What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-11-12 compared with 2024-08-08 · 225 added, 204 removed, 1348 unchanged (24% of the section changed)

4 unchanged sentences

dollars, except share and per share data)

September 30,

2024 December 31,

21 unchanged sentences

2023 - $ 187 )

10,014 12,450

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

4 unchanged sentences

Deferred commission and other acquisition expenses (includes $ 8,449 and $ 16,605 from related parties in 2024 and 2023, respectively)

14,435 17,566

Funds withheld receivable (includes $ 0 and $ 128,451 from related parties in 2024 and 2023, respectively.

10 unchanged sentences

Deferred gain on retroactive reinsurance 90,321 73,240

Liability for securities purchased 10,980 —

Accrued expenses and other liabilities (includes $ 53,712 and $ 10,781 from related parties in 2024 and 2023, respectively)

27 unchanged sentences

dollars, except per share data)

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

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

2024 2023 2024 2023

7 unchanged sentences

13,403 12,479 37,888 32,520

Other insurance revenue, net

Other insurance (expense) revenue , net

— ( 16 ) 46 3

Net investment income

4,878 9,048 19,531 29,111

Net realized and unrealized investment gains

Net realized and unrealized investment (losses) gains

( 3,804 ) 244 6,403 2,394

9 unchanged sentences

4,817 4,814 14,448 13,411

Foreign exchange and other (gains) losses

Foreign exchange and other losses (gains)

5,915 ( 4,594 ) 3,862 843

15 unchanged sentences

(in thousands of U.S.

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

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

2024 2023 2024 2023

Net loss $ ( 34,468 ) $ ( 3,527 ) $ ( 42,980 ) $ ( 17,788 )

Other comprehensive (loss) income

Other comprehensive income (loss)

Net unrealized holdings gains on AFS securities

2,427 338 3,932 3,121

Adjustment for reclassification of net realized gains recognized in net loss — ( 3 ) — ( 3 )

Foreign currency translation adjustment 2,304 ( 2,075 ) ( 207 ) ( 741 )

Other comprehensive (loss) income, before tax

Other comprehensive income (loss), before tax

4,731 ( 1,740 ) 3,725 2,377

Income tax (expense) benefit related to components of other comprehensive (loss) income ( 6 ) 11 ( 10 ) ( 19 )

Other comprehensive (loss) income, after tax

Income tax expense related to components of other comprehensive income (loss) ( 34 ) ( 17 ) ( 44 ) ( 36 )

Other comprehensive income (loss), after tax

4,697 ( 1,757 ) 3,681 2,341

5 unchanged sentences

(in thousands of U.S.

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

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

2024 2023 2024 2023

11 unchanged sentences

548 286 1,454 1,401

Exchange of preference shares — — — 93

Repurchase of preference shares — — — 93

Ending balance

28 unchanged sentences

(in thousands of U.S.

For the Six Months Ended June 30, 2024 2023

For the Nine Months Ended September 30, 2024 2023

Cash flows from operating activities

7 unchanged sentences

Change in allowance for expected credit losses ( 890 ) ( 23 )

Foreign exchange and other (gains) losses

( 2,053 ) 5,437

Foreign exchange and other losses

Changes in assets – (increase) decrease:

30 unchanged sentences

Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents 325 ( 263 )

Net decrease in cash, restricted cash and cash equivalents

Net increase (decrease) in cash, restricted cash and cash equivalents

85,110 ( 17,094 )

41 unchanged sentences

On May 3, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB, 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.

On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), both wholly owned subsidiaries of AmTrust, which is expected to cover the majority of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland.

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

On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), both wholly owned subsidiaries of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland.

These agreements are collectively referred to as the "AmTrust Renewal Rights Agreements".

Under these agreements, those AmTrust subsidiaries 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.

All programs written by Maiden LF and GF, including those covered by the AmTrust Renewal Rights Agreements, are in the process of being cancelled in accordance with the requirements of the AmTrust Renewal Rights Agreements, or their contractual terms.

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.

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

Please see "Note 10.

