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Schedule II Condensed Financial Information of Parent Company
 12 Months Ended
Dec. 31, 2014
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, 2014 and 2013
(In thousands of U.S. dollars, except share and per share data)

 
 
2014
 
2013
Assets
 
 
 
 
Fixed maturities, available-for-sale, at fair value (Amortized cost 2014: $43,995; 2013: $135,999)
 
$
44,270

 
$
131,798

Other investments, at fair value (Cost 2014: $5,000)
 
5,990

 
—

Cash and cash equivalents
 
6,894

 
33,061

Investment in subsidiaries
 
1,591,000

 
1,331,195

Balances due from subsidiaries
 
99,809

 
13,097

Other assets
 
1,387

 
1,925

Total assets
 
$
1,749,350

 
$
1,511,076

Liabilities
 
 
 
 
Accrued expenses and other liabilities
 
$
11,226

 
$
9,872

Balances due to subsidiaries
 
497,430

 
377,361

Total liabilities
 
508,656

 
387,233

Shareholders’ equity
 
 
 
 
Preference shares
 
315,000

 
315,000

Common shares ($0.01 par value; 73,900,889 and 73,595,897 shares issued in 2014 and 2013, respectively; 72,932,702 and 72,633,561 shares outstanding in 2014 and 2013, respectively)
 
739

 
736

Additional paid-in capital
 
578,445

 
574,522

Accumulated other comprehensive income
 
95,293

 
25,784

Retained earnings
 
255,084

 
211,602

Treasury shares, at cost (968,187 and 962,336 shares in 2014 and 2013, respectively)
 
(3,867
)
 
(3,801
)
Total shareholders’ equity
 
1,240,694

 
1,123,843

Total liabilities and shareholders’ equity
 
$
1,749,350

 
$
1,511,076

Schedule II
MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF INCOME — PARENT COMPANY
For the Years Ended December 31, 2014, 2013 and 2012
(In thousands of U.S. dollars)
For the Year Ended December 31,
 
2014
 
2013
 
2012
Revenues
 
 
 
 
 
 
Net investment income
 
$
4,892

 
$
2,773

 
$
795

Net realized gains on investment
 
981

 
—

 
229

 
 
5,873

 
2,773

 
1,024

Expenses
 
 
 
 
 
 
General and administrative expenses
 
14,588

 
11,732

 
8,030

Foreign exchange losses (gains)
 
893

 
(626
)
 
(225
)
 
 
15,481

 
11,106

 
7,805

Loss before equity in earnings of consolidated subsidiaries
 
(9,608
)
 
(8,333
)
 
(6,781
)
Equity in earnings of consolidated subsidiaries
 
110,999

 
111,068

 
56,935

Net income attributable to Maiden
 
101,391

 
102,735

 
50,154

Dividends on preference shares
 
(24,337
)
 
(14,834
)
 
(3,644
)
Net income attributable to Maiden common shareholders
 
$
77,054

 
$
87,901

 
$
46,510

Schedule II
MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY
For the Years Ended December 31, 2014, 2013 and 2012
(In thousands of U.S. dollars)
For the Year Ended December 31,
 
2014
 
2013
 
2012
Cash flows provided by operating activities
 
 
 
 
 
 
Net income attributable to Maiden
 
$
101,391

 
$
102,735

 
$
50,154

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
 
Equity in earnings of consolidated subsidiaries
 
(110,999
)
 
(111,068
)
 
(56,935
)
Amortization of bond premium and discount
 
414

 
1,209

 
786

Net realized gains on investment
 
(981
)
 
—

 
(229
)
Foreign exchange losses (gains)
 
893

 
(626
)
 
(225
)
Non-cash share compensation expense
 
3,334

 
2,205

 
1,347

Changes in assets - (increase) decrease:
 
 
 
 
 
 
Balance due from subsidiaries
 
(87,605
)
 
42,899

 
82,588

Other assets
 
536

 
(862
)
 
(829)

Changes in liabilities - increase (decrease)
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
(204
)
 
736

 
(1,579)

Balances due to subsidiaries
 
120,069

 
16,642

 
15,524

Net cash provided by operating activities
 
26,848

 
53,870

 
90,602

Cash flows used in investing activities
 
 
 
 
 
 
Purchases of fixed-maturities – available-for-sale
 
(1,340
)
 
(170,882
)
 
(137,486
)
Purchases of other investments
 
(5,000
)
 
—

 
—

Proceeds from sales of fixed-maturities – available-for-sale
 
87,032

 
90,515

 
9,452

Proceeds from maturities and calls of fixed maturities - available-for-sale
 
6,857

 
46,208

 
24,427

Investment in subsidiaries
 
(84,740
)
 
(116,807
)
 
(96,643
)
Net cash provided by (used in) investing activities
 
2,809

 
(150,966
)
 
(200,250
)
Cash flows used in financing activities
 
 
 
 
 
 
Preference shares issuance, net of issuance costs
 
—

 
159,675

 
145,041

Dividends paid - preference shares
 
(24,337
)
 
(14,834
)
 
(3,644
)
Dividends paid - Maiden common shareholders
 
(32,079
)
 
(19,607
)
 
(29,630
)
Issuance of common shares
 
592

 
1,776

 
478

Net cash (used in) provided by financing activities
 
(55,824
)
 
127,010


112,245

Net (decrease) increase in cash and cash equivalents
 
(26,167
)
 
29,914

 
2,597

Cash and cash equivalents, beginning of year
 
33,061

 
3,147

 
550

Cash and cash equivalents, end of year
 
$
6,894

 
$
33,061

 
$
3,147