Maiden holdings, ltd. (MHLD)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities
Net income (loss)

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Less: net loss from discontinued operations

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net loss

-

-

-

-

-

-544,405

-400,066

-154,888

-173,903

-169,745

-114,262

-18,412

37,810

48,138

148,236

135,955

122,579

124,284

127,191

132,602

138,006

101,533

94,287

85,394

76,810

102,856

69,814

66,715

57,990

50,261

74,470

68,538

29,560

28,527

0

0

0

Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

-

-

-

-

-

-94,113

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization and share-based compensation

7,519

7,820

7,142

7,384

6,110

6,179

4,697

4,090

8,878

8,387

4,231

8,250

9,468

12,608

19,480

19,006

10,496

9,716

44,090

40,665

43,129

40,319

18,512

18,687

18,954

19,076

5,373

5,605

5,952

6,258

0

0

0

-

-

-

-

Depreciation and amortization of intangibles

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Net realized (gains) losses on investment

49,999

27,860

24,438

11,513

-12,987

-1,529

3,624

9,708

11,694

12,222

10,579

6,620

5,382

6,774

4,682

3,998

3,906

2,498

2,515

1,609

1,944

1,163

853

1,020

390

3,585

4,778

6,711

3,825

1,907

3,579

-1,731

1,799

481

0

0

0

Total other-than-temporary impairment losses

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Foreign exchange and other gains

5,936

2,719

16,612

8,233

11,832

4,461

-866

-3,864

-15,407

-14,921

-5,255

-1,018

11,224

13,412

10,165

10,905

194

7,753

6,657

5,713

11,838

4,150

1,791

1,285

1,400

2,809

2,893

4,129

2,206

1,638

743

-1,573

240

323

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

16,097

15,381

12,590

10,949

8,481

6,531

23,224

22,236

0

0

0

Changes in assets – (increase) decrease:
Reinsurance balances receivable, net

-45,433

-53,440

-110,597

-101,050

-143,440

824

-8,597

-61,081

-132,228

-79,403

-142,976

-100,187

-25,576

-10,983

40,678

-46,803

-40,569

-127,506

-12,922

-51,703

-17,214

-34,343

-32,922

-25,654

-64,454

31,051

101,443

192,818

180,589

98,987

23,795

72,775

208,516

168,338

0

0

0

Funds withheld

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Prepaid reinsurance premiums