44 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 June 30, 2024 and 2023, respectively:

For the Three Months Ended June 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

For the Three Months Ended September 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

12 unchanged sentences

Reconciliation to net loss

Net investment income and net realized and unrealized investment gains

Net investment income and net realized and unrealized investment losses

Interest and amortization expenses

Foreign exchange and other losses, net

Other general and administrative expenses

6 unchanged sentences

Segment Information (continued)

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

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

Gross premiums written

4 unchanged sentences

$ 7,207 $ 5,272 $ 12,479

Other insurance revenue

Other insurance expense

( 16 ) — ( 16 )

Net loss and LAE

9 unchanged sentences

Interest and amortization expenses

Foreign exchange and other losses, net

Foreign exchange and other gains, net

Other general and administrative expenses

1 unchanged sentence

Interest in income from equity method investments

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the six months ended June 30, 2024 and 2023, respectively:

For the Six Months Ended June 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the nine months ended September 30, 2024 and 2023, respectively:

For the Nine Months Ended September 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

16 unchanged sentences

Interest and amortization expenses

Foreign exchange and other gains, net

Foreign exchange and other losses, net

Other general and administrative expenses

6 unchanged sentences

Segment Information (continued)

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

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

Gross premiums written

25 unchanged sentences

Segment Information (continued)

The following tables summarize the financial position of the Company's reportable segments including a reconciliation to the Company's consolidated total assets at June 30, 2024 and December 31, 2023:

June 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

The following tables summarize the financial position of the Company's reportable segments including a reconciliation to the Company's consolidated total assets at September 30, 2024 and December 31, 2023:

September 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

Reinsurance balances receivable, net

36 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 six months ended June 30, 2024 and 2023:

For the Three Months Ended June 30, 2024 2023

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, 2024 and 2023:

For the Three Months Ended September 30, 2024 2023

Net premiums written

8 unchanged sentences

Specialty Risk and Extended Warranty

( 133 ) 2,058

Total AmTrust Reinsurance

( 192 ) 1,898

Total Net Premiums Written

$ 8,843 $ 8,625

For the Six Months Ended June 30, 2024 2023

For the Nine Months Ended September 30, 2024 2023

Net premiums written Total Total

7 unchanged sentences

Specialty Risk and Extended Warranty

( 90 ) ( 3,731 )

Total AmTrust Reinsurance

7 unchanged sentences

Segment Information (continued)

The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and six months ended June 30, 2024 and 2023:

For the Three Months Ended June 30, 2024 2023

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, 2024 and 2023:

For the Three Months Ended September 30, 2024 2023

Net premiums earned

11 unchanged sentences

$ 13,403 $ 12,479

For the Six Months Ended June 30, 2024 2023

For the Nine Months Ended September 30, 2024 2023

Net premiums earned Total Total

7 unchanged sentences

Specialty Risk and Extended Warranty

11,743 10,799

Total AmTrust Reinsurance

11,092 10,638

Total Net Premiums Earned

10 unchanged sentences

a) Fixed Maturities

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at June 30, 2024 and December 31, 2023 are as follows:

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

September 30, 2024 Original or amortized cost Gross unrealized gains Gross unrealized losses Fair value

treasury bonds

20 unchanged sentences

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 $ 1,535 at June 30, 2024 (December 31, 2023:

The amount of accrued interest receivable on AFS securities was $ 1,645 at September 30, 2024 (December 31, 2023:

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 six months ended June 30, 2024 and 2023.

There was no write-off recognized on the accrued interest receivable during the nine months ended September 30, 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.

June 30, 2024 Amortized cost Fair value

September 30, 2024 Amortized cost Fair value

Due in one year or less

16 unchanged sentences

Less than 12 Months 12 Months or More Total

June 30, 2024 Fair

September 30, 2024 Fair

value Unrealized

11 unchanged sentences

$ 20,746 $ ( 10 ) $ 127,527 $ ( 4,051 ) $ 148,273 $ ( 4,061 )

At June 30, 2024, there were 52 securities in an unrealized loss position with a fair value of $ 159,907 and unrealized losses of $ 6,439 .

At September 30, 2024, there were 46 securities in an unrealized loss position with a fair value of $ 148,273 and unrealized losses of $ 4,061 .

Of these securities in an unrealized loss position, there were 44 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $ 127,527 and unrealized losses of $ 4,051 .

29 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 June 30, 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 June 30, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will 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 and six months ended June 30, 2024 and 2023.

Based on the Company's analysis at September 30, 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 September 30, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will 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 and nine months ended September 30, 2024 and 2023.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Investments (continued)

The following tables summarize the credit ratings of our fixed maturities as at June 30, 2024 and December 31, 2023:

June 30, 2024 Amortized cost Fair value % of Total

The following tables summarize the credit ratings of our fixed maturities as at September 30, 2024 and December 31, 2023:

September 30, 2024 Amortized cost Fair value % of Total

treasury bonds

7 unchanged sentences

18,634 18,343 8.1 %

5,357 5,008 2.3 %

Total fixed maturities (1)

21 unchanged sentences

Other investments

The table shows the composition of the Company's other investments as of June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023

The table shows the composition of the Company's other investments as of September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

Carrying value % of Total Carrying value % of Total

5 unchanged sentences

Total other investments $ 147,823 100.0 % $ 182,811 100.0 %

The Company's collateralized investments in direct lending entities of $ 77,618 at June 30, 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 June 30, 2024 and December 31, 2023.

