Bermudian-based Maiden Holdings Ltd rejoined the Russell 2000 Index effective after the market closed on Friday.

The reinsurer said annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 7, ranking them by total market capitalisation.

Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes.

FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalisation rankings and style attributes, the company said

Patrick J Haveron and Lawrence F Metz, Maiden’s co-chief executive officers, said: “Maiden’s rejoining the Russell 2000 index reflects the progress we have made in creating and increasing shareholder value, particularly over the last year, as we have returned to profitability and significantly increased our book value.

“We are grateful to our team for their contributions to that success. We believe the increased visibility and investment community exposure that comes with rejoining the Russell indices will expose more investors to Maiden’s progress and further our ability to pursue our strategic plan.”

The company said Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.

Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

Maiden reported first quarter net income of $71.7 million, or 83 cents per common share.

That followed a fourth quarter 2020 profit of $47.7 million.