intermediary in the United Kingdom.

Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in the European Union ("EU") and other global markets ("IIS business").

Our wholly owned subsidiary, Maiden Global Holdings Ltd.

(“Maiden Global”) is a licensed intermediary in the United Kingdom.

Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in Europe and other global markets ("IIS business").

These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance Ltd.

(“Maiden Reinsurance”).

The Company also has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust Financial Services, Inc.

("AmTrust") reinsurance agreements which were terminated in 2019 as discussed in "Note 10.

Since 2023, the Company has been evaluating the strategic value of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of our target return on capital levels.

On May 3, 2024, Maiden LF and Maiden GF entered into a renewal rights transaction with AmTrust Nordic AB ("AmTrust Nordic"), a Swedish unit of AmTrust Financial Services, Inc.

("AmTrust") which is expected to cover the majority of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries.

The Company anticipates entering into additional renewal rights agreements with other AmTrust entities for certain business written by Maiden GF and Maiden LF in the United Kingdom and Ireland.

Please see "Note 14.

Subsequent Events" for further details on this transaction.

The Company also has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust reinsurance agreements which were terminated in 2019 as discussed in "Note 10.

Related Party Transactions" .

1 unchanged sentence

Reinsurance ".

Please see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for further details .

Please also see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for further details .

MAIDEN HOLDINGS, LTD.

5 unchanged sentences

Recently Adopted Accounting Standards

Accounting for Measurement of Credit Losses on Financial Instruments

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13 "Financial Instruments:

Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.

The guidance requires financial assets to be presented at the net amount expected to be collected.

The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset.

ASU 2016-13 also modified the accounting for available-for-sale ("AFS") debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments:

Credit Losses Available-for-Sale Debt Securities .

Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the previous other-than-temporarily-impaired ("OTTI") methodology.

In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses.

In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off.

It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20 , regardless of the measurement basis of those recoverables.

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

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

An AFS fixed maturity security is considered impaired if the fair value of the investment is below its amortized cost.

On a quarterly basis, the Company evaluates all AFS fixed maturities for impairment losses.

If an AFS fixed maturity security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged immediately to net income (loss) and is included in net investment gains (losses).

If the Company does not intend to sell or will not be required to sell the impaired security before its anticipated recovery, the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss impairment or other factors.

If the Company does not anticipate to fully recover the amortized cost, an allowance for expected credit losses is established.

The allowance for expected credit losses is limited to the difference between a security's amortized cost basis and its fair value.

The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses).

On a quarterly basis, the Company assesses whether unrealized losses on its AFS fixed maturity securities represent credit impairments by considering the following factors:

the extent to which its fair value is less than its amortized cost;

adverse conditions related to the specific security, industry, or geographical area;

any recent downgrades in the security's credit rating by a credit rating agency;

and if failure of the issuer to make scheduled principal or interest payments exists.

The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss impairment exists.

If a security is assessed to be credit impaired, it is subject to discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis.

If the present value of expected cash flows is less than the amortized cost, then a credit loss exists and an allowance for expected credit losses is recognized.

If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist.

The non-credit impairment amount of the loss related to changes in interest rates and market conditions is recognized in other comprehensive income.

The Company reports accrued interest receivable related to AFS securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable.

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 September 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 September 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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Significant Accounting Policies (continued)

Credit Losses - Reinsurance Recoverable on Unpaid Losses

Reinsurance recoverable balances are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses.

A case-specific allowance for expected credit losses against reinsurance recoverables that the Company deems unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs.

In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance.

The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods.

The default factors are based on a model developed by a major rating agency.

The default analysis considers both current and forecasted economic conditions in the determination of the credit loss allowance.

The Company records credit loss expenses related to reinsurance recoverable in net incurred losses and loss adjustment expenses in the Company’s condensed consolidated statements of income.

Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined.

Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible.

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

As of September 30, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 4,289 which is discussed in more detail in "Note 8.

Reinsurance" .

Credit Losses - Reinsurance Balances Receivable

Reinsurance balances receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses.

The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions.

The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined.

Write-offs of premium balances receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible.

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

As of September 30, 2023, the total allowance for expected credit losses on the Company's reinsurance balances receivable was $ 158 .

Credit Losses - Funds Withheld Receivable

Funds withheld receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses.

The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined.

Write-offs of funds withheld receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible.

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

As of September 30, 2023, the total allowance for expected credit losses on the Company's funds withheld receivable was $ 17 .

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03 " Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820).

The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet;

the nature and remaining duration of the restrictions;

and any circumstances that could cause a lapse in the restrictions.

The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years.

The Company adopted this Update on January 1, 2024.

Certain of the Company's equity securities are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments.

These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods as described in " Note 4.

(b) Investments".

The Company has assessed the required disclosures for equity securities that may be subject to contractual sales restrictions.

These amendments have expanded the disclosures made in "Note 4.

Investments" however the adoption of this standard did not impact the Company’s consolidated balance sheets, results of operations or statement of cash flows.

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 September 30, 2023 and 2022, respectively:

For the Three Months Ended September 30, 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 income (loss) for the three months ended March 31, 2024 and 2023, respectively:

For the Three Months Ended March 31, 2024 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

4 unchanged sentences

$ 8,991 $ 3,417 $ 12,408

Other insurance expense ( 16 ) — ( 16 )

Other insurance revenue

Net loss and LAE ( 2,924 ) ( 8,701 ) ( 11,625 )

4 unchanged sentences

Underwriting loss

Reconciliation to net loss

$ ( 272 ) $ ( 7,252 ) ( 7,524 )

Reconciliation to net income

Net investment income and net realized and unrealized investment gains

2 unchanged sentences

Other general and administrative expenses

Income tax benefit 31

Income tax expense

Interest in income of equity method investments

Net loss $ ( 3,527 )

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Segment Information (continued)

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

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

Gross premiums written

4 unchanged sentences

$ 7,471 $ 1,531 $ 9,002

Other insurance revenue

Net loss and LAE

( 1,965 ) ( 15,461 ) ( 17,426 )

Commission and other acquisition expenses

( 3,394 ) ( 2,004 ) ( 5,398 )

General and administrative expenses

( 1,901 ) ( 521 ) ( 2,422 )

Underwriting income (loss) $ 40 $ ( 12,667 ) ( 12,627 )

Reconciliation to net loss

Net investment income and net realized and unrealized investment losses 5,065

Interest and amortization expenses

Foreign exchange and other gains, net 8,586

Other general and administrative expenses

Income tax benefit 91

Interest in loss from equity method investments ( 373 )

Net loss $ ( 8,160 )

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 nine months ended September 30, 2023 and 2022, respectively:

For the Nine Months Ended September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

