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Maiden (MHLD)

Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets mostly in the insurance and related financial services industries where the company can leverage its deep knowledge of those markets. Maiden also provides a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core, working with clients to develop and implement finality solutions including acquiring entire companies.

Company profile

Ticker
MHLD, MHLA, MH-PA, MH-PC, MH-PD, MHNC
Exchange
Website
CEO
Lawrence Frederic Metz / Patrick Joseph Haveron
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Maiden Holdings • Maiden Global Servicing Company, LLC • Maiden Reinsurance Ltd. • Genesis Legacy Solutions, LLC • GLS Services Company • Genesis Legacy Insurance Company (Vermont) Limited • Cypress – Genesis Incorporated Cell Company • AMS – Genesis Incorporated Cell Company • NEKO 2018 A, LLC • NEKO 2018 D, LLC ...

MHLD stock data

Calendar

9 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 61.47M 61.47M 61.47M 61.47M 61.47M 61.47M
Cash burn (monthly) 3.47M 1.02M (no burn) (no burn) 4.23M 24.78M
Cash used (since last report) 10.65M 3.14M n/a n/a 12.96M 76.03M
Cash remaining 50.81M 58.33M n/a n/a 48.5M -14.56M
Runway (months of cash) 14.6 57.0 n/a n/a 11.5 -0.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
18 Jul 22 Metz Lawrence F. Common Shares Sale back to company Dispose D No Yes 2.0917 10,000 20.92K 1,556,699
21 Jun 22 Metz Lawrence F. Common Shares Sale back to company Dispose D No Yes 2.0301 10,000 20.3K 1,566,699
1 Jun 22 Thomas Keith A Restricted Common Shares Grant Acquire A No No 0 26,639 0 26,639
1 Jun 22 Neff Raymond Michael Restricted Common Shares Grant Acquire A No No 0 26,639 0 26,639
1 Jun 22 Lyons Simcha G Restricted Common Shares Grant Acquire A No No 0 26,639 0 26,639
97.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 61 62 -1.6%
Opened positions 18 5 +260.0%
Closed positions 19 6 +216.7%
Increased positions 10 12 -16.7%
Reduced positions 23 25 -8.0%
13F shares Current Prev Q Change
Total value 106.93M 129.33M -17.3%
Total shares 43.15M 48.56M -11.1%
Total puts 0 0
Total calls 53.9K 19.4K +177.8%
Total put/call ratio
Largest owners Shares Value Change
Phillips Ray Capital Management 7.83M $23.97M 0.0%
Catalina 6.64M $17.27M 0.0%
683 Capital Partners 4.35M $9.53M -26.0%
683 Capital Management 4.35M $8.44M -15.0%
Dimensional Fund Advisors 3.79M $7.36M +0.6%
Talkot Capital 3.32M $7.64M +19.2%
Goldman Sachs Asset Management 3.02M $0 0.0%
Vanguard 2.94M $5.7M -8.8%
BLK Blackrock 1.05M $2.05M -75.9%
Whitefort Capital Management 965.8K $1.87M +145.9%
Largest transactions Shares Bought/sold Change
BLK Blackrock 1.05M -3.32M -75.9%
683 Capital Partners 4.35M -1.53M -26.0%
683 Capital Management 4.35M -768.47K -15.0%
STT State Street 221.54K -747.02K -77.1%
Millennium Management 689.58K +689.58K NEW
Whitefort Capital Management 965.8K +573.07K +145.9%
Talkot Capital 3.32M +535.45K +19.2%
Geode Capital Management 627.77K -535.25K -46.0%
NTRS Northern Trust 133.99K -456.42K -77.3%
GS Goldman Sachs 424.13K +374.47K +754.1%

