Bermudian-based Maiden Holdings Ltd has reported first quarter net income of $71.7 million, or 83 cents per common share.

That compares to a profit of $20.9 million in the first quarter of 2020.

LawrenceMetz, president and co-chief executive officer of Maiden, said: "We have begun 2021 in a very positive fashion, as continued operating profitability and active capital management produced a strong first quarter result.

“Like the fourth quarter, continued favourable loss development trends during the quarter and positive investment results from our evolving alternative investment portfolio resulted in positive operating performance.

“After a successful partial tender offer of our preference shares in the fourth quarter of 2020, the strong increase in book value at March 31, 2021 was primarily the result of the repurchase of $165.4 million in preference shares during the first quarter. We continue to make progress in developing attractive opportunities in our Genesis Legacy Solutions unit and we anticipate our first transactions via Genesis soon."

Patrick J Haveron, chief financial officer and co-chief executive officer, added: "We continue to make strides in building common shareholder value through our active capital management strategy which we continue to deploy, and our board has continued to support with its renewed preference share repurchase authorisation.

“Several of the investments made in 2020 are already producing attractive returns which are benefiting shareholders currently, and the pipeline of actionable investment opportunities continues to be robust. We have invested in a diverse range of asset classes so far in 2021 which we believe will produce both current income and gains in future periods and create long-term value for our shareholders.

“The run-off of our insurance liabilities is consistent with our expectations and the first quarter again produced overall favourable development, further supporting our ability to extend our capital management pillar.

“As we have previously noted building risk-adjusted investment income and gains to enable Maiden to utilise its potentially significant tax assets is a key objective to creating additional shareholder value."