$ 20,263 $ ( 3,892 ) $ 16,371

Net premiums written

$ 20,152 $ ( 3,892 ) $ 16,260

Net premiums earned

Other insurance expense

( 59 ) — ( 59 )

Other insurance revenue 3 — 3

Net loss and LAE

5 unchanged sentences

Underwriting loss

$ ( 1,989 ) $ ( 6,264 ) ( 8,253 )

Reconciliation to net loss

4 unchanged sentences

Income tax benefit

Interest in income from equity method investments 6,942

Net loss $ ( 17,788 )

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 Nine Months Ended September 30, 2022 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

Interest in loss from equity method investments

The following tables summarize the financial position of the Company's reportable segments including a reconciliation to the Company's consolidated total assets at March 31, 2024 and December 31, 2023:

March 31, 2024 Diversified Reinsurance AmTrust Reinsurance Total

Reinsurance balances receivable, net

$ 3,530 $ 7,882 $ 11,412

Net premiums written

Reinsurance recoverable on unpaid losses

5,472 520,780 526,252

Net premiums earned

Deferred commission and other acquisition expenses

846 15,144 15,990

Other insurance revenue

Net loss and LAE

Loan to related party

— 167,975 167,975

Commission and other acquisition expenses

Restricted cash and cash equivalents and investments

70,556 156,202 226,758

General and administrative expenses

Funds withheld receivable

16,073 61,016 77,089

Underwriting income (loss) $ 264 $ ( 19,676 ) ( 19,412 )

Reconciliation to net loss

Net investment income and net realized and unrealized investment gains 23,719

Interest and amortization expenses

Foreign exchange and other gains, net 19,121

Other general and administrative expenses

Income tax expense ( 451 )

Interest in loss from equity method investments ( 2,143 )

Net loss $ ( 9,047 )

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

September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total

Total assets - reportable segments

3 unchanged sentences

December 31, 2023 Diversified Reinsurance AmTrust Reinsurance Total

Reinsurance balances receivable, net

$ 3,108 $ 9,201 $ 12,309

Reinsurance recoverable on unpaid losses

5,692 515,463 521,155

Deferred commission and other acquisition expenses

961 16,605 17,566

Loan to related party

— 167,975 167,975

Restricted cash and cash equivalents and investments

67,211 152,663 219,874

Funds withheld receivable

15,534 128,451 143,985

Total assets - reportable segments

7 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 and nine months ended September 30, 2023 and 2022:

For the Three Months Ended September 30, 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 months ended March 31, 2024 and 2023:

For the Three Months Ended March 31, 2024 2023

Net premiums written

8 unchanged sentences

Specialty Risk and Extended Warranty

2,058 ( 126 )

Total AmTrust Reinsurance

2 unchanged sentences

$ 8,314 $ 760

For the Nine Months Ended September 30, 2023 2022

Net premiums written Total Total

Diversified Reinsurance

International $ 20,152 $ 16,605

Total Diversified Reinsurance 20,152 16,605

AmTrust Reinsurance

Small Commercial Business

( 318 ) ( 15,007 )

Specialty Program

Specialty Risk and Extended Warranty

( 3,731 ) ( 4,245 )

Total AmTrust Reinsurance

( 3,892 ) ( 18,520 )

Total Net Premiums Written

$ 16,260 $ ( 1,915 )

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 nine months ended September 30, 2023 and 2022:

For the Three Months Ended September 30, 2023 2022

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, 2024 and 2023:

For the Three Months Ended March 31, 2024 2023

Net premiums earned

11 unchanged sentences

$ 12,408 $ 9,002

For the Nine Months Ended September 30, 2023 2022

Net premiums earned Total Total

Diversified Reinsurance

International $ 21,882 $ 20,012

Total Diversified Reinsurance 21,882 20,012

AmTrust Reinsurance

Small Commercial Business

( 318 ) ( 14,995 )

Specialty Program

Specialty Risk and Extended Warranty

10,799 18,066

Total AmTrust Reinsurance

Total Net Premiums Earned

$ 32,520 $ 23,816

MAIDEN HOLDINGS, LTD.

8 unchanged sentences

a) Fixed Maturities

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

September 30, 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 March 31, 2024 and December 31, 2023 are as follows:

March 31, 2024 Original or amortized cost Gross unrealized gains Gross unrealized losses Fair value

treasury bonds

2 unchanged sentences

29,221 — ( 3,603 ) 25,618

Collateralized mortgage-backed securities 6,199 — ( 360 ) 5,839

government bonds 42,029 6 ( 462 ) 41,573

9 unchanged sentences

29,918 — ( 3,267 ) 26,651

Collateralized mortgage-backed securities 7,199 — ( 432 ) 6,767

government bonds 21,219 — ( 468 ) 20,751

4 unchanged sentences

$ 258,536 $ 8 $ ( 7,943 ) $ 250,601

The Company separately presents the accrued interest receivable balance on its AFS fixed maturity investments on the Condensed Consolidated Balance Sheets under accrued investment income.

The amount of accrued interest receivable on AFS securities was $ 1,370 at March 31, 2024 (December 31, 2023 - $ 1,418 ).

The Company has elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard adopted on January 1, 2023.

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

There was no write-off recognized on the accrued interest receivable during the three months ended March 31, 2024 and 2023.

The contractual maturities of our fixed maturities are shown below.

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.

September 30, 2023 Amortized cost Fair value

March 31, 2024 Amortized cost Fair value

Due in one year or less

6 unchanged sentences

29,221 25,618

Collateralized mortgage-backed securities 6,199 5,839

Collateralized loan obligations 63,960 63,195

8 unchanged sentences

Less than 12 Months 12 Months or More Total

September 30, 2023 Fair

March 31, 2024 Fair

value Unrealized

5 unchanged sentences

— — 25,618 ( 3,603 ) 25,618 ( 3,603 )

Collateralized mortgage-backed securities — — 5,839 ( 360 ) 5,839 ( 360 )

government bonds 10,700 ( 9 ) 10,109 ( 453 ) 20,809 ( 462 )

4 unchanged sentences

$ 56,711 $ ( 12 ) $ 161,543 $ ( 6,911 ) $ 218,254 $ ( 6,923 )

At September 30, 2023, there were 75 securities in an unrealized loss position with a fair value of $ 214,126 and unrealized losses of $ 12,796 .

At March 31, 2024, there were 57 securities in an unrealized loss position with a fair value of $ 218,254 and unrealized losses of $ 6,923 .

Of these securities in an unrealized loss position, there were 52 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $ 161,543 and unrealized losses of $ 6,911 .

8 unchanged sentences

— — 26,651 ( 3,267 ) 26,651 ( 3,267 )

Collateralized mortgage-backed securities 6,767 ( 432 ) — — 6,767 ( 432 )

government bonds 8,217 ( 1 ) 10,343 ( 467 ) 18,560 ( 468 )

19 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 September 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 and nine months ended September 30, 2023.

