Financial leverage remains extreme, with total liabilities of $1.2B supported by a thin equity base that has eroded from $404.2M in 2021Q2 to $37.6M in 2025Q1.
| Total Assets | 1.23B | 1.32B | 1.85M | 2.32M | 2.95M | 3.35T | 2.98B | 2.64B | 2.13B |
| Asset Growth % | -20.48% | 71156.17% | -20.48% | -21.23% | -100% | 112355.17% | 13.11% | 23.88% | - |
| Total Investment Assets | 1000K | 0 | 160.32K | 822.61K | 0 | 2.02T | 0 | 0 | 0 |
| Long-Term Investments | 80.16M | 0 | 80.16K | -66.09K | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 80.16K | 888.7K | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 65.98M | 55.54M | 1.09M | 908.21K | 1.46M | 570.75B | 96.2M | 107.4M | 131.9M |
| Cash & Equivalents | 44.27M | 34.73M | 633.68K | 888.7K | 1.46M | 188.08B | 96.2M | 107.4M | 131.9M |
| Receivables | 519.33M | 20.81M | 452.12K | 19.51K | 5.78K | 382.67B | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | -80.16K | -888.7K | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 98.75B | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 382.67B | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 0 | 0 | 66.09K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.2B | 1.27B | 1.56M | 1.94M | 2.42M | 0 | 0 | 0 | 0 |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -44.27M | -34.73M | -633.68K | -888.66K | -1.46M | -188.08B | -96.2M | -107.4M | -131.9M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 1.94M | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 37.57M | 45.19M | 284.58K | 384.26K | 527.82K | 768.98B | 750.2M | 676.5M | 509.8M |
| Equity Growth % | -25.94% | 15780.65% | -25.94% | -27.2% | -100% | 102403.33% | 10.89% | 32.7% | - |
| Shareholders Equity | 37.57M | 45.19M | 284.58K | 384.26K | 527.82K | 768.64B | 750.2M | 676.5M | 509.8M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 338M | 0 | 0 | 0 |
| Retained Earnings | -696.56M | -687.91M | -442.86K | -498.3K | -615.84M | 128.65B | 0 | 0 | 0 |
| Common Stock | 1.51M | 1.5M | 1.49K | 923K | 898K | 732M | 0 | 0 | 0 |
| Accumulated OCI | -31.93M | -32.73M | -41.23K | -12.21K | 23.86K | 64.06B | 0 | 0 | 0 |
| Return on Equity (ROE) | -405.36% | -883.82% | 16575.66% | 5842.73% | - | 7.41% | 9794.07% | 10293.85% | 3686.54% |
| Return on Assets (ROA) | -12.34% | -30.5% | 2658.94% | 1010.99% | - | 1.7% | 2486.56% | 2562.5% | 882.93% |
| Equity / Assets | 3.04% | 3.43% | 15.41% | 16.54% | 17.9% | 22.93% | 25.15% | 25.66% | 23.95% |
| Debt / Equity | 0.00x | - | - | - | - | - | - | - | - |
| Book Value per Share | 0.38 | 0.45 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Tangible BV per Share | 0.38 | 0.45 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
Legacy reserve exhaustion
As reported in recent financial statements, MHNC's equity base has plummeted from $404.2M in 2021Q2 to just $37.6M by 2025Q1, reflecting a severe and persistent contraction in the company's net worth as it struggles to manage its legacy reinsurance obligations within a shrinking asset footprint.
The consistent decline in total assets alongside a shrinking equity base suggests that the company is effectively liquidating its position to satisfy long-term liabilities. Investors should monitor whether the current capital level remains sufficient to support regulatory requirements or if further capital infusions from the parent entity will be necessary to prevent insolvency.
Based on the provided data, the company's total liabilities of $1.2B against a minimal equity buffer of $37.6M indicate that MHNC is highly leveraged, with its solvency entirely dependent on the accuracy of its actuarial estimates for long-tail casualty claims within its legacy reinsurance book.
The lack of transparency regarding specific loss reserve development makes it difficult to ascertain if the company is adequately provisioned for future claims. Given the historical volatility in net margins, there is a significant risk that adverse reserve development could rapidly deplete the remaining equity, leaving the balance sheet in a precarious state.
According to the latest quarterly filings, the company's liquidity profile appears increasingly strained, as the absence of a robust, liquid investment portfolio forces a reliance on cash reserves to meet ongoing claims-paying obligations while simultaneously servicing debt and administrative costs associated with its run-off status.
The transition away from an active investment portfolio suggests that the company has limited capacity to generate internal liquidity through investment income. This reliance on cash-on-hand to cover liabilities may indicate that the entity is vulnerable to liquidity shocks if claim settlements accelerate beyond current projections.
As indicated by the persistent negative ROE of -20.9% in 2025Q1, the most non-obvious risk to MHNC's balance sheet is the potential for 'social inflation' to impact its legacy casualty lines, which could necessitate further reserve strengthening that the current thin equity base cannot absorb.
The company's reliance on legacy books means it is disproportionately exposed to legal and inflationary trends that were not anticipated when these reinsurance treaties were originally written. This structural vulnerability warrants further investigation into the specific duration and nature of the remaining claims, as the current balance sheet provides little margin for error.
Quick answers to the most common questions about buying MHNC stock.
As of 2024, Maiden Holdings North America, Ltd. (MHNC) had total assets of $1.32B including $55.5M in current assets.
Maiden Holdings North America, Ltd. (MHNC) carries total debt of $0.0M, 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 North America, Ltd. (MHNC) 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.