Maiden Holdings has reported revenues of $266.2m for the fourth quarter of 2009, an increase of 16% compared to $181.56m for the same period last year.
The company’s gross premiums written were $247.3m compared to $340.5m for the same period last year. Net premiums written decreased to $234m from $340.5m, while Net premium earned increased to $248.6m from $163.8m. Operating income for the quarter increased to $28.8m from $22.2m in the same period last year.
For the fourth quarter ended December 31, 2009, the company posted net income of $16.7m, or $0.24 per diluted share compare to a net income of $20m or $0.34 per diluted share for the same period last year.
For the full year 2009, the company has reported revenues of $983.1m compared to $419.8m in 2008. Net income was $61m, or $0.87 per diluted share, compared to $18.8m, or $0.32 per diluted share in 2008. Operating income increased to $101m from $21.4m last year.
Art Raschbaum, president and CEO of Maiden Holdings, said: Our fourth quarter and full year results reflect our intense effort as we integrated two operating platforms while maintaining a strong, non-catastrophe, client value proposition as well as our underwriting and pricing discipline even in the face of challenging market conditions.
“The January renewal season provided additional confirmation of the value of our business model as we achieved our client retention target of 85% or better. These results, in addition to our newly consummated relationship with American Capital Acquisition Corporation, solidly position us in the face of competitive pressures and a continued low yield environment.”