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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File No. 001-34042
MAIDEN HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
Bermuda98-0570192
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
94 Pitts Bay Road
Pembroke 
BermudaHM08
(Address of principal executive offices)(Zip Code)
(441) 298-4900
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading symbol(s)Name of Each Exchange on Which Registered
Common Shares, par value $0.01 per shareMHLDNASDAQ Capital Market
Series A Preference Shares, par value $0.01 per shareMH.PANew York Stock Exchange
Series C Preference Shares, par value $0.01 per shareMH.PCNew York Stock Exchange
Series D Preference Shares, par value $0.01 per shareMH.PDNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer(Do not check if a smaller reporting company)
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act).
Yes No
As of November 9, 2020, the number of shares of the Registrant's Common Stock ($.01 par value) outstanding was 84,801,161.




INDEX
Page
PART I - Financial Information
PART II - Other Information

2


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share and per share data)
September 30,
2020
December 31,
2019
ASSETS(Unaudited)(Audited)
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost 2020 - $1,258,915; 2019 - $1,813,426)
$1,287,967 $1,835,518 
   Other investments75,364 31,748 
   Total investments1,363,331 1,867,266 
  Cash and cash equivalents91,721 48,197 
  Restricted cash and cash equivalents98,174 59,081 
  Accrued investment income12,510 18,331 
Reinsurance balances receivable, net 6,144 12,181 
Reinsurance recoverable on unpaid losses597,677 623,422 
   Loan to related party167,975 167,975 
Deferred commission and other acquisition expenses (includes $49,216 and $68,433 from related parties in 2020 and 2019, respectively)
55,962 77,356 
Funds withheld receivable (includes $601,902 and $632,305 from related parties in 2020 and 2019, respectively)
652,855 684,441 
  Other assets8,355 9,946 
Total assets
$3,054,704 $3,568,196 
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,810,043 and $2,272,418 from related parties in 2020 and 2019, respectively)
$1,975,073 $2,439,907 
Unearned premiums (includes $138,252 and $189,797 from related parties in 2020 and 2019, respectively)
161,453 220,269 
   Deferred gain on retroactive reinsurance79,995 112,950 
Accrued expenses and other liabilities (includes $34,414 and $20,049 from related parties in 2020 and 2019, respectively)
45,026 32,444 
   Senior notes - principal amount262,500 262,500 
Less: unamortized debt issuance costs7,429 7,592 
   Senior notes, net255,071 254,908 
Total liabilities
2,516,618 3,060,478 
Commitments and Contingencies
EQUITY
   Preference shares 465,000 465,000 
Common shares ($0.01 par value; 89,777,896 and 88,161,638 shares issued in 2020 and 2019, respectively; 84,763,882 and 83,148,458 shares outstanding in 2020 and 2019, respectively)
898 882 
   Additional paid-in capital753,324 751,327 
   Accumulated other comprehensive income13,957 17,836 
   Accumulated deficit(663,559)(695,794)
Treasury shares, at cost (5,014,014 and 5,013,180 shares in 2020 and 2019, respectively)
(31,534)(31,533)
Total shareholders’ equity
538,086 507,718 
Total liabilities and equity
$3,054,704 $3,568,196 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
3


MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands of U.S. dollars, except per share data)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Revenues
Gross premiums written
$3,517 $35,844 $20,233 $(523,178)
Net premiums written
$3,031 $35,944 $17,493 $(525,995)
Change in unearned premiums
21,274 58,954 59,335 937,981 
Net premiums earned
24,305 94,898 76,828 411,986 
Other insurance revenue
261 554 919 2,120 
Net investment income
12,686 13,223 44,959 76,367 
Net realized gains on investment
4,133 12,700 24,046 25,685 
Total other-than-temporary impairment losses
(962)(165)(2,468)(165)
Total revenues
40,423 121,210 144,284 515,993 
Expenses
Net loss and loss adjustment expenses
9,065 140,860 41,159 415,110 
Commission and other acquisition expenses
9,651 32,763 29,778 152,036 
General and administrative expenses
8,160 8,898 25,971 37,675 
Interest and amortization expenses
4,832 4,831 14,493 14,490 
Foreign exchange and other losses (gains)6,536 (7,827)634 (14,013)
Total expenses
38,244 179,525 112,035 605,298 
Income (loss) from continuing operations before income taxes2,179 (58,315)32,249 (89,305)
Less: income tax expense (benefit)17 87 14 (977)
Income (loss) from continuing operations2,162 (58,402)32,235 (88,328)
Income (loss) from discontinued operations, net of income tax 75  (22,048)
Net income (loss) $2,162 $(58,327)$32,235 $(110,376)
Basic and diluted earnings (loss) from continuing operations per share attributable to common shareholders$0.03 $(0.70)$0.38 $(1.06)
Basic and diluted loss from discontinued operations per share attributable to common shareholders   (0.27)
Basic and diluted earnings (loss) per share attributable to common shareholders$0.03 $(0.70)$0.38 $(1.33)
Weighted average number of common shares - basic and diluted84,744,787 83,092,085 84,181,528 83,036,925 

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
4


MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands of U.S. dollars)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Net income (loss)$2,162 $(58,327)$32,235 $(110,376)
Other comprehensive income (loss)
Net unrealized holdings gains (losses) on fixed maturities arising during period15,028 (2,129)16,603 89,919 
Adjustment for reclassification of net realized gains recognized in net income (loss)(3,242)(8,555)(9,643)(11,482)
Foreign currency translation adjustment(6,998)11,480 (10,821)9,286 
Other comprehensive income (loss), before tax4,788 796 (3,861)87,723 
Income tax expense related to components of other comprehensive income (loss)(32)(12)(18)(93)
Other comprehensive income (loss), after tax4,756 784 (3,879)87,630 
Comprehensive income (loss)6,918 (57,543)28,356 (22,746)
Comprehensive income attributable to noncontrolling interests   (78)
Comprehensive income (loss) attributable to Maiden $6,918 $(57,543)$28,356 $(22,824)
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
5


MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)
(in thousands of U.S. dollars)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Preference shares - Series A, C and D
Beginning balance
$465,000 $465,000 $465,000 $465,000 
Ending balance
465,000 465,000 465,000 465,000 
Common shares
Beginning balance
897 881 882 879 
Exercise of options and issuance of common shares1 — 16 2 
Ending balance
898 881 898 881 
Additional paid-in capital
Beginning balance
752,896 751,007 751,327 749,418 
Exercise of options and issuance of common shares
(1)— (16)(2)
Share-based compensation expense
429 131 2,013 1,722 
Ending balance
753,324 751,138 753,324 751,138 
Accumulated other comprehensive income
Beginning balance
9,201 21,152 17,836 (65,616)
Change in net unrealized gains (losses) on investment
11,754 (10,696)6,942 78,344 
Foreign currency translation adjustment
(6,998)11,480 (10,821)9,208 
Ending balance
13,957 21,936 13,957 21,936 
Accumulated deficit
Beginning balance
(665,721)(615,940)(695,794)(563,891)
Net income (loss)
2,162 (58,327)32,235 (110,376)
Ending balance
(663,559)(674,267)(663,559)(674,267)
Treasury shares
Beginning balance
(31,534)(31,528)(31,533)(31,515)
Shares repurchased
— (5)(1)(18)
Ending balance
(31,534)(31,533)(31,534)(31,533)
Non-controlling interests in subsidiaries
Beginning balance
   641 
Disposal of subsidiaries
— — — (719)
Foreign currency translation adjustment
— — — 78 
Ending balance
    
Total shareholders' equity
$538,086 $533,155 $538,086 $533,155 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
6