The Company's collateralized investments in direct lending entities of $ 80,968 at September 30, 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 September 30, 2024 and December 31, 2023.

Please see "Note 5(d).

7 unchanged sentences

Equity securities include publicly traded equity investments in common stocks and privately held equity investments in common and preferred stocks.

The Company's publicly traded equity investments in common stocks trade on major exchanges.

The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages.

1 unchanged sentence

There is no active market for these investments.

The following table provides the cost and fair values of the equity securities held at June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023

The following table provides the cost and fair values of the equity securities held at September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

Cost Fair Value Cost Fair Value

3 unchanged sentences

Total equity securities $ 16,987 $ 19,311 $ 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 June 30, 2024 are subject to contractual sale restrictions.

A ll of the privately held securities held at September 30, 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.

6 unchanged sentences

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 June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023

The table below shows the carrying value of the Company's equity method investments as of September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

Carrying Value % of Total Carrying Value % of Total

13 unchanged sentences

c) Net Investment Income

Net investment income was derived from the following sources for the three and six months ended June 30, 2024 and 2023:

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

Net investment income was derived from the following sources for the three and nine months ended September 30, 2024 and 2023:

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

2024 2023 2024 2023

12 unchanged sentences

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

The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023:

For the Three Months Ended June 30, 2024 Gross gains Gross losses Net

The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, 2024 Gross gains Gross losses Net

Fixed maturities

3 unchanged sentences

Net realized and unrealized investment gains (losses) $ 3,412 $ ( 7,216 ) $ ( 3,804 )

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

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

Fixed maturities

4 unchanged sentences

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

For the Six Months Ended June 30, 2024 Gross gains Gross losses Net

For the Nine Months Ended September 30, 2024 Gross gains Gross losses Net

Fixed maturities

4 unchanged sentences

Net realized and unrealized investment gains (losses) $ 17,674 $ ( 11,271 ) $ 6,403

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

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

Fixed maturities

10 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 six months ended June 30, 2024 and 2023, respectively, included:

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

Unrealized gains (losses) recognized for equity securities still held at the reporting date for the three and nine months ended September 30, 2024 and 2023, respectively, included:

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

2024 2023 2024 2023

Net (losses) gains recognized for equity securities $ ( 1,685 ) $ ( 52 ) $ ( 2,597 ) $ 1,047

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

Unrealized (losses) gains recognized for equity securities still held at reporting date $ ( 41 ) $ 443 $ ( 912 ) $ 913

Proceeds from sales of fixed maturity investments were $ 18,526 and $ 42,361 for the three and six months ended June 30, 2024, respectively (2023:

Net losses (gains) recognized for equity securities divested

3,538 — 3,538 ( 186 )

Unrealized gains (losses) recognized for equity securities still held at the reporting date

$ 1,853 $ ( 52 ) $ 941 $ 861

Proceeds from sales of fixed maturity investments were $ 7,938 and $ 50,299 for the three and nine months ended September 30, 2024, respectively (2023:

$ 19,343 and $ 64,126 , respectively).

Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at June 30, 2024 and December 31, 2023, respectively:

June 30, 2024 December 31, 2023

Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at September 30, 2024 and December 31, 2023, respectively:

September 30, 2024 December 31, 2023

Net unrealized losses on fixed maturity investments

8 unchanged sentences

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

The fair values of restricted assets at June 30, 2024 and December 31, 2023 are:

June 30, 2024 December 31, 2023

The fair values of restricted assets at September 30, 2024 and December 31, 2023 are:

September 30, 2024 December 31, 2023

Restricted cash – third party agreements $ 5,811 $ 6,019

9 unchanged sentences

146,673 151,416

Restricted investments – liability for investments purchased and other liabilities for related party agreements ( 10,970 ) —

Total restricted investments

43 unchanged sentences

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 June 30, 2024 and December 31, 2023.

government and U.S.

69 unchanged sentences

Fair Value of Financial Instruments (continued)

At June 30, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

June 30, 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

At September 30, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

September 30, 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

28 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 97.7 % and 97.9 % of our fixed maturities at June 30, 2024 and December 31, 2023, respectively.

The Pricing Service was utilized to estimate fair value measurements for 100.0 % and 97.9 % of our fixed maturities at September 30, 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 June 30, 2024 and December 31, 2023, approximately 2.3 % and 2.1 %, respectively, of our fixed maturities were valued using the market approach.

At June 30, 2024, one security or $ 5,008 (December 31, 2023:

one security or $ 5,382 ) of our fixed maturity investment portfolio classified as Level 2 in the FMV hierarchy table was priced using a binding quotation from a broker and/or custodian as opposed to the Pricing Service and therefore was transferred from Level 3 to Level 2 during the three and six months ended June 30, 2024.

