Maiden Holdings yesterday announced record net operating earnings of $29.3 million for the third quarter of the year.

The figure for the same period last year was $22.7 million.

The Bermuda-based insurer raised its dividend to 13 cents a share, an 18 percent increase.

The dividend will be payable on January 15 to shareholders as of January 2, Maiden said.

Maiden CEO Art Raschbaum said: “The third quarter reflects solid year-on-year growth in writings across Maiden’s underwriting segments, increased invested assets and investment earnings and, importantly, continued improvement in operating income and return on equity.”

Growth at the firm came from small account workers’ compensation and the Tower renewal rights transaction in the AmTrust Reinsurance segment and expansion of core client relationships in the diversified reinsurance segment.

Mr Raschbaum said: “We are committed to further strengthening return on equity, improving underwriting performance and maintaining underwriting discipline.”

The figure for the third quarter of this year equates to 38 cents per common share, compared to 31 cents per common share for the same period in 2013. The result beat the 37 cents per share estimate of analysts polled by Yahoo Finance.

Net income attributable to Maiden common shareholders was $27.8 million compared to a figure of $21.9 million for the third quarter of last year.

A total of $605.5 million worth of net premiums were written in the last quarter — an increase of 36 percent over the same period in 2013, excluding the cancelled business with the US-based National General Holdings Corporation (NGHC).

Net premiums earned totalled $592.4 million — an increase of 16.6 percent over the third quarter of 2013.

Excluding the NGHC cancellation, net premiums earned have jumped by 33.9 percent over the corresponding period last year.

Net loss and loss adjustment expenses of nearly $400 million were up 17 percent compared to the third quarter of 2013 and the loss ratio of 62.7 per cent was higher than the 66.8 per cent reported in the third quarter of 2013.

Record net investment income totalled $29.5 million last quarter, a 27 percent increase on the same period last year.

And total assets amounted to $5.1 billion in the 2014 third quarter, compared to a corresponding figure of $4.7 billion at the 2013 year end.

Maiden, through subsidiaries, provides non-catastrophic reinsurance products and services to small and mid-sized insurance firms in Europe and the US.