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

4,282

6,882

4,811

6,389

0

0

0

Reinsurance recoverable on unpaid losses

0

-

-

-

0

-

-

-

-

-

-

0

25,708

-

29,628

25,242

29,642

20,721

11,153

-8,761

-3,897

-8,078

-15,156

-1,016

-34,766

-26,821

68,227

54,488

92,190

90,567

16,533

31,068

14,465

13,632

0

0

0

Accrued investment income

-7,815

-9,476

-10,294

-6,008

-1,065

-752

1,036

-226

-391

-1,088

834

2,130

1,736

3,495

3,513

3,233

7,849

5,086

3,860

3,666

1,286

2,693

4,029

4,714

3,939

4,141

1,680

2,952

6,273

7,719

10,007

6,268

2,275

-836

0

0

0

Deferred commission and other acquisition expenses

-91,921

-172,871

-190,047

-161,218

-108,644

9,574

20,077

3,086

1,303

18,753

9,167

16,080

23,385

20,107

18,421

8,678

10,847

26,546

61,820

85,795

85,242

69,217

59,330

44,564

35,879

34,118

35,932

44,931

35,157

22,073

26,566

25,786

43,706

45,037

0

0

0

Funds withheld receivable

30,060

85,062

86,558

97,935

68,686

12,887

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Other assets

10,183

5,181

17,269

-63,138

-58,393

-68,400

-121,940

-33,831

-34,938

-21,932

36,498

19,102

16,573

45,721

44,114

72,314

91,310

76,599

49,962

30,521

2,032

-32,060

-27,047

-9,105

-10,726

131

15,821

-2,222

16,171

15,704

-1,751

4,905

-6,739

-1,652

0

0

0

Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses

-228,296

-121,102

292,199

517,219

526,633

685,654

641,632

472,766

487,831

485,626

419,198

395,761

379,243

344,914

264,068

224,670

263,642

304,254

869,656

709,172

527,052

354,014

-250,131

-241,334

-236,035

-206,783

-370,215

-321,775

-328,339

-337,348

-224,950

-258,606

-211,449

-176,869

0

0

0

Unearned premiums

-254,874

-560,609

-615,848

-592,947

-444,677

-25,106

741

-31,997

-77,163

23,030

-34,925

21,431

65,607

75,338

120,668

90,467

120,044

154,642

218,704

274,501

237,142

182,602

147,172

90,374

78,701

96,040

110,085

155,254

143,688

103,796

132,504

141,335

234,100

178,436

0

0

0

Reinsurance balances payable, net

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses and other liabilities

-111,180

-33,597

1,135

-49,632

50,623

-14,190

-104,466

-35,293

-32,130

-31,188

23,461

-8,360

3,274

27,333

33,192

27,309

58,251

52,039

15,924

26,784

-2,737

-26,445

-29,911

-3,033

-12,295

-9,494

62,101

42,089

50,656

49,072

-3,351

-16,233

-2,388

-1,685

0

0

0

Net cash used in continuing operations

-1,026,965

-1,140,209

-957,809

-432,642

-142,388

203,885

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in discontinued operations

-2,187

-2,392

28,192

55,170

24,888

-21,596

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in operating activities

-1,029,152

-1,142,601

-929,617

-377,472

-117,500

182,289

246,377

291,125

380,950

458,568

518,777

528,630

506,593

470,120

434,443

420,900

472,893

634,298

670,685

794,557

678,364

651,645

513,893

451,710

493,739

366,247

410,268

302,781

264,062

319,089

344,307

303,984

238,828

181,270

0

0

0

Cash flows from investing activities:
Purchases of fixed maturities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of fixed-maturities – available-for-sale

-

-

-

-

-

-

817,313

1,018,893

937,773

837,903

863,046

954,498

906,892

1,056,618

1,100,395

941,776

1,616,225

1,463,556

1,274,424

1,445,661

741,725

778,702

1,315,635

1,029,444

1,416,963

1,442,116

905,701

1,150,106

971,055

1,193,768

1,290,989

1,053,111

880,239

636,141

0

0

0

Purchases of other investments

9,585

8,788

8,301

23,673

19,911

18,383

17,532

839

866

986

991

227

246

172

240

165

166

217

291

708

6,008

6,698

6,673

6,731

2,632

2,135

2,159

1,884

922

940

941

933

1,240

1,173

0

0

0

(Increase) decrease in restricted cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

109,727

130,212

-324,584

-34,980

23,352

33,899

325,910

207,859

-49,099

125,330

23,896

-54,967

154,620

11,798

37,337

17,432

18,554

17,210

37,215

25,139

0

0

0

Proceeds from sales of fixed maturities

1,172,548

1,032,438

1,028,219

960,406

371,467

367,346

233,740

179,118

214,413

164,957

83,390

84,738

31,954

69,007

114,982

129,317

140,350

129,152

173,302

147,751

122,521

171,216

282,913

263,340

415,818

355,863

208,786

241,055

83,948

142,694

319,323

332,055

394,938

304,499

0

0

0

Proceeds from maturities, paydowns and calls of fixed maturities

1,900,378

1,906,947

1,828,824

393,850

431,240

320,203

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale

-

-

-

-

-

-

-

-

-

314,540

284,716

385,530

501,279

502,266

515,661

492,982

489,171

541,081

581,390

587,287

430,638

349,852

297,561

317,623

387,519

448,881

540,621

536,548

519,426

484,091

344,367

278,442

238,822

310,526

0

0

0

Proceeds from maturities and calls of fixed maturities – held-to-maturity

-

-

-

-

-

-

-

-

-

39,653

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale and redemption of other investments