MAIDEN HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands of U.S. dollars)
For the Nine Months Ended September 30,20202019
Cash flows from operating activities
Net income (loss)$32,235 $(110,376)
Less: net loss from discontinued operations 22,048 
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization and share-based compensation6,318 5,737 
Net realized gains on investment(24,046)(25,685)
Total other-than-temporary impairment losses
2,468 165 
Foreign exchange and other losses (gains)634 (14,013)
Changes in assets (increase) decrease:
Reinsurance balances receivable, net22,200 18,517 
Reinsurance recoverable on unpaid losses(7,334)(439,142)
Accrued investment income5,899 8,542 
Deferred commission and other acquisition expenses21,507 159,524 
Funds withheld receivable53,205 (82,459)
Other assets(3,589)(5,843)
Changes in liabilities increase (decrease):
Reserve for loss and loss adjustment expenses(476,655)87,772 
Unearned premiums(59,250)(518,542)
Accrued expenses and other liabilities(21,256)(53,686)
Net cash used in continuing operations
(447,664)(947,441)
Net cash used in discontinued operations
 (1,842)
Net cash used in operating activities(447,664)(949,283)
Cash flows from investing activities:
Purchases of fixed maturities (355,966)(1,917,030)
Purchases of other investments(45,279)(7,450)
Proceeds from sales of fixed maturities 477,358 845,962 
Proceeds from maturities, paydowns and calls of fixed maturities451,380 1,766,914 
Proceeds from sale and redemption of other investments1,786 858 
Other, net(602)3,253 
Net cash provided by investing activities for continuing operations
528,677 692,507 
Net cash used in investing activities for discontinued operations
 (6,113)
Net cash provided by investing activities528,677 686,394 
Cash flows from financing activities:
Repurchase of common shares(1)(18)
Net cash used in financing activities(1)(18)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents 1,605 (1,269)
Net increase (decrease) in cash, restricted cash and cash equivalents82,617 (264,176)
Cash, restricted cash and cash equivalents, beginning of period107,278 337,102 
Cash, restricted cash and cash equivalents, end of period$189,895 $72,926 
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period$91,721 $39,755 
Restricted cash and cash equivalents, end of period98,174 33,171 
Total cash, restricted cash and cash equivalents, end of period$189,895 $72,926 
Non-cash investing activities
Investments transferred out related to Partial Termination Amendment and Commutation$ $599,613 
Investments transferred out for transactions under remaining AmTrust Quota Share business 812,068 
Investments transferred out related to discontinued operations 68,262 
See accompanying notes to the unaudited Condensed Consolidated Financial Statements.
7

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)

1. Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated.
These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net loss.
Strategic Review
Since 2018, the Company has engaged in a series of strategic measures that have dramatically reduced the regulatory capital required to operate our business, materially strengthened our solvency ratios, re-domiciled Maiden Reinsurance Ltd. ("Maiden Reinsurance") to Vermont in the U.S. and ceased active reinsurance underwriting. During that time, we significantly increased our estimate of ultimate losses and loss reserves while purchasing reinsurance protection against further loss reserve volatility and as a result, have improved the ultimate economic value of the Company. We believe these measures have given the Company the ability to more flexibly allocate capital to those activities most likely to produce the greatest returns for shareholders.
The measures we ultimately have taken were initiated in early 2018, when our Board of Directors initiated a review of strategic alternatives ("Strategic Review") to evaluate ways to increase shareholder value after a period of continuing higher than targeted combined ratios and lower returns on equity than expected.
As part of the Strategic Review, a series of transactions were entered into including: (1) completed the sale of Maiden Reinsurance North America, Inc. ("Maiden US") on December 27, 2018; (2) Maiden Reinsurance's shareholders, Maiden Holdings and Maiden Holdings North America, Ltd. ("Maiden NA"), each made their pro rata portion of capital injections in the aggregate of $125,000 on December 31, 2018 and $70,000 on January 18, 2019 to Maiden Reinsurance from the sale proceeds of Maiden US; (3) entered into a partial termination amendment ("Partial Termination Amendment") with AmTrust Financial Services, Inc. ("AmTrust") effective January 1, 2019 which amended the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary AmTrust International Insurance, Ltd. (“AII”) (as more fully described in "Note 10 - Related Party Transactions"); (4) entered into amendments which terminated the AmTrust Quota Share and the European hospital liability Quota Share Reinsurance Contract (“European Hospital Liability Quota Share”) with AmTrust’s wholly owned subsidiaries AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC") effective January 1, 2019 (these transactions are broadly referred to herein as the "Final AmTrust QS Terminations"); (5) entered into the Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC Agreement") with Enstar Group Limited ("Enstar") pursuant to the revised Master Transaction Agreement entered into on March 1, 2019; and (6) entered into a Commutation and Release Agreement with AmTrust to commute certain workers' compensation business with AII as of January 1, 2019.
Please see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for further details on the above transactions.
Discontinued Operations
The Company made the strategic decision to divest its U.S. treaty reinsurance operations through the sale of Maiden US which was completed on December 27, 2018. Except as explicitly described as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations except for net income (loss).
Re-domestication of Maiden Reinsurance
Effective March 16, 2020, we re-domesticated our principal operating subsidiary, Maiden Reinsurance, to the State of Vermont in the U.S., having made the necessary filings in both Vermont and Bermuda in the fourth quarter of 2019 and first quarter of 2020. Maiden Reinsurance is now subject to the statutes and regulations of Vermont in the ordinary course of business. We have determined that re-domesticating Maiden Reinsurance to Vermont enables us to better align our capital and resources with our liabilities, which originate mostly in the United States, resulting in a more efficient structure. The re-domestication, in combination with the transactions completed pursuant to the Strategic Review, will continue to strengthen the Company’s capital position and solvency ratios.
8

