Bermuda-based Maiden Holdings, Ltd. last night said net income almost doubled to $20 million in the fourth quarter compared to the same period the previous year.

The reinsurer, which has been listed on the Nasdaq stock exchange since May last year, recorded earnings of 34 cents per share, compared to $10.8 million, or 18 cents per share, in the fourth quarter of 2007.

Maiden, which was formed in 2007 to offer customised reinsurance products and services to regional and specialty insurance companies in the United States and Europe, expanded substantially with the acquisition of GMAC Re in November last year.

GMAC Re, which was renamed Maiden Re, came with 120 staff and a significant book of business.

Art Raschbaum, president and CEO of Maiden, said: "We are pleased with the company's fourth-quarter results and significant growth reflecting the acquisition of GMAC Re.

"With profitable underwriting, strengthened earnings and a high quality investment portfolio we are well positioned to build upon strong customer relationships and continue the Company's profitable expansion."

Net income for the full year was $18.8 million, while the combined ratio — the percentage of premium dollars spent on claims and expenses — was 94.9 percent for the year and 97.2 percent for the quarter.

Book value fell to $8.70 per share at the end of 2008, compared to $9.02 a year earlier. Annualised return on equity for the fourth quarter was 16.1 percent.

Net investment income for the quarter was $12.9 million, while during the year the Maiden realised net investment losses of $37.6 million.