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Maiden Holdings, Ltd. Reports Full Year 2012 Net Operating Income(1) of $48.5 Million, or $0.66 Per Diluted Common Share, and

Maiden Holdings, Ltd. Reports Full Year 2012 Net Operating Income(1) of $48.5
Million, or $0.66 Per Diluted Common Share, and Fourth Quarter 2012 Net
Operating Loss(1) of $10.1 Million, or $0.14 Per Diluted Common Share,
Reflecting the Impact of Previously Announced Losses Related to Superstorm
Sandy

Operating summary for the three months ended December 31, 2012

  *Net operating loss ^(1) of $10.1 million,or $0.14 per diluted common
    share, in the fourth quarter of 2012 compared with net operating earnings
    of $17.2 million, or $0.24 per diluted common share, in the fourth quarter
    of 2011
  *Excluding the impact of Superstorm Sandy, fourth quarter 2012 net
    operating earnings ^(1) were $21.0 million, or $0.29 per diluted common
    share
  *As previously announced, the fourth quarter of 2012 includes losses from
    Superstorm Sandy, which resulted in a net negative impact of $31.1
    million, or $0.43 per diluted common share
  *Net premiums written increased by 8.4% to $442.6 million in the fourth
    quarter of 2012 compared to the same period in 2011
  *Net investment income in the fourth quarter of 2012 rose to $21.1 million,
    or an increase of 22.9%, compared to the fourth quarter of 2011
  *Combined ratio of 103.7% in the fourth quarter of 2012 compared to 98.3%
    in the fourth quarter of 2011; 97.3% in the fourth quarter of 2012,
    excluding the impact of Superstorm Sandy
  *Book value per common share^(4) of $11.96 in the fourth quarter of 2012,
    up 12.4% versus year-end 2011

Operating summary for the year ended December 31, 2012

  *Net operating earnings ^(1) of $48.5 million, or $0.66 per diluted common
    share, for the year ended December 31, 2012 compared with $69.6 million,
    or $0.96 per diluted common share, in the year ended December 31, 2011
  *Net premiums written for the year ended December 31, 2012 increased 10.3%
    to $1.9 billion compared to the year ended December 31, 2011
  *Combined ratio of 99.5% for the year ended December 31, 2012 compared to
    98.1% in 2011
  *Net investment income was $81.2 million for the year ended December 31,
    2012, an increase of 8.4% compared to 2011
  *Total investments increased 29.6% in 2012 to $2.6 billion compared to 2011
  *Capital raisedin 2012 totaled $250 million, including $100 million of
    30-Year, 8% Senior Notes issued in March and $150 million of 8.25%
    Preference Shares issued in August

HAMILTON, Bermuda, Feb. 20, 2013 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd.
(Nasdaq:MHLD) today reported a fourth quarter 2012 net operating loss^(1) of
$10.1 million, or $0.14 per diluted common share, compared with net operating
income of $17.2 million, or $0.24 per diluted common share, in the comparative
quarter in 2011. The net loss totaled $10.3 million, or $0.14 per diluted
common share, in the fourth quarter of 2012 compared with net income of $17.5
million, or $0.24 per diluted common share, in the fourth quarter of 2011.

The fourth quarter of 2012 includes estimated underwriting losses from
Superstorm Sandy of $31.1 million, or $0.43 per diluted common share, net of
applicable reinsurance and the Company's quarterly provision for normalized
catastrophe losses. Maiden's exposure from this event comes predominantly from
the Company's E&S property insurance business, Maiden Specialty, and to a
lesser extent from its U.S. assumed treaty reinsurance business and ACAC.
Excluding the $31.1 million of losses from Superstorm Sandy, Maiden's net
operating earnings^(1) would have been $21.0 million, or $0.29 per diluted
common share, for the fourth quarter of 2012.

Commenting on the Company's earnings, Art Raschbaum, Chief Executive Officer
of Maiden Holdings, said: "Notwithstanding the significant impact of Sandy, in
the past year Maiden has grown premiums, enhanced its capital position with
two long-term capital raises, improved operating efficiency and continued to
develop new clients through its U.S., U.K. and Bermuda platforms.Delivering
value to our shareholders and providing outstanding products and services for
our clients remain the ultimate goals of Maiden's lower volatility business
model, as we support the non-catastrophe reinsurance needs of regional and
specialty insurers.An improving pricing environment, efficient capital
management and prudent investing will all contribute to the achievement of
these ambitions in 2013."

