Maiden Holdings Ltd. reported a fourth-quarter 2018 non-GAAP operating loss attributable to common shareholders of $212.4 million, or $2.56 per share, compared with a loss of $126.4 million, or $1.51 per share, in the fourth quarter of 2017.
The net loss attributable to common shareholders was $269.2 million, or $3.25 per share, versus a $133.6 million loss, or $1.59 per share, in the year-ago period.
The company's total capital resources decreased to $816.8 million, a decrease of 45.4% at Dec. 31, 2018, compared to $1.50 billion at Dec. 31, 2017, due to unfavorable movement in unrealized losses on its available-for-sale investment portfolio and significant adverse loss development within AmTrust reinsurance segment.
For full year 2018, Maiden Holdings reported a non-GAAP operating loss attributable to common shareholders of $471.6 million, or $5.68 per share, compared with non-GAAP operating loss of $169.6 million, or $1.98 per share, in 2017.
The net loss attributable to common shareholders for the year was $570.3 million, or $6.87 per share, versus a net loss attributable to common shareholders of $199.1 million, or $2.32 per share, in 2017.
The company also reported net losses of $544.4 million in 2018, compared to losses of $169.7 million in 2017. The sharp year-over-year increase was primarily the result of loss reserve strengthening and adverse prior-year development of loss reserves.
Maiden in its now filed Form 10-K said it does not expect to pay any cash dividends on its common stock for the foreseeable future, and there can be no assurance that dividends on its preferred shares will resume in the near future.