Based on the Company's analysis at March 31, 2024 and 2023, respectively, the unrealized losses on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At March 31, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.

Therefore, there was no allowance recorded for expected credit losses on AFS securities for the three months ended March 31, 2024 and 2023.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Investments (continued)

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

September 30, 2023 Amortized cost Fair value % of Total

The following tables summarize the credit ratings of our fixed maturities as at March 31, 2024 and December 31, 2023:

March 31, 2024 Amortized cost Fair value % of Total

treasury bonds

$ 66,447 $ 66,444 25.6 %

agency bonds – mortgage-backed

29,221 25,618 9.9 %

10 unchanged sentences

$ 55,046 $ 55,052 22.0 %

agency bonds – mortgage-backed

29,918 26,651 10.6 %

15 unchanged sentences

Other investments

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

September 30, 2023 December 31, 2022

The table shows the composition of the Company's other investments as of March 31, 2024 and December 31, 2023:

March 31, 2024 December 31, 2023

Carrying value % of Total Carrying value % of Total

Private equity funds $ 53,757 26.8 % $ 47,383 25.9 %

Private credit funds 22,734 13.7 % 26,354 17.7 %

Private credit investments 29,220 14.6 % 27,806 15.2 %

Privately held equity investments 44,768 22.3 % 38,617 21.1 %

2 unchanged sentences

Total other investments $ 200,388 100.0 % $ 182,811 100.0 %

The Company's investments in direct lending entities of $ 65,000 at September 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 September 30, 2023 and recorded in opening retained earnings on January 1, 2023.

The Company's collateralized investments in direct lending entities of $ 72,643 at March 31, 2024 (December 31, 2023 - $ 69,005 ) 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, 2024 and December 31, 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 September 30, 2023 and December 31, 2022:

September 30, 2023 December 31, 2022

The following table provides the cost and fair values of the equity securities held at March 31, 2024 and December 31, 2023:

March 31, 2024 December 31, 2023

Cost Fair Value Cost Fair Value

3 unchanged sentences

Total equity securities $ 43,439 $ 44,428 $ 43,439 $ 45,299

With the exception of the publicly traded equity investments in common stocks presented in the table above, all of the privately held securities held at March 31, 2024 are subject to contractual sale restrictions.

Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely.

The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available.

Fair Value Remaining duration of restrictions Nature of contractual sale restrictions Circumstances that could cause a lapse in restrictions

Privately held common stocks $ 34,400 Indefinite The Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available

Privately held preferred stocks 9,946 Indefinite The Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available

Total equity securities subject to contractual sale restrictions $ 44,346

Equity Method Investments

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 September 30, 2023 and December 31, 2022:

September 30, 2023 December 31, 2022

The equity method investments currently include real estate investments and other investments.

The table below shows the carrying value of the Company's equity method investments as of March 31, 2024 and December 31, 2023:

March 31, 2024 December 31, 2023

Carrying Value % of Total Carrying Value % of Total

Real estate investments $ 52,614 64.0 % $ 49,897 61.7 %

Hedge fund investments — — % 5,376 6.7 %

Other investments 29,545 36.0 % 31,032 38.3 %

5 unchanged sentences

Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these condensed consolidated financial statements.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Investments (continued)

c) Net Investment Income

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

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2023 2022 2023 2022

Net investment income was derived from the following sources for the three months ended March 31, 2024 and 2023:

For the Three Months Ended March 31,

Fixed maturities

2 unchanged sentences

Interest income from loan to related party 3,070 2,698

Cash and cash equivalents and other investments 1,244 930 4,250 2,292

9,146 7,576 29,497 21,927

Cash and cash equivalents 1,381 1,193

Investment expenses

2 unchanged sentences

$ 7,700 $ 9,545

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Investments (continued)

d) Net Realized and Unrealized Investment Gains (Losses)

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 and nine months ended September 30, 2023 and 2022:

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

Fixed maturities

$ — $ ( 301 ) $ ( 301 )

Equity securities — ( 52 ) ( 52 )

Other investments 1,393 ( 796 ) 597

Net realized and unrealized investment gains (losses) $ 1,393 $ ( 1,149 ) $ 244

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

Fixed maturities

$ 591 $ ( 495 ) $ 96

Equity securities 217 ( 63 ) 154

Other investments

393 ( 2,215 ) ( 1,822 )

Net realized and unrealized investment gains (losses) $ 1,201 $ ( 2,773 ) $ ( 1,572 )

For the Nine Months Ended September 30, 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 months ended March 31, 2024 and 2023:

For the Three Months Ended March 31, 2024 Gross gains Gross losses Net

Fixed maturities

2 unchanged sentences

Other investments 11,324 ( 1,485 ) 9,839

5,268 ( 2,834 ) 2,434

Net realized and unrealized investment gains (losses) $ 11,470 $ ( 2,720 ) $ 8,750

For the Nine Months Ended September 30, 2022 Gross gains Gross losses Net

Fixed maturities

$ 1,829 $ ( 637 ) $ 1,192

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

Equity securities $ 1,024 $ ( 378 ) $ 646

3 unchanged sentences

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

Unrealized (losses) gains recognized for equity securities still held at reporting date for the three and nine months ended September 30, 2023 and 2022, respectively, included:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2023 2022 2023 2022

Unrealized (losses) gains recognized for equity securities still held at reporting date for the three months ended March 31, 2024 and 2023, respectively, included:

For the Three Months Ended March 31,

Net (losses) gains recognized for equity securities $ ( 871 ) $ 646

1 unchanged sentence

Unrealized (losses) gains recognized for equity securities still held at reporting date $ ( 871 ) $ 470

Proceeds from sales of fixed maturity investments were $ 19,343 and $ 64,126 for the three and nine months ended September 30, 2023 (2022 - $ 35,107 and $ 139,645 , respectively).

Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at September 30, 2023 and December 31, 2022, respectively:

September 30, 2023 December 31, 2022

Proceeds from sales of fixed maturity investments were $ 23,835 for the three months ended March 31, 2024 (2023 - $ 954 ).

Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at March 31, 2024 and December 31, 2023, respectively:

March 31, 2024 December 31, 2023

Net unrealized losses on fixed maturity investments

$ ( 6,917 ) $ ( 7,935 )

Deferred income tax

Net unrealized losses, net of deferred income tax

$ ( 6,770 ) $ ( 7,784 )

Change, net of deferred income tax

8 unchanged sentences

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

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

September 30, 2023 December 31, 2022

The fair values of restricted assets at March 31, 2024 and December 31, 2023 are:

March 31, 2024 December 31, 2023

Restricted cash – third party agreements $ 5,643 $ 6,019

13 unchanged sentences

$ 226,758 $ 219,874

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 September 30, 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.

22 unchanged sentences

The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus are included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation.

