MAIDEN HOLDINGS, LTD. – 10-Q – Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our unaudited Condensed
Consolidated Financial Statements and related notes included elsewhere in this
Quarterly Report on Form 10-Q (this "Form 10-Q" or this "Report"). References in
this Form 10-Q to the terms "we", "us", "our", "the Company", "Maiden" or other
similar terms mean the consolidated operations of Maiden Holdings, Ltd. and its
subsidiaries, unless the context requires otherwise. References in this Form
10-Q to the term "Maiden Holdings" means Maiden Holdings, Ltd. only. Certain
reclassifications have been made for 2021 to conform to the 2022 presentation
and have no impact on consolidated net income and total equity previously
reported.

Note on Forward-Looking Statements

This Quarterly Report on Form 10-Q includes projections concerning financial
information and statements concerning future economic performance and events,
plans and objectives relating to management, operations, products and services,
and assumptions underlying these projections and statements. These projections
and statements are forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 and are not historical facts but
instead represent only our belief regarding future events, many of which, by
their nature, are inherently uncertain and outside our control. These
projections and statements may address, among other things, our strategy for
growth, product development, financial results and reserves. Our actual results
and financial condition may differ, possibly materially, from these projections
and statements and therefore you should not place undue reliance on them.

Factors that could cause our actual results and financial condition to differ,
possibly materially, from those in the specific projections and statements are
discussed throughout this Management's Discussion and Analysis of Financial
Condition and Results of Operations and in "Risk Factors" in Item 1A of Part I
of our Annual Report on Form 10-K for the year ended December 31, 2021 that was
filed with the U.S. Securities and Exchange Commission ("SEC") on March 14,
2022, however, these factors should not be construed as
exhaustive. Forward-looking statements speak only as of the date they are made
and we undertake no obligation to update or revise any forward-looking statement
that may be made from time to time, whether as a result of new information,
future developments or otherwise, except as required by law.

                                       32
--------------------------------------------------------------------------------

Overview

Maiden Holdings is a Bermuda-based holding company. We create shareholder value
by actively managing and allocating our assets and capital, including through
ownership and management of businesses and assets mostly in the insurance and
related financial services industries where we can leverage our deep knowledge
of those markets. We also provide a full range of legacy services to small
insurance companies, particularly those in run-off or with blocks of reserves
that are no longer core, working with clients to develop and implement finality
solutions including acquiring entire companies that enable our clients to meet
their capital and risk management objectives. We expect our legacy solutions
business to contribute to our active asset and capital management strategies.

Short-term income protection business is written on a primary basis by our
wholly owned subsidiaries Maiden Life Försäkrings AB ("Maiden LF") and Maiden
General Försäkrings AB ("Maiden GF") in the Scandinavian and Northern European
markets. Insurance support services are provided to Maiden LF and Maiden GF
through our wholly owned subsidiary, Maiden Global Holdings, Ltd. ("Maiden
Global") which is also a licensed intermediary in the United Kingdom. Maiden
Global had previously operated internationally by providing branded auto and
credit life insurance products through insurer partners, particularly those in
Europe and other global markets. These products also produced reinsurance
programs which were underwritten by our wholly owned subsidiary Maiden
Reinsurance Ltd. ("Maiden Reinsurance").

We are not currently underwriting reinsurance business on new prospective risks
but are actively underwriting risks on a retroactive basis through GLS. We also
have various historic reinsurance programs underwritten by Maiden Reinsurance
which are in run-off, including the liabilities associated with AmTrust
Financial Services, Inc. ("AmTrust") which we terminated in 2019 as discussed in
"Note 10. Related Party Agreements" of the Notes to Condensed Consolidated
Financial Statements in Part I Item 1. "Financial Information". In addition, we
have a Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC
Agreement") with Cavello Bay Reinsurance Limited ("Cavello") and a commutation
agreement that further reduces our exposure to and limits the potential
volatility related to these AmTrust liabilities in run-off, as discussed in
"Note 8. Reinsurance" of the Notes to Condensed Consolidated Financial
Statements in Part I Item 1. "Financial Information".

Our business currently consists of two reportable segments: Diversified
Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment
consists of a portfolio of predominantly property and casualty reinsurance
business focusing on regional and specialty property and casualty insurance
companies located primarily in Europe. This segment also includes transactions
entered into by GLS which was formed in November 2020. Our AmTrust Reinsurance
segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily
the quota share reinsurance agreement ("AmTrust Quota Share") between Maiden
Reinsurance and AmTrust's wholly owned subsidiary, AmTrust International
Insurance, Ltd. ("AII") and the European hospital liability quota share
reinsurance contract ("European Hospital Liability Quota Share") with AmTrust's
wholly owned subsidiaries AmTrust Europe Limited ("AEL") and AmTrust
International Underwriters DAC ("AIU DAC"), both of which are in run-off
effective January 1, 2019.

Please refer to "Management's Discussion and Analysis of Financial Condition and
Results of Operations" section included under Item 7 of our Annual Report on
Form 10-K for the year ended December 31, 2021 for further information on recent
developments within the Company.

