Maiden Holdings, Ltd. MHLA
Maiden Holdings, Ltd. (sometimes referred to as "Maiden Holdings" or "Parent Company") is a Bermuda-based holding company. Together with its subsidiaries (collectively referred to as the "Company", "we" or "Maiden"), Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets.
The Company does not presently underwrite prospective reinsurance risks. During 2024, the Company entered into a series of strategic transactions that, upon completion, it expects will substantially transform its operations which are described below.
Valuation FY2024 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.4M | $89.2M | $58.1M | $98.7M | $184.1M | $576.1M | $2.16B | $2.14B | $2.05B | $2.57B |
| SG&A | $35.3M | $30.8M | $30.9M | $36.0M | $39.1M | $47.2M | $64.9M | $53.0M | $50.3M | $64.9M |
| Total operating expenses | $12.2M | $12.8M | $11.6M | $10.3M | $9.5M | $11.8M | $21.2M | $19.0M | $18.4M | $38.3M |
| Pre-tax income | -$199.9M | -$38.4M | -$60.6M | $26.7M | $41.7M | -$110.3M | -$449.9M | -$154.4M | $79.5M | $126.3M |
| Income tax | $1.1M | $196.0K | $557.0K | $15.0K | $104.0K | $911.0K | $441.0K | $6.8M | $413.0K | $2.0M |
| Net income | -$201.0M | -$38.6M | -$60.0M | $26.6M | $41.8M | -$131.9M | -$544.6M | -$169.9M | $49.0M | $124.5M |
| EPS, basic | -2.01 | -0.38 | 0.63 | 1.35 | 0.93 | — | -6.87 | -2.32 | 0.20 | 1.36 |
| EPS, diluted | -2.01 | -0.38 | 0.63 | 1.35 | 0.93 | -1.59 | -6.87 | -2.32 | 0.19 | 1.31 |
| Shares, diluted (wtd. avg.) | $99.9M | $101.4M | $87.1M | $86.1M | $84.3M | $83.1M | $83.1M | $85.7M | $78.7M | $85.6M |
Balance sheet
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $25.7M | $35.4M | $46.6M | $66.1M | $135.8M | $107.3M | $200.8M | $54.5M | $41.3M | $89.6M |
| Short-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Property, plant and equipment | $770.0K | $686.0K | — | — | — | — | — | — | — | — |
| Goodwill | — | — | — | — | — | — | $0 | $57.2M | $57.2M | $58.9M |
| Other intangibles | — | — | — | — | — | — | $0 | $18.4M | $20.5M | $23.0M |
| Total assets | $1.32B | $1.52B | $1.85B | $2.32B | $2.95B | $3.57B | $5.29B | $6.64B | $6.25B | $5.70B |
| Long-term debt | $254.8M | $254.6M | $255.6M | $255.3M | $255.1M | $254.9M | $254.7M | $254.5M | $351.4M | $349.9M |
| Total liabilities | $1.27B | $1.27B | $1.56B | $1.94B | $2.42B | $3.06B | $4.73B | $5.41B | $4.89B | $4.35B |
| Retained earnings | -$687.9M | -$486.9M | -$442.9M | -$498.3M | -$615.8M | -$695.8M | -$563.9M | $35.5M | $285.7M | $316.2M |
| Total equity | $45.2M | $249.2M | $284.6M | $384.3M | $527.8M | $507.7M | $554.3M | $1.23B | $1.36B | $1.35B |
Cash flow
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$67.4M | -$59.8M | -$195.9M | -$394.4M | -$541.8M | -$1.14B | $182.3M | $458.6M | $470.1M | $634.3M |
| Depreciation and amortisation | $233.0K | $269.0K | -$112.0K | $8.2M | $8.7M | $7.8M | $6.2M | $8.4M | $12.6M | $9.7M |
| Investing cash flow | $77.7M | $58.5M | $188.8M | $464.1M | $596.0M | $913.2M | $32.9M | -$359.9M | -$578.1M | -$750.7M |
| Financing cash flow | -$3.7M | -$3.0M | -$11.0M | -$138.9M | -$30.1M | -$18.0K | -$68.0M | -$60.4M | -$76.8M | $99.8M |
| Dividends paid | — | — | — | — | — | $0 | $41.6M | $51.6M | $43.1M | $38.2M |
| Buybacks | $3.7M | $2.9M | $1.0M | $2.5M | $1.0K | $18.0K | $873.0K | $25.7M | $470.0K | $654.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001412100-25-000020.
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