Bermuda reinsurer Maiden Holdings Ltd. last night reported a third-quarter loss of $27.5 million, thanks to losses related to fixed-income investments with collapsed banks Lehman Brothers and Washington Mutual.

Realised losses on the company's investment portfolio totalled $42.5 million.

The net loss broke down to 46 cents a share, compared to a profit of $11.3 million, or 20 cents a share, in the third quarter of 2007.

Net written premium for the July through September period was $113.2 million, down from $190.8 million in the same period last year.

Book value per share was $8.03 at September 30, compared to $9.02 at the end of 2007.

Operating earnings for the quarter were $15.02 million, while the combined ratio — the percentage of premium dollars spent on claims and expenses — was 94.7 percent for the third quarter and 93.4 percent for the first nine months of the year.