Results for the three months ended December 31, 2012

The net operating loss^(1) for the fourth quarter of 2012 was $10.1 million,
or $0.14 per diluted common share, compared to net operating earnings of $17.2
million, or $0.24 per diluted common share, in the fourth quarter of 2011.The
net loss for the fourth quarter of 2012 was $10.3 million, or $0.14 per
diluted common share, compared with net income of $17.5 million, or $0.24 per
diluted common share, in the fourth quarter of 2011.The 2012 fourth quarter
was affected by a net loss of $31.1 million, or $0.43 per diluted common share
from Superstorm Sandy.

In the fourth quarter of 2012 net premiums written totaled $442.6 million, an
increase of 8.4% compared to the fourth quarter of 2011. In the Diversified
Reinsurance segment net premiums written were down $53.5 million, or 27.8%, to
$139.1 million in the fourth quarter of 2012 compared to the fourth quarter of
2011, primarily due to the non-renewal of one large U.S. treaty account.In
the AmTrust Quota Share Reinsurance segment, net premiums written increased by
52.3% to $232.4 million in the fourth quarter of 2012 compared to the fourth
quarter of 2011, with the most significant premium increases coming from
specialty program business, small commercial business and European hospital
liability business. Net premiums written from the ACAC Quota Share increased
by 12.4% to $71.1 million in the fourth quarter of 2012 compared to the same
period in 2011.

In the fourth quarter of 2012, net premiums earned of $479.2 million increased
14.7%, or $61.4 million, compared to the fourth quarter of 2011. The
Diversified Reinsurance segment had net premiums earned of $191.7 million in
the fourth quarter of 2012, down 7.0% compared to the same quarter in 2011.In
the fourth quarter of 2012, net earned premium increased 45.4% for the AmTrust
Quota Share Reinsurance segment and 13.5% for the ACAC Quota Share segment
compared to the fourth quarter of 2011.

Net investment income of $21.1 million in the fourth quarter of 2012 increased
22.9% compared to the fourth quarter of 2011.The book yield on the fixed
income portfolio (excluding cash) is 3.48% with an average duration of 3.55
years for the fourth quarter of 2012.

In the fourth quarter of 2012, net loss and loss adjustment expenses of $364.9
million were up $68.1 million compared to the fourth quarter of 2011.The
loss ratio^(7) increased by 4.8 percentage points to 75.6% in the fourth
quarter of 2012 versus the fourth quarter of 2011.The increase in the loss
ratio was primarily attributable to Superstorm Sandy.

Commission and other acquisition expenses, together with general and
administrative expenses, of $135.4 million increased $20.0 million in the
fourth quarter of 2012 from the fourth quarter of 2011.General and
administrative expenses for the fourth quarter of 2012 totaled $11.2 million
compared with $16.3 million in the fourth quarter of 2011. The general and
administrative expense ratio^(9) decreased to 2.4% in the fourth quarter of
2012 versus 3.8% in the fourth quarter of 2011.The total expense ratio
increased to 28.1% in the fourth quarter of 2012 compared with 27.5% in the
same quarter of 2011, primarily reflecting a change in business mix.

The combined ratio^(10) for the fourth quarter of 2012 totaled 103.7% compared
with 98.3% in the fourth quarter of 2011. Absent the impact of Superstorm
Sandy, the combined ratio was 97.3% in the fourth quarter of 2012.

The impact of the updated accounting guidance issued by the Financial
Accounting Standards Board, which limits the capitalization of costs incurred
to acquire or renew insurance contracts to those that are incremental direct
costs of successful contract acquisitions, was to increase fourth quarter 2012
earnings by approximately $0.4 million, or $0.01 per diluted common share. The
impact on the Company's combined ratio for the quarter was a decrease of
approximately 0.1%.

Total assets increased 21.9% to $4.1 billion at December 31, 2012 compared to
$3.4 billion at year-end 2011.Total cash on hand at December 31, 2012 was
$213.8 million, comprised of cash and cash equivalents of $81.5 million, down
56.6% from year-end 2011, and restricted cash and cash equivalents of $132.3
million, up 15.2% compared to year-end 2011.Total Maiden shareholders'
equity was $1.0 billion at December 31, 2012, an increase of 32.1% compared to
December31,2011.Book value per common share^(4) was $11.96 at the end of
the fourth quarter of 2012, or 12.4% higher than at December 31, 2011.