• Private credit funds:

• Private credit investments:

These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient.

3 unchanged sentences

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

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.

The Company considers these contracts to be part of its underwriting operations.

The derivatives are initially valued at cost which approximates fair value.

In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models using appropriate discount rates.

The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives.

Derivative Instruments - The Company entered into a reinsurance contract that is accounted for as a derivative.

This reinsurance contract provides indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event.

The Company considers this contract to be part of its underwriting operations.

This derivative is initially valued at cost which approximates fair value.

In subsequent measurement periods, the fair value of this derivative is determined using internally developed discounted cash flow models using appropriate discount rates.

The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this derivative.

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.

At September 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:

September 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

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, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

March 31, 2024 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

1 unchanged sentence

agency bonds – mortgage-backed — 25,618 — — 25,618

Collateralized mortgage-backed bonds — 5,839 — — 5,839

government bonds — 41,573 — — 41,573

11 unchanged sentences

agency bonds – mortgage-backed — 26,651 — — 26,651

Collateralized mortgage-backed bonds — 6,767 — — 6,767

government bonds — 20,751 — — 20,751

8 unchanged sentences

Underwriting-related derivative liability $ — $ — $ 3,984 $ — $ 3,984

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 98.1 % and 98.5 % of our fixed maturities at September 30, 2023 and December 31, 2022, respectively.

The Pricing Service was utilized to estimate fair value measurements for 98.0 % and 97.9 % of our fixed maturities at March 31, 2024 and December 31, 2023, 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 September 30, 2023 and December 31, 2022, approximately 1.9 % and 1.5 %, respectively, of our fixed maturities were valued using the market approach.

At September 30, 2023, one security or $ 5,022 (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 September 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 nine months ended September 30, 2023 and 2022.

At March 31, 2024 and December 31, 2023, approximately 2.0 % and 2.1 %, respectively, of our fixed maturities were valued using the market approach.

At March 31, 2024, one security or $ 5,314 (December 31, 2023 - one security or $ 5,382 ) of our fixed maturity investment portfolio classified as Level 3 in the FMV hierarchy table was priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available.

At March 31, 2024 and December 31, 2023, 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, 2024 and 2023.

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 September 30, 2023, the Company holds Level 3 financial instruments which consist of privately held investments of $ 22,998 (December 31, 2022 - $ 18,806 ) 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.

At March 31, 2024, the Company holds Level 3 financial instruments which consist of corporate bonds, private credit funds and privately held investments of $ 57,994 (December 31, 2023 - $ 52,483 ) and an underwriting-related derivative liability of $ 3,984 (December 31, 2023 - $ 3,984 ) 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 September 30, 2023:

Fair Value Valuation Technique Unobservable Inputs Range

1 unchanged sentence

Privately held equity securities - preferred shares 11,331 Quarterly financial statements Privately calculated enterprise valuations

Other investments - Private credit funds 1,600 Quarterly financial statements Price/book ratios of comparable public companies

Corporate bonds 5,314 Non-binding broker dealer quotation

Total Level 3 investments $ 57,994

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 and nine months ended September 30, 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 months ended March 31, 2024 and 2023.

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 September 30, For the Nine Months Ended September 30,

2023 2022 2023 2022

For the Three Months Ended March 31,

Balance - beginning of period $ 52,483 $ 18,806

Sales — — — ( 1,000 )

Net realized and unrealized gains recognized in the statement of income 5,511 1,392

1 unchanged sentence

Total Level 3 investments - end of period $ 57,994 $ 21,198

(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, 2024, 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 in the fair value hierarchy.

The investments made by direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined.

The net carrying value of these investments approximates their fair value at the reporting date.

The fair value estimates of these investments are not based on observable market data and therefore are classified as Level 3 in the fair value hierarchy.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Fair Value of Financial Instruments (continued)

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

At September 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.

The investments made by direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined.

The net carrying value of which approximates fair value.

The fair value estimates of these investments are not based on observable market data and, as a result, are classified as Level 3.

The fair values of the Senior Notes (as defined in "Note 7.

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.

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

September 30, 2023 December 31, 2022

The fair values of the Company's outstanding Senior Notes (as defined in "Note 7.

The following table presents the respective carrying value and fair value for the Senior Notes as at March 31, 2024 and December 31, 2023:

March 31, 2024 December 31, 2023

Carrying Value Fair Value Carrying Value Fair Value

4 unchanged sentences

Total Senior Notes $ 262,361 $ 185,164 $ 262,361 $ 189,599

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Shareholders' Equity

1 unchanged sentence

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 September 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 101,085,340 common shares are outstanding, and 48,640,765 shares are treasury shares (please see Note 6.

At March 31, 2024, the aggregate authorized share capital of the Company is 200,000,000 shares from which 150,134,586 common shares were issued, of which 100,393,538 common shares are outstanding, and 49,741,048 shares are treasury shares (please see Note 6.

(b) Treasury Shares below for additional information).

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

At September 30, 2023, 981,277 common shares will be issued and outstanding upon vesting of restricted shares.

The remaining 49,865,414 shares are undesignated at March 31, 2024.

At March 31, 2024, 2,036,848 common shares will be issued and outstanding upon vesting of restricted shares, and 4,204,356 common shares remaining are reserved for issuance under the 2019 Omnibus Incentive Plan.

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.

During the three and nine months ended September 30, 2023, Maiden Reinsurance repurchased 520,475 and 820,105 common shares, respectively, at an average price per share of $ 1.86 and $ 1.93 , respectively, under the Company's share repurchase plan (2022 - none ).

The Company has a remaining authorization of $ 72,659 for common share repurchases at September 30, 2023 (December 31, 2022 - $ 74,245 ).

During the nine months ended September 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 42,259,453 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 820,105 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 September 30, 2023.

During the three months ended March 31, 2024, Maiden Reinsurance repurchased 352,111 common shares at an average price per share of $ 1.91 under the Company's share repurchase plan (2023 - none ).

The Company's remaining authorization is $ 70,942 for common share repurchases at March 31, 2024 (December 31, 2023 - $ 71,615 ).

During the three months ended March 31, 2024, the Company also repurchased 128,702 common shares (2023 - 128,156 ) at an average price per share of $ 1.77 (2023 - $ 2.25 ) 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 43,231,034 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 1,791,686 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 March 31, 2024.

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, 2023, filed with the SEC on March 12, 2024.

