Maiden Holdings Announces Net Underwriting Impact From Superstorm Sandy
HAMILTON, Bermuda, Dec. 19, 2012 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. ("Maiden") (Nasdaq:MHLD) today announced its initial loss estimate from Superstorm Sandy, which impacted the Mid-Atlantic and Northeastern United States at the end of October this year.
Based on a comprehensive analysis of the Company's exposure in the affected area, as well as loss reports and estimates from clients, Maiden currently expects the underwriting impact from Superstorm Sandy, net of applicable reinsurance and the Company's quarterly provision for normalized catastrophe losses to be in the range of between $25 million and $35 million.
Maiden's exposure to this event emanates predominantly from the Company's E&S property insurance business, Maiden Specialty, and to a lesser extent from the U.S. assumed treaty reinsurance business. Maiden remains strongly capitalized and well positioned to continue to profitably support the needs of regional and specialty insurers.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A- rated (excellent) by A.M. Best, the Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. As of September 30, 2012, Maiden had $3.9 billion in assets and shareholders' equity of $1.0 billion.
Forward Looking Statements
This release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those projected as a result of significant risks and uncertainties, including non-receipt of the expected payments, changes in interest rates, effect of the performance of financial markets on investment income and fair values of investments, developments of claims and the effect on loss reserves, accuracy in projecting loss reserves, the impact of competition and pricing environments, changes in the demand for the Company's products, the effect of general economic conditions, adverse state and federal legislation, regulations and regulatory investigations into industry practices, developments relating to existing agreements, heightened competition, changes in pricing environments, and changes in asset valuations. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected is contained in Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 as updated in periodic filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statements, except as may be required by law.
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CONTACT: Noah Fields, Vice President, Investor Relations Maiden Holdings, Ltd. Phone: 441.298.4927 E-mail: firstname.lastname@example.org