MAIDEN HOLDINGS, LTD. MHLA Cash Flow

Maiden holdings, ltd. (MHLA)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities
Net income (loss)
20,861	-	-	-	-36,636	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Less: net loss from discontinued operations
0	-	-	-	-2,734	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net loss
-	-	-	-	-	-269,196	-300,232	2,680	22,343	-124,857	-55,054	-16,335	26,501	-69,374	40,796	39,887	36,829	30,724	28,515	26,511	38,534	33,631	33,926	31,915	2,061	26,385	25,033	23,331	28,107	-6,657	21,934	14,606	20,378	17,552	16,002	-24,372	19,345
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
-	-	-	-	-	-52,504	-59,819	8,215	9,995	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization and share-based compensation
1,761	2,083	1,349	2,326	2,062	1,405	1,591	1,052	2,131	-77	984	5,840	1,640	-4,233	5,003	7,058	4,780	2,639	4,529	-1,452	4,000	37,013	1,104	1,012	1,190	15,206	1,279	1,279	1,312	1,503	1,511	1,626	1,618	-	-	-	-
Depreciation and amortization of intangibles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,533	1,680
Net realized (gains) losses on investment
11,038	2,175	12,700	24,086	-11,101	-1,247	-225	-414	357	3,906	5,859	1,572	885	2,263	1,900	334	2,277	171	1,216	242	869	188	310	577	88	-122	477	-53	3,283	1,071	2,410	-2,939	1,365	2,743	-2,900	591	47
Total other-than-temporary impairment losses
1,506	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Foreign exchange and other gains
8,181	-11,294	7,827	1,222	4,964	2,599	-552	4,821	-2,407	-2,728	-3,550	-6,722	-1,921	6,938	687	5,520	267	3,691	1,427	-5,191	7,826	2,595	483	934	138	236	-23	1,049	1,547	320	1,213	-874	979	-575	-1,103	939	1,062
Amortization of share-based compensation expense, bond premium and discount, debt discount and issuance costs and accelerated amortization of Junior Subordinated Debt discount and issuance cost
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,259	2,572	30,201	-	3,411	5,164	3,066	4,456	2,695	2,373	1,425	1,988	745	19,066	437
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net
15,205	-34,923	-19,708	-6,007	7,198	-92,080	-10,161	-48,397	151,462	-101,501	-62,645	-119,544	204,287	-165,074	-19,856	-44,933	218,880	-113,413	-107,337	-38,699	131,943	1,171	-146,118	-4,210	114,814	2,592	-138,850	-43,010	210,319	72,984	-47,475	-55,239	128,717	-2,208	1,505	80,502	88,539
Funds withheld
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-20,344	4,233
Prepaid reinsurance premiums
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,158	61	-	-816	8,551	505	-3,958	1,784	6,480	2,083
Reinsurance recoverable on unpaid losses
-2,256	-	-	-	36	-	-	-	-	-	-	-21,233	8,792	-	6,350	7,539	12,392	3,347	1,964	11,939	3,471	-6,221	-17,950	16,803	-710	-13,299	-3,810	-16,947	7,235	81,749	-17,549	20,755	5,612	7,715	-3,014	4,152	4,779
Accrued investment income
1,659	-934	-3,016	-5,524	-2	-1,752	1,270	-581	311	36	8	-746	-386	1,958	1,304	-1,140	1,373	1,976	1,024	3,476	-1,390	750	830	1,096	17	2,086	1,515	321	219	-375	2,787	3,642	1,665	1,913	-952	-351	-1,446
Deferred commission and other acquisition expenses
-7,438	-13,347	-22,838	-48,298	-88,388	-30,523	5,991	4,276	29,830	-20,020	-11,000	2,493	47,280	-29,606	-4,087	9,798	44,002	-31,292	-13,830	11,967	59,701	3,982	10,145	11,414	43,676	-5,905	-4,621	2,729	41,915	-4,091	4,378	-7,045	28,831	402	3,598	10,875	30,162
Funds withheld receivable
-1,261	2,603	810	27,908	53,741	4,099	12,187	-1,341	-2,058	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,815	118	814	-	-	-	-
Other assets