During the fourth quarter of 2012, the Board of Directors increased the common
share dividend 12.5% to $0.09 per common share.

Results for the year ended December 31, 2012

Net income for the twelve months ended December 31, 2012 was $46.5 million
compared to net income of $28.5 million at year-end 2011.During the second
quarter of 2011, Maiden's net income was impacted by a number of non-operating
expenses, including charges related to the repurchase of junior subordinated
debt with proceeds from the June 2011 Senior Notes offering. Second quarter
2011 results included $15.1 million of junior subordinated debt repurchase
expenses and $20.3 million of accelerated amortization of junior subordinated
debt discount and issuance costs.

During 2012 net operating earnings^(1) were $48.5 million, or $0.66 per
diluted common share, compared to $69.6 million, or $0.96 per diluted common
share, in 2011.Operating return on common equity^(1) in 2012 was 5.9%
compared to 9.2% in 2011.

Net premiums written rose 10.3%, or $177.8 million, to $1.9 billion in 2012
compared to 2011.In 2012, net premiums written for the Diversified
Reinsurance segment fell to $765.3 million or 4.1% lower, compared to
2011.Net premiums written for the AmTrust Quota Share Reinsurance segment
were $840.3 million in 2012, up 25.6% compared to 2011. In 2012, net premiums
written for the ACAC Quota Share rose 15.4% to $295.6 million compared to
2011.

Net premiums earned in 2012 of $1.8 billion increased 16.2%, or $251.4
million, compared to 2011.Earned premiums grew in all business segments with
Diversified Reinsurance up 6.3%, AmTrust Quota Share Reinsurance up 30.4% and
ACAC Quota Share up 14.2% in 2012.

Net investment income in 2012 was $81.2 million, up 8.4% compared to
2011.This reflects the $598.7 million increase in total investments at the
end of 2012 compared to the end of 2011, offset by a decrease in book yield
(excluding cash) to 3.48% from 3.59% at December 31, 2011.

Net loss and loss adjustment expenses for 2012 were $1.3 billion, up $219.3
million compared to 2011.In 2012, the loss ratio^(7) increased 2.9
percentage points to 69.5% compared to the year ended 2011.

In 2012, commission and other acquisition expenses together with general and
administrative expenses of $545.8 million increased $53.1 million compared to
2011 and reflected a total expense ratio of 30.0% in 2012 compared with 31.5%
in 2011. General and administrative expenses for 2012 totaled $53.8 million
compared with $53.9 million in 2011. These results reflected a general and
administrative expense ratio^(9) of 2.9% in 2012 and 3.5% in 2011.

The combined ratio^(10) for 2012 was 99.5%, which was 1.4 percentage points
higher than in 2011.Absent the impact of Superstorm Sandy, the combined ratio
would have been 97.8%, or 0.3 percentage points lower than 2011 results.

The impact of the updated accounting guidance issued by the Financial
Accounting Standards Board, which limits the capitalization of costs incurred
to acquire or renew insurance contracts to those that are incremental direct
costs of successful contract acquisitions, was to decrease earnings for 2012
by approximately $2.0 million, or $0.03 per diluted common share. The impact
on the Company's combined ratio for 2012 was an increase of approximately
0.1%.

(1)(4) Please see the Non-GAAP Financial Measures table for additional
information on these non-GAAP financial measures and reconciliation of these
measures to GAAP measures.

(7)(9)(10) Loss ratio, general and administrative expense ratio and combined
ratio are operating metrics. Please see the additional information on these
measures under Segment information tables.

Conference Call

Maiden's CEO Art Raschbaum and CFO John Marshaleck will review the fourth
quarter and year-end 2012 results tomorrow morning via teleconference and live
audio webcast beginning at 8:30 a.m. ET.

To participate in the conference call, please access one of the following at
least five minutes prior to the start time:

U.S. Callers: 1.877.734.5373

Outside U.S. Callers: 1.973.200.3059

Passcode: 98355209

Webcast: http://www.maiden.bm/presentations_conferences

A replay of the conference call will be available beginning 11:00 a.m. ET on
February 21, 2013 through midnight on February 28, 2013.To listen to the
replay, please dial toll free: 1.800.585.8367 (U.S. Callers) or toll:
1.404.537.3406 (callers outside the U.S.) and enter the Passcode: 98355209; or
access http://www.maiden.bm/presentations_conferences

About Maiden Holdings, Ltd.

Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007.
Through its subsidiaries, which are each A- rated (excellent) by A.M. Best,
the Company is focused on providing non-catastrophic, customized reinsurance
products and services to small and mid-size insurance companies in the United
States and Europe.As of December 31,2012, Maiden had $4.1 billion in assets
and shareholders' equity of $1.0 billion.

The Maiden Holdings, Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5006

Forward Looking Statements

This release contains "forward-looking statements" which are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. The forward-looking statements are based on the Company's current
expectations and beliefs concerning future developments and their potential
effects on the Company, and included statements relating to the improving
pricing environment, efficient capital management, prudent investing and goals
of the Company. There can be no assurance that actual developments will be
those anticipated by the Company. Actual results may differ materially from
those projected as a result of significant risks and uncertainties, including
non-receipt of the expected payments, changes in interest rates, effect of the
performance of financial markets on investment income and fair values of
investments, developments of claims and the effect on loss reserves, accuracy
in projecting loss reserves, the impact of competition and pricing
environments, changes in the demand for the Company's products, the effect of
general economic conditions and unusual frequency of storm activity, adverse
state and federal legislation, regulations and regulatory investigations into
industry practices, developments relating to existing agreements, heightened
competition, changes in pricing environments, and changes in asset valuations.
Additional information about these risks and uncertainties, as well as others
that may cause actual results to differ materially from those projected is
contained in Item 1A. Risk Factors in the Company's Annual Report on Form 10-K
for the year ended December 31, 2011 as updated in periodic filings with the
SEC. The Company undertakes no obligation to publicly update any
forward-looking statements, except as may be required by law.

Maiden Holdings, Ltd.
Balance Sheet
(in thousands (000's), except per share data)

                                                           
                                          December 31, 2012 December 31, 2011
                                           (Audited)         (Audited)
Assets                                                      
Fixed maturities, available-for-sale, at
fair value (Amortized cost 2012:           $2,618,697      $2,020,661
$2,475,202; 2011: $1,957,106)
Other investments, at fair value (Cost     2,901            2,192
2012: $2,599; 2011: $1,955)
Total investments                          2,621,598        2,022,853
Cash and cash equivalents                  81,543           188,082
Restricted cash and cash equivalents       132,327          114,895
Accrued investment income                  21,007           13,215
Reinsurance balances receivable, net      522,614          423,355
Funds withheld                             42,712           42,605
Prepaid reinsurance premiums               38,725           35,381
Reinsurance recoverable on unpaid losses   110,858          20,289
Loan to related party                     167,975          167,975
Deferred commission and other acquisition  270,669          248,436
costs
Goodwill and intangible assets, net        94,393           98,755
Other assets                               33,742           19,270
Total Assets                               $4,138,163      $3,395,111
Liabilities andEquity                                      
Liabilities                                                 
Reserve for loss and loss adjustment       $1,740,281      $1,398,438
expenses
Unearned premiums                         936,497          832,047
Accrued expenses and other liabilities     111,957          161,883
Senior notes                               207,500          107,500
Junior subordinated debt                   126,317          126,263
Total Liabilities                          3,122,552        2,626,131
                                                           
Equity:                                                     
Preference Shares - Series A               150,000          --
Common shares                              733              732
Additional paid-in capital                 575,869          579,004
Accumulated other comprehensive income    141,130          64,059
Retained earnings                          151,308          128,648
Treasury stock, at cost                    (3,801)          (3,801)
Total Maiden Shareholders' Equity          1,015,239        768,642
Noncontrolling interest in subsidiaries    372              338
Total Equity                              1,015,611        768,980
Total Liabilities and Equity              $4,138,163      $3,395,111
                                                           
                                                           
Book value per common share (4)            $11.96          $10.64
                                                           
Common shares outstanding                  72,343,947        72,221,428


Maiden Holdings, Ltd.
Income Statement
(in thousands (000's), except per share data)
(Unaudited)
                                                              
                         For the Three For the Three For the Year For the Year
                        Months Ended  Months Ended  Ended        Ended
                         December 31,  December 31,  December 31, December 31,
                         2012          2011          2012         2011
Revenues:                                                      
Gross premiums written   $464,037    $428,295    $2,000,992 $1,812,597
                                                              