This same security was classified as Level 3 at December 31, 2023.

At September 30, 2024 and December 31, 2023, approximately 0.0 % and 2.1 %, respectively, of our fixed maturities were valued using the market approach.

At September 30, 2024, no securities (December 31, 2023:

one security or $ 5,382 ) in our fixed maturity investment portfolio was priced using a binding quotation from a broker and/or custodian as opposed to the Pricing Service.

There was one security transferred from Level 3 to Level 2 during the nine months ended September 30, 2024 due to its sale;

this security was classified as Level 3 at December 31, 2023.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Fair Value of Financial Instruments (continued)

At June 30, 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 and six months ended June 30, 2023.

At September 30, 2024 and December 31, 2023, the Company did not adjust 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 and nine months ended September 30, 2023.

At June 30, 2024, the Company holds Level 3 financial instruments which consist of private credit funds and privately held investments of $ 52,468 (December 31, 2023:

At September 30, 2024, the Company holds Level 3 financial instruments which consist of privately held investments of $ 52,985 (December 31, 2023:

$ 52,483 ) and an underwriting-related derivative liability of $ 3,984 (December 31, 2023:

4 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 June 30, 2024:

Fair Value Valuation Technique Unobservable Inputs Range

1 unchanged sentence

Privately held equity securities - preferred shares 11,304 Quarterly financial statements Privately calculated enterprise valuations

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

Total Level 3 investments $ 52,985

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 six months ended June 30, 2024 and 2023.

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, 2024 and 2023, respectively.

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 June 30, For the Six Months Ended June 30,

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

2024 2023 2024 2023

Balance - beginning of period $ 52,468 $ 21,198 $ 52,483 $ 18,806

Net realized and unrealized (losses) gains recognized in the statement of income

Sales ( 1,628 ) — ( 1,628 ) —

Net realized and unrealized gains recognized in the statement of income

2,145 200 7,138 1,592

4 unchanged sentences

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 June 30, 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.

At September 30, 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.

9 unchanged sentences

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

The following table presents the respective carrying value and fair value for the Senior Notes as at June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023

The following table presents the respective carrying value and fair value for the Senior Notes as at September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

Carrying Value Fair Value Carrying Value Fair Value

11 unchanged sentences

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

At June 30, 2024, the aggregate authorized share capital of the Company is 200,000,000 shares from which 150,298,798 common shares were issued, of which 99,811,336 common shares are outstanding, and 50,487,462 shares are treasury shares (please see Note 6.

At September 30, 2024, the aggregate authorized share capital of the Company is 200,000,000 shares from which 150,298,798 common shares were issued, of which 99,422,608 common shares are outstanding, and 50,876,190 shares are treasury shares (please see Note 6.

(b) Treasury Shares below for additional information).

The remaining 49,701,202 shares are undesignated at June 30, 2024.

At June 30, 2024, 2,035,634 common shares will be issued and outstanding upon vesting of restricted shares, and 4,041,358 common shares remaining are reserved for issuance under the 2019 Omnibus Incentive Plan.

The remaining 49,701,202 shares are undesignated at September 30, 2024.

At September 30, 2024, 2,035,634 common shares will be issued and outstanding upon vesting of restricted shares, and 4,041,358 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 six months ended June 30, 2024, Maiden Reinsurance repurchased 747,561 and 1,099,672 common shares, respectively, at an average price per share of $ 2.13 and $ 2.06 , respectively, under the Company's share repurchase plan.

During the three and six months ended June 30, 2023, Maiden Reinsurance repurchased 299,630 common shares at an average price per share of $ 2.07 under the Company's share repurchase plan.

The Company's remaining authorization is $ 69,351 for common share repurchases at June 30, 2024 (December 31, 2023:

During the six months ended June 30, 2024, the Company also repurchased 127,555 common shares (2023:

During the three and nine months ended September 30, 2024, Maiden Reinsurance repurchased 388,728 and 1,488,400 common shares, respectively, at an average price per share of $ 1.65 and $ 1.95 , respectively, under the Company's share repurchase plan.

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.

The Company's remaining authorization is $ 68,710 for common share repurchases at September 30, 2024 (December 31, 2023:

During the nine months ended September 30, 2024, the Company also repurchased 127,555 common shares (2023:

128,731 ) at an average price per share of $ 1.79 (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 43,978,595 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 2,539,247 shares directly purchased on the open market by Maiden Reinsurance which are not treated as outstanding common shares on the Condensed Consolidated Balance Sheet at June 30, 2024.

Treasury shares include 44,367,323 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 2,927,975 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, 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.

