us earns maiden holdings 111009
On the homepage
Vikings
Out There
Pardon Board
Petters
Maiden Holdings books 3rd-quarter profit on surging revenue, lower investment losses
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
NEW YORK - Reinsurance company Maiden Holdings Ltd. said Tuesday it rose to a profit for the third quarter as revenue surged and investment losses were minimized.
The Hamilton, Bermuda-based company posted net income of $15 million, or 21 cents per share, compared with a loss of $27.5 million, or 46 cents per share, a year ago. The results included investment losses of $66,000, significantly less than the $42.5 million reported a year ago.
Revenue jumped to $254.1 million from $80 million the year before.
Operating earnings, which exclude foreign exchange effects and certain other gains and losses, totaled $16.5 million, or 23 cents per share, in the latest period. On that basis, analysts surveyed by Thomson Reuters had expected profit of 24 cents per share.
Net written premiums nearly doubled to $221.4 million from $113.2 million. Net investment income was $16.8 million, up from nearly $9 million a year earlier.
Maiden Holdings shares rose 4 cents to close at $7.20.
Recent Business stories
Former US House Speaker Newt Gingrich sets Cincinnati town hall on jobs, 1st of planned series - November 10, 2009
Former US House Speaker Newt Gingrich sets Cincinnati town hall on jobs, 1st of planned series - Former U.S. House Speaker Newt Gingrich has scheduled the first of a planned series of town halls on jobs for Cincinnati next week. More
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments