XML 17 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues:        
Gross premiums written $ 535,457 $ 445,228 $ 1,250,177 $ 1,058,440
Net premiums written 497,949 411,960 1,187,008 1,002,793
Change in unearned premiums 15,324 25,156 (185,293) (127,181)
Net premiums earned 513,273 437,116 1,001,715 875,612
Other insurance revenue 2,780 2,274 7,995 7,028
Net investment income 20,745 20,085 42,724 38,522
Net realized (losses) gains on investment (53) (2,939) 3,230 (1,574)
Total revenues 536,745 456,536 1,055,664 919,588
Expenses:        
Net loss and loss adjustment expenses 343,347 300,435 678,242 588,352
Commission and other acquisition expenses 143,572 114,663 275,902 246,921
General and administrative expenses 16,817 15,208 30,912 29,039
Interest and amortization expenses 9,570 9,568 19,140 17,246
Amortization of intangible assets 945 1,091 1,890 2,181
Foreign exchange and other (gains) losses (1,049) 874 (2,596) (105)
Total expenses 513,202 441,839 1,003,490 883,634
Income before income taxes 23,543 14,697 52,174 35,954
Income taxes:        
Current tax (benefit) expense (53) (155) 520 483
Deferred tax expense 265 246 216 487
Income tax expense 212 91 736 970
Net income 23,331 14,606 51,438 34,984
Less: Income attributable to noncontrolling interest (32) (65) (59) (66)
Net income attributable to Maiden shareholders 23,299 14,541 51,379 34,918
Dividends on preference shares (3,094) 0 (6,188) 0
Net income attributable to Maiden common shareholders $ 20,205 $ 14,541 $ 45,191 $ 34,918
Basic earnings per share attributable to Maiden common shareholders (in dollars per share) $ 0.28 $ 0.20 $ 0.62 $ 0.48
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share) $ 0.27 $ 0.20 $ 0.61 $ 0.48
Dividends declared per common share (in dollars per share) $ 0.09 $ 0.08 $ 0.18 $ 0.16