The table below includes the total number of treasury shares outstanding at June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023

The table below includes the total number of treasury shares outstanding at September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

Number of shares held by Maiden Reinsurance treated as treasury shares 44,367,323 42,878,923

7 unchanged sentences

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

For the Three Months Ended June 30, 2024 Change in net unrealized gains on investment Foreign currency translation Total

For the Three Months Ended September 30, 2024 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance $ ( 6,289 ) $ ( 26,196 ) $ ( 32,485 )

Other comprehensive income (loss) before reclassifications 481 ( 775 ) ( 294 )

Other comprehensive income before reclassifications 2,393 2,304 4,697

Ending balance, Maiden shareholders $ ( 3,896 ) $ ( 23,892 ) $ ( 27,788 )

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

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 before reclassifications 858 766 1,624

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 Six Months Ended June 30, 2024 Change in net unrealized gains on investment Foreign currency translation Total

For the Nine Months Ended September 30, 2024 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance

3 unchanged sentences

$ ( 3,896 ) $ ( 23,892 ) $ ( 27,788 )

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

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

Beginning balance

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

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

Other comprehensive income (loss) before reclassifications 3,085 ( 741 ) 2,344

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

5 unchanged sentences

Long-Term Debt

At June 30, 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.

At September 30, 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 June 30, 2024 and December 31, 2023:

June 30, 2024 2016 Senior Notes 2013 Senior Notes Total

The following tables detail the issuances of Senior Notes outstanding at September 30, 2024 and December 31, 2023:

September 30, 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 six months ended June 30, 2024 was $ 4,816 and $ 9,631 , respectively (2023:

$ 4,813 and $ 8,637 , respectively), of which $ 1,342 was accrued as interest payable at both June 30, 2024 and December 31, 2023, respectively.

Total interest and amortization expense incurred on the Senior Notes for the three and nine months ended September 30, 2024 was $ 4,817 and $ 14,448 , respectively (2023:

$ 4,814 and $ 13,451 , respectively), of which $ 1,342 was accrued as interest payable at both September 30, 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.

The Company has a remaining authorization of $ 99,905 for Senior Notes repurchases at June 30, 2024.

During the three and six months ended June 30, 2023, Maiden Reinsurance 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 of $ 4,813 and $ 8,637 were partly offset by a realized gain of $ 40 from the repurchase of the 2013 Senior Notes during the three and six months ended June 30, 2023, respectively.

The Company has a remaining authorization of $ 99,905 for Senior Notes repurchases at September 30, 2024.

During the nine months ended September 30, 2023, Maiden Reinsurance 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 of $ 4,814 and $ 13,451 were partly offset by a realized gain of $ 40 from the repurchase of the 2013 Senior Notes during the three and nine months ended September 30, 2023, respectively.

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 six months ended June 30, 2024 and 2023 was as follows:

For the Six Months Ended June 30, 2024 2023

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the nine months ended September 30, 2024 and 2023 was as follows:

For the Nine Months Ended September 30, 2024 2023

Premiums written

7 unchanged sentences

( 117 ) ( 115 )

$ 37,888 $ 32,520

Gross loss and LAE

2 unchanged sentences

$ 45,453 $ 36,503

The Company's reinsurance recoverable on unpaid losses balance as at June 30, 2024 was $ 570,036 (December 31, 2023:

The Company's reinsurance recoverable on unpaid losses balance as at September 30, 2024 was $ 574,358 (December 31, 2023:

$ 564,331 ) presented in the Condensed Consolidated Balance Sheets.

As of June 30, 2024, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 2,735 (December 31, 2023:

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the three and six months ended June 30, 2024 and 2023:

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

As of September 30, 2024, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 2,331 (December 31, 2023:

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, 2024 and 2023:

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

2024 2023 2024 2023

Allowance for expected credit losses on reinsurance recoverable, beginning of period $ 2,735 $ 4,530 $ 3,240 $ 4,277

Increase (decrease) in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized

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

( 404 ) ( 241 ) ( 909 ) 12

2 unchanged sentences

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 $ 42,245 at June 30, 2024 (December 31, 2023:

The recoverable due from Cavello is net of an allowance for expected credit losses of $ 2,493 as at June 30, 2024 (December 31, 2023:

The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $ 36,838 at September 30, 2024 (December 31, 2023:

The recoverable due from Cavello is net of an allowance for expected credit losses of $ 2,174 as at September 30, 2024 (December 31, 2023:

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

1 unchanged sentence

The LPT/ADC Agreement provides Maiden Reinsurance with $ 155,000 in adverse development cover over its carried AmTrust Quota Share loss reserves at December 31, 2018.

The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Reinsurance (continued)

The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance.

