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PRESS RELEASE MAIDEN HOLDINGS , LTD Maiden Holdings , Ltd. Announces First Quarter 2021 Financial Results PEMBROKE , Bermuda , May 10 , 2021 - Maiden Holdings , Ltd. ( NASDAQ : MHLD ) ( " Maiden " or the " Company " ) today reported first quarter 2021 net income available to Maiden common shareholders of $ 71.7 million or $ 0.83 per diluted common share , compared to a net income of $ 20.9 million or $ 0.25 per diluted common share in the first quarter of 2020 . Non - GAAP operating earnings ( 5 ) were $ 47.3 million or $ 0.55 per diluted common share for the first quarter of 2021 , compared to non - GAAP operating earnings of $ 3.1 million or $ 0.04 per diluted common share for the same period in 2020 . Maiden's book value per common share ( ¹ ) was $ 2.29 at March 31 , 2021 compared to $ 1.57 at December 31 , 2020. On a non- GAAP basis , adjusted for the unamortized deferred gain on retroactive reinsurance recognized as of March 31 , 2021 of $ 65.1 million , the Company's adjusted book value per common share ( 2 ) was $ 3.05 at March 31 , 2021 . Commenting on the first quarter of 2021 financial results , Lawrence F. Metz , Maiden's President and Co - Chief Executive Officer said , " We have begun 2021 in a very positive fashion , as continued operating profitability and active capital management produced a strong first quarter result . Like the fourth quarter , continued favorable loss development trends during the quarter and positive investment results from our evolving alternative investment portfolio resulted in positive operating performance . After a successful partial tender offer of our preference shares in the fourth quarter of 2020 , the strong increase in book value at March 31 , 2021 was primarily the result of the repurchase of $ 165.4 million in preference shares during the first quarter . We continue to make progress in developing attractive opportunities in our Genesis Legacy Solutions unit and we anticipate our first transactions via Genesis soon . " Patrick J. Haveron , Maiden's Co - Chief Executive Officer and Chief Financial Officer added , " We continue to make strides in building common shareholder value through our active capital management strategy which we continue to deploy , and our Board has continued to support with its renewed preference share repurchase authorization . Several of the investments made in 2020 are already producing attractive returns which are benefiting shareholders currently , and the pipeline of actionable investment opportunities continues to be robust . We have invested in a diverse range of asset classes so far in 2021 which we believe will produce both current income and gains in future periods and create long - term value for our shareholders . The run - off of our insurance liabilities is consistent with our expectations and the first quarter again produced overall favorable development , further supporting our ability to extend our capital management pillar . As we have previously noted building risk - adjusted investment income and gains to enable Maiden to utilize its potentially significant tax assets is a key objective to creating additional shareholder value . " Net income available to Maiden common shareholders for the three months ended March 31 , 2021 was $ 71.7 million compared to a net income of $ 20.9 million for the same period in 2020. The net improvement in our results for the three months ended March 31 , 2021 compared to the same period in 2020 was primarily due to the following factors : gain from repurchase of preference shares of $ 62.5 million for the three months ended March 31 , 2021 , due to the purchase , primarily via private negotiation with certain security holders for preference shares during the first quarter of 2021 . • net income of $ 9.3 million compared to net income of $ 20.9 million for the same period in 2020 largely due to the following factors : о underwriting income ( 4 ) of $ 1.6 million in first quarter of 2021 compared to an underwriting loss of $ 3.7 million in the same period in 2020. The improvement in the underwriting income was largely due to favorable prior year loss development of $ 5.6 million in the first quarter of 2021 compared to favorable loss development of $ 0.5 million during