Maiden Holdings rises to 3Q profit from loss

AP News
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Posted: Nov 10, 2009 4:41 PM

Reinsurance company Maiden Holdings Ltd. said Tuesday it rose to a profit for the third quarter as revenue surged and investment losses were minimized.

The Hamilton, Bermuda-based company posted net income of $15 million, or 21 cents per share, compared with a loss of $27.5 million, or 46 cents per share, a year ago. The results included investment losses of $66,000, significantly less than the $42.5 million reported a year ago.

Revenue jumped to $254.1 million from $80 million the year before.

Operating earnings, which exclude foreign exchange effects and certain other gains and losses, totaled $16.5 million, or 23 cents per share, in the latest period. On that basis, analysts surveyed by Thomson Reuters had expected profit of 24 cents per share.

Net written premiums nearly doubled to $221.4 million from $113.2 million. Net investment income was $16.8 million, up from nearly $9 million a year earlier.

Maiden Holdings shares rose 4 cents to close at $7.20.