During the first quarter of 2009, the Company incurred a realized loss of $1.9 million on its investment portfolio.

"The acquisition and integration of the GMAC RE platform are on target, and we continue to see the enormous long term potential of this acquisition for strengthening Maiden Holdings' position in the marketplace. The first quarter reflects continued progress towards defined business targets with solid underwriting performance reflecting continued discipline and revenue growth from existing client relationships and new account development. We remain focused on maintaining a high quality balance sheet and continue our efforts to carefully deploy cash. As a result of the significant cash balance held during the first quarter, investment earnings have not yet met their full potential. We expect continued growth in earnings as investable assets are fully deployed," stated Art Raschbaum, President and CEO of Maiden Holdings, Ltd.

First Quarter Overview

Net written premium for the first quarter 2009 increased by $234.1 million, or 228.6% from $102.4 million in 2008 to $336.5 million in the first quarter of 2009. Operating earnings for the first quarter increased by $4.4 million, or 35.6% from $12.4 million in 2008 to $16.8 million in the first quarter of 2009.

First Quarter 2009 Highlights:

   * Net written premium for first quarter 2009 was $336.5 million     ($102.4 million in 2008)  * Operating earnings for the quarter were $16.8 million ($12.4 million    in 2008)  * Annualized return on equity on operating earnings for the first    quarter was 12.9% (9.4% in 2008)  * The combined ratio for the first quarter was 95.4% (92.7% in 2008)  * Quarterly operating earnings per basic share was $0.25 ($0.21 in    2008)  * Quarterly earnings per basic share was $0.19 ($0.21 in 2008)  * Book value per share was $7.79 as of March 31, 2009  * Cash and cash equivalents were $457.8 million as of March 31, 2009 

First Quarter 2009 Results:

Revenue:

Net written premium for the first quarter was $336.5 million, an increase of $234.1 million, or 228.6%, from 102.4 million in the first quarter 2008. The increase was attributable to the successful integration of GMAC RE as well as organic growth.

Net earned premium was $210.1 million, an increase of $144.8 million or 221.7% from $65.3 million in the first quarter 2008.

Net investment income for the quarter ended March 31, 2009 was $14.3 million, an increase of $6.7 million or 87.4% from $7.6 million in the first quarter 2008.

Expenses:

For the quarter ended March 31, 2009, the Company's loss and loss adjustment expenses were $146.3 million; the loss ratio for the quarter was 69.6% compared to 57.9% in 2008.

Commission, acquisition expenses together with general and administrative expenses for the first quarter 2009 were $54.2 million compared to $22.7 million in 2008. The Company's expense ratio for the first quarter 2009 was 25.8% compared to 34.8% in 2008.

The Company's combined ratio for the quarter ended March 31, 2009 was 95.4% compared to 92.7% in 2008.

Other Matters:

Shareholders' equity as of March 31, 2009 was $547.4 million compared to $509.8 million as of December 31, 2008. During the first quarter, the Board of Directors declared a dividend of $0.06 per share. Book value per share as of March 31, 2009 was $7.79.

As previously disclosed, during the first quarter of 2009 Maiden's wholly owned subsidiary Maiden Holdings North America, Ltd. issued debentures in the amount of $260 million. As part of the transaction, Maiden issued 11.7 million shares of common stock to the purchasers of the debentures.

As of March 31, 2009 the Company's debt-to-capitalization ratio was 28.2% as a result of the 30-year trust preferred securities issuance.

Conference Call:

On Monday, May 11th, at 3:00 p.m. Atlantic Time (2:00 p.m. ET), the Company will hold a conference call regarding its first quarter earnings and full year results:

   Toll Dial-in (International Callers): 719.325.4793  Toll-free Dial-in:  877.723.9521  Webcast: http://ir.maiden.bm 

In order to participate in the conference call, you must register at http://ir.maiden.bm. At the time of the call slides will be available for reference at http://ir.maiden.bm.