Maiden Holdings Ltd, the Bermudian-based holding company, has reported first quarter net income available to common shareholders of $1.6 million compared with net income of $71.7 million in the first quarter of 2021.

The company said that the most significant items affecting financial performance on a comparative basis included a gain from repurchase of preference shares of $3.5 million for the three months ended March 31 compared with $62.5 million in the same period last year.

The company reported an underwriting loss of $1.7 million in the quarter compared with underwriting income of $1.6 million in the same period in 2021.

Total income from investment activities was $10.1 million compared with $20.9 million in the prior year quarter.

Net premiums written were minus $10.3 million compared with minus $2.7 million for the same period in 2021.

Net premiums earned decreased by $10.6 million or 90.5 per cent for the quarter.

Maiden's book value per common share was $2.47 at March 31, compared with $2.60 at December 31.

Patrick J Haveron and Lawrence F Metz, Maiden’s co-chief executive officers, said: "Positive progress was made during the first quarter across our strategic pillars despite a modest decrease in our book value, which was largely the result of the rising interest rate environment.

“Genesis Legacy Solutions completed multiple transactions during the quarter, growing its base of insurance liabilities to $37.1 million.

“Our alternative asset portfolio grew by an additional 11.1 per cent during the first quarter and produced returns solidly above our benchmark cost of debt capital, and we expect further growth from that portfolio in coming quarters.

“Capital management had a more limited impact on our first quarter 2022 results but still contributed $3.5 million in gains during the period, bringing the total impact of our capital management initiatives to $1.52 per common share since the fourth quarter of 2020."

They added: "The net favourable trends in the run-off of our former reinsurance liabilities continued but were more than offset by the $5.1 million of underwriting loss impact from higher than expected negative premium adjustments in our AmTrust cession.

“Our first quarter earnings were also hindered by unrealised losses on our fixed-income portfolio of $0.26 per common share as interest rates rose sharply during the first quarter.”