Maiden Holdings Ltd
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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FY2023 · Filed Mar 12, 2024
MHLA$9.30+2.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets as of December 31, 202 and
CONSOLIDATED BALANCE SHEETS
As of December 31, 2023 and 2022
| 2023 | 2022 | |
|---|---|---|
| ASSETS | ||
| Investments: | ||
| Fixed maturities, available-for-sale, at fair value (Amortized cost: 2023 - $258,536; 2022 - $330,439) | $250,601 | $314,527 |
| Equity securities, at fair value (Cost: 2023 - $43,439; 2022 - $40,509) | 45,299 | 43,621 |
| Equity method investments | 80,929 | 80,159 |
| Other investments (Allowance for expected credit losses: 2023 - $1,023) | 182,811 | 148,753 |
| Total investments | 559,640 | 587,060 |
| Cash and cash equivalents | 35,412 | 30,986 |
| Restricted cash and cash equivalents | 7,266 | 15,638 |
| Accrued investment income | 4,532 | 4,122 |
| Reinsurance balances receivable, net (includes $9,201 and $8,395 from related parties in 2023 and 2022, respectively. Allowance for expected credit losses: 2023 - $187) | 12,450 | 10,707 |
| Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240) | 564,331 | 556,116 |
| Loan to related party | 167,975 | 167,975 |
| Deferred commission and other acquisition expenses (includes $16,605 and $23,632 from related parties in 2023 and 2022, respectively) | 17,566 | 24,976 |
| Funds withheld receivable (includes $128,451 and $416,835 from related parties in 2023 and 2022, respectively. Allowance for expected credit losses: 2023 - $19) | 143,985 | 441,412 |
| Other assets | 5,777 | 7,874 |
| Total assets | $1,518,934 | $1,846,866 |
| LIABILITIES | ||
| Reserve for loss and loss adjustment expenses (includes $752,991 and $988,684 from related parties in 2023 and 2022, respectively) | $867,433 | $1,131,408 |
| Unearned premiums (includes $44,577 and $63,443 from related parties in 2023 and 2022, respectively) | 46,260 | 67,081 |
| Deferred gain on retroactive reinsurance | 73,240 | 47,708 |
| Accrued expenses and other liabilities (includes $10,781 and $33,278 from related parties in 2023 and 2022, respectively) | 28,244 | 60,518 |
| Senior notes - principal amount | 262,361 | 262,500 |
| Less: unamortized issuance costs | 7,764 | 6,928 |
| Senior notes, net | 254,597 | 255,572 |
| Total liabilities | 1,269,774 | 1,562,287 |
| Commitments and Contingencies | ||
| EQUITY | ||
| Common shares ($0.01 par value; shares issued 2023 - 149,732,355; 2022 - 149,224,080; shares outstanding 2023 - 100,472,120; 2022 - 101,532,151) | 1,497 | 1,492 |
| Additional paid-in capital | 886,072 | 884,259 |
| Accumulated other comprehensive loss | (31,469) | (41,234) |
| Accumulated deficit | (486,945) | (442,863) |
| Treasury shares, at cost (2023 - 49,260,235 shares; 2022 - 47,691,929 shares ) | (119,995) | (117,075) |
| Total Maiden shareholders’ equity | 249,160 | 284,579 |
| Total liabilities and equity | $1,518,934 | $1,846,866 |
See accompanying notes to Consolidated Financial Statements
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