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
1. Basis of Presentation (continued)
While the Vermont Department of Financial Regulation ("Vermont DFR") will be the group supervisor for the Company, the re-domestication did not apply to the parent holding company which remains a Bermuda-based holding company. Securities issued by Maiden Holdings were not affected by the re-domestication of Maiden Reinsurance to Vermont. Concurrent with its re-domestication to Vermont on March 16, 2020, Maiden Holdings contributed as capital the remaining 65% of its ownership in Maiden Reinsurance to Maiden NA. Maiden NA now owns 100% of Maiden Reinsurance in the aggregate.
Segments
As a result of the strategic decision to divest all of the Company's U.S. treaty reinsurance operations noted above, the Company revised the composition of its reportable segments. As described in more detail under “Note 3. Segment Information”, the reportable segments include: (i) Diversified Reinsurance which consists of a portfolio of property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe; and (ii) AmTrust Reinsurance which includes all business ceded to Maiden Reinsurance from subsidiaries of AmTrust. In addition to these reportable segments, the results of operations of the former National General Holdings Corporation Quota Share ("NGHC Quota Share") segment, which was commuted in November 2019, was previously included in the "Other" category.

COVID-19 Pandemic
The continuing COVID-19 global pandemic has caused significant disruption to the economy and financial markets globally, and the full extent of the potential impacts of COVID-19 are not yet known. Circumstances caused by the COVID-19 pandemic are complex, uncertain and rapidly evolving. Our results of operations, financial condition, and liquidity and capital resources may have been adversely impacted by the COVID-19 pandemic, and the future impact of the pandemic on our financial condition or results of operations is difficult to predict.
As described herein, the Company is not currently engaged in active reinsurance underwriting and is running off the remaining unearned exposures it has reinsured. Maiden Global Holdings, Ltd.’s business development teams partner with automobile manufacturers, dealer associations and local primary insurers to design and implement point of sale insurance programs which generate revenue for the auto manufacturer and insurance premiums for the primary insurer ("IIS unit"). The Company's IIS unit does write limited primary insurance coverages that could be exposed to COVID-19 claims.  While we assess our exposure to COVID-19 insurance and reinsurance claims on our existing insurance exposures and remaining reinsurance exposures as limited and immaterial, given the uncertainty surrounding the COVID-19 pandemic and its impact on the insurance industry, our preliminary estimates of losses and loss adjustment expenses and estimates of reinsurance recoverable arising from the COVID-19 pandemic may materially change. Maiden Reinsurance has not received any COVID-19 claims to date but our companies within our IIS unit have received a limited number of claims related to those coverages which it deems as immaterial. Unanticipated issues relating to claims and coverage may emerge, which could adversely affect our business by increasing the scope of coverage beyond our intent and/or increasing the frequency and severity of claims.
The Company's investment portfolio may be adversely impacted by unfavorable market conditions caused by the COVID-19 pandemic, and the Company and its reinsurance subsidiaries may need additional capital to maintain compliance with regulatory capital requirements and/or be required to post additional collateral under existing reinsurance arrangements, which could reduce our liquidity. In addition, the Company may experience continued volatility in its results of operations which could negatively impact its financial condition and create a reduction in the amount of available distribution or dividend capacity from its regulated reinsurance subsidiaries, which would also reduce liquidity.
9