Net premiums written     $442,645    $408,469    $1,901,285 $1,723,521
Change in unearned       36,550       9,364        (97,505)    (171,093)
premiums
Net premiums earned      479,195      417,833      1,803,780   1,552,428
Other insurance revenue  3,240        1,276        12,890      12,640
Net investment income    21,116       17,183       81,188      74,891
Net realized and
unrealized gains on      1,071        2,743        1,907       481
investment
Total revenues           504,622      439,035      1,899,765   1,640,440
Expenses:                                                      
Net loss and loss        364,850      296,769      1,262,348   1,043,054
adjustment expenses
Commission and other     124,187      99,139       492,031     438,812
acquisition expenses
General and              11,187       16,285       53,804      53,892
administrative expenses
Total expenses           500,224      412,193      1,808,183   1,535,758
                                                              
Income from operations   4,398        26,842       91,582      104,682
(2)
                                                              
Other expenses                                                 
Amortization of          (1,091)      (1,258)      (4,362)     (5,033)
intangible assets
Foreign exchange gains   320          (575)        1,638       323
(losses)
Interest and             (9,569)      (7,567)      (36,384)    (34,155)
amortization expenses
Accelerated amortization
of junior subordinated   --          --          --         (20,313)
debt discount and
issuance cost
Junior subordinated debt --          --          --         (15,050)
repurchase expense
Total other expenses     (10,340)     (9,400)      (39,108)    (74,228)
                                                              
(Loss) income before     (5,942)      17,442       52,474      30,454
income taxes
Income taxes:                                                  
Current tax expense      140          (667)        1,020       632
(benefit)
Deferred tax expense     575          557          1,193       1,295
Income tax expense       715          (110)        2,213       1,927
(benefit)
                                                              
Net (loss) income       (6,657)      17,552       50,261      28,527
Less: income
attributable to          (26)         (8)          (107)       (3)
noncontrolling interest
Net (loss) income        (6,683)      17,544       50,154      28,524
attributable to Maiden
Dividends on preference  (3,644)      --          (3,644)     --
shares
Net (loss) income
attributable to Maiden   $(10,327)   $17,544     $46,510    $28,524
common shareholders
Net operating (loss)
earnings attributable to $(10,052)   $17,226     $48,520    $69,637
Maiden common
shareholders (1)
                                                              
Basic (loss) earnings
per common share         $(0.14)     $0.24       $0.64      $0.40
attributable to Maiden
shareholders
Diluted (loss) earnings
per common share         $(0.14)     $0.24       $0.64      $0.39
attributable to Maiden
shareholders (6)
Basic operating (loss)
earnings per common      $(0.14)     $0.24       $0.67      $0.97
share attributable to
Maiden shareholders
Diluted operating (loss)
earnings per common      $(0.14)     $0.24       $0.66      $0.96
share attributable to
Maiden shareholders (6)
                                                              
Dividends declared per   $0.09       $0.08       $0.33      $0.30
common share
                                                              
Weighted average number
of basic shares          72,296,708   72,244,420   72,263,022  72,155,503
outstanding
Weighted average number
of diluted shares        73,154,424   72,995,027   73,105,531  72,903,688
outstanding
                                                              
Net loss and loss
adjustment expense ratio 75.6%         70.8%         69.5%        66.6%
(7)
Commission and other
acquisition expense      25.7%         23.7%         27.1%        28.0%
ratio (8)
Generaland
administrative expense   2.4%          3.8%          2.9%         3.5%
ratio (9)
Combined ratio (10)      103.7%        98.3%         99.5%        98.1%
Annualized return on     (4.7%)        9.1%          5.7%         3.8%
equity
Annualized return on
equity on operating      (4.6%)        8.9%          5.9%         9.2%
earnings


Maiden Holdings, Ltd.
Non - GAAP Financial Measure
(in thousands (000's), except per share data)
(Unaudited)
                                                              