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

1 unchanged sentence

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

As of June 30, 2024, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $ 522,976 while the deferred gain liability under the LPT/ADC Agreement was $ 78,203 (December 31, 2023:

As of September 30, 2024, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $ 532,874 while the deferred gain liability under the LPT/ADC Agreement was $ 88,021 (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 $ 227 as at June 30, 2024 (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 estimated to be before the end of 2024.

The recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $ 147 as at September 30, 2024 (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 estimated to be in the fourth quarter 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 June 30, 2024, the amount of collateral required was $ 500,334 (December 31, 2023 - $ 490,070 ).

As of September 30, 2024, the amount of collateral required was $ 493,901 (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 Group Limited, has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at June 30, 2024 .

Cavello's parent company, Enstar Group Limited, has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at September 30, 2024 .

MAIDEN HOLDINGS, LTD.

16 unchanged sentences

The reserve for loss and LAE consists of:

June 30, 2024 December 31, 2023

September 30, 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 Six Months Ended June 30, 2024 2023

For the Nine Months Ended September 30, 2024 2023

Gross loss and LAE reserves, January 1

7 unchanged sentences

25,066 15,984

45,453 36,503

Net paid losses related to:

7 unchanged sentences

4,107 ( 2,599 )

Net loss and LAE reserves, June 30 192,228 439,685

Reinsurance recoverable on unpaid losses, June 30 570,036 561,576

Gross loss and LAE reserves, June 30 $ 762,264 $ 1,001,261

Net loss and LAE reserves, September 30 147,078 352,698

Reinsurance recoverable on unpaid losses, September 30 574,358 558,777

Gross loss and LAE reserves, September 30 $ 721,436 $ 911,475

Prior period loss development ("PPD") 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 PPD of $ 6,800 and $ 13,363 for the three and six months ended June 30, 2024, respectively (2023:

The Company recognized net adverse PPD of $ 11,703 and $ 25,066 for the three and nine months ended September 30, 2024, respectively (2023:

adverse $ 7,834 and $ 15,984 , respectively).

4 unchanged sentences

Reserve for Loss and Loss Adjustment Expenses (continued)

In the Diversified Reinsurance segment, there was adverse PPD of $ 1,557 and $ 902 for the three and six months ended June 30, 2024, respectively (2023:

In the Diversified Reinsurance segment, there was favorable PPD of $ 15 and net adverse PPD of $ 887 for the three and nine months ended September 30, 2024, respectively (2023:

adverse $ 1,864 and $ 3,938 , respectively).

The adverse PPD for the three months ended June 30, 2024 was driven by development in International and other runoff business lines.

The adverse PPD for the six months ended June 30, 2024 was due to International and facultative lines partly offset by favorable development in GLS business.

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

The table below shows prior year loss development for the AmTrust Reinsurance segment for the three and six months ended June 30, 2024 and 2023:

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

The favorable PPD for the three months ended September 30, 2024 was driven by favorable development in other runoff business lines partly offset by adverse development in International.

The adverse PPD for the nine months ended September 30, 2024 was driven by International and facultative lines partly offset by favorable development in GLS business.

Prior year 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 table below shows prior year loss development for the AmTrust Reinsurance segment for the three and nine months ended September 30, 2024 and 2023:

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

2024 2023 2024 2023

4 unchanged sentences

Total AmTrust Reinsurance PPD $ 11,718 $ 5,970 $ 24,179 $ 12,046

In the AmTrust Reinsurance segment, net adverse PPD was $ 5,243 and $ 12,461 during the three and six months ended June 30, 2024, respectively (2023:

In the AmTrust Reinsurance segment, net adverse PPD was $ 11,718 and $ 24,179 during the three and nine months ended September 30, 2024, respectively (2023:

adverse $ 5,970 and $ 12,046 , respectively) as detailed in the table above.

Net adverse PPD for the three and six months ended June 30, 2024 was primarily from the AmTrust Quota Share and European Hospital Liability.

Net adverse PPD for the three and nine months ended September 30, 2024 was primarily from the AmTrust Quota Share.

In the AmTrust Quota Share, U.S.

1 unchanged sentence

this was partly offset by continued favorable development within Workers Compensation business for accident years 2014 to 2018.

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

The increase in the deferred gain on retroactive reinsurance was $ 7,266 for the six months ended June 30, 2024 (2023:

Net adverse loss development on European Hospital Liability Quota Share for the nine months ended September 30, 2024 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 PPD 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.

The increase in the deferred gain on retroactive reinsurance was $ 17,081 for the nine months ended September 30, 2024 (2023:

$ 11,129 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 $ 7,287 for the six months ended June 30, 2024 (2023:

This included an increase in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $ 17,105 for the nine months ended September 30, 2024 (2023:

$ 11,108 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 June 30, 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 estimated to be before the end of 2024.

