v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Gross premiums written $ 3,434 $ 4,982 $ 1,044 $ 16,716
Net premiums written 3,261 4,090 565 14,462
Change in unearned premiums 10,051 17,218 24,511 38,061
Net premiums earned 13,312 21,308 25,076 52,523
Other insurance revenue 539 250 808 658
Net investment income 7,278 14,309 17,119 32,273
Net realized gains on investment 849 8,875 8,950 19,913
Total other-than-temporary impairment losses 0 0 0 (1,506)
Total revenues 21,978 44,742 51,953 103,861
Expenses        
Net loss and loss adjustment expenses (5,327) 11,008 (2,968) 32,094
Commission and other acquisition expenses 6,899 8,154 12,841 20,127
General and administrative expenses 8,906 9,261 22,903 17,811
Interest and amortization expenses 4,832 4,830 9,663 9,661
Foreign exchange and other losses (gains) 1,588 2,295 (1,954) (5,902)
Total expenses 16,898 35,548 40,485 73,791
Income before income taxes and interest in income of equity method investments 5,080 9,194 11,468 30,070
Less: income tax benefit (257) (18) (208) (3)
Add: Interest in income of equity method investments 2,775 0 5,722 0
Net income 8,112 9,212 17,398 30,073
Gain from repurchase of preference shares 18,714 0 81,164 0
Net income available to Maiden common shareholders, basic 26,826 9,212 98,562 30,073
Net income available to Maiden common shareholders, diluted $ 26,826 $ 9,212 $ 98,562 $ 30,073
Basic earnings per share attributable to common shareholders (in dollars per share) $ 0.31 $ 0.11 $ 1.14 $ 0.35
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.31 $ 0.11 $ 1.14 $ 0.35
Weighted average number of common shares - basic (in shares) 86,230,021 84,537,385 85,684,511 83,896,804
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares) 86,235,372 84,537,385 85,688,893 83,896,804