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PRESS RELEASE MAIDEN HOLDINGS , LTD Maiden Holdings , Ltd. Announces Second Quarter 2021 Financial Results PEMBROKE , Bermuda , August 9 , 2021 - Maiden Holdings , Ltd. ( NASDAQ : MHLD ) ( " Maiden " or the " Company " ) today reported second quarter 2021 net income available to Maiden common shareholders of $ 26.8 million or $ 0.31 per diluted common share , compared to a net income of $ 9.2 million or $ 0.11 per diluted common share in the second quarter of 2020 . Non - GAAP operating earnings ( 5 ) were $ 13.9 million or $ 0.16 per diluted common share for the second quarter of 2021 , compared to non - GAAP operating earnings of $ 1.2 million or $ 0.01 per diluted common share for the same period in 2020 . Maiden's book value per common share ( ¹ ) was $ 2.58 at June 30 , 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 June 30 , 2021 of $ 54.3 million , the Company's adjusted book value per common share ( 2 ) was $ 3.21 at June 30 , 2021 . Commenting on the second quarter of 2021 financial results , Patrick J. Haveron and Lawrence F. Metz , Maiden's Co - Chief Executive Officers stated , " Our sixth consecutive quarter of operating profitability again featured modest favorable loss development , lower operating expenses and additional returns from our expanded investment activities . We have added $ 1.38 in book value per common share since commencing our capital management initiatives in the fourth quarter of 2020 and we now own majorities of each issue of our preference shares . Genesis is completing its first significant transaction consistent with its business plan and we believe this platform will be a productive channel for Maiden to create further shareholder value over the long - term . " Messrs . Haveron and Metz added , " The second quarter saw us continue to make productive use of our capital management strategy and create additional value for our shareholders and our Board believes we have ample authorization to continue to prudently employ this strategy . We are continuing to take advantage of attractive investment opportunities with outstanding partners across a range of asset classes , including private equity and credit , real estate and venture capital . We believe the returns produced by these investments will exceed our cost of capital , in particular our cost of debt capital , and we believe this approach will build long - term shareholder value via risk - adjusted investment income and gains to enable Maiden to utilize its potentially significant tax assets . While it may be an extended period of time before we can determine if the actual returns will achieve this objective , we are confident that this will be a fruitful path forward for us . The run - off of our insurance liabilities remains consistent with our expectations , and we continue to make progress in managing expenses down to an appropriate level for the scope of our ongoing operations . " Consolidated Results for the Quarter Ended June 30 , 2021 Net income available to Maiden common shareholders for the three months ended June 30 , 2021 was $ 26.8 million compared to a net income of $ 9.2 million for the same period in 2020. The net improvement in our results for the three months ended June 30 , 2021 compared to the same period in 2020 was primarily due to the following factors : gain from repurchase of preference shares of $ 18.7 million for the three months ended June 30 , 2021 , due to the purchase , primarily via private negotiation with certain security holders for preference shares during the second quarter of 2021 . • net income of $ 8.1 million compared to net income of $ 9.2 million for the same period in 2020 largely due to the following factors : о underwriting income ( 4 ) of $ 8.5 million in second quarter of 2021 compared to an underwriting loss of $ 17.0 thousand in the same period in 2020. The improvement in underwriting income was largely due to ; " favorable prior year loss development of $ 12.8 million in the second quarter of 2021 compared to favorable prior year loss development of $ 0.1 million during the same period in 2020 primarily related to the quota share reinsurance agreements with AmTrust Financial Services , Inc. ( " AmTrust ” ) , or the AmTrust Reinsurance segment ; and partially offset by : underwriting loss of $ 4.3 million in the second quarter of 2021 on a current accident year basis compared to an underwriting loss of $ 0.1 million for the same period in 2020 on a current accident year basis , due to