Third Quarter Earnings Report: Maiden Holdings

November 7, 2011

Q3 2011 Q3 2010
Gross premiums written $451.13 mn $289.82 mn
9 months – 2011 2010
$1.3843 bn $951.98 mn
Net premiums earned —- $420.277 mn $309.593 mn
9 months – 2011 2010
$1.1346 bn $857.30 mn
Net income ——————– $16.002 mn $18.526 mn
9 months – 2011 2010
$10.975 mn $50.732 mn
Net operating income loss —– $21.429 mn $18.018 mn
9 months 2011 2010
$52.411 mn $55.419 mn
Q3 2011 Q3 2010
Net investment gain/loss* —- ($2.90 mn) 1.627 mn
9 months 2011 2010
($2.262 mn) – $2.474 mn
Net investment income —— $18.749 mn $17.50 mn
9 months 2011 2010
$57.708 mn $53.956 mn

Q3 Combined ratio 97.4 percent (97.0 percent in Q3 2010);
Nine months 98.0 percent (2010 96.8 percent)

* net realized and unrealized

CEO Art Raschbaum commented: “We are very pleased with our third quarter results which reflect continued underwriting discipline, solid operating performance, and continued expansion of our underwriting portfolio.

“Our growth in the quarter is the result of our 2010 international acquisition, expansion of existing client relationships, and the addition of several new client relationships. In the quarter, we continued to leverage Maiden’s specialist focus on serving the non-catastrophe needs of regional and specialty insurers, our highly efficient operating platform, our unique collateral trust, and our focus on the needs of our clients.

“Importantly, reflecting our unique business model and careful risk management, the widespread catastrophe losses experienced by the industry in the third quarter of 2011 did not adversely impact Maiden’s results. We remain committed to delivering increasing value to our shareholders and customers.”

The full report, as well as additional and supplemental information and instructions for accessing the earnings conference call may be obtained on the company’s website at: www.maiden.bm.

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