544

858

859

1,719

2,292

2,161

2,743

12,336

11,711

11,702

12,028

1,342

1,440

1,481

684

909

734

456

462

361

513

797

820

742

640

400

325

348

321

340

788

814

4,988

4,896

0

0

0

Other, net

225

-3,242

-4,175

-3,254

-2,429

2,063

5,268

5,457

5,535

4,280

1,910

965

623

434

-7,620

-7,687

-7,488

-7,426

352

428

106

490

417

1,565

379

-146

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by investing activities for continuing operations

1,074,690

919,290

705,865

640,649

105,312

-71,956

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities for discontinued operations

-2,764

-6,113

-13,723

958

35,340

104,855

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of capital assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

Net cash provided by investing activities

1,071,926

913,177

692,142

641,607

140,652

32,899

-147,691

-391,925

-354,636

-359,855

-471,688

-434,401

-564,383

-578,064

-571,415

-441,258

-654,064

-750,678

-543,265

-745,297

-520,077

-471,884

-693,613

-581,365

-639,893

-583,994

-311,791

-384,947

-458,175

-637,546

-642,358

-406,259

-223,445

13,326

0

0

0

Cash flows from financing activities:
Repurchase agreements, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-76,225

0

0

0

Senior notes, net of issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

96,594

0

0

0

-

-

-

-

Redemption of 2011 senior notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

152,500

152,500

152,500

0

0

0

0

-

-

-

-

-

-

-

-

Senior notes issuance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Issuance of common shares

-

-

-

-

-

-

-

-

-

-

-

2,499

2,101

1,931

904

1,134

2,345

3,318

3,207

2,892

1,729

592

605

1,169

1,620

1,776

1,860

1,249

694

478

328

493

542

422

0

0

0

Repurchase of common shares

-

-

-

-

-

873

12,672

25,269

25,269

25,651

13,836

575

575

470

470

470

470

654

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid – Maiden common shares

-

-

-

-

-

41,555

50,099

50,622

51,138

51,634

51,000

48,370

45,747

43,127

40,650

39,854

39,040

38,204

36,645

35,087

33,571

32,079

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid to common shareholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

23,116

22,384

21,652

20,921

0

0

0

Dividends paid – preference shares

-

-

-

-

-

25,636

34,181

34,181

31,668

29,156

26,644

27,122

30,112

33,756

33,807

30,869

27,930

24,337

24,337

24,337

24,337

24,337

23,806

20,814

17,824

14,834

12,925

9,832

6,738

3,644

0

0

0

-

-

-

-

Net cash used in financing activities

-

-

-

-

-

-68,033

-95,871

-110,179

-62,570

-60,418

-45,555

-28,841

-75,691

-76,780

84,529

88,604

94,533

99,751

-58,495

-57,252

-56,899

-208,390

100,826

105,877

110,810

274,456

-36,419

111,843

114,889

208,839

218,847

-32,797

72,929

-99,535

0

0

0

Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents

587

-382

-1,694

-913

-2,727

-1,556

-837

462

4,059

3,673

2,423

1,590

-1,384

1,759

2,351

1,837

3,757

-1,849

-3,756

-4,649

-5,305

-3,085

-20

4,420

3,593

1,581

2,361

768

-833

3,079

-227

-4,354

-1,806

-3,130

0

0

0

Net increase (decrease) in cash, restricted cash and cash equivalents

43,343

-229,824

-243,327

237,384

-26,418

145,599

1,978

-210,517

-32,197

41,968

3,957

66,978

-134,865

-182,965

-50,092

70,083

-82,881

-18,478

65,169

-12,641

96,083

-31,714

-78,914

-19,358

-31,751

58,290

64,419

30,445

-80,057

-106,539

-79,431

-139,426

86,506

91,931

0

0

0

Non-cash investing activities
Non-cash investing activities
AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment
Investments transferred out

318,943

599,613

776,478

457,535

457,535

176,865

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Funds Withheld Arrangement
Investments transferred out

240,672

812,068

812,068

571,396

571,396

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-