Maiden Holdings Reports In-Line 3Q EPS

On November 4, Maiden Holdings Ltd. MHLD reported operating EPS of $0.26, in line with Wunderlich's estimate and a 9% increase from $0.23 a year ago. Book value increased 11% to $10.52 from $9.45 in 3Q09. In addition, MHLD is expected to close on the GMAC International transaction in 4Q10, further adding to premiums and invested assets. wunderlich's estimates for 2010 and 2011 remain unchanged. It reiterates its Buy rating and $9 price target on MHLD. MHLD reported operating EPS of $0.26 compared to $0.23 a year ago. Wunderlich's estimate was $0.26 and consensus was $0.25. Net written premiums increased 24% to $273.4 million from $221.4 million a year ago. The company is participating in the rapid ascent of AFSI and ACAC is adding meaningfully to premiums. MHLD reported a combined ratio of 96.5% and ROE of 10.3%. Wunderlich's estimates for 2010 of $1.10 and 2011 of $1.22 remain unchanged. MHLD closed Thursday at $7.82