Bermuda-based reinsurer Maiden Holdings Ltd.'s second-quarter profits rose 18 percent compared to last year, on increased investment and underwriting revenues.

Net income was $16.3 million, compared to $13.8 million in the same period in 2008. Book value grew by more than 10 percent during the three-month period and revenues increased by almost 40 percent compared to last year.

Art Raschbaum, president and CEO of Maiden Holdings Ltd., said: "We are pleased with second quarter performance. Client and prospect acceptance remains high and the Maiden/GMAC RE integration is virtually complete.

"Highlights from the quarter include strong growth in shareholders' equity, continued improvement in investment earnings, underwriting results at near targeted levels, and written and earned premium at expected volumes. While we have made progress in investing available cash, earnings still do not yet reflect the full 'run-rate' potential.

"We expect continued growth in investment income in coming months to further strengthen earnings as we continue to carefully invest the company's cash."

Net written premium for the second quarter of 2009 was $238.4 million, compared to $171.3 million in the same period in 2008.

Annualised return on equity in the second quarter was 11.3 percent, as the company achieved a combined ratio - the percentage of premium dollars spent on claims and expenses - of 96.4 percent, compared to 92.2 percent last year

Book value per share was $8.61 as of June 30, 2009, an increase of 10.5 percent from March 31, 2009. Shareholders' equity reached $605.4 million by June 30, up by almost $100 million since the end of last year.

MAIDEN Q2 REPORT CARD

Net income: $16.3 million compared to $13.8 million in 2008.

Net written premiums: $238.4 million compared to $171.3 million in 2008.

Combined ratio: 96.4 percent compared to 92.2 percent in 2008.