T he table below includes the total number of treasury shares outstanding at September 30, 2023 and December 31, 2022, respectively:

September 30, 2023 December 31, 2022

T he table below includes the total number of treasury shares outstanding at March 31, 2024 and December 31, 2023, respectively:

March 31, 2024 December 31, 2023

Number of shares held by Maiden Reinsurance treated as treasury shares 43,231,034 42,878,923

1 unchanged sentence

Total number of treasury shares at the end of the reporting period 49,741,048 49,260,235

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Shareholders' Equity (continued)

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

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

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

Other comprehensive income (loss) before reclassifications 321 ( 2,075 ) ( 1,754 )

Amounts reclassified from AOCI to net income, net of tax ( 3 ) — ( 3 )

Net current period other comprehensive income (loss) 318 ( 2,075 ) ( 1,757 )

Ending balance, Maiden shareholders $ ( 12,586 ) $ ( 26,307 ) $ ( 38,893 )

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

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

Other comprehensive (loss) income before reclassifications ( 14,811 ) 2,246 ( 12,565 )

Amounts reclassified from AOCI to net income, net of tax ( 48 ) — ( 48 )

Net current period other comprehensive (loss) income ( 14,859 ) 2,246 ( 12,613 )

Ending balance, Maiden shareholders $ ( 60,125 ) $ 8,572 $ ( 51,553 )

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

For the Three Months Ended March 31, 2024 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance $ ( 7,784 ) $ ( 23,685 ) $ ( 31,469 )

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

Other comprehensive income (loss) before reclassifications 1,014 ( 1,736 ) ( 722 )

Amounts reclassified from AOCI to net income, net of tax

( 3 ) — ( 3 )

Net current period other comprehensive income (loss) 3,082 ( 741 ) 2,341

Ending balance, Maiden shareholders $ ( 6,770 ) $ ( 25,421 ) $ ( 32,191 )

$ ( 12,586 ) $ ( 26,307 ) $ ( 38,893 )

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

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

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

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

Other comprehensive (loss) income before reclassifications ( 51,736 ) 18,094 ( 33,642 )

Amounts reclassified from AOCI to net income, net of tax ( 5,696 ) — ( 5,696 )

Net current period other comprehensive (loss) income ( 57,432 ) 18,094 ( 39,338 )

Other comprehensive income before reclassifications 1,906 568 2,474

Ending balance, Maiden shareholders $ ( 13,762 ) $ ( 24,998 ) $ ( 38,760 )

$ ( 60,125 ) $ 8,572 $ ( 51,553 )

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Long-Term Debt

At September 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.

At March 31, 2024 and December 31, 2023, 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 September 30, 2023 and December 31, 2022:

September 30, 2023 2016 Senior Notes 2013 Senior Notes Total

The following tables detail the issuances of Senior Notes outstanding at March 31, 2024 and December 31, 2023:

March 31, 2024 2016 Senior Notes 2013 Senior Notes Total

Principal amount

13 unchanged sentences

Effective interest rate 7.07 % 8.04 %

Total interest and amortization expense incurred on the Senior Notes for the three and nine months ended September 30, 2023 was $ 4,814 and $ 13,451 , respectively (2022 - $ 4,833 and $ 14,498 , respectively), of which $ 1,342 was accrued as interest payable at both September 30, 2023 and December 31, 2022, respectively.

Total interest and amortization expense incurred on the Senior Notes for the three months ended March 31, 2024 was $ 4,815 (2023 - $ 3,824 ), of which $ 1,342 was accrued as interest payable at both March 31, 2024 and December 31, 2023, 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.

4 unchanged sentences

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 nine months ended September 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 nine months ended September 30, 2023.

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

The Company has a remaining authorization of $ 99,905 for Senior Notes repurchases at March 31, 2024.

MAIDEN HOLDINGS, LTD.

7 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 nine months ended September 30, 2023 and 2022 was as follows:

For the Nine Months Ended September 30, 2023 2022

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the three months ended March 31, 2024 and 2023 was as follows:

For the Three Months Ended March 31, 2024 2023

Premiums written

2 unchanged sentences

$ 8,314 $ 760

$ 16,260 $ ( 1,915 )

Premiums earned

1 unchanged sentence

$ 12,408 $ 9,002

$ 32,520 $ 23,816

Gross loss and LAE

2 unchanged sentences

$ 11,625 $ 9,815

The Company's reinsurance recoverable on unpaid losses balance as at September 30, 2023 was $ 558,777 (December 31, 2022 - $ 556,116 ) presented in the Condensed Consolidated Balance Sheets.

As of September 30, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 4,289 .

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 nine months ended September 30, 2023:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

The Company's reinsurance recoverable on unpaid losses balance as at March 31, 2024 was $ 569,346 (December 31, 2023 - $ 564,331 ) presented in the Condensed Consolidated Balance Sheets.

As of March 31, 2024, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 2,438 .

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, 2024 and 2023:

For the Three Months Ended March 31,

Allowance for expected credit losses on reinsurance recoverable, beginning of period $ 3,240 4,277

(Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized ( 241 ) 12

Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized

( 802 ) ( 23 )

Allowance for expected credit losses on reinsurance recoverable, end of period $ 2,438 4,254

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 $ 53,943 at September 30, 2023 (December 31, 2022 - $ 60,112 ).

The recoverable due from Cavello is net of an allowance for expected credit losses of $ 3,783 as at September 30, 2023.

The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $ 43,094 at March 31, 2024 (December 31, 2023 - $ 43,176 ).

The recoverable due from Cavello is net of an allowance for expected credit losses of $ 2,284 as at March 31, 2024 (December 31, 2023 - $ 2,769 ).

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 .

4 unchanged sentences

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.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Reinsurance (continued)

As of September 30, 2023, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $ 501,023 while the deferred gain liability under the LPT/ADC Agreement was $ 56,516 (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 $ 493 as at September 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.

As of March 31, 2024, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $ 520,780 while the deferred gain liability under the LPT/ADC Agreement was $ 75,916 (December 31, 2023 - $ 515,463 and $ 70,916 , respectively).

The recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $ 136 as at March 31, 2024 (December 31, 2023 - $ 453 ).

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 before the end of 2024.

Cavello provided collateral in the form of a letter of credit in the amount of $ 445,000 to AmTrust under the LPT/ADC Agreement.

1 unchanged sentence

Related Party Transactions".

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

As of March 31, 2024, the amount of collateral required was $ 473,144 (December 31, 2023 - $ 490,070 ).

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 September 30, 2023 .

Cavello's parent company, Enstar, has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at March 31, 2024 .

MAIDEN HOLDINGS, LTD.

16 unchanged sentences

The reserve for loss and LAE consists of:

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

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 Nine Months Ended September 30, 2023 2022

For the Three Months Ended March 31, 2024 2023

Gross loss and LAE reserves, January 1

5 unchanged sentences

Net incurred losses related to:

20,519 27,510

15,984 ( 5,493 )

36,503 22,017

Net paid losses related to:

7 unchanged sentences

( 5,497 ) 3,611

Net loss and LAE reserves, September 30 352,698 598,109

Reinsurance recoverable on unpaid losses, September 30 558,777 547,975

Gross loss and LAE reserves, September 30 $ 911,475 $ 1,146,084

Net loss and LAE reserves, March 31 244,533 519,110

Reinsurance recoverable on unpaid losses, March 31 569,346 552,513

Gross loss and LAE reserves, March 31 $ 813,879 $ 1,071,623

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 $ 7,834 and $ 15,984 for the three and nine months ended September 30, 2023, respectively (2022 - adverse $ 834 and favorable $ 5,493 , respectively).

