Bermudian-based Maiden Holdings Ltd has reported a net loss attributable to common shareholders of $10 million for the second quarter of 2024.

That compares with a net loss of $2.3 million in the prior year quarter.

The company said book value per common share decreased 4 per cent to $2.38 and adjusted book value per common share decreased 0.6 per cent to $3.17 per common share at June 30.

Maiden's adjusted non-GAAP operating loss was $7.7 million in the quarter.

Net premiums written for the quarter were $8.3 million, which compares with $6.9 million for the same period in 2023.

Net investment income decreased by $3.6 million or 33.9 per cent for the three months ended June 30, compared with the same period in 2023 primarily due to lower interest income earned on the company's funds withheld receivable.

A deferred gain on the company’s loss portfolio transfer and adverse development cover agreement with Cavello Bay Reinsurance Ltd increased by $2.3 million to $78.2 million at June 30, due to adverse prior year loss development, which is expected to be recoverable over time as future GAAP income with $76.8 million remaining in additional limit.

Recoveries under the LPT/ADC Agreement, and associated GAAP income recognition, are expected to begin in the fourth quarter of this year, the company said.

Patrick J. Haveron, Maiden’s chief executive, said: “Despite the contributions of continuing positive investment results which moderated somewhat during the second quarter, and the stabilising effects of our LPT/ADC Agreement, adjusted book value, which we believe represents Maiden’s true economic value, fell slightly during the quarter.”

He added: “As the benefits of the LPT/ADC Agreement begin to be amortised though our GAAP income statement, it reinforces why adjusted book value, which includes the $78.2 million deferred gain presently on the balance sheet, is a key metric in evaluating Maiden’s value.

“It's also worth noting that under the provisions of the LPT/ADC Agreement, we still have an additional $76.8 million in available limit to absorb subject loss development should it occur in the future.”