Maiden Holdings Earnings Beats Estimates

Maiden Holdings MHLD reported a penny beat to the Street. Solid top-line growth (30.9% vs. our 29.7%) and underwriting results (97.0% vs. KBW's 96.5%) were largely in-line to our estimate. Operating ROE was 10%. KBW is maintaining its EPS estimates and $10 target price. With over 30% potential upside to the target price, KBW reiterates its Outperform rating. The risks to achieving the price target for MHLD include changing demand for insurance products, interest rate fluctuations and catastrophic loss activity. KBW has an Outperform rating and $10 PT on MHLD MHLD closed Friday at $7.89