Capital adequacy is under significant pressure, with the equity-to-asset ratio deteriorating to approximately 3.1% as of 2025Q1.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Assets | 1.23B | 1.32B | 1.52B | 1.85B | 2.32B | 2.95B | 3.57B | 5.29B | 6.64B | 6.25B | 5.64B | 5.16B | 4.71B | 4.14B | 3.35B | 2.98B | 2.64B | 2.13B |
| Asset Growth % | 95.97% | -13.36% | -17.76% | -20.48% | -21.23% | -17.37% | -32.52% | -20.42% | 6.27% | 10.81% | 9.26% | 9.56% | 13.9% | 23.38% | 12.46% | 13.11% | 23.88% | - |
| Total Investment Assets | 0 | 0 | 263.74M | 229.3M | 291.21M | 106.9M | 197.66M | 156.49M | 112.13M | 74.28M | 186.48M | 0 | 3.17B | 2.62B | 2.02B | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 263.74M | 228.91M | 225.47M | 106.9M | 31.75M | 23.72M | 6.6M | 13.06M | 186.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 386K | 65.74M | 0 | 165.91M | 132.78M | 105.53M | 61.22M | -242.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 65.98M | 55.54M | 35.41M | 1.06B | 1.36B | 1.5B | 1.61B | 558.9M | 356.2M | 757.37M | 742.11M | 108.12M | 139.83M | 81.54M | 570.75M | 96.2M | 107.4M | 131.9M |
| Cash & Equivalents | 44.27M | 34.73M | 35.41M | 46.62M | 66.09M | 74.04M | 107.28M | 330.99M | 149.38M | 149.53M | 332.5M | 108.12M | 139.83M | 81.54M | 188.08M | 96.2M | 107.4M | 131.9M |
| Receivables | 67.21M | 20.81M | 0 | 452.12M | 655.92M | 660.58M | 696.62M | 0 | 345.04M | 0 | 0 | 0 | 0 | 0 | 382.67M | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 1.06B | 1.36B | 1.5B | 1.61B | 558.9M | 0 | 757.37M | 742.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 37.29M | 8.1M | 17.57M | 24.98M | 36.7M | 51.9M | 77.36M | 388.44M | 380.2M | 502.32M | 479.47M | 459.82M | 395.52M | 365.06M | 98.75M | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.19M | 58.94M | 58.31M | 58.31M | 58.31M | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.52M | 8.1M | 17.57M | 24.98M | 36.7M | 51.9M | 77.36M | 388.44M | 380.2M | 445.13M | 420.53M | 401.51M | 337.21M | 306.75M | 0 | 0 | 0 | 0 |
| PP&E (Net) | 1.34M | 0 | 228K | 300K | 473K | 1.64M | 2.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1.23B | 1.25B | 171.86M | 478.08M | 1.25B | 1.32B | 1.41B | 4.32B | 5.9B | 4.98B | 4.23B | 4.6B | 4.18B | -365.06M | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.2B | 1.27B | 1.27B | 1.56B | 1.94B | 2.42B | 3.06B | 4.73B | 5.41B | 4.89B | 4.29B | 3.92B | 3.59B | 3.12B | 0 | 0 | 0 | 0 |
| Total Debt | 254.8M | 254.76M | 254.6M | 255.87M | 255.35M | 255.13M | 254.91M | 254.69M | 254.48M | 351.41M | 360M | 360M | 486.38M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 210.53M | -34.73M | 219.19M | 209.25M | 189.26M | 119.3M | 147.63M | -76.3M | 105.11M | 201.87M | 27.5M | 251.88M | 346.55M | -81.54M | -188.08M | -96.2M | -107.4M | -131.9M |
| Long-Term Debt | 254.8M | 254.76M | 254.6M | 255.57M | 255.35M | 255.13M | 254.91M | 254.69M | 254.48M | 351.41M | 360M | 360M | 486.38M | 333.82M | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 201K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 24.03M | 1.24B | 1.53B | 51.36M | 30.1M | 3.12B | 2.48B | 3.06B | 2.65B | 83.88M | 110.11M | 111.96M | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 47.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -45.95M | 0 | -201K | 1.15B | 1.49B | 0 | 0 | -66.18M | -90.07M | -167.74M | 2.51B | -83.88M | -110.11M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 0 | 0 | 0 | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 942.21M | 1.02B | 991.14M | 1.31B | 44.54M | 53M | 0 | 4.48B | 5.16B | 4.54B | 3.85B | 3.56B | 3.1B | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 37.57M | 45.19M | 249.16M | 284.58M | 384.26M | 527.82M | 507.72M | 554.92M | 1.23B | 1.36B | 1.35B | 1.24B | 1.12B | 1.02B | 768.98M | 750.2M | 676.5M | 509.8M |
| Equity Growth % | -199.31% | -81.86% | -12.45% | -25.94% | -27.2% | 3.96% | -8.51% | -54.98% | -9.44% | 0.89% | 8.7% | 10.39% | 10.7% | 32.07% | 2.5% | 10.89% | 32.7% | - |
| Shareholders Equity | 37.57M | 45.19M | 249.16M | 284.58M | 384.26M | 527.82M | 507.72M | 554.27M | 1.23B | 1.36B | 1.35B | 1.24B | 1.12B | 1.02B | 768.64M | 750.2M | 676.5M | 509.8M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 641K | 452K | 355K | 1.28M | 472K | 452K | 372K | 338K | 0 | 0 | 0 |
| Retained Earnings | -696.56M | -687.91M | -486.94M | -442.86M | -498.3M | -615.84M | -695.79M | -563.89M | 35.47M | 285.66M | 316.18M | 255.08M | 211.6M | 151.31M | 128.65M | 0 | 0 | 0 |