                     For the Three   For the Three   For the Year For the Year
                    Months          Months          Ended        Ended
                     Ended December  Ended December  December 31, December 31,
                     31, 2012        31, 2011        2012         2011
Reconciliation of
net (loss) income
attributable to
Maiden common                                                  
shareholders to net
operating (loss)
earnings:
Net (loss) income
attributable to      $(10,327)     $17,544       $46,510    $28,524
Maiden common
shareholders
Add (subtract)                                                 
Net realized and
unrealized gains on  (1,071)        (2,743)        (1,907)     (481)
investment
Foreign exchange     (320)          575            (1,638)     (323)
(gains) losses
Amortization of      1,091          1,258          4,362       5,033
intangible assets
Accelerated
amortization of
junior subordinated  --            --            --         20,313
debt discount and
issuance cost
Junior subordinated
debt repurchase      --            --            --         15,050
expense
Non-recurring
general and
administrative       --            35             --         226
expenses relating to
IIS Acquisition
Non-cash deferred    575            557            1,193       1,295
tax charge
Net operating (loss)
earnings
attributable to      $(10,052)     $17,226       $48,520    $69,637
Maiden common
shareholders (1)
                                                              
Operating (loss)
earnings per common
share attributable                                             
to Maiden
shareholders:
                                                              
Basic (loss)
earnings per common
share attributable   $(0.14)       $0.24         $0.67      $0.97
to Maiden
shareholders
Diluted (loss)
earnings per common
share attributable   $(0.14)       $0.24         $0.66      $0.96
to Maiden
shareholders
                                                              
Reconciliation of
net (loss) income
attributable to                                                
Maiden to income
from operations:
Net (loss) income
attributable to      $(6,683)      $17,544       $50,154    $28,524
Maiden
Add (subtract)                                                 
Foreign exchange     (320)          575            (1,638)     (323)
(gains) losses
Amortization of      1,091          1,258          4,362       5,033
intangible assets
Interest and
amortization         9,569          7,567          36,384      34,155
expenses
Accelerated
amortization of
junior subordinated  --            --            --         20,313
debt discount and
issuance cost
Junior subordinated
debt repurchase      --            --            --         15,050
expense
Income tax expense   715            (110)          2,213       1,927
(benefit)
Income attributable
to noncontrolling    26             8              107         3
interest
Income from          $4,398         $26,842        $91,582     $104,682
operations (2)
                                                              
                    December 31,    December 31,                
                     2012            2011
Investable assets:                                             
Total investments    $2,621,598    $2,022,853                
Cash and cash        81,543         188,082                    
equivalents
Restricted cash and  132,327        114,895                    
cash equivalents
Funds withheld (3)   26,494         29,783                     
Loan to related      167,975        167,975                    
party
Total investable     $3,029,937     $2,523,588                 
assets (3)
                                                              
                    December 31,    December 31,                
                     2012            2011
Capital:                                                       
Senior notes         $207,500      $107,500                  
Junior subordinated  126,317        126,263                    
debt
Total Maiden         1,015,239      768,642                    
shareholders' equity
Total capital (5)    $1,349,056     $1,002,405                 
                                                              

(1) Net operating earnings is a non-GAAP financial measure defined by the
Company as net income attributable to Maiden common shareholders excluding
realized and unrealized investment gains and losses, foreign exchange gains
and losses, amortization of intangible assets, accelerated amortization of
junior subordinated debt discount and issuance cost,junior subordinated debt
repurchase expense, non-recurring general and administrative expenses relating
to acquisitions and non-cash deferred tax charge and should not be considered
as an alternative to net income. The Company's management believes that net
operating earnings is a useful indicator of trends in the Company's underlying
operations. The Company's measure of net operating earnings may not be
comparable to similarly titled measures used by other companies.

(2) Income from Operations is a non-GAAP financial measure defined by the
Company as net income attributable to Maiden common shareholders excluding
foreign exchangegains and losses, amortization of intangible assets, interest
and amortization expenses, accelerated amortization of junior subordinated
debt discount and issuance cost, junior subordinated debt repurchase expense,
income tax expense and income or loss attributable to noncontrolling interest
and should not be considered as an alternative to net income.The Company's
management believes that income from operations is a useful measure of the
Company's underlying earnings fundamentals based on its underwriting and
investment income before financing costs. This income from operations enables
readers of this information to more clearly understand the essential operating
results of the Company. The Company's measure of income from operations may
not be comparable to similarly titled measures used by other companies.

(3) Investable assets is the total of the Company's investments, cash and cash
equivalents, loan to a related party and the portion of the funds withheld
balance that comprises fixed maturity securities and cash and cash
equivalents.

