Maiden Holdings Ltd. reported a fourth-quarter 2017 non-GAAP operating loss attributable to common shareholders of $138.7 million, or a loss of $1.65 per share, compared with a loss of $69.7 million, or a loss of 81 cents per share, in the fourth quarter of 2016.
Net loss attributable to common shareholders was $133.6 million, or a loss of $1.59 per share, versus $74.7 million, or a loss of 87 cents per share, in the year-ago period.
The company had net adverse loss reserve development of $171 million in the fourth quarter of 2017 from the workers' compensation line of business in the AmTrust Reinsurance segment and from two accounts in runoff in the commercial auto line of business within the diversified reinsurance segment.
For full year 2017, Maiden Holdings reported a non-GAAP operating loss attributable to common shareholders of $184.9 million, or a loss of $2.16 per share, compared with non-GAAP operating earnings attributable to common shareholders of $17.3 million, or 22 cents per share, in the fourth quarter of 2016.
Net loss attributable to common shareholders for the year was $199.1 million, or $2.32 per share, versus net income attributable to common shareholders of $15.2 million, or 19 cents per share, in 2016.