8,464	-3,284	433	4,570	3,462	8,804	-79,974	9,315	-6,545	-44,736	8,135	8,208	6,461	13,694	-9,261	5,679	35,609	12,087	18,939	24,675	20,898	-14,550	-502	-3,814	-13,194	-9,537	17,440	-5,435	-2,337	6,153	-603	12,958	-2,804	-11,302	6,053	1,314	2,283
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses
-174,835	-208,874	88,605	66,808	-67,641	204,427	313,625	76,222	91,380	160,405	144,759	91,287	89,175	93,977	121,322	74,769	54,846	13,131	81,924	113,741	95,458	578,533	-78,560	-68,379	-77,580	-25,612	-69,763	-63,080	-48,328	-189,044	-21,323	-69,644	-57,337	-76,646	-54,979	-22,487	-22,757
Unearned premiums
-20,479	-42,067	-59,363	-132,965	-326,214	-97,306	-36,462	15,305	93,357	-71,459	-69,200	-29,861	193,550	-129,414	-12,844	14,315	203,281	-84,084	-43,045	43,892	237,879	-20,022	12,752	6,533	183,339	-55,452	-44,046	-5,140	200,678	-41,407	1,123	-16,706	160,786	-12,699	9,954	76,059	105,122
Reinsurance balances payable, net
-	-	-	-	-	-	-	-	-12,785	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued expenses and other liabilities
-13,703	17,479	-2,705	-112,251	63,880	52,211	-53,472	-11,996	-933	-38,065	15,701	-8,833	9	16,584	-16,120	2,801	24,068	22,443	-22,003	33,743	17,856	-13,672	-11,143	4,222	-5,852	-17,138	15,735	-5,040	-3,051	54,457	-4,277	3,527	-4,635	2,034	-17,159	17,372	-3,932
Net cash used in continuing operations
-218,481	-193,035	-445,349	-170,100	-331,725	-10,635	79,818	120,154	14,548	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in discontinued operations
0	-283	-277	-1,627	-205	30,301	26,701	-31,909	-46,689	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in operating activities
-218,481	-193,318	-445,626	-171,727	-331,930	19,666	106,519	88,245	-32,141	83,754	151,267	178,070	45,477	143,963	161,120	156,033	9,004	108,286	147,577	208,026	170,409	144,673	271,449	91,833	143,690	6,921	209,266	133,862	16,198	50,942	101,779	95,143	71,225	76,160	61,456	29,987	13,667
Cash flows from investing activities:
Purchases of fixed maturities
133,353	-	-	-	159,790	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of fixed-maturities – available-for-sale
-	-	-	-	-	-	75,886	223,148	218,805	299,474	277,466	142,028	118,935	324,617	368,918	94,422	268,661	368,394	210,299	768,871	115,992	179,262	381,536	64,935	152,969	716,195	95,345	452,454	178,122	179,780	339,750	273,403	400,835	277,001	101,872	100,531	156,737
Purchases of other investments
2,325	1,338	2,160	3,762	1,528	851	17,532	0	0	0	839	27	120	5	75	46	46	73	0	47	97	147	417	5,347	787	122	475	1,248	290	146	200	286	308	147	192	593	241
(Increase) decrease in restricted cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-31,732	233,118	-97,701	6,042	-11,247	-221,678	191,903	64,374	-700	70,333	73,852	-192,584	173,729	-31,101	-5,011	17,003	30,907	-5,562	-24,916	18,125	29,563	14,443	-36,992
Proceeds from sales of fixed maturities
224,471	186,476	136,347	625,254	84,361	182,257	68,534	36,315	80,240	48,651	13,912	71,610	30,784	-32,916	15,260	18,826	67,837	13,059	29,595	29,859	56,639	57,209	4,044	4,629	105,334	168,906	-15,529	157,107	45,379	21,829	16,740	0	104,125	198,458	29,472	62,883	13,686
Proceeds from maturities, paydowns and calls of fixed maturities
200,242	140,033	1,442,434	117,669	206,811	61,910	7,460	155,059	95,774	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale
-	-	-	-	-	-	-	-	-	89,600	19,334	100,425	105,181	59,776	120,148	216,174	106,168	73,171	97,469	212,363	158,078	113,480	103,366	55,714	77,292	61,189	123,428	125,610	138,654	152,929	119,355	108,488	103,319	13,205	53,430	68,868	175,023
Proceeds from maturities and calls of fixed maturities – held-to-maturity
-	-	-	-	-	-	-	-	-	18,909	12,888	7,856	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale and redemption of other investments