In the Diversified Reinsurance segment, there was adverse prior year loss development of $ 1,864 and $ 3,938 for the three and nine months ended September 30, 2023, respectively (2022 - favorable $ 590 and $ 1,975 , respectively).

Prior year loss development for the three and nine months ended September 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 also included the recognition of expected credit losses on reinsurance recoverable on unpaid losses for the year-to-date period.

The Company recognized net adverse prior year loss development of $ 6,563 for the three months ended March 31, 2024 (2023 - adverse $ 3,656 ).

In the Diversified Reinsurance segment, there was favorable prior year loss development of $ 655 for the three months ended March 31, 2024 (2023 - adverse $ 757 ).

Prior year loss development for the three months ended March 31, 2024 was driven by favorable development in GLS and other runoff business lines partly offset by adverse development in International business.

Prior year adverse development for the three months ended March 31, 2023 was due to unfavorable reserve development in other runoff business and also 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)

Prior year loss development for the three and nine months ended September 30, 2022 was primarily due to favorable reserve development in German Auto Programs and GLS reinsurance contracts partly offset by adverse development in European Capital Solutions.

In the AmTrust Reinsurance segment, net adverse prior year loss development was $ 5,970 and $ 12,046 during the three and nine months ended September 30, 2023, respectively (2022 - adverse $ 1,424 and favorable $ 3,518 , respectively).

Net adverse prior year loss development for the three and nine months ended September 30, 2023 was primarily from European Hospital Liability for the three months ended September 30, 2023, and European Hospital Liability and the AmTrust Quota Share (General Liability and Commercial Auto Liability partly offset by continued favorable development in Workers Compensation) for the nine months ended September 30, 2023.

Net adverse loss development on European Hospital Liability was primarily driven by emergence of loss data during 2023 on underwriting years 2011 to 2016.

Net adverse prior year loss development for the three months ended September 30, 2022 was driven by unfavorable movements in European Hospital Liability due to higher than expected loss emergence in Italian Hospital Liability policies as well as the agreed exit cost of $ 3,666 (€ 3,444 ) for the commutation of French Hospital Liability policies as described in "Note 10.

Related Party Transactions" ;

partly offset by favorable runoff of Workers Compensation business.

The net favorable prior year loss development for the nine months ended September 30, 2022 included $ 5,346 of favorable reserve adjustments for estimated surcharges on Workers' Compensation policies and inuring AmTrust reinsurance for programs in Specialty Risk and Extended Warranty cessions ("AmTrust Cession Adjustments").

Excluding AmTrust Cession Adjustments, there was adverse development of $ 1,828 for the nine months ended September 30, 2022 driven by unfavorable movements in European Hospital Liability due to higher than expected loss emergence in Italian Hospital Liability policies as well as the agreed exit cost of $ 3,666 (€ 3,444 for commutation of French Hospital Liability policies as described in "Note 10.

Related Party Transactions" ;

partly offset by favorable runoff of Workers Compensation business.

The increase in the deferred gain on retroactive reinsurance was $ 11,129 for the nine months ended September 30, 2023 (2022 - $ 12,024 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 $ 11,108 for the nine months ended September 30, 2023 (2022 - $ 10,722 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 September 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.

The table below shows prior year loss development for the AmTrust Reinsurance segment for the three months ended March 31, 2024 and 2023:

For the Three Months Ended March 31, 2024 2023

Prior Year Loss Development adverse (favorable) ($ in thousands)

AmTrust Quota Share $ 5,000 $ 3,448

AmTrust other runoff ( 317 ) ( 523 )

European Hospital Liability Quota Share 2,535 ( 26 )

Total AmTrust Reinsurance Prior Year Development $ 7,218 $ 2,899

In the AmTrust Reinsurance segment, net adverse prior year loss development was $ 7,218 during the three months ended March 31, 2024 (2023 - adverse $ 2,899 ) as detailed in the table above.

Net adverse prior year loss development for the three months ended March 31, 2024 was primarily from the AmTrust Quota Share and European Hospital Liability.

In the AmTrust Quota Share, U.S.

Program business experienced additional adverse development from construction defect coverage for accident years 2015 to 2018 as new claims emergence was significantly greater than expected;

this was partly offset by continued favorable development within Workers Compensation business for accident years 2014 to 2017.

Net adverse loss development on European Hospital Liability Quota Share was primarily driven by emergence of loss data from adverse claim verdicts on older claims, resulting in strengthening of loss development tail on underwriting years 2011 to 2014.

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

The increase in the deferred gain on retroactive reinsurance was $ 4,982 for the three months ended March 31, 2024 (2023 - $ 1,573 increase).

This included an increase in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $ 5,000 for the three months ended March 31, 2024 (2023 - $ 1,573 increase) caused by adverse development on loss reserves covered under the LPT/ADC Agreement (2023 - adverse).

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, 2024 and December 31, 2023.

Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is presently expected to be before the end of 2024.

MAIDEN HOLDINGS, LTD.

48 unchanged sentences

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 and nine months ended September 30, 2023 and 2022, respectively:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2023 2022 2023 2022

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, 2024 and 2023, respectively:

For the Three Months Ended March 31,

Gross and net premiums written $ ( 505 ) $ ( 6,013 )

6 unchanged sentences

insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit.

Maiden Reinsurance has provided appropriate collateral to secure its proportional share under the AmTrust Quota Share of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral which can include any of the following:

(a) assets loaned by Maiden Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties;

(b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts;

or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf.

Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share.

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

• by lending funds of $ 167,975 at September 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 carried at cost.

• by lending funds of $ 167,975 at March 31, 2024 and December 31, 2023 pursuant to a loan agreement entered into between those parties.

Advances under the loan are secured by promissory notes.

This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost.

There was no allowance for expected credit losses recognized on the loan at March 31, 2024 and December 31, 2023.

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 $ 3,073 and $ 8,698 for the three and nine months ended September 30, 2023, respectively (2022 - $ 1,771 and $ 3,808 , respectively) and the effective yield was 7.3 % and 6.9 % for the respective periods (2022 - 4.2 % and 3.0 %).

The interest income on the loan was $ 3,070 for the three months ended March 31, 2024 (2023 - $ 2,698 ) and the effective yield was 7.3 % (2023 - 6.4 %).

• 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.

• effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S.

AmTrust subsidiaries.

The amount of collateral remaining at September 30, 2023 was $ 0 (December 31, 2022 - $ 42,305 ) and the accrued interest was $ 0 (December 31, 2022 - $ 224 ).

