Wunderlich Raising Estimates On Maiden Holdings, Ltd. (MHLD)

Wunderlich Securities is raising earnings estimates on Maiden Holdings, Ltd. MHLD after the company reported much better than expected earnings yesterday. It rates shares of Maiden Holdings at Buy and has a $9 price target. In a note to its clients Wunderlich Securities writes, "Maiden Holdings (MHLD) reported better-than-expected operating EPS of $0.30 versus our estimate of $0.27. Earned premium and investment income growth were the main drivers behind the results. Total revenues increased 27% to $302.7 million from $239.0 million a year ago. Following a strong quarter, we are raising our estimates for 2010 to $1.10 from $1.05 and 2011 to $1.25 from $1.20. We believe MHLD is executing on a unique strategy as a non-catastrophic, diversified reinsurer with excellent growth prospects. In addition, the leadership of MHLD has positioned the company in favorable agreements with ACAC Holding and AmTrust Financial (AFSI-$14.25, Buy). We reiterate our Buy rating on MHLD." Shares of Maiden Holdings are down 4 cents to $7.15 in early trade.