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PRESS RELEASE MAIDEN HOLDINGS , LTD Maiden Holdings , Ltd. Announces Third Quarter 2021 Financial Results PEMBROKE , Bermuda , November 9 , 2021 - Maiden Holdings , Ltd. ( NASDAQ : MHLD ) ( " Maiden " or the " Company " ) today reported third quarter 2021 net income available to Maiden common shareholders of $ 2.9 million or $ 0.03 per diluted common share , compared to a net income available to Maiden common shareholders of $ 2.2 million or $ 0.03 per diluted common share in the third quarter of 2020 . Non - GAAP operating loss ( 5 ) was $ 3.1 million or $ 0.04 per diluted common share for the third quarter of 2021 , compared to non - GAAP operating loss of $ 2.3 million or $ 0.03 per diluted common share for the same period in 2020 . Maiden's book value per common share ( ¹ ) was $ 2.50 at September 30 , 2021 compared to $ 1.57 at December 31 , 2020. On a non - GAAP basis , adjusted for unamortized deferred gain on retroactive reinsurance recognized as of September 30 , 2021 of $ 50.6 million and the fair value of certain assets within an equity method investment held by the Company of $ 7.2 million , the Company's adjusted book value per common share ( 2 ) was $ 3.16 at September 30 , 2021 . Commenting on the third quarter of 2021 financial results , Patrick J. Haveron and Lawrence F. Metz , Maiden's Co - Chief Executive Officers stated , " Our continuing capital management activities added another $ 0.07 in book value during the third quarter and brings the total increase in book value since commencing these initiatives in the fourth quarter of 2020 to $ 1.45 per common share . Along with other continuing favorable trends in prior loss development , 2021 continues to advance on a very positive note . 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 . Our net results did reflect higher current accident year losses on the run - off as well as lower investment income and unrealized losses on certain assets , producing a net result that was modestly lower than prior quarters . Finally , book value reflects unrealized losses on our fixed income portfolio of $ 0.19 per share as interest rates rose during the third quarter . " Messrs . Haveron and Metz added , " Maiden is well positioned heading into the fourth quarter . Our Genesis Legacy Solutions unit has completed its first transaction , an LPT / ADC agreement , and its pipeline for current transactions is robust . In addition to Genesis , our continuing investment at a steady pace across a range of asset classes , including private equity and credit , real estate and venture capital is expected to produce results in the fourth quarter and beyond as we increasingly deploy both legs of our strategy . As our earnings and strategy develop further , we are closely evaluating our ability to recognize the tax assets not reflected on our balance sheet today . " Consolidated Results for the Quarter Ended September 30 , 2021 Net income available to Maiden common shareholders for the three months ended September 30 , 2021 was $ 2.9 million compared to a net income available to Maiden common shareholders of $ 2.2 million for the same period in 2020. The most significant items affecting our financial performance during the third quarter of 2021 on a comparative basis to the third quarter of 2020 included : • gain from repurchase of preference shares of $ 6.0 million for the three months ended September 30 , 2021 , due to the purchase , primarily via private negotiation with certain security holders for preference shares ; • net loss of $ 3.1 million compared to net income of $ 2.2 million for the same period in 2020 largely due to the following factors : underwriting loss ( 4 ) of $ 3.6 million in third quarter of 2021 compared to an underwriting income of $ 3.4 million in the same period in 2020. The deterioration in underwriting loss was largely due to ; favorable prior year loss development of $ 5.4 million in the third quarter of 2021 compared to favorable prior year loss development of $ 7.2 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 $ 9.0 million in the third quarter of 2021 on a current accident year basis compared to