v3.21.2

Shareholders' Equity | 6 Months Ended
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Jun. 30, 2021
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders' Equity a)Common Shares At June 30, 2021, the aggregate authorized share capital of the Company is 150,000,000 shares from which 92,233,783 common shares were issued, of which 86,420,221 common shares are outstanding, and 18,600,000 preference shares were issued, all of which are outstanding. The remaining 39,166,217 shares are undesignated at June 30, 2021. Excluding the preference shares held by Maiden Reinsurance, a total of 7,255,368 preference shares are held by non-affiliates. b)Preference Shares On March 3, 2021, the Company's Board of Directors approved the repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $100,000 of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated. On May 6, 2021, the Company's Board of Directors approved the additional repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines (as may be amended), of up to $50,000 of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated. The authorizations that were approved on March 3, 2021 and May 6, 2021 as described above are collectively referred to as the "2021 Preference Share Repurchase Program". The following table shows the summary of repurchases made of the Company's preference shares pursuant to the 2021 Preference Share Repurchase Program during the three and six months ended June 30, 2021:
|  |  |  | For the Three Months Ended June 30, 2021 |  | For the Six Months Ended June 30, 2021
|  |  |  |  |  | Number of shares purchased |  | Average price of shares purchased |  | Number of shares purchased |  | Average price of shares purchased
Series A |  |  |  |  |  | 822,104 |  |  | $ | 14.52 |  |  | 3,383,740 |  |  | $ | 14.79 |
Series C |  |  |  |  |  | 646,817 |  |  | 14.17 |  |  | 2,675,778 |  |  | 14.54 |
Series D |  |  |  |  |  | 433,623 |  |  | 14.22 |  |  | 2,457,519 |  |  | 14.53 |
Total |  |  |  |  |  | 1,902,544 |  |  | 14.33 |  |  | 8,517,037 |  |  | 14.64 |
Total price paid |  |  |  |  |  | $ | 27,264 |  |  |  |  | $ | 124,658 |  |  |
Gain on purchase |  |  |  |  |  | $ | 18,714 |  |  |  |  | $ | 81,164 |  |  |
The following table shows the summary of changes for the Company's preference shares outstanding at June 30, 2021:
|  | Series A |  | Series C |  | Series D |  | Total
Outstanding shares issued by Maiden Holdings |  | 6,000,000 |  |  | 6,600,000 |  |  | 6,000,000 |  |  | 18,600,000 |
Shares held by Maiden Reinsurance - December 31, 2020 |  | 545,218 |  |  | 1,203,466 |  |  | 1,078,911 |  |  | 2,827,595 |
Shares purchased by Maiden Reinsurance during the three months ended March 31, 2021 |  | 2,561,636 |  |  | 2,028,961 |  |  | 2,023,896 |  |  | 6,614,493 |
Shares purchased by Maiden Reinsurance during the three months ended June 30, 2021 |  | 822,104 |  |  | 646,817 |  |  | 433,623 |  |  | 1,902,544 |
Total shares held by Maiden Reinsurance - June 30, 2021 |  | 3,928,958 |  |  | 3,879,244 |  |  | 3,536,430 |  |  | 11,344,632 |
Total shares held by non-affiliates - June 30, 2021 |  | 2,071,042 |  |  | 2,720,756 |  |  | 2,463,570 |  |  | 7,255,368 |
Percentage held by Maiden Reinsurance - June 30, 2021 |  | 65.5 | % |  | 58.8 | % |  | 58.9 | % |  | 61.0 | %
The Company has a remaining authorization of $25,342 for preference share repurchases at June 30, 2021. For further discussion on the components of Shareholders' Equity, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2020. c)Treasury Shares During the six months ended June 30, 2021, the Company repurchased a total of 799,548 (2020 - 834) common shares at an average price per share of $2.95 (2020 - $1.13) from employees, which represent withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares. There were no such repurchases during the three months ended June 30, 2021 (2020 - 834 common shares at an average price per share of $1.13). 6. Shareholders' Equity (continued) On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100,000 of the Company's common shares from time to time at market prices. The Company has a remaining authorization of $74,245 for share repurchases at June 30, 2021 (December 31, 2020 - $74,245). No repurchases were made during the three and six months ended June 30, 2021 and 2020 under the common share repurchase plan. d)Accumulated Other Comprehensive Income The following tables set forth financial information regarding the changes in the balances of each component of AOCI:
For the Three Months Ended June 30, 2021 |  | Change in net unrealized gains on investment |  | Foreign currency translation |  | Total
Beginning balance |  | $ | 24,605 |  |  | $ | (15,354) |  |  | $ | 9,251 |
Other comprehensive loss before reclassifications |  | (194) |  |  | (2,555) |  |  | (2,749) |
Amounts reclassified from AOCI to net income, net of tax |  | (779) |  |  | — |  |  | (779) |
Net current period other comprehensive loss |  | (973) |  |  | (2,555) |  |  | (3,528) |
Ending balance, Maiden shareholders |  | $ | 23,632 |  |  | $ | (17,909) |  |  | $ | 5,723 |
For the Three Months Ended June 30, 2020 |  | Change in net unrealized gains on investment |  | Foreign currency translation |  | Total
Beginning balance |  | $ | (22,125) |  |  | $ | (4,163) |  |  | $ | (26,288) |
Other comprehensive income (loss) before reclassifications |  | 41,677 |  |  | (3,820) |  |  | 37,857 |
Amounts reclassified from AOCI to net income, net of tax |  | (2,368) |  |  | — |  |  | (2,368) |
Net current period other comprehensive income (loss) |  | 39,309 |  |  | (3,820) |  |  | 35,489 |
Ending balance, Maiden shareholders |  | $ | 17,184 |  |  | $ | (7,983) |  |  | $ | 9,201 |
For the Six Months Ended June 30, 2021 |  | Change in net unrealized gains on investment |  | Foreign currency translation |  | Total
Beginning balance |  | $ | 49,357 |  |  | $ | (25,500) |  |  | $ | 23,857 |
Other comprehensive (loss) income before reclassifications |  | (20,700) |  |  | 7,591 |  |  | (13,109) |
Amounts reclassified from AOCI to net income, net of tax |  | (5,025) |  |  | — |  |  | (5,025) |
Net current period other comprehensive (loss) income |  | (25,725) |  |  | 7,591 |  |  | (18,134) |
Ending balance, Maiden shareholders |  | $ | 23,632 |  |  | $ | (17,909) |  |  | $ | 5,723 |
For the Six Months Ended June 30, 2020 |  | Change in net unrealized gains on investment |  | Foreign currency translation |  | Total
Beginning balance |  | $ | 21,996 |  |  | $ | (4,160) |  |  | $ | 17,836 |
Other comprehensive income (loss) before reclassifications |  | 1,589 |  |  | (3,823) |  |  | (2,234) |
Amounts reclassified from AOCI to net income, net of tax |  | (6,401) |  |  | — |  |  | (6,401) |
Net current period other comprehensive loss |  | (4,812) |  |  | (3,823) |  |  | (8,635) |
Ending balance, Maiden shareholders |  | $ | 17,184 |  |  | $ | (7,983) |  |  | $ | 9,201 |

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