Maiden expects reserve charges of up to $150m in Q4’24 results

After announcing its reserve review in November, Maiden Holdings has reported that it currently anticipates that it will incur charges of up to $150 million in the fourth quarter of 2024.

The reserve review, outlined in the company’s third-quarter results, involves a thorough assessment of reserves and the exploration of finality solutions to address liabilities not covered by the Enstar LPT/ADC agreement, including through third parties.

While the reserve review and exploration of finality solutions are ongoing, Maiden currently anticipates charges of up to $150 million in Q4 2024, including around $25 million related to resolving certain related-party transactions, which are expected to take effect on December 31, 2024.

These charges also account for adverse reserve developments not covered by the Enstar LPT/ADC agreement, pending finalisation of revised best estimates, along with potential impairment of certain deferred acquisition costs and related charges. However, no specific charges (including amounts) have been determined at this time.

This reserve update was provided alongside Maiden’s announcement of a combination agreement with Kestrel Group to form a new, publicly listed specialty program group.

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