Financial report summary

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Competition
PartnerreArch CapitalAxis Capital
Risks
  • While our shareholders' equity has improved since 2019, we have incurred volatile operating results in recent years. There can be no assurance that we will maintain operating profitability or return to active underwriting of new prospective reinsurance risks.
  • The inability of management to successfully implement its business strategy could result in a further decline of capital, materially adversely affecting our financial condition and results of operations, and may create enhanced risks.
  • Our actual losses may be greater than our reserve for loss and LAE, which could materially negatively impact our financial condition and results of operations.
  • The effects of emerging claim and coverage issues on our business are uncertain.
  • Our business is subject to risks related to litigation. Losses from legal and regulatory actions may have a material adverse effect on our reputation, operating results, cash flows, financial condition and prospects.
  • Our reinsurers may not pay losses in a timely fashion, or at all, which could have a material adverse effect on our results of operations or financial condition.
  • We may or may not use retrocessional and reinsurance coverage to limit our exposure to risks. Any retrocessional or reinsurance coverage that we obtain may be limited, and credit and other risks associated with our retrocessional and reinsurance arrangements may result in losses which could adversely affect our financial condition and results of operations.
  • The failure of any of the loss limitation methods we have employed or could employ in the future could have a material adverse effect on our results of operations or financial condition.
  • We depend on the policies, procedures and expertise of ceding companies for the business we have written in the past; these companies may have failed to accurately assess and price the risks they have underwritten, which may lead us to inaccurately assess and price the risks we assumed.
  • The failure of our underwriting process and risk management could have an adverse effect on our results of operations or financial condition.
  • We may be required to accelerate the amortization of deferred acquisition costs or establish premium deficiency reserves.
  • Failure of our information technology systems could disrupt our business and adversely impact our profitability.
  • Technology breaches or failures, including, but not limited to, those resulting from cyber-attacks on us or our business partners and service providers, could disrupt or otherwise negatively impact our business.
  • Ongoing economic uncertainty could materially and adversely affect our business, our liquidity and financial condition.
  • We may face substantial exposure to losses from terrorism, acts of war and political instability.
  • We may not have sufficient unrestricted liquidity to meet our obligations.
  • A significant amount of our invested assets are subject to changes in interest rates and market volatility. If we are unable to realize our investment objectives, our financial condition and results of operations may be adversely affected.
  • The determination of the fair values of our investments and whether a decline in the fair value of an investment is other-than-temporary are based on management’s judgment and may prove to be incorrect.
  • Our investments in alternative investments and our investments in joint ventures and/or entities accounted for using the equity method may be illiquid and volatile in terms of value and returns, which could negatively affect our investment income and liquidity.
  • We may require additional capital in the future, which may not be available on favorable terms or at all.
  • We do not anticipate paying any cash dividends on our common shares for the foreseeable future and there can be no assurance that dividends on the Preference Shares will resume.
  • Our failure to comply with restrictive covenants contained in the documents governing our Senior Notes or any future credit facility could trigger prepayment obligations, which could adversely affect our business, financial condition and results of operations.
  • We may be adversely impacted by claims inflation.
  • A decrease in the fair value of our subsidiaries may result in future impairments.
  • Compliance by our insurance subsidiaries with the legal and regulatory requirements to which they are subject is expensive. Any failure to comply could have a material adverse effect on our business.
  • Our industry is highly regulated and we are subject to significant legal restrictions and these restrictions may have a material adverse effect on our business, financial condition, results of operations, liquidity, cash flows and prospects.
  • Changes in accounting principles and financial reporting requirements could result in material changes to our reported results of operations and financial condition.
  • Legislation enacted in Bermuda in response to the EU’s review of harmful tax competition could adversely affect our operations.
  • Our holding company structure and certain regulatory and other constraints affect our ability to pay dividends and make other payments.
  • Our common shares may be at risk for delisting from the NASDAQ Capital Market in the future. Delisting could adversely affect the liquidity of our common shares and the market price of our common shares could decrease.
  • The Preference Shares are equity and are subordinate to our existing and future indebtedness and other liabilities.
  • We have risks related to the Company’s Senior Notes.
  • A few significant shareholders may influence or control the direction of our business. If the ownership of our common shares continues to be highly concentrated, it may limit your ability and the ability of other shareholders to influence significant corporate decisions.
  • Dividends on the Series A, Series C and Series D Preference Shares are non-cumulative.
  • Voting Rights for Shareholders of Series A, Series C and Series D Preference Shares have previously been invoked.
  • We may consider varying the terms of our preference securities subject to a vote of preference shareholders as required.