Please refer to "Note 4.

(e) Investments" for additional information;

• 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, which is subject to annual adjustment ( 2.1 % for 2022).

At September 30, 2023, the funds withheld balance was $ 213,051 (December 31, 2022 - $ 416,835 ) and accrued interest was $ 2,474 (December 31, 2022 - $ 2,359 ).

Interest income on the funds withheld receivable was $ 2,227 and $ 8,569 for the three and nine months ended September 30, 2023, respectively (2022 - $ 2,597 and $ 8,585 , respectively).

The funds withheld receivable earns an annual interest rate of 3.5 % for 2024, subject to annual adjustment ( 3.5 % for 2023).

At March 31, 2024, the funds withheld balance was $ 61,016 (December 31, 2023 - $ 128,451 ) and accrued interest was $ 844 (December 31, 2023 - $ 1,584 ).

The interest income on the funds withheld receivable was $ 844 for the three months ended March 31, 2024 (2023 - $ 3,281 ).

No allowance for expected credit losses was recognized for the fund withheld receivable from AmTrust and related accrued interest at March 31, 2024 and December 31, 2023.

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.

Under the MCA, Cavello provided letters of credit on behalf of Maiden Reinsurance to AmTrust in an amount representing Cavello’s obligations under the LPT/ADC Agreement.

Because these letters of credit replaced other collateral previously provided directly by Maiden Reinsurance to AmTrust, the MCA coordinates the collateral protection that will be provided to AmTrust to ensure that no gaps in collateral funding occur by operation of the LPT/ADC Agreement and related MCA.

As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Related Party Transactions (continued)

As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required.

Effective July 31, 2019, the PTEs:

20 unchanged sentences

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 September 30, 2023 was $ 154,653 (December 31, 2022 - $ 188,473 ) and the accrued interest was $ 1,085 (December 31, 2022 - $ 966 ).

For AEL, the amount of the collateral held in reinsurance trust accounts at March 31, 2024 was $ 151,199 (December 31, 2023 - $ 147,635 ) and the accrued interest was $ 953 (December 31, 2023 - $ 1,091 ).

Asset Management Agreement

2 unchanged sentences

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

The Company recorded $ 61 and $ 206 of investment management fees for the three and nine months ended September 30, 2023, respectively (2022 - $ 99 and $ 329 , respectively) under this agreement.

The Company recorded $ 57 of investment management fees for the three months ended March 31, 2024 (2023 - $ 73 ) 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.

9 unchanged sentences

a) Concentrations of Credit Risk

At September 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.

At March 31, 2024 and December 31, 2023, 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.

3 unchanged sentences

Provisions are made for amounts that are considered potentially uncollectible.

Reinsurance receivable and recoverable balances, loan to related party, and the funds withheld receivable are reviewed for expected credit losses on a quarterly basis and are presented net of an allowance for expected credit losses.

Letters of credit are provided by its reinsurers for material amounts recoverable as discussed in " Note 8.

4 unchanged sentences

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

Best at September 30, 2023.

Best at March 31, 2024.

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 September 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 September 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.

The Company believes these balances as at March 31, 2024 will be fully collectible.

b) Investment Commitments and Related Financial Guarantees

The Company had total unfunded commitments on alternative investments of $ 105,844 at September 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 September 30, 2023 and December 31, 2022:

September 30, 2023 December 31, 2022

The Company had total unfunded commitments on alternative investments of $ 98,384 at March 31, 2024 (December 31, 2023 - $ 100,846 ) 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, 2024 and December 31, 2023:

March 31, 2024 December 31, 2023

Fair Value % of Total Fair Value % of Total

1 unchanged sentence

Private credit funds 11,302 11.5 % 11,361 11.3 %

Privately held equity investments 705 0.7 % 705 0.6 %

Investments in direct lending entities — — % 595 0.6 %

Total unfunded commitments on other investments $ 64,517 65.6 % $ 65,631 65.1 %

7 unchanged sentences

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

As discussed above, at September 30, 2023, guarantees of $ 55,109 (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 March 31, 2024, guarantees of $ 69,733 (December 31, 2023 - $ 62,508 ) 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 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.

For operating leases that have a lease term of more than twelve months, and whose lease payments are above a certain threshold, the Company recognizes a lease liability and a right-of-use asset in the Condensed Consolidated Balance Sheets at the present value of the remaining lease payments until expiration.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Commitments, Contingencies and Guarantees (continued)

c) Operating Lease Commitments

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.

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 September 30, 2023, the Company's future lease obligations of $ 272 (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 .

At March 31, 2024, the Company's future lease obligations of $ 167 (December 31, 2023 - $ 228 ) 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 Condensed 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 1.4 years at September 30, 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 was $ 119 and $ 374 for three and nine months ended September 30, 2023, respectively (2022 - $ 101 and $ 260 , respectively) recognized within general and administrative expenses consistent with the prior accounting treatment under Topic 840.

The Company's weighted-average remaining lease term is approximately 1.0 year at March 31, 2024.

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

The Company's total lease expense was $ 146 for three months ended March 31, 2024 (2023 - $ 120 ) recognized in general and administrative expenses consistent with the prior accounting treatment under Topic 840.

At March 31, 2024, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:

March 31, 2024

Discount for present value ( 9 )

Total discounted operating lease liabilities $ 167

The Company has contracted to lease office space in New York City commencing in April 2024, which will create a significant right-of-use asset and a lease liability once certain leasehold improvements have been completed and the operating lease has commenced.

The Company will occupy this space and capitalize the leased asset in the second quarter of 2024.

d) Legal Proceedings

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The Secretary of Labor is the respondent before the Second Circuit and the Court granted the Company's petition to intervene in order to present its position to the Court.

The parties are awaiting a briefing order.

A putative class action complaint was filed against Maiden Holdings, Arturo M.

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Marshaleck in the United States District Court for the District of New Jersey on February 11, 2019.

On February 19, 2020, the Court appointed lead plaintiffs, and on May 1, 2020, lead plaintiffs filed an amended class action complaint (the “Amended Complaint”).The Amended Complaint asserts violations of Section 10(b) of the Exchange Act and Rule 10b-5 (and Section 20(a) for control person liability) arising in large part from allegations that Maiden failed to take adequate loss reserves in connection with reinsurance provided to AmTrust.

Plaintiffs further claim that certain of Maiden Holdings’ representations concerning its business, underwriting and financial statements were rendered false by the allegedly inadequate loss reserves, that these misrepresentations inflated the price of Maiden Holdings' common stock, and that when the truth about the misrepresentations was revealed, the Company’s stock price fell, causing Plaintiffs to incur losses.

On September 11, 2020, a motion to dismiss was filed on behalf of all Defendants.

