v3.3.1.900

Schedule II Condensed Financial Information of Parent Company | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule II Condensed Financial Information of Parent Company | Schedule II MAIDEN HOLDINGS, LTD. CONDENSED BALANCE SHEETS — PARENT COMPANY As of December 31, 2015 and 2014 (In thousands of U.S. dollars, except share and per share data)
|  | 2015 |  | 2014
Assets |  |  |  |
Fixed maturities, available-for-sale, at fair value (Amortized cost 2015: $42,774; 2014: $43,995) |  | $ | 40,189 |  |  | $ | 44,270 |
Other investments, at fair value (Cost 2015: $5,000; 2014: $5,000) |  | 4,905 |  |  | 5,990 |
Cash and cash equivalents |  | 3,606 |  |  | 6,894 |
Investment in subsidiaries |  | 1,736,707 |  |  | 1,591,000 |
Balances due from subsidiaries |  | 120,100 |  |  | 99,809 |
Other assets |  | 1,123 |  |  | 1,387 |
Total assets |  | $ | 1,906,630 |  |  | $ | 1,749,350 |
Liabilities |  |  |  |
Accrued expenses and other liabilities |  | $ | 12,217 |  |  | $ | 11,226 |
Balances due to subsidiaries |  | 546,592 |  |  | 497,430 |
Total liabilities |  | 558,809 |  |  | 508,656 |
Shareholders’ equity |  |  |  |
Preference shares |  | 480,000 |  |  | 315,000 |
Common shares ($0.01 par value; 74,735,785 and 73,900,889 shares issued in 2015 and 2014, respectively; 73,721,140 and 72,932,702 shares outstanding in 2015 and 2014, respectively) |  | 747 |  |  | 739 |
Additional paid-in capital |  | 579,178 |  |  | 578,445 |
Accumulated other comprehensive income |  | (23,767 | ) |  | 95,293 |
Retained earnings |  | 316,184 |  |  | 255,084 |
Treasury shares, at cost (1,014,645 and 968,187 shares in 2015 and 2014, respectively) |  | (4,521 | ) |  | (3,867 | )
Total shareholders’ equity |  | 1,347,821 |  |  | 1,240,694 |
Total liabilities and shareholders’ equity |  | $ | 1,906,630 |  |  | $ | 1,749,350 |
Schedule II MAIDEN HOLDINGS, LTD. CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME — PARENT COMPANY For the Years Ended December 31, 2015, 2014 and 2013 (In thousands of U.S. dollars)
For the Year Ended December 31, |  | 2015 |  | 2014 |  | 2013
Revenues |  |  |  |  |  |
Net investment income |  | $ | 2,034 |  |  | $ | 4,892 |  |  | $ | 2,773 |
Net realized gains on investment |  | 20 |  |  | 981 |  |  | — |
Other fee revenue |  | 1,321 |  |  | — |  |  | — |
|  | 3,375 |  |  | 5,873 |  |  | 2,773 |
Expenses |  |  |  |  |  |
General and administrative expenses |  | 16,319 |  |  | 14,588 |  |  | 11,732 |
Foreign exchange losses (gains) |  | 668 |  |  | 893 |  |  | (626 | )
|  | 16,987 |  |  | 15,481 |  |  | 11,106 |
Loss before equity in earnings of consolidated subsidiaries |  | (13,612 | ) |  | (9,608 | ) |  | (8,333 | )
Equity in earnings of consolidated subsidiaries |  | 138,088 |  |  | 110,999 |  |  | 111,068 |
Net income |  | 124,476 |  |  | 101,391 |  |  | 102,735 |
Dividends on preference shares |  | (24,337 | ) |  | (24,337 | ) |  | (14,834 | )
Net income attributable to Maiden common shareholders |  | $ | 100,139 |  |  | $ | 77,054 |  |  | $ | 87,901 |
Comprehensive income (loss) attributable to Maiden |  | $ | 5,416 |  |  | $ | 170,900 |  |  | $ | (12,611 | )
Schedule II MAIDEN HOLDINGS, LTD. CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY For the Years Ended December 31, 2015, 2014 and 2013 (In thousands of U.S. dollars)
For the Year Ended December 31, |  | 2015 |  | 2014 |  | 2013
Cash flows provided by operating activities |  |  |  |  |  |
Net income |  | $ | 124,476 |  |  | $ | 101,391 |  |  | $ | 102,735 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in earnings of consolidated subsidiaries |  | (138,088 | ) |  | (110,999 | ) |  | (111,068 | )
Amortization of bond premium and discount |  | 222 |  |  | 414 |  |  | 1,209 |
Net realized gains on investment |  | (20 | ) |  | (981 | ) |  | — |
Foreign exchange losses (gains) |  | 668 |  |  | 893 |  |  | (626 | )
Non-cash share compensation expense |  | 2,938 |  |  | 3,334 |  |  | 2,205 |
Changes in assets - (increase) decrease: |  |  |  |  |  |
Balance due from subsidiaries |  | (20,930 | ) |  | (87,605 | ) |  | 42,899 |
Other assets |  | 237 |  |  | 536 |  |  | (862) |
Changes in liabilities - increase (decrease) |  |  |  |  |  |
Accounts payable and accrued liabilities |  | 12 |  |  | (138 | ) |  | 736 |
Balances due to subsidiaries |  | 49,162 |  |  | 120,069 |  |  | 16,642 |
Net cash provided by operating activities |  | 18,677 |  |  | 26,914 |  |  | 53,870 |
Cash flows used in investing activities |  |  |  |  |  |
Purchases of fixed-maturities – available-for-sale |  | — |  |  | (1,340 | ) |  | (170,882 | )
Purchases of other investments |  | — |  |  | (5,000 | ) |  | — |
Proceeds from sales of fixed-maturities – available-for-sale |  | 1,041 |  |  | 87,032 |  |  | 90,515 |
Proceeds from maturities and calls of fixed maturities |  | — |  |  | 6,857 |  |  | 46,208 |
Investment in subsidiaries |  | (122,757 | ) |  | (84,740 | ) |  | (116,807 | )
Net cash (used in) provided by investing activities |  | (121,716 | ) |  | 2,809 |  |  | (150,966 | )
Cash flows used in financing activities |  |  |  |  |  |
Preference shares issuance, net of issuance costs |  | 159,628 |  |  | — |  |  | 159,675 |
Dividends paid - preference shares |  | (24,337 | ) |  | (24,337 | ) |  | (14,834 | )
Dividends paid - Maiden common shareholders |  | (38,204 | ) |  | (32,079 | ) |  | (19,607 | )
Issuance of common shares |  | 3,318 |  |  | 592 |  |  | 1,776 |
Repurchase of common shares |  | (654 | ) |  | (66 | ) |  | — |
Net cash provided by (used in) financing activities |  | 99,751 |  |  | (55,890 | ) |  | 127,010 |
Net (decrease) increase in cash and cash equivalents |  | (3,288 | ) |  | (26,167 | ) |  | 29,914 |
Cash and cash equivalents, beginning of year |  | 6,894 |  |  | 33,061 |  |  | 3,147 |
Cash and cash equivalents, end of year |  | $ | 3,606 |  |  | $ | 6,894 |  |  | $ | 33,061 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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