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MHNC

Maiden Holdings North America, Ltd.

MHNC

Maiden Holdings North America, Ltd. • NYSE
$17.51 ▲ 0.40% (+0.07)
Market Cap $1.74 B
52w High $18.54
52w Low $14.85
Dividend Yield 1.94%
P/E 0
Volume 75
Outstanding Shares 99.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2025 $14.049M ▲ $10.773M ▲ $-8.645M ▲ -61.535% ▼ $-0.09 ▼ $0 ▲
Q4-2024 $-7.432M ▼ $9.395M ▼ $-157.989M ▼ 2.126K% ▲ $0.43 ▲ $-152.637M ▼
Q3-2024 $14.477M ▼ $10.014M ▲ $-34.468M ▼ -238.088% ▼ $-0.35 ▼ $0 ▲
Q2-2024 $20.487M ▼ $7.879M ▼ $-9.971M ▼ -48.67% ▼ $-0.1 ▼ $-9.529M ▼
Q1-2024 $28.904M $8.06M $1.459M 5.048% $0.015 $1.47M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $44.268M ▲ $1.235B ▼ $1.197B ▼ $37.573M ▼
Q4-2024 $34.735M ▼ $1.316B ▼ $1.271B ▲ $45.193M ▼
Q3-2024 $127.788M ▲ $1.394B ▼ $1.185B ▲ $208.182M ▼
Q2-2024 $37.322M ▲ $1.4B ▼ $0 $238.046M ▼
Q1-2024 $30.17M $1.469B $0 $249.36M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-8.645M ▲ $-21.126M ▼ $29.477M ▲ $0 ▼ $9.16M ▲ $-21.126M ▼
Q4-2024 $-104.408M ▼ $101.985M ▲ $-182.254M ▼ $8.698M ▲ $-79.704M ▼ $101.985M ▲
Q3-2024 $-36.52M ▼ $26.494M ▲ $71.204M ▼ $-1.45M ▲ $98.258M ▲ $26.494M ▲
Q4-2022 $-23.648M ▲ $-184.851M ▼ $165.744M ▲ $-10.983M ▼ $-25.874M ▼ $-184.851M ▼
Q3-2022 $-36.393M $-11.077M $23.046M $0 $11.03M $-11.077M

Five-Year Company Overview

Income Statement

Income Statement The recent income picture shows a business in transition. Revenue is still quite small, and while operating results have at times been modestly profitable, the most recent year swung to a meaningful net loss. That shift suggests elevated restructuring, merger-related, or set‑up costs as the company pivots away from its old reinsurance model. Profitability has been uneven over the last few years, so past results should be viewed as a snapshot of a changing business rather than a stable earnings pattern. The new fee‑based model aims for more predictable income over time, but it is still early in that journey.

Balance Sheet

Balance Sheet The balance sheet is relatively lean, with a modest asset base and only a thin layer of equity reported in the latest period. On the positive side, there is no noted financial debt, which reduces traditional leverage risk. However, the small equity cushion means there is limited room for errors or prolonged losses before the financial position could become strained. As the combined Kestrel Group grows, the quality and stability of its assets, plus how it manages capital needs, will matter more than the sheer size of the balance sheet today.

Cash Flow

Cash Flow Cash flow from operations has recently been negative, and historically it has swung sharply from year to year. That pattern is consistent with a business in the middle of a strategic overhaul, where one‑off items, restructuring, and platform build‑out can weigh on cash. Free cash flow mirrors this, since there is essentially no capital spending recorded. The key question going forward is whether the fee‑based, capital‑light approach can convert revenues into steady, positive operating cash flow once the transition and integration costs subside.

Competitive Edge

Competitive Edge MHNC’s standalone position has effectively merged into the broader Kestrel Group story. The combined business now competes not as a traditional insurer, but as a specialist “fronting” platform serving program managers and reinsurers. Its edge rests on three pillars: experienced leadership with a strong track record in fronting, exclusive access to highly rated insurance carriers through AmTrust, and the ability to connect risk originators with capital in a more efficient way. These relationships and know‑how are not easily copied, giving the group a defensible niche in the specialty insurance ecosystem—provided it continues to execute well and maintain its carrier partnerships.

Innovation and R&D

Innovation and R&D Innovation here is less about lab-style research and more about business model and technology. The group is shifting to a capital‑light, fee‑driven platform that uses an advanced tech system to handle underwriting data, program management, and possibly AI‑assisted risk assessment. The merger also brought valuable tax assets that can enhance future profitability as earnings grow. Future innovation is likely to focus on improving this platform, onboarding new specialty programs quickly, and using data and AI to price and manage risk more accurately. Success will depend on turning these tools into real-world efficiency gains and better economics for all parties involved.

Summary

MHNC’s legacy financials show a small, volatile business that recently posted a notable loss and negative cash flow, reflecting the costs and disruption of a major strategic shift. The balance sheet is light but not weighed down by financial debt, which helps reduce classic solvency risk but leaves only a slim equity buffer. The real story now is the transformation into part of Kestrel Group: a capital‑light, fee‑based fronting platform with experienced leadership, strong carrier relationships, and a technology‑driven operating model. Going forward, the main things to watch are stabilization of earnings, a turn toward consistent positive cash flow, the depth and durability of its carrier partnerships, and proof that its tech and data capabilities translate into a scalable, profitable specialty insurance platform over time.