Bermudian-based Maiden Holdings Ltd has reported a net loss attributable to common shareholders of $8.2 million for the third quarter of the year.

That compares to net income of $2.9 million in the third quarter of 2021.

Non-GAAP operating loss was $21.1 million in the quarter compared to a non-GAAP operating loss of $3.1 million for the same period in 2021.

Maiden's book value per common share was $2.38 at September 30 compared to $2.60 at December 31, 2021.

Adjusted for the unamortised deferred gain on ceded retroactive reinsurance of $35.1 million at September 30, the company's adjusted book value per common share was $2.79 at September 30.

Net premiums written in the quarter were $5.2 million compared to $7 million for the same period in 2021.

Net premiums earned decreased by $2.8 million or 18.5 per cent compared to the same period in 2021.

Net investment income decreased by $0.8 million or 11.2 per cent compared to the third quarter a year ago.

Patrick J Haveron and Lawrence F Metz, Maiden’s co-chief executive officers said: "This morning’s announcement of the planned exchange of our outstanding preference shares for our common shares not only creates value and liquidity for our preference shareholders, it will also be significantly accretive to our book value per common share.

“The exchange simplifies Maiden’s balance sheet, increases the liquidity in our common shares and expands the capital flexibility for the company on a longer-term basis.

“We estimate that completion of the planned exchange will increase our book value by approximately $0.82 per common share in the fourth quarter of 2022, and when factoring in our prior repurchases, our capital management measures over the last two years have added approximately $2.63 in book value per common share.

“We look forward to completing this transaction in the coming weeks."