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, 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 estimated to be in the fourth quarter of 2024.

MAIDEN HOLDINGS, LTD.

32 unchanged sentences

Related Party Transactions" in the Annual Report on Form 10-K for the year ended December 31, 2023 for further details.

A premium deficiency was recognized for the AmTrust Quota Share at September 30, 2024 since the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceeded unearned premiums.

Therefore, a premium deficiency of $ 3,664 and $ 3,748 was recognized with the Company accelerating the amortization of deferred acquisition costs during the three and nine months ended September 30, 2024, respectively.

European Hospital Liability Quota Share

4 unchanged sentences

Maiden Reinsurance paid a ceding commission of 5 % on contracts assumed under the European Hospital Liability Quota Share.

Effective July 1, 2016, the European Hospital Liability Quota Share was amended such that Maiden Reinsurance assumes from AEL 32.5 % of the premiums and losses of all policies written or renewed on or after July 1, 2016 until June 30, 2017 and 20 % of all policies written or renewed on or after July 1, 2017.

Thereafter, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Related Party Transactions (continued)

Thereafter, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019.

Effective July 1, 2022, Maiden Reinsurance and AIU DAC entered into an agreement ("Commutation Agreement") which provided for AIU DAC to assume all reserves ceded by AIU DAC to Maiden Reinsurance with respect to AIU DAC’s French Medical Malpractice exposures for underwriting years 2012 through 2018 reinsured by Maiden Reinsurance under the European Hospital Liability Quota Share.

1 unchanged sentence

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 six months ended June 30, 2024 and 2023, respectively:

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

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, 2024 and 2023, respectively:

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

2024 2023 2024 2023

13 unchanged sentences

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

• by lending funds of $ 167,975 at June 30, 2024 and December 31, 2023 pursuant to a loan agreement entered into between those parties.

• by lending funds of $ 167,975 at September 30, 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 June 30, 2024 and December 31, 2023.

There was no allowance for expected credit losses recognized on the loan at September 30, 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.

The interest income on the loan was $ 3,053 and $ 6,123 for the three and six months ended June 30, 2024, respectively (2023:

The interest income on the loan was $ 3,067 and $ 9,190 for the three and nine months ended September 30, 2024, respectively (2023:

$ 3,073 and $ 8,698 , respectively) and the effective yield was 7.3 % for the respective periods (2023:

2 unchanged sentences

• 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 2024, subject to annual adjustment (2023:

At June 30, 2024, the funds withheld balance was $ 17,864 (December 31, 2023:

$ 128,451 ) and accrued interest was $ 346 and (December 31, 2023:

The interest income on the funds withheld receivable was $ 347 and $ 1,191 for the three and six months ended June 30, 2024, respectively (2023:

The funds withheld receivable earned an annual interest rate of 3.5 % in 2024, which was subject to annual adjustment (2023:

At September 30, 2024, the funds withheld balance with AmTrust depleted to $ 0 (December 31, 2023:

$ 128,451 ) and accrued interest was $ 0 (December 31, 2023:

The interest income on the funds withheld receivable was $ 71 and $ 1,262 for the three and nine months ended September 30, 2024, respectively (2023:

$ 2,227 and $ 8,569 , respectively).

No allowance for expected credit losses was recognized for the fund withheld receivable from AmTrust and related accrued interest at June 30, 2024 and December 31, 2023.

No allowance for expected credit losses was recognized for the fund withheld receivable from AmTrust and related accrued interest at 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 June 30, 2024 was $ 135,474 (December 31, 2023:

For AEL, the amount of the collateral held in reinsurance trust accounts at September 30, 2024 was $ 153,442 (December 31, 2023:

$ 147,635 ) and the accrued interest was $ 1,515 (December 31, 2023:

3 unchanged sentences

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

The Company recorded $ 56 and $ 113 of investment management fees for the three and six months ended June 30, 2024, respectively (2023:

The Company recorded $ 50 and $ 163 of investment management fees for the three and nine months ended September 30, 2024, respectively (2023:

$ 61 and $ 206 , respectively) under this agreement.

4 unchanged sentences

Renewal Rights Agreement - IIS Business

On May 3, 2024 and June 20, 2024, Maiden LF and Maiden GF entered into the AmTrust Renewal Rights Agreements with certain subsidiaries of AmTrust, which are expected to cover the majority of Maiden LF and Maiden GF's primary business written in Sweden, Norway, other Nordic countries, the United Kingdom and Ireland.

On May 3, 2024 and June 20, 2024, Maiden LF and Maiden GF entered into the AmTrust Renewal Rights Agreements with certain subsidiaries of AmTrust, which are expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway, other Nordic countries, the United Kingdom and Ireland.

