Maiden Holdings has reported total revenues of $303.2m for the second quarter of 2010, an increase of 26% compared to $240.4m for the same quarter in the year 2009.
The company posted operating income of $29.9m for the quarter compared to $24.6m for the same period last year.
Income before income taxes for the quarter were $18.9m compared to $16.2m for the same quarter in 2009.
Net written premium totaled $313.1m compared with $238.4m in the second quarter of 2009. Net earned premium of $283.8m increased 26.8% from $223.8m for the same period last year.
For the quarter ended June 30, 2010, the company posted net income of $18.6m, or $0.26 per share, compared to $16.2m, or $0.23 per share, for the same period last year.
Art Raschbaum, president and CEO of Maiden Holdings, said: “We grew operating earnings by over 50% compared with the second quarter of last year, reflecting an increase of over twenty-five percent in both earned premium and investment income.
“Importantly, consistent with Maiden’s strategy of producing stable underwriting results by focusing on lower volatility business and de-emphasizing catastrophic risk, we have avoided losses from the large industry events such as the Chilean earthquake and the Deepwater Horizon oil spill.”