On August 6, 2021, the Court issued an order denying, in part, Defendants’ motion to dismiss, ordering Plaintiffs to file a shorter amended complaint no later than August 20, 2021, and permitting discovery to proceed on a limited basis.

On February 19, 2020, the Court appointed lead plaintiffs, and on May 1, 2020, lead plaintiffs filed an amended class action complaint (the “Amended Complaint”).

The Amended Complaint asserts violations of Section 10(b) of the Exchange Act and Rule 10b-5 (and Section 20(a) for control person liability) arising in large part from allegations that Maiden failed to take adequate loss reserves in connection with reinsurance provided to AmTrust.

MAIDEN HOLDINGS, LTD.

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Commitments, Contingencies and Guarantees (continued)

On September 11, 2020, a motion to dismiss was filed on behalf of all Defendants.

On February 7, 2023, the District Court denied Plaintiffs’ motion for reconsideration of the District Court’s decision denying Plaintiffs’ objection to the Magistrate Judge’s December 2021 ruling on discovery.

On May 26, 2023, the Company filed a Renewed Motion to Dismiss the Second Amended Complaint or, in the Alternative, for Summary Judgment, which has been fully briefed and is now under consideration by the Court.

On May 26, 2023, the Company filed a Renewed Motion to Dismiss the Second Amended Complaint or, in the Alternative, for Summary Judgment, which has been fully briefed.

On December 19, 2023, the U.S.

District Court for the District of New Jersey granted summary judgment on plaintiffs’ claim for securities fraud under Section 10(b) of the Securities Exchange Act to Maiden Holdings, Ltd.

and individual defendants Arturo Raschbaum, Karen Schmitt, and John Marshalek.

The Court held that the factual record failed to support, as a matter of law, plaintiffs’ allegations that the defendants had made false statements regarding the Company’s loss reserves.

The Court also dismissed plaintiffs’ claims that the individual defendants were liable as control persons under Section 20(a) of the Securities Exchange Act for any such alleged false statements.

Plaintiffs have appealed to the United States Court of Appeals for the Third Circuit.

We believe the claims are without merit and we intend to vigorously defend ourselves.

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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 September 30, For the Nine Months Ended September 30,

2023 2022 2023 2022

Net loss $ ( 3,527 ) $ ( 8,160 ) $ ( 17,788 ) $ ( 9,047 )

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

For the Three Months Ended March 31,

Net income (loss) $ 1,459 $ ( 11,328 )

Amount allocated to participating common shareholders (1)

— — — ( 109 )

Net (loss) income (attributable) available to Maiden common shareholders $ ( 3,527 ) $ ( 8,160 ) $ ( 17,788 ) $ 19,077

Net income (loss) available (attributable) to Maiden common shareholders $ 1,442 $ ( 11,328 )

Weighted average number of common shares – basic 100,457,125 101,552,364

Potentially dilutive securities:

Share options and restricted share units (2)

Dilutive share options and restricted share units (2)

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

100,457,125 101,552,364

Basic and diluted (loss) earnings per share (attributable) available to common shareholders $ ( 0.03 ) $ ( 0.09 ) $ ( 0.18 ) $ 0.22

Basic and diluted earnings (loss) per share available (attributable) to common shareholders $ 0.01 $ ( 0.11 )

(1) This represents the share in net income using the two-class method for holders of non-vested restricted shares issued to the Company's employees under the 2019 Omnibus Incentive Plan.

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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, 2023 for the terms and conditions of securities that could potentially be dilutive in the future.

There were no potentially dilutive securities for the three and nine months ended September 30, 2023 (2022 - 0 and 1,729 , respectively).

The Company recognized an income tax benefit of $ 31 and $ 253 for the three and nine months ended September 30, 2023, respectively, compared to an income tax benefit of $ 91 and an income tax expense of $ 451 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.

There were no potentially dilutive securities for the three months ended March 31, 2024 (2023 - 0 ).

The Company recognized an income tax expense of $ 11 for the three months ended March 31, 2024 compared to an income tax benefit of $ 28 for the same period in 2023.

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

A valuation allowance has been established against the net U.S.

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 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.

and International deferred tax assets which is primarily attributable to net operating losses and capital losses in the respective regions.

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

and International net deferred tax assets as more evidence is needed regarding the utilization of these losses.

At March 31, 2024, the Company has available net operating loss carry-forwards of $ 334,019 (December 31, 2023 - $ 337,420 ) for income tax purposes.

Approximately $ 182,801 (December 31, 2023 - $ 186,203 ) of the net operating loss ("NOL") carryforwards expire in various years beginning in 2029.

As of March 31, 2024, approximately $ 151,218 or 45.3 % of the Company's NOL carryforwards have no expiry date under the relevant U.S.

At March 31, 2024, the Company also has a capital loss carry-forward of $ 14,058 (December 31, 2023 - $ 13,853 ) which will expire beginning in 2024.

MAIDEN HOLDINGS, LTD.

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Subsequent Events

a) Common Share Repurchases

Subsequent to September 30, 2023 and through the period ended November 7, 2023, the Company repurchased 226,250 additional common shares at an average price per share of $ 1.67 under the Company's authorized common share repurchase plan pursuant to Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934.

The Company's remaining share repurchase authorization was $ 72,281 at November 7, 2023.

b) Insider Trading Arrangements and Policies

During the three months ended September 30, 2023, the Company adopted a Rule 10b5-1(c)(1) trading arrangement as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On September 29, 2023, an agreement was signed between Maiden Holdings and a financial intermediary, who was authorized to begin purchasing common shares on October 30, 2023 until the close of business on September 29, 2024, subject to certain conditions set forth in the agreement.

Common Share Repurchases

Subsequent to the three months ended March 31, 2024 and through the period ended May 8, 2024, the Company repurchased 238,884 additional common shares at an average price per share of $ 2.16 under the Company's authorized common share repurchase plan pursuant to Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934.

The Company's remaining share repurchase authorization was $ 70,425 at May 8, 2024.

Renewal Rights Transaction - IIS Business

On May 3, 2024, Maiden LF and Maiden GF entered into a renewal rights transaction with AmTrust Nordic, a Swedish unit of AmTrust which is expected to cover the majority of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries.

The Company anticipates entering into additional renewal rights agreements with other AmTrust entities for certain business written by Maiden GF and Maiden LF in the United Kingdom and Ireland.

Under these agreements, AmTrust Nordic in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed.

AmTrust are expected to hire a limited number of related staff to support the transfer of the business.

These transactions are part of the Company's broader plan to divest its IIS businesses as a result of its recently concluded strategic review of the IIS business platform.

The purpose of that review was to evaluate the strategic value of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of the Company's target return on capital levels.

As part of these conclusions, the Company expects to enter into additional transactions to either sell or wind-up Maiden GF and Maiden LF during 2024 and is actively evaluating potential transactions currently.

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