Bermudian-based Maiden Holdings Ltd has reported a third-quarter net loss attributable to common shareholders of $3.5 million.

That compares with a net loss available to Maiden common shareholders of $8.2 million in the prior-year quarter.

The non-GAAP operating loss was $11.7 million, which compares with a non-GAAP operating loss of $21.1 million for the same period in 2022.

Maiden's book value per common share was $2.60 at September 30, compared with $2.80 at December 31, 2022.

Adjusted for the unamortised deferred gain on ceded retroactive reinsurance of $56.5 million at September 30, the company's adjusted book value per common share was $3.16 at the three-quarter mark of the year.

Patrick J. Haveron, Maiden’s chief executive, said: “Continued increases in our investment results were offset by a higher underwriting loss during the third quarter, primarily due to adverse loss development in both of our segments.

“The continued improvement in our investment performance was principally the result of significantly higher investment income as our floating-rate and adjustable-rate securities responded to the continuing rise in interest rates, with limited impact on asset values.

“Net investment income increased by $2.4 million. or 36.3 per cent. compared to last year's third quarter, and with 37.8 per cent of our fixed-income investments now in floating-rate securities, our results could benefit further if additional increases in interest rates occur.”