92	0	278	174	406	1	1,138	747	275	583	10,731	122	266	909	45	220	307	112	270	45	29	118	169	197	313	141	91	95	73	66	114	68	92	514	140	4,242	0
Other, net
597	11	23	-406	-2,870	-922	944	419	1,622	2,283	1,133	497	367	-87	188	155	178	-8,141	121	354	240	-363	197	32	624	-436	1,345	-1,154	99	-	-	-	-	-	-	-	-
Net cash provided by investing activities for continuing operations
288,530	226,783	55,486	503,891	133,130	13,358	-9,730	-31,446	-44,138	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities for discontinued operations
0	0	0	-2,764	-3,349	-7,610	14,681	31,618	66,166	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of capital assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	74	-	263	113	717
Net cash provided by investing activities
288,530	226,783	55,486	501,127	129,781	5,748	4,951	172	22,028	-174,842	-239,283	37,461	16,809	-286,675	-201,996	-92,521	3,128	-280,026	-71,839	-305,327	-93,486	-72,613	-273,871	-80,107	-45,293	-294,342	-161,623	-138,635	10,606	-22,139	-234,779	-211,863	-168,765	-26,951	1,320	-29,049	68,006
Cash flows from financing activities:
Repurchase agreements, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-76,225
Senior notes, net of issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-256	96,850	-	-	-	-
Redemption of 2011 senior notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	152,500	0	0	0	0	-	-	-	-	-	-	-	-
Senior notes issuance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Issuance of common shares
-	-	-	-	-	-	-	-	-	-	-	492	518	1,265	224	94	348	238	454	1,305	1,321	127	139	142	184	140	703	593	340	224	92	38	124	74	257	87	4
Repurchase of common shares
-	-	-	-	-	16	664	0	193	11,815	13,261	0	575	0	0	0	470	0	0	0	654	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid – Maiden common shares
-	-	-	-	-	4,155	12,476	12,472	12,452	12,699	12,999	12,988	12,948	12,065	10,369	10,365	10,328	9,588	9,573	9,551	9,492	8,029	8,015	8,035	8,000	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid to common shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	5,781	5,780	5,778	5,777	5,049	5,048	5,047
Dividends paid – preference shares
-	-	-	-	-	0	8,545	8,546	8,545	8,545	8,545	6,033	6,033	6,033	9,023	9,023	9,677	6,084	6,085	6,084	6,084	6,084	6,085	6,084	6,084	5,553	3,093	3,094	3,094	3,644	0	0	0	-	-	-	-
Net cash used in financing activities
-	-	-	-	-	-4,140	-21,685	-21,018	-21,190	-31,978	-35,993	26,591	-19,038	-17,115	-19,279	-20,259	-20,127	144,194	-15,204	-14,330	-14,909	-14,052	-13,961	-13,977	-166,400	295,164	-8,910	-9,044	-2,754	-15,711	139,352	-5,998	91,196	-5,703	-112,292	99,728	-81,268
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents
635	887	-1,092	157	-334	-425	-311	-1,657	837	294	988	1,940	451	-956	155	-1,034	3,594	-364	-359	886	-2,012	-2,271	-1,252	230	208	794	3,188	-597	-1,804	1,574	1,595	-2,198	2,108	-1,732	-2,532	350	784
Net increase (decrease) in cash, restricted cash and cash equivalents
70,684	34,352	-391,237	329,544	-202,483	20,849	89,474	65,742	-30,466	-122,772	-123,021	244,062	43,699	-160,783	-60,000	42,219	-4,401	-27,910	60,175	-110,745	60,002	55,737	-17,635	-2,021	-67,795	8,537	41,921	-14,414	22,246	14,666	7,947	-124,916	-4,236	41,774	-52,048	101,016	1,189
Non-cash investing activities
Non-cash investing activities
AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment
Investments transferred out
0	0	318,943	0	280,670	176,865	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Funds Withheld Arrangement
Investments transferred out
0	0	240,672	0	571,396	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-