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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Gross premiums written $ 654,236 $ 705,198 $ 1,506,876 $ 1,628,625
Net premiums written 645,589 684,072 1,494,922 1,584,620
Change in unearned premiums 21,757 27,053 (142,144) (164,011)
Net premiums earned 667,346 711,125 1,352,778 1,420,609
Other insurance revenue 2,033 1,547 5,759 5,328
Net investment income 44,313 40,512 87,183 82,669
Net realized (losses) gains on investment (414) 1,572 (57) 2,457
Total revenues 713,278 754,756 1,445,663 1,511,063
Expenses        
Net loss and loss adjustment expenses 491,554 528,620 964,878 1,009,189
Commission and other acquisition expenses 198,745 210,039 407,359 432,068
General and administrative expenses 19,574 15,346 39,524 32,760
Interest and amortization expenses 4,829 6,745 9,658 13,601
Accelerated amortization of senior note issuance cost 0 2,809 0 2,809
Amortization of intangible assets 462 533 924 1,066
Foreign exchange (gains) losses (4,821) 6,722 (2,414) 8,643
Total expenses 710,343 770,814 1,419,929 1,500,136
Income (loss) before income taxes 2,935 (16,058) 25,734 10,927
Less: income tax expense 255 277 711 761
Net income (loss) 2,680 (16,335) 25,023 10,166
Add: net (income) loss attributable to noncontrolling interests (47) 9 (118) 31
Net income (loss) attributable to Maiden 2,633 (16,326) 24,905 10,197
Dividends on preference shares (8,546) (6,033) (17,091) (12,066)
Net (loss) income attributable to Maiden common shareholders $ (5,913) $ (22,359) $ 7,814 $ (1,869)
Basic (loss) earnings per share attributable to Maiden common shareholders (in dollars per share) $ (0.07) $ (0.26) $ 0.09 $ (0.02)
Diluted (loss) earnings per share attributable to Maiden common shareholders (in dollars per share) (0.07) (0.26) 0.09 (0.02)
Dividends declared per common share (in dollars per share) $ 0.15 $ 0.15 $ 0.30 $ 0.3
Weighted average number of common shares - basic (in shares) 83,126,204 86,564,794 83,083,545 86,458,413
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares) 83,126,204 86,564,794 83,373,285 86,458,413