Maiden Holdings Ltd., has reported a net income of $36.2 million for the fourth quarter of 2022 compared to net income of $16.2 million from the fourth quarter of 2021.
The firm’s reported net income for Q4 is also a huge improvement from its $8.2 million net loss from Q322.
At the same time, Non-GAAP operating earnings for Q4 were $63.4 million compared to non-GAAP operating earnings of $2.3 million for the same period in 2021.
Net premiums written (NPW) for the quarter were $7.0 million compared to $2.9 million from the prior year quarter. NPW in the firm’s Diversified Reinsurance segment increased by $1.5 million for the quarter, which the company noted was largely due to direct gross premiums written by wholly owned Swedish subsidiaries Maiden Life Försäkrings AB and Maiden General Försäkrings AB which increased by 26.1% during the fourth quarter.
Maiden Holdings also reported an underwriting loss of $35.5 million for Q4, compared to an underwriting income of $5.2 million in Q421.
Meanwhile, for its full-year results, Maiden Holdings reported a net income of $55.4 million, compared to 2021’s net income of $117.6 million.
Maiden Holdings’ NPW for FY22 was $5.1 million compared to $10.4 million in 2021, with NPW in the Diversified Reinsurance segment increasing by $7.5 million for the year compared to 2021.
The company also reported an underwriting loss of $54.9 million for the full-year, compared to an underwriting income of $11.6 million in 2021.
Patrick J. Haveron and Lawrence F. Metz, Maiden’s Co-Chief Executive Officers, said: “Fourth quarter results were significantly impacted by underwriting losses in both our AmTrust Reinsurance and Diversified segments, which meaningfully offset the gains from the exchange. The AmTrust Reinsurance segment reported an underwriting loss of $23.2 million, largely the result of adverse prior year loss development of $31.6 million during the quarter as adverse development in general and auto liability, programs, U.K. structural defect and Hospital Liability business lines were the principal drivers of the results.
“During the second half of 2022 in particular, this loss development was the result of the receipt of newly emergent adverse loss data for both known and unknown claims in these lines, primarily on older underwriting years reported by AmTrust. Accordingly, we have adjusted our carried IBNR and continue to be responsive and proactive to the loss data we are receiving.”
