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Posted by / 30-Aug-2017 04:39

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Net income for the year was .2 million, or 19 cents per share, compared to 0.1 million, or

Net income for the year was $15.2 million, or 19 cents per share, compared to $100.1 million, or $1.31 per share, in 2015.Gross premiums rose 6.3 per cent to $2.8 billion during the 12-month period, while the combined ratio for the year was 103.2 per cent, worsening from 99.3 per cent in 2015.Book value per common share was $11.65, a decrease of 1.4 per cent compared to the year-end 2016.

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Net income for the year was $15.2 million, or 19 cents per share, compared to $100.1 million, or $1.31 per share, in 2015.

Gross premiums rose 6.3 per cent to $2.8 billion during the 12-month period, while the combined ratio for the year was 103.2 per cent, worsening from 99.3 per cent in 2015.

Book value per common share was $11.65, a decrease of 1.4 per cent compared to the year-end 2016.

In June, Maiden redeemed its $100 million 8 per cent senior notes due 2042, and issued $150 million 6.7 per cent non-cumulative preference shares.

Maiden, which has offices on Front Street, had announced the charge last week.

The net operating loss of $69.7 million, or 81 cents per share, bettered the 98 cents per share loss consensus forecast of analysts tracked by Yahoo Finance.

.31 per share, in 2015.Gross premiums rose 6.3 per cent to .8 billion during the 12-month period, while the combined ratio for the year was 103.2 per cent, worsening from 99.3 per cent in 2015.Book value per common share was .65, a decrease of 1.4 per cent compared to the year-end 2016.

The combined ratio for the second quarter rose to 105.8 per cent, from 98.6 per cent a year ago.

Despite the significant challenges presented in the commercial auto business, we reported a modest profit for the year and have continued to grow our business and investible assets while strengthening investment income, Art Raschbaum, Maidens chief executive officer, said.

We remain focused on improving the profitability of our business and believe the fourth quarter reserve charge will help us to stabilize underwriting performance as we enter 2017.

Art Raschbaum, chief executive officer of the Bermuda-based company, said: The emergence of adverse loss development in both of our key operating segments has impacted our second quarter 2017 results.

We do not believe that the development observed in the quarter is analogous to the trend observed across our portfolio over recent quarters, which specifically emanated from elevated commercial auto liability frequency and severity from the 2011-2014 underwriting years, a phenomenon which has plagued many in the industry.

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Importantly, our 2016 underwriting year expected loss ratios reflect solid profitability.

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