| Common Stock | 1.51M | 1.5M | 1.5M | 1.49M | 923K | 898K | 882K | 879K | 877K | 873K | 747K | 739K | 736K | 733K | 732K | 0 | 0 | 0 |
| Accumulated OCI | -31.93M | -32.73M | -31.47M | -41.23M | -12.21M | 23.86M | 17.84M | -65.62M | 13.35M | 15M | -23.77M | 95.29M | 25.78M | 141.13M | 64.06M | 0 | 0 | 0 |
| Return on Equity (ROE) | -561.72% | -136.55% | -14.45% | -17.95% | 5.84% | 8.07% | -20.58% | -53.28% | -13.65% | 3.4% | 7.73% | 6.51% | 8.2% | 5.21% | 3.76% | 9.79% | 10.29% | 3.69% |
| Return on Assets (ROA) | -17.1% | -14.18% | -2.29% | -2.88% | 1.01% | 1.28% | -2.47% | -7.98% | -2.74% | 0.78% | 1.85% | 1.56% | 1.98% | 1.24% | 0.9% | 2.49% | 2.56% | 0.88% |
| Equity / Assets | 3.04% | 3.43% | 16.4% | 15.41% | 16.54% | 17.9% | 14.23% | 10.49% | 18.55% | 21.77% | 23.91% | 24.03% | 23.85% | 24.54% | 22.93% | 25.15% | 25.66% | 23.95% |
| Debt / Equity | 6.78x | 5.64x | 1.02x | 0.90x | 0.66x | 0.48x | 0.50x | 0.46x | 0.21x | 0.26x | 0.27x | 0.29x | 0.43x | - | - | - | - | - |
| Book Value per Share | 0.38 | 0.45 | 2.46 | 3.27 | 4.46 | 6.26 | 6.11 | 6.68 | 14.39 | 17.30 | 15.75 | 16.75 | 14.71 | 13.89 | 10.55 | 10.51 | 9.66 | 8.59 |
| Tangible BV per Share | 0.32 | 0.37 | 2.28 | 2.98 | 4.04 | 5.64 | 5.18 | 2.00 | 9.95 | 10.91 | 10.15 | 10.54 | 9.54 | 8.90 | 10.55 | 10.51 | 9.66 | 8.59 |
Eroding equity capital base
As reported in recent financial filings, MHLA's equity has plummeted from $284.6 million in 2022Q4 to just $37.6 million by 2025Q1, representing a severe contraction that suggests the company's capital position is struggling to absorb ongoing underwriting losses and the costs associated with its legacy business run-off.
The precipitous decline in equity relative to total assets indicates that the company's financial cushion is thinning at an alarming rate. This trend suggests that the firm may be approaching a critical threshold where its ability to support future operations or meet regulatory capital requirements could be severely compromised.
Based on the company's reported figures, the equity-to-asset ratio has deteriorated significantly, falling to approximately 3.1% in 2025Q1, which warrants further investigation into whether the current capital buffer is sufficient to withstand further adverse development in long-tail liability reserves or additional operational cash outflows.
The shrinking equity base relative to a $1.2 billion asset footprint implies that the company has very little margin for error. Investors should monitor whether management can stabilize the capital position or if further capital-raising measures will be required to maintain solvency in the face of persistent losses.
According to the provided balance sheet data, the company reports zero investment assets and no cash for the most recent periods, which suggests a potential lack of readily available liquid resources to meet claims-paying obligations without further asset liquidation or reliance on external financing sources.
The absence of reported investment assets in recent quarters is highly unusual for an insurance carrier and may indicate that the company is either fully deployed in illiquid assets or that its liquidity position is severely constrained. This lack of transparency regarding liquid assets makes it difficult to assess the firm's immediate capacity to settle claims.
As indicated by the persistent $1.2 billion liability load in 2025Q1, the company's balance sheet remains dominated by legacy obligations that appear to be outpacing the firm's ability to generate new capital, suggesting that the primary risk is the potential for further reserve strengthening to erode remaining equity.
The structural mismatch between the massive liability base and the rapidly shrinking equity suggests that the company is effectively a run-off vehicle. The risk of further adverse development in these long-tail lines remains the most significant threat to the company's continued existence as a going concern.
Quick answers to the most common questions about buying MHLA stock.
As of 2024, Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) had total assets of $1.32B including $55.5M in current assets.
Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) carries total debt of $254.8M, offset by $34.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) has total shareholders' equity (book value) of $45.2M ($0.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.