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
2. Significant Accounting Policies
There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 except for the following:
Recently Adopted Accounting Standards Updates
Changes to the Disclosure Requirements for Fair Value Measurement
In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13 ("ASU 2018-13") for changes to the disclosure framework related to Topic 820 which amends the disclosure requirements for fair value measurement. The following disclosure requirements were removed from Topic 820: (i) amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) policy for timing of transfers between levels, and (iii) valuation processes for Level 3 fair value measurements. The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added to Topic 820: (i) changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and (ii) range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements.
The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of ASU 2018-13. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. These amendments only impact disclosures made in "Note 5. Fair Value Measurements" therefore, the adoption of this standard on January 1, 2020 did not impact the Company’s consolidated balance sheets, results of operations or cash flows.
Recently Issued Accounting Standards Not Yet Adopted
Accounting for Measurement of Credit Losses on Financial Instruments
In June 2016, the FASB issued ASU 2016-13 "Financial Instruments: Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 also modified the accounting for available-for-sale ("AFS") debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the current other-than-temporarily impaired ("OTTI") methodology.
In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20, regardless of the measurement basis of those recoverables. The Company's reinsurance balances receivable and reinsurance recoverable on unpaid losses are its most significant financial assets within the scope of ASU 2016-13.
The guidance is effective for public business entities, excluding entities eligible to be smaller reporting companies ("SRCs") as defined by the SEC, for annual periods beginning after December 15, 2019, and interim periods therein. The guidance is effective for all other entities, including public entities eligible to be SRCs, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As of December 31, 2019, the Company qualified for SRC status, as determined on the last business day of its most recent second quarter, and is thus eligible to follow the reporting deadlines and effective dates applicable to SRCs. Therefore Topic 326 will not be effective until the 2023 fiscal year. The Company continues to evaluate the impact of this guidance on its results of operations, financial condition and liquidity.
10

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information
The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe. Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the AmTrust Quota Share and the European Hospital Liability Quota Share, which are in run-off effective January 1, 2019. In addition to our reportable segments, the results of operations of the former NGHC Quota Share segment which was commuted in November 2019 and the remnants of our retroceded U.S. treaty business have been included in the "Other" category. Please refer to "Note 10. Related Party Transactions" for additional information.
The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied; however general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, funds withheld receivable, loan to related party and restricted cash and investments. All remaining assets are allocated to Corporate.
As discussed in "Note 1. Basis of Presentation" and "Note 10. Related Party Transactions", the Partial Termination Amendment and the termination of the remaining business with AmTrust effective January 1, 2019 resulted in a significant reduction in gross premiums written. This was due to the return of unearned premium on certain lines covered by the Partial Termination Amendment, with no new business written since 2018 as a result of the termination of the AmTrust Quota Share and the European Hospital Liability Quota Share. The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments and Other category's underwriting results to consolidated net income (loss) from continuing operations:
For the Three Months Ended September 30, 2020Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$9,152 $(5,635)$3,517 
Net premiums written
$8,666 $(5,635)$3,031 
Net premiums earned
$11,323 $12,982 $24,305 
Other insurance revenue
261  261 
Net loss and loss adjustment expenses ("loss and LAE")
(6,624)(2,441)(9,065)
Commission and other acquisition expenses
(4,204)(5,447)(9,651)
General and administrative expenses
(1,818)(630)(2,448)
Underwriting (loss) income
$(1,062)$4,464 3,402 
Reconciliation to net income from continuing operations
Net investment income and realized gains on investment16,819 
Total other-than-temporary impairment losses
(962)
Interest and amortization expenses
(4,832)
Foreign exchange and other losses, net
(6,536)
Other general and administrative expenses
(5,712)
Income tax expense(17)
Net income from continuing operations$2,162 
Net loss and LAE ratio(1)
57.2  %18.8  %36.9  %
Commission and other acquisition expense ratio(2)
36.3  %42.0  %39.3  %
General and administrative expense ratio(3)
15.7  %4.8  %33.2  %
Expense ratio(4)
52.0  %46.8  %72.5  %
Combined ratio(5)
109.2  %65.6  %109.4  %

