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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Gross premiums written $ 6,821 $ 3,517 $ 7,865 $ 20,233
Net premiums written 6,953 3,031 7,518 17,493
Change in unearned premiums 8,077 21,274 32,588 59,335
Net premiums earned 15,030 24,305 40,106 76,828
Other insurance revenue 138 261 946 919
Net investment income 7,477 12,686 24,596 44,959
Net realized and unrealized (losses) gains on investment (937) 4,287 8,013 24,200
Total other-than-temporary impairment losses 0 (962) 0 (2,468)
Total revenues 21,708 40,577 73,661 144,438
Expenses        
Net loss and loss adjustment expenses 10,514 9,065 7,546 41,159
Commission and other acquisition expenses 6,313 9,651 19,154 29,778
General and administrative expenses 6,650 8,160 29,553 25,971
Interest and amortization expenses 4,832 4,832 14,495 14,493
Foreign exchange and other (gains) losses (4,116) 6,536 (6,070) 634
Total expenses 24,193 38,244 64,678 112,035
(Loss) income before income taxes and interest in (loss) income of equity method investments (2,485) 2,333 8,983 32,403
Less: income tax (benefit) expense (155) 17 (363) 14
Add: Interest in (loss) income of equity method investments (810) (154) 4,912 (154)
Net (loss) income (3,140) 2,162 14,258 32,235
Gain from repurchase of preference shares 6,004 0 87,168 0
Net income available to Maiden common shareholders, basic 2,864 2,162 101,426 32,235
Net income available to Maiden common shareholders, diluted $ 2,864 $ 2,162 $ 101,426 $ 32,235
Basic earnings per share attributable to common shareholders (in dollars per share) $ 0.03 $ 0.03 $ 1.17 $ 0.38
Diluted earnings per share attributable to common shareholders (in dollars per share) $ 0.03 $ 0.03 $ 1.17 $ 0.38
Weighted average number of common shares - basic (in shares) 86,433,780 84,744,787 85,937,012 84,181,528
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares) 86,438,232 84,744,787 85,941,418 84,181,528