Maiden holdings, ltd. (MHNC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities
Net income (loss)

-

-

-

-

-

-

-

-

-

69,862

-

Net loss

-131,903

-544,405

-169,745

48,138

124,284

101,533

102,856

50,261

28,527

-

61,058

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

-22,541

-94,113

-22,096

-30,922

-

-

-

-

-

-

-

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

7,820

6,179

8,387

12,608

9,716

40,319

19,076

6,258

8,599

7,205

-

Depreciation and amortization of intangibles

-

-

-

-

-

-

-

-

-

-

7,359

Net realized (gains) losses on investment

27,860

-1,529

12,222

6,774

2,498

1,163

3,585

1,907

481

6,604

270

Total other-than-temporary impairment losses

165

5,832

0

0

-

-

-

-

-

-

-

Total other-than-temporary impairment losses

-

-

-

-

1,060

2,364

0

0

-

-

-

Foreign exchange and other gains

2,719

4,461

-14,921

13,412

7,753

4,150

2,809

1,638

323

-580

2,454

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

-

-

-

-

-

-

-

10,949

22,236

-3,586

-5,474

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

-53,440

824

-79,403

-10,983

-127,506

-34,343

31,051

98,987

168,338

29,036

142,363

Funds withheld

-

-

-

-

-

-

-

-

-

-

0

Prepaid reinsurance premiums

-

-

-

-

-

-

-

-

6,389

240

28,752

Reinsurance recoverable on unpaid losses

438,489

47,127

-

-

20,721

-8,078

-26,821

90,567

13,632

-1,684

8,340

Accrued investment income

-9,476

-752

-1,088

3,495

5,086

2,693

4,141

7,719

-836

2,686

1,022

Deferred commission and other acquisition expenses

-172,871

9,574

18,753

20,107

26,546

69,217

34,118

22,073

45,037

30,648

68,467

Funds withheld receivable

85,062

12,887

-

-

-

-

-

-

-

152,713

-

Other assets

5,181

-68,400

-21,932

45,721

76,599

-32,060

131

15,704

-1,652

-1,583

-3,376

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

-121,102

685,654

485,626

344,914

304,254

354,014

-206,783

-337,348

-176,869

-220,932

-105,909

Unearned premiums

-560,609

-25,106

23,030

75,338

154,642

182,602

96,040

103,796

178,436

68,413

137,625

Accrued expenses and other liabilities

-33,597

-14,190

-31,188

27,333

52,039

-26,445

-9,494

49,072

-1,685

6,833

-12,688

Net cash used in continuing operations

-1,140,209

203,885

424,575

460,727

-

-

-

-

-

-

-

Net cash used in discontinued operations

-2,392

-21,596

33,993

9,393

-

-

-

-

-

-

-

Net cash used in operating activities

-1,142,601

182,289

458,568

470,120

634,298

651,645

366,247

319,089

181,270

151,579

45,497

Cash flows from investing activities:
Purchases of fixed maturities

2,015,407

997,137

-

-

-

-

-

-

-

-

-

Purchases of fixed-maturities – available-for-sale

-

-

837,903

1,056,618

1,463,556

778,702

1,442,116

1,193,768

636,141

1,010,142

891,332

Purchases of fixed-maturities  trading and short sales

-

-

-

-

-

-

-

102,073

663,339

1,293,386

0

Purchases of other investments

8,788

18,383

986

172

217

6,698

2,135

940

1,173

424

139

(Increase) decrease in restricted cash and cash equivalents

-

-

-

-

-34,980

207,859

-54,967

17,432

25,139

-55,657

-264,333

Net proceeds from sale of discontinued operations

0

255,917

0

0

-

-

-

-

635

-

-

Proceeds from sales of fixed maturities

1,032,438

367,346

164,957

69,007

129,152

171,216

355,863

142,694

304,499

331,593

200,493

Proceeds from maturities, paydowns and calls of fixed maturities

1,906,947

320,203

-

-

-

-

-

-

-

-

-

Proceeds from sales of fixed-maturities  trading and short sales

-

-

-

-

-

-

-

49,883

720,100

1,291,843

0

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

-

-

314,540

502,266

541,081

349,852

448,881

484,091

310,526

507,326

268,429

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

-

-

39,653

6,172

0

0

-

-

-

-

-

Proceeds from sale and redemption of other investments

858

2,161

11,702

1,481

456

797

400

340

4,896

108

153

Other, net

-3,242

2,063

4,280

434

-7,426

490

-146

341

1,538

-

-

Net cash provided by investing activities for continuing operations

919,290

-71,956

-312,317

-478,298

-

-

-

-

-

-

-

Net cash used in investing activities for discontinued operations

-6,113

104,855

-47,538

-99,766

-

-

-

-

-

-

-

Acquisition of subsidiaries (net of cash acquired)