(4) Calculated by dividing total Maiden shareholders' equity less the
preference shares - series A by total common shares outstanding.

(5) Capital is the total of the Company's senior notes, junior subordinated
debt and Maiden shareholders' equity.

(6) During a period of loss, the basic weighted average common shares
outstanding is used in the denominator of the diluted loss per common share
computation as the effect of including potential dilutive shares would be
anti-dilutive.


Maiden Holdings, Ltd.
Supplemental Financial Data - Segment Information
(in thousands (000's))
(Unaudited)
                                                               
For the Three Months    Diversified    AmTrust Quota   ACAC Quota
Ended December 31, 2012 Reinsurance    Share           Share
                                       Reinsurance                 Total
Net premiums written    $139,073     $232,444      $71,128   $442,645
Net premiums earned     $191,728     $214,793      $72,674   $479,195
Other insurance revenue 3,240          --            --        3,240
Net loss and loss       (171,533)     (144,080)      (49,237)   (364,850)
adjustment expenses
Commissions and other   (43,314)      (58,262)       (22,611)   (124,187)
acquisition expenses
General and             (9,102)       (505)          (171)      (9,778)
administrative expenses
Underwriting (loss)     $(28,981)    $11,946       $655      $(16,380)
income
                                                               
Reconciliation to net
loss attributable to                                            
Maiden common
shareholders
Net investment income
and realized and                                                22,187
unrealized gains on
investment
Amortization of                                                 (1,091)
intangible assets
Foreign exchange gains                                          320
Interest and                                                    (9,569)
amortization expenses
Other general and                                               (1,409)
administrative expenses
Income tax expense                                              (715)
Income attributable to                                          (26)
noncontrolling interest
Dividends on preference                                         (3,644)
shares
                                                               
Net loss attributable
to Maiden common                                                $(10,327)
shareholders
                                                               
Net loss and loss
adjustment expense      88.0%          67.1%           67.8%       75.6%
ratio (7)
Commission and other
acquisition expense     22.2%          27.1%           31.1%       25.7%
ratio (8)
General and
administrative expense  4.7%           0.2%            0.2%        2.4%
ratio (9)
Combined ratio (10)     114.9%         94.4%           99.1%       103.7%
                                                               
                                                               
                                                               
                                                               
For the Three Months    Diversified    AmTrust Quota   ACAC Quota
Ended December 31, 2011 Reinsurance    Share           Share
                                       Reinsurance                 Total
Net premiums written    $192,547     $152,618      $63,304   $408,469
Net premiums earned     $206,062     $147,756      $64,015   $417,833
Other insurance revenue 1,276          --            --        1,276
Net loss and loss       (152,376)     (101,257)      (43,136)   (296,769)
adjustment expenses
Commissions and other   (38,530)      (40,324)       (20,285)   (99,139)
acquisition expenses
General and             (11,569)      (481)          (212)      (12,262)
administrative expenses
Underwriting income     $4,863       $5,694        $382      $10,939
                                                               
Reconciliation to net
income attributable to                                          
Maiden common
shareholders
Net investment income
and realized and                                                19,926
unrealized gains on
investment
Amortization of                                                 (1,258)
intangible assets
Foreign exchange losses                                         (575)
Interest and                                                    (7,567)
amortization expenses
Other general and                                               (4,023)
administrative expenses
Income tax benefit                                              110
Income attributable to                                          (8)
noncontrolling interest
                                                               
Net income attributable
to Maiden common                                                $17,544
shareholders
                                                               
Net loss and loss
adjustment expense      73.5%          68.5%           67.4%       70.8%
ratio (7)
Commission and other
acquisition expense     18.6%          27.3%           31.7%       23.7%
ratio (8)
General and
administrative expense  5.6%           0.3%            0.3%        3.8%
ratio (9)
Combined ratio (10)     97.7%          96.1%           99.4%       98.3%
                                                               
(7) Calculated by dividing net loss and loss adjustment expenses by net
premiums earned and other insurance revenue.
(8) Calculated by dividing commission and other acquisition expenses by net
premiums earned and other insurance revenue.
(9) Calculated by dividing general and administrative expenses by net premiums
earned and other insurance revenue.
(10) Calculated by adding together net loss and loss adjustment expense ratio,
commission and other acquisition expense ratio and general and administrative
expense ratio.