MAIDEN HOLDINGS, LTD.

5 unchanged sentences

a) Concentrations of Credit Risk

At June 30, 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.

At September 30, 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.

10 unchanged sentences

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

Best at June 30, 2024.

Best at September 30, 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 June 30, 2024 will be fully collectible.

The Company believes these balances as at September 30, 2024 will be fully collectible.

b) Investment Commitments and Related Financial Guarantees

The Company had total unfunded commitments on alternative investments of $ 94,532 at June 30, 2024 (December 31, 2023:

The Company's total unfunded commitments on alternative investments was $ 56,028 at September 30, 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 June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023

The table below shows the total unfunded commitments by type of investment as at September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

Fair Value % of Total Fair Value % of Total

11 unchanged sentences

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

As discussed above, at June 30, 2024, guarantees of $ 69,025 (December 31, 2023:

As discussed above, at September 30, 2024, guarantees of $ 69,818 (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 2034.

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 2034.

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 8.6 %, representing its secured incremental borrowing rate, in calculating the present value of the lease liability.

At June 30, 2024, the Company's future lease obligations of $ 1,939 (December 31, 2023:

At September 30, 2024, the Company's future lease obligations of $ 2,015 (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 initial equivalent amount for the right-of-use asset presented as part of other assets .

At June 30, 2024, the Company's right-of-use lease asset of $ 1,559 reflected certain lease incentives that were accepted which reduced the right-of-use asset and were separately capitalized under leasehold improvements to be depreciated over the effective term of the related lease agreements (December 31, 2023:

At September 30, 2024, the Company's right-of-use lease asset of $ 1,517 reflected certain lease incentives that were accepted which reduced the right-of-use asset and were separately capitalized under leasehold improvements to be depreciated over the effective term of the related lease agreements (December 31, 2023:

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 9.7 years at June 30, 2024.

The Company's weighted-average remaining lease term is approximately 9.6 years at September 30, 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 $ 152 and $ 298 for three and six months ended June 30, 2024, respectively (2023:

The Company's total lease expense was $ 148 and $ 446 for three and nine months ended September 30, 2024, respectively (2023:

$ 119 and $ 374 , respectively) recognized within general and administrative expenses consistent with the prior accounting treatment under Topic 840.

At June 30, 2024, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:

June 30, 2024

At September 30, 2024, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:

September 30, 2024

Thereafter 1,754

23 unchanged sentences

Department of Labor.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Commitments, Contingencies and Guarantees (continued)

On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge.

8 unchanged sentences

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

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Commitments, Contingencies and Guarantees (continued)

The decision and order of the Administrative Review Board became the final order of the Secretary of Labor on July 27, 2023.

15 unchanged sentences

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.

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

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.

10 unchanged sentences

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

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

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

2024 2023 2024 2023

Net loss attributable to Maiden common shareholders $ ( 34,468 ) $ ( 3,527 ) $ ( 42,980 ) $ ( 17,788 )

Adjusted weighted average number of common shares – basic and diluted (1)

Weighted average number of common shares – basic and diluted (1)

99,724,474 101,454,767 100,112,436 101,586,759

3 unchanged sentences

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 six months ended June 30, 2024 (2023:

The Company recognized income tax expense of $ 442 and $ 453 for the three and six months ended June 30, 2024, respectively, compared to an income tax benefit of $ 194 and $ 222 for the same respective periods in 2023.

There were no potentially dilutive securities for the three and nine months ended September 30, 2024 (2023:

The Company recognized income tax expense of $ 25 and $ 478 for the three and nine months ended September 30, 2024, respectively, compared to an income tax benefit of $ 31 and $ 253 for the same respective periods in 2023.

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.

3 unchanged sentences

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

At June 30, 2024, the Company has available net operating loss carry-forwards of $ 338,166 (December 31, 2023:

At September 30, 2024, the Company has available net operating loss carry-forwards of $ 345,587 (December 31, 2023:

$ 337,420 ) for income tax purposes.

1 unchanged sentence

$ 186,203 ) of net operating loss ("NOL") carryforwards expire in various years beginning in 2029.

As of June 30, 2024, approximately $ 151,963 or 44.9 % of the Company's NOL carryforwards have no expiry date under the relevant U.S.

At June 30, 2024, the Company also has a capital loss carry-forward of $ 14,134 (December 31, 2023:

$ 13,853 ) which will start to expire in 2024.

As of September 30, 2024, approximately $ 159,384 or 46.1 % of the Company's NOL carryforwards have no expiry date under the relevant U.S.

At September 30, 2024, the Company also has a capital loss carry-forward of $ 14,866 (December 31, 2023:

$ 13,853 ) which will start to expire on December 31, 2024.

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