-

-

-

-

-

-

-

-

-

4,893

13,613

Purchase of capital assets

-

-

-

-

-

-

-

-

-

2,875

1,749

Net cash provided by investing activities

913,177

32,899

-359,855

-578,064

-750,678

-471,884

-583,994

-637,546

13,326

-125,193

-173,425

Cash flows from financing activities:
Senior notes issuance cost

-

-

-

-

-

-

-

-

-

-

0

Junior subordinated debt issuance

-

-

-

-

-

-

-

-

-

-

260,000

Junior subordinated debt issuance cost

-

-

-

-

-

-

-

-

-

-

4,342

Redemption of junior subordinated debt

-

-

-

-

-

152,500

-

-

-

-

0

Proceeds from Issuance of Preferred Stock and Preference Stock

-

-

144,942

-143

159,628

0

159,675

145,041

0

0

-

Repurchase agreements, net

-

-

-

-

-

-

-

-

-76,225

-19,176

-137,245

Senior notes, net of issuance costs

-

-

0

106,285

0

0

147,446

96,594

104,689

0

-

Redemption of 2011 senior notes

-

-

-

-

-

-

0

0

107,500

0

-

Contribution of noncontrolling interest

-

-

-

-

-

-

-

-

-

279

0

Senior notes issuance

-

-

-

-

-

-

-

-

-

-

0

Issuance of common shares

0

31

1,081

1,931

3,318

592

1,776

478

422

52

129

Repurchase of common shares

18

873

25,651

470

654

66

0

-

-

-

-

Dividends paid – Maiden common shares

0

41,555

51,634

43,127

38,204

32,079

19,607

29,630

-

18,394

-

Dividends paid to common shareholders

-

-

-

-

-

-

-

-

20,921

-

16,167

Dividends paid – preference shares

0

25,636

29,156

33,756

24,337

24,337

14,834

3,644

0

0

-

Net cash used in financing activities

-18

-68,033

-60,418

-76,780

99,751

-208,390

274,456

208,839

-99,535

-37,239

102,375

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

-382

-1,556

3,673

1,759

-1,849

-3,085

1,581

3,079

-3,130

-392

1,052

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

-229,824

145,599

41,968

-182,965

-18,478

-31,714

58,290

-106,539

91,931

-11,245

-24,501

Non-cash investing activities
Non-cash investing activities
Investments transferred out

-

-

0

0

-

-

-

-

-

-

-

Supplemental information on cash flows
Interest paid

32,702

19,106

23,106

27,897

28,687

34,222

38,219

36,219

36,850

36,400

-26,794

Taxes paid

192

524

555

494

789

708

634

55

429

129

0

Acquisition of fixed maturities, available-for-sale

-

-

-

-

-

-

23,478

0

81,930

17,806

0

Other assets

-

-

-

-

-

-

-

0

-81,930

0

0

Reinsurance balances receivable

-

-

-

-

-

-

-

-

-

-17,806

0

Discount on junior subordinated debt

-

-

-

-

-

-

-

-

-

-

44,928

Additional paid-in capital

-

-

-

-

-

-

-

-

-

18

-44,928

Common shares issued in exchange of warrants

-

-

-

-

-

-

-

-

-

-18

0

Redemption of other investment

-

-

-

-

-

-

-

-

-

-4,751

0

Purchase of other investment

-

-

-

-

-

-

-

-

-

4,751

0

2012 Senior Notes
Redemption of Senior Notes

-

-

100,000

107,500

-

0

-

-

-

-

-

Discontinued Operations
Investments transferred out

68,262

0

-

-

-

-

-

-

-

-

-

AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment
Investments transferred out

599,613

176,865

-

-

-

-

-

-

-

-

-

Funds Withheld Arrangement
Investments transferred out

812,068

0

-

-

-

-

-

-

-

-

-