11

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
For the Three Months Ended September 30, 2019Diversified ReinsuranceAmTrust ReinsuranceOtherTotal
Gross premiums written
$14,439 $21,405 $ $35,844 
Net premiums written
$14,539 $21,405 $ $35,944 
Net premiums earned
$20,492 $74,406 $ $94,898 
Other insurance revenue
554   554 
Net loss and LAE
(13,807)(126,945)(108)(140,860)
Commission and other acquisition expenses
(7,005)(25,758) (32,763)
General and administrative expenses
(1,849)(235) (2,084)
Underwriting loss
$(1,615)$(78,532)$(108)(80,255)
Reconciliation to net loss from continuing operations
Net investment income and realized gains on investment25,923 
Total other-than-temporary impairment losses
(165)
Interest and amortization expenses
(4,831)
Foreign exchange and other gains
7,827 
Other general and administrative expenses
(6,814)
Income tax expense(87)
Net loss from continuing operations
$(58,402)
Net loss and LAE ratio(1)
65.6 %170.6 %147.6 %
Commission and other acquisition expense ratio(2)
33.3 %34.6 %34.3 %
General and administrative expense ratio(3)
8.8 %0.3 %9.3 %
Expense ratio(4)
42.1 %34.9 %43.6 %
Combined ratio(5)
107.7 %205.5 %191.2 %









12

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
For the Nine Months Ended September 30, 2020Diversified ReinsuranceAmTrust ReinsuranceTotal
Gross premiums written
$30,573 $(10,340)$20,233 
Net premiums written
$27,591 $(10,098)$17,493 
Net premiums earned
$35,381 $41,447 $76,828 
Other insurance revenue
919  919 
Net loss and LAE
(19,703)(21,456)(41,159)
Commission and other acquisition expenses
(13,557)(16,221)(29,778)
General and administrative expenses
(5,177)(1,941)(7,118)
Underwriting (loss) income$(2,137)$1,829 (308)
Reconciliation to net income from continuing operations
Net investment income and realized gains on investment69,005 
Total other-than-temporary impairment losses
(2,468)
Interest and amortization expenses
(14,493)
Foreign exchange and other losses(634)
Other general and administrative expenses
(18,853)
Income tax expense(14)
Net income from continuing operations
$32,235 
Net loss and LAE ratio(1)
54.3 %51.8 %52.9 %
Commission and other acquisition expense ratio(2)
37.3 %39.1 %38.3 %
General and administrative expense ratio(3)
14.3 %4.7 %33.4 %
Expense ratio(4)
51.6 %43.8 %71.7 %
Combined ratio(5)
105.9 %95.6 %124.6 %

13

MAIDEN HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in thousands of U.S. dollars, except share and per share data)
3. Segment Information (continued)
For the Nine Months Ended September 30, 2019Diversified ReinsuranceAmTrust ReinsuranceOtherTotal
Gross premiums written
$41,021 $(564,199)$ $(523,178)
Net premiums written
$38,204 $(564,199)$ $(525,995)
Net premiums earned
$68,256 $343,730 $ $411,986 
Other insurance revenue
2,120   2,120 
Net loss and LAE
(40,695)(