Bermudian-based Maiden Holdings Limited has reported a net loss attributable to Maiden common shareholders of $11.3 million for the first quarter of 2023.

That compares to net income available to Maiden common shareholders of $1.6 million in the prior year quarter.

Maiden's book value per common share was $2.66 at March 31, compared to $2.80 at December 31, 2022.

Adjusted for the unamortised deferred gain on ceded retroactive reinsurance of $47 million at March 31, the company's adjusted book value per common share was $3.12 at quarter-end, the company said.

Maiden also announced a change to its co-CEO leadership structure.

The board of directors has named Patrick J Haveron its sole chief executive officer and Lawrence F Metz as executive vice-chairman while remaining as group president. Mr Haveron will continue as the company’s chief financial officer.

Mr Haveron said: “First quarter results were impacted by an underwriting loss in both our AmTrust Reinsurance and Diversified segments.

“The AmTrust Reinsurance segment reported an underwriting loss of $6.3 million which was largely the result of adverse prior year loss development of $2.9 million during the quarter as adverse development in auto liability and specialty programmes were the principal drivers of the results.

“In addition, while smaller than last year, continuing negative premium adjustments from the run off of our terminated AmTrust reinsurance contracts contributed $3.9 million to the underwriting loss.

“Our GLS unit reported a small loss, largely reflecting adjustments to a previously recognised gain on acquisition of certain assets.”