v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Gross premiums written $ 2,117 $ 521,526 $ (559,022) $ 1,144,854
Net premiums written (409) 521,028 (561,939) 1,143,679
Change in unearned premiums 134,395 (16,640) 879,027 (122,478)
Net premiums earned 133,986 504,388 317,088 1,021,201
Other insurance revenue 754 2,033 1,504 5,759
Net investment income 31,122 34,260 63,144 67,129
Net realized gains (losses) on investment 24,086 (414) 12,985 (57)
Total revenues 189,948 540,267 394,721 1,094,032
Expenses        
Net loss and loss adjustment expenses 121,561 370,001 274,250 723,207
Commission and other acquisition expenses 49,656 162,780 119,273 329,408
General and administrative expenses 12,849 14,860 28,788 30,531
Interest and amortization expenses 4,830 4,829 9,659 9,658
Foreign exchange and other gains (1,207) (4,821) (6,186) (2,414)
Total expenses 187,689 547,649 425,784 1,090,390
Income (loss) from continuing operations before income taxes 2,259 (7,382) (31,063) 3,642
Less: income tax benefit (1,026) (1,847) (1,064) (3,171)
Net income (loss) from continuing operations 3,285 (5,535) (29,999) 6,813
(Loss) income from discontinued operations, net of income tax (18,698) 8,215 (22,050) 18,210
Net (loss) income (15,413) 2,680 (52,049) 25,023
Net income from continuing operations attributable to noncontrolling interests 0 (47) 0 (118)
Net (loss) income attributable to Maiden (15,413) 2,633 (52,049) 24,905
Dividends on preference shares 0 (8,546) 0 (17,091)
Net (loss) income attributable to Maiden common shareholders $ (15,413) $ (5,913) $ (52,049) $ 7,814
Basic and diluted earnings (loss) from continuing operations per share attributable to Maiden common shareholders (in dollars per share) $ 0.04 $ (0.17) $ (0.36) $ (0.13)
Basic and diluted (loss) earnings from discontinued operations per share attributable to Maiden common shareholders (in dollars per share) (0.23) 0.10 (0.27) 0.22
Basic and diluted (loss) earnings per share attributable to Maiden common shareholders (in dollars per share) $ (0.19) $ (0.07) $ (0.63) $ 0.09
Weighted average number of common shares - basic (in shares) 83,058,123 83,126,204 83,008,888 83,083,545
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares) 83,075,156 83,126,204 83,008,888 83,083,545