  • Our revenues and results of operations may fluctuate as a result of factors beyond our control, which may cause the price of our shares to be volatile.
  • The market price for our common ordinary shares has been and may continue to be highly volatile, and if there is a further sustained decline in our share price there could be limited liquidity for our common ordinary shares.
  • Provisions in our bye-laws may reduce or increase the voting rights of our shares.
  • Anti-takeover provisions in our bye-laws could impede an attempt to replace or remove our directors, which could diminish the value of our common shares.
  • It may be difficult for a third party to acquire us.
  • U.S. persons who own our shares may have more difficulty in protecting their interests than U.S. persons who are shareholders of a U.S. corporation.
  • We are a Bermuda company, and it may be difficult to enforce judgments against us or our directors and executive officers.
  • We are dependent on our key executives. We may not be able to attract and retain key employees or successfully implement our newly formulated business strategy.
  • Our employee attrition recently has been high and may affect our ability to adequately manage our business.
  • Our business in Bermuda could be adversely affected by Bermuda employment restrictions.
  • Our offices that operate in jurisdictions outside Bermuda and the U.S. are subject to certain limitations and risks that are unique to foreign operations.
  • The U.K.'s vote in favor of leaving the EU could adversely affect us.
  • Foreign currency fluctuations may reduce our net income and our capital levels adversely affecting our financial condition.
  • Significant changes in our reinsurance relationship with AmTrust have reduced our current and future revenues and create significant uncertainty for sources of future liquidity.
  • Our initial arrangements with AmTrust were negotiated while we were its affiliate. The arrangements could be challenged as not reflecting terms that we would agree to in arm’s-length negotiations with an independent third party; moreover, our business relationship with AmTrust and its subsidiaries may present, and may make us vulnerable to, possible adverse tax consequences, difficult conflicts of interest, and legal claims that we have not acted in the best interest of our shareholders.
  • Our non-executive Chairman of the Board currently holds the positions of Chief Executive Officer and Chairman of AmTrust. These dual positions may present, and make us vulnerable to, difficult conflicts of interest and related legal challenges.
  • The amount of collateral we provide to AmTrust could limit our unrestricted liquidity and impact our ability to fulfill our obligations in certain circumstances.
  • The property and casualty insurance and reinsurance industry is cyclical in nature, which may affect our overall financial performance.
  • Negative developments in the U.S. workers’ compensation insurance industry could adversely affect our financial condition and results of operations.
  • Reinsurance is a highly competitive industry.
  • Consolidation in the insurance and reinsurance industry and increased competition on premium rates could lead to lower margins for us and less demand for our products and services if and when we resume active reinsurance underwriting of new prospective risks.
  • We may become subject to taxes in Bermuda after 2035, which may have a material adverse effect on our financial condition and operating results and on an investment in our shares.
  • OECD two-pillar solution to address the tax challenges arising from the digital economy may apply to our activities.
  • We may be subject to U.S. federal income tax, which would have an adverse effect on our financial condition and results of operations and on an investment in our shares.
  • U.S. Persons who hold our shares may be subject to U.S. federal income taxation at ordinary income rates on their proportionate share of Maiden Reinsurance’s related person insurance income ("RPII").
  • U.S. Persons who dispose of our shares may be subject to U.S. federal income taxation at the rates applicable to dividends on a portion of their gains if any.
  • U.S. Persons who hold our shares will be subject to adverse U.S. federal income tax consequences if Maiden Holdings is considered to be a passive foreign investment company.
  • U.S. Persons who hold 10% or more of Maiden Holdings’ shares directly or through foreign entities may be subject to taxation under the U.S. CFC rules.
  • The 2017 U.S. tax reform legislation, as well as possible future tax legislation and regulations, could materially adversely affect an investment in our shares.
  • We may be subject to U.K. taxes, which would have an adverse effect on our financial condition and results of operations and on an investment in our shares.
  • Our retroactive underwriting utilizes reinsurance brokers and other producers, including third party administrators and financial institutions, and the failure to develop or maintain these relationships could materially adversely affect our ability to market our products and services should we begin to pursue active reinsurance underwriting.
  • Our reliance on brokers subjects us to their credit risk.
  • We could incur substantial losses and reduced liquidity if one of the financial institutions we use in our operations fails.
Management Discussion
  • (1)Non-GAAP operating earnings, non-GAAP operating earnings per common share, and annualized non-GAAP operating return on average common shareholders' equity are non-GAAP financial measures. See "Key Financial Measures" for additional information.
  • (2)Please refer to "Notes to Condensed Consolidated Financial Statements (unaudited) Note 12. Earnings per Common Share" for the calculation of basic and diluted income per common share.
  • (3)Underwriting income or loss is a non-GAAP measure and is calculated as net premiums earned plus other insurance revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. See "Key Financial Measures" for additional information.

Content analysis

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Readability
H.S. sophomore Avg
New words: advantage, cedant, environment, flat, flow, horizon, indemnification, input, isolation, lapse, lesser, model, modest, notification, quickly, reinvesting
Removed: headcount, qualified, thousand