* Net Income of $16.3 Million  * Net Operating Earnings of $14.0 Million  * Book Value Per Share Increased by 10.5% to $8.61 At June 30, 2009 

HAMILTON, Bermuda, Aug. 10, 2009 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (Nasdaq:MHLD) today reported net income of $16.3 million and net operating earnings(1) of $14.0 million compared to net income and net operating earnings(1) of $13.8 million for the three months ended June 30, 2008. Net written premium for the quarter ended June 30, 2009 was $238.4 million.

Art Raschbaum, President and CEO of Maiden Holdings, Ltd, said "We are pleased with second quarter performance. Client and prospect acceptance remains high and the Maiden/GMAC RE integration is virtually complete. Highlights from the quarter include strong growth in shareholders' equity, continued improvement in investment earnings, underwriting results at near targeted levels, and written and earned premium at expected volumes. While we have made progress in investing available cash, earnings still do not yet reflect the full "run-rate" potential. We expect continued growth in investment income in coming months to further strengthen earnings as we continue to carefully invest the Company's cash."

For the six months ended June 30, 2009 the Company reported net income of $29.4 million and net operating earnings of $30.8 million compared to net income of $26.3 million and net operating earnings of $26.1 million for the six months ended June 30, 2008. Net written premium for the six months ended June 30, 2009 was $574.9 million.

Shareholders' equity was $605.4 million. Book value per share at June 30, 2009 was $8.61, an increase of 10.5% from $7.79 at March 31, 2009.

    Second Quarter 2009 Highlights:   * Net written premium for the second quarter of 2009 was    $238.4 million ($171.3 million in 2008)  * Earnings for the second quarter of 2009 were $16.3 million    ($13.8 million in 2008)  * Net operating earnings for the second quarter of 2009 were    $14.0 million ($13.8 million in 2008)  * Annualized return on equity on earnings for the second quarter of    2009 was 11.3% (10.4% in 2008)  * Annualized return on equity on net operating earnings for the    second quarter of 2009 was 9.7% (10.4% in 2008)  * The combined ratio for the second quarter of 2009 was 96.4%    (92.2% in 2008)  * Quarterly earnings per basic share was $0.23 ($0.23 in 2008)  * Quarterly net operating earnings per basic share was $.20 ($0.23 in    2008)  * Book value per share was $8.61 as of June 30, 2009. 

Second Quarter 2009 Results:

Revenue:

Net written premium for the three months ended June 30, 2009 increased by $67.1 million, or 39.2%, to $238.3 million, compared to $171.2 million for the three months ended June 30, 2008. In the second quarter of 2008, net written premium included a non-recurring assumed unearned premium portfolio of $82 million.

Net earned premium for the three months ended June 30, 2009 increased by $146.5 million, or 189%, to $223.8 million, compared to $77.3 million for the three months ended June 30, 2008

Net investment income for the three months ended June 30, 2009 was $15.1 million, an increase of $7.3 million or 93.6% from $7.8 million in the three months ended June 30, 2008. Net realized investment gains were $1.5 million for the three months ended June 30, 2009 compared to $0.04 million in the three months ended June 30, 2008.

Expenses:

For the three months ended June 30, 2009, the Company's loss and loss adjustment expenses were $151.1 million compared to $43.6 million for the three months ended June 30, 2008. The Company's loss ratio for the three months ended June 30, 2009 was 67.5% compared to 56.4% for the three months ended June 30, 2008.

Commission, acquisition expenses together with general and administrative expenses for the three months ended June 30, 2009 were $64.8 million compared to $27.7 million for the three months ended June 30, 2008. The Company's expense ratio for the three months ended June 30, 2009 was 29.0% compared to 35.8% for the three months ended June 30, 2008.

The Company's combined ratio for the three months ended June 30, 2009 was 96.4% compared to 92.2% for the three months ended June 30, 2008.

Other Matters:

Shareholders' equity as of June 30, 2009 was $605.4 million compared to $509.8 million as of December 31, 2008. During the second quarter, the Board of Directors declared a dividend of $0.06 per share. Book value per share as of June 30, 2009 was $8.61.

As of June 30, 2009 the Company's debt-to-capitalization ratio was 26.2% as a result of the 30-year trust preferred securities issuance.

Conference Call:

On Monday, August 10, at 3:00 p.m. Atlantic Time (2:00 p.m. ET), the Company will hold a conference call regarding its second quarter earnings and year to date results:

    Toll Dial-in (International Callers): 719.325.4860  Toll-free Dial-in:  877.440.5787  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, any slides will be available for reference at http://ir.maiden.bm.

A replay of the conference call will be available starting at 6:00 p.m. Atlantic Time (5:00 p.m.