Maiden Holdings Ltd. (MHLD) reported third-quarter net income of $14.987 million or $0.21 per share compared to a net loss of $27.516 million or $0.46 per share a year ago.
Operating earnings was $16.519 million or $0.23 per share compared to $15.381 million or $0.26 per share a year ago.
Total revenues increased to $254.062 million from $80.031 million last year.
The company also announced that it has reached an agreement in principal with American Capital Acquisition Corp. regarding a multi-year 25% quota share agreement that is expected to generate over $200 million in annual revenues. The contract will commence in connection with American Capital Acquisition's proposed acquisition of GMAC's U.S. consumer property and casualty insurance business, which is expected to occur in the first quarter of 2010 and is subject to regulatory approval.
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