Keefe, Bruyette & Woods Reiterates Outperform Rating On Maiden Holdings

According to Keefe, Bruyette & Woods, Maiden Holdings MHLD Outperform rating is reiterated. Keefe, Bruyette & Woods said that Maiden raised $100 million of 8.25% 30-year Senior Notes to refinance a portion of its $260 million 14.0% Trust Preferred Securities, a move that we believe was largely anticipated by the market. “Given lower interest expense going forward, we are increasing our 2011 and 2012 EPS estimates. We're also raising our target price to $11 due to stronger projected ROE. We reiterate our Outperform rating.” Maiden Holdings closed yesterday at $9.46.