Schedule II Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule II Condensed Financial Information of Parent Company

Schedule II

MAIDEN HOLDINGS, LTD.   
CONDENSED BALANCE SHEETS — PARENT COMPANY
As of December 31, 2012 and 2011

(In thousands of U.S. dollars, except share and per share data)

	2012			2011
Assets:
Fixed maturities, available-for-sale, at fair value (Amortized cost: $103,049)	$	103,651		$	—
Cash and cash equivalents	3,147			550
Investment in subsidiaries	1,213,865			983,816
Balances due from subsidiaries	55,370			137,733
Other assets	1,063			233
Total assets	$	1,377,096		$	1,122,332
Liabilities:
Accrued expenses and other liabilities	$	1,138		$	8,495
Balances due to subsidiaries	360,719			345,195
Total liabilities	361,857			353,690
Shareholders’ equity
Preference shares - Series A	150,000			—
Common shares ($0.01 par value; 73,306,283 and 73,183,764 shares issued in 2012 and 2011, respectively; 72,343,947 and 72,221,428 shares outstanding in 2012 and 2011, respectively)	733			732
Additional paid-in capital	575,869			579,004
Accumulated other comprehensive income	141,130			64,059
Retained earnings	151,308			128,648
Treasury shares, at cost (2012 and 2011: 962,336 shares)	(3,801		)	(3,801		)
Total shareholders’ equity	1,015,239			768,642
Total liabilities and shareholders’ equity	$	1,377,096		$	1,122,332

Schedule II

MAIDEN HOLDINGS, LTD.   
CONDENSED STATEMENTS OF INCOME — PARENT COMPANY
For the Years Ended December 31, 2012, 2011 and 2010
(In thousands of U.S. dollars)

	For the Year Ended December 31,
	2012			2011			2010
Revenues:
Net investment income (loss)	$	795		$	408		$	(118	)
Net realized and unrealized gains on investments	229			—			—
	1,024			408			(118		)
Expenses:
General and administrative expenses	8,030			10,806			7,076
Foreign exchange (gains) losses	(225		)	31			—
	7,805			10,837			7,076
Loss before equity in earnings of consolidated subsidiaries	(6,781		)	(10,429		)	(7,194		)
Equity in earnings of consolidated subsidiaries	56,935			38,953			77,060
Net income attributable to Maiden shareholders	50,154			28,524			69,866
Dividends on preference shares	(3,644		)	—			—
Net income attributable to Maiden common shareholders	$	46,510		$	28,524		$	69,866

Schedule II

MAIDEN HOLDINGS, LTD.   
CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY
For the Years Ended December 31, 2012, 2011 and 2010
(In thousands of U.S. dollars)

	2012			2011			2010
Cash flows provided by operating activities:
Net income attributable to Maiden shareholders	$	50,154		$	28,524		$	69,866
Adjustments to reconcile net income to cash provided by operating activities:
Equity in earnings of consolidated subsidiaries	(56,935		)	(38,953		)	(77,060		)
Amortization of bond premium and discount	786			—			—
Net realized and unrealized gains on investments	(229		)	—			—
Foreign exchange (gains) losses	(225		)	31			—
Non-cash share compensation expense	1,347			1,307			1,015
Changes in assets – decrease (increase):
Balance due from subsidiaries	82,588			(36,414		)	(4,209)
Other assets	(829		)	230			(57)
Changes in liabilities – (decrease) increase:
Accounts payable and accrued liabilities	(1,579		)	1,746			387
Balances due to subsidiaries	15,524			63,633			36,485
Net cash provided by operating activities	90,602			20,104			26,427
Cash flows used in investing activities:
Purchases of fixed-maturity securities – available-for-sale	(137,486		)	—			—
Proceeds from sales of fixed-maturity securities – available-for-sale	9,452			—			—
Proceeds from maturities and calls of fixed maturity securities	24,427			—			—
Investment in subsidiaries	(96,643		)	148			(7,476		)
Net cash (used in) provided by investing activities	(200,250		)	148			(7,476		)
Cash flows used in financing activities:
Preference shares - Series A issuance, net of issuance costs	145,041			—			—
Dividends paid on preference shares	(3,644		)	—			—
Dividends paid to Maiden common shareholders	(29,630		)	(20,921		)	(18,394		)
Issuance of common shares	478			422			52
Net cash provided by (used in) financing activities	112,245			(20,499		)	(18,342		)
Net increase (decrease) in cash and cash equivalents	2,597			(247		)	609
Cash and cash equivalents, beginning of year	550			797			188
Cash and cash equivalents, end of year	$	3,147		$	550		$	797