Maiden Holdings, Ltd.
Supplemental Financial Data - Segment Information
(in thousands (000's))
(Unaudited)
                                                              
For the Year Ended     Diversified    AmTrust Quota   ACAC Quota
December 31, 2012      Reinsurance    Share           Share
                                      Reinsurance                 Total
Net premiums written   $765,293     $840,346      $295,646  $1,901,285
Net premiums earned    $795,341     $727,781      $280,658  $1,803,780
Other insurance        12,890        --            --        12,890
revenue
Net loss and loss      (583,970)     (494,633)      (183,745)  (1,262,348)
adjustment expenses
Commissions and other  (203,209)     (200,546)      (88,276)   (492,031)
acquisition expenses
General and
administrative         (40,951)      (1,949)        (737)      (43,637)
expenses
Underwriting (loss)    $(19,899)    $30,653       $7,900    $18,654
income
                                                              
Reconciliation to net
income attributable to                                         
Maiden common
shareholders
Net investment income
and realized and                                               83,095
unrealized gains on
investment
Amortization of                                                (4,362)
intangible assets
Foreign exchange gains                                         1,638
Interest and                                                   (36,384)
amortization expenses
Other general and
administrative                                                 (10,167)
expenses
Income tax expense                                             (2,213)
Income attributable to
noncontrolling                                                 (107)
interest
Dividends on                                                   (3,644)
preference shares
                                                              
Net income
attributable to Maiden                                         $46,510
common shareholders
                                                              
Net loss and loss
adjustment expense     72.3%          68.0%           65.5%       69.5%
ratio (7)
Commission and other
acquisition expense    25.1%          27.6%           31.5%       27.1%
ratio (8)
General and
administrative expense 5.1%           0.2%            0.2%        2.9%
ratio (9)
Combined ratio (10)    102.5%         95.8%           97.2%       99.5%
                                                              
                                                              
For the Year Ended     Diversified    AmTrust Quota   ACAC Quota
December 31, 2011      Reinsurance    Share           Share
                                      Reinsurance                 Total
Net premiums written   $798,037     $669,283      $256,201  $1,723,521
Net premiums earned    $748,387     $558,197      $245,844  $1,552,428
Other insurance        12,640        --            --        12,640
revenue
Net loss and loss      (502,375)     (380,263)      (160,416)  (1,043,054)
adjustment expenses
Commissions and other  (200,239)     (160,522)      (78,051)   (438,812)
acquisition expenses
General and
administrative         (36,374)      (2,283)        (1,635)    (40,292)
expenses
Underwriting income    $22,039      $15,129       $5,742    $42,910
                                                              
Reconciliation to net
income attributable to                                         
Maiden common
shareholders
Net investment income
and realized and                                               75,372
unrealized gains on
investment
Amortization of                                                (5,033)
intangible assets
Foreign exchange gains                                         323
Interest and                                                   (34,155)
amortization expenses
Accelerated
amortization of junior
subordinated debt                                              (20,313)
discount and issuance
cost
Junior subordinated
debt repurchase                                                (15,050)
expense
Other general and
administrative                                                 (13,600)
expenses
Income tax expense                                             (1,927)
Income attributable to
noncontrolling                                                 (3)
interest
                                                              
Net income
attributable to Maiden                                         $28,524
common shareholders
                                                              
Net loss and loss
adjustment expense     66.0%          68.1%           65.3%       66.6%
ratio (7)
Commission and other
acquisition expense    26.3%          28.8%           31.7%       28.0%
ratio (8)
General and
administrative expense 4.8%           0.4%            0.7%        3.5%
ratio (9)
Combined ratio (10)    97.1%          97.3%           97.7%       98.1%
                                                              
(7) Calculated by dividing net loss and loss adjustment expenses by net
premiums earned and other insurance revenue.
(8) Calculated by dividing commission and other acquisition expenses by net
premiums earned and other insurance revenue.
(9) Calculated by dividing general and administrative expenses by net premiums
earned and other insurance revenue.
(10) Calculated by adding together net loss and loss adjustment expense ratio,
commission and other acquisition expense ratio and general and administrative
expense ratio.

CONTACT:  Noah Fields, Vice President, Investor Relations
          Maiden Holdings, Ltd.
          Phone: 441.298.4927
          E-mail: nfields@maiden.bm

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