We believe Maiden Holdings North America, Ltd.'s ("Maiden NA") investments,
including its ownership of Maiden Reinsurance and its active asset management
strategy, will create opportunities to utilize net operating loss carry-forwards
("NOL") of $235.7 million as of March 31, 2022. These NOL carryforwards, in
combination with additional net deferred tax assets ("DTA") primarily related to
our insurance liabilities result in a net U.S. DTA (before valuation allowance)
of $94.3 million or $1.08 per common share at March 31, 2022.

These net DTA are not presently recognized on the Company's consolidated balance
sheet as a full valuation allowance is carried against them. At this time, while
positive evidence in support of reducing the valuation allowance is
accumulating, the Company believes it is necessary to maintain its full
valuation allowance against the net U.S. DTA due to insufficient accumulation of
evidence at this time regarding the utilization of these losses. As our
profitability continues to improve, we will continuously evaluate the amount of
the valuation allowance held against the net U.S. DTA.

For further details, please see "Note 13. Income Taxes" included under Item 8
"Financial Statements and Supplementary Data" in our Annual Report on Form 10-K
for the year ended December 31, 2021. Taken together, we believe these measures
should generate additional income for Maiden NA in a tax-efficient manner, while
sharing in the improvement in profitability anticipated in Maiden Reinsurance as
a result of the measures enacted as described above.

Business Strategy

We continued to deploy our revised operating strategy during 2022 which
leverages the significant assets and capital we retain. In addition to restoring
operating profitability, our strategic focus centers on creating the greatest
risk-adjusted shareholder returns in order to increase book value for our common
shareholders, both near and long-term. This strategy has three principal areas
of focus:

•Asset management - investing in assets and asset classes in a prudent but
expansive manner in order to maximize investment returns and is principally
enabled by limiting the amount of insurance risk we assume in relation to the
assets we hold and maintaining required regulatory capital at very strong levels
to manage our aggregate risk profile;

•Legacy underwriting - judiciously building a portfolio of legacy run-off
acquisitions and retroactive reinsurance transactions which we believe will
produce attractive underwriting returns; and

•Capital management - effectively managing the capital we hold on our balance
sheet and when appropriate, repurchasing securities or returning capital to
enhance common shareholder returns.

                                       33
--------------------------------------------------------------------------------

The returns expected to be produced by each pillar of our strategy are evaluated
in relation to our cost of debt capital, which carries a weighted average
effective interest rate of 7.6%. To the extent our experience or belief
indicates we cannot exceed the cost of debt capital, we expect to refrain from
activities in those areas. As an example, our present assessment of the
reinsurance marketplace along with our current operating profile continues to be
that the risk-adjusted returns that may be produced via active reinsurance
underwriting of new prospective risks are likely to be lower over the long-term
than our cost of capital.

The measures implemented in recent years have allowed us to more flexibly
allocate capital to those activities most likely to produce the greatest returns
for shareholders, and we are actively engaged in evaluating and deploying funds
in all pillars of the strategies as discussed herein. We also believe that these
areas of strategic focus will enhance our profitability through increased
returns, which we believe also increase the likelihood of fully utilizing the
significant NOL carryforwards described above which would create additional
common shareholder value.

As part of our expanded asset management activities, we have evaluated and
continue to consider investing in various initiatives in the insurance industry
across a variety of segments which we believe will produce appropriate
risk-adjusted returns while maintaining the option to consider underwriting
activities in the future. We believe these expanded activities will produce a
broad range of positive impacts on our financial condition, including current
income, longer-term gains and in certain instances, fee income.

In recent years, we have invested approximately $250.4 million into alternative
investments which include equity securities, other investments and equity method
investments in a wide variety of asset classes and we believe these activities
will exceed that benchmark cost of capital with adjustments as necessary if
those returns do not emerge.

In November 2020, we formed Genesis Legacy Solutions ("GLS") which specializes
in providing a full range of legacy services to small insurance entities,
particularly those in run-off or with blocks of reserves that are no longer
core, working with clients to develop and implement finality solutions including
acquiring entire companies that enable our clients to meet their capital and
risk management objectives. We acquire legacy liabilities and (re)insurance
reserves from companies and provide retroactive reinsurance coverage for
portfolios of (re)insurance business, primarily via loss portfolio transfer
contracts ("LPT"). Additionally, we provide reinsurance contracts to other
(re)insurers to mitigate some of their risk of future adverse development
(adverse development cover, or "ADC") on insurance risks relating to prior
accident years.

We believe the formation of GLS is highly complementary to our overall
longer-term strategy. and will produce risk-adjusted returns in excess of our
debt cost of capital. In addition, while we anticipate profitable growth from
the GLS portfolio as it develops, we expect our required capital to continue to
decline as insurance risk incurred by GLS will be more than offset by the
run-off of insurance liabilities from our prior reinsurance strategies. GLS,
along with other recent insurance industry investments, enables us to leverage
our knowledge base while not re-entering active underwriting of new prospective
risks and maintaining an efficient operating profile. We believe GLS not only
enhances our profitability through both fee income and effective claims
management services, but it will also increase our asset base through the
addition of blocks of reserves or companies that can be successfully wound down.

Effective October 1, 2021, GLS completed its first loss portfolio transfer
transaction which includes an ADC cover. GLS and its subsidiaries have completed
additional transactions in the first quarter of 2022 and as of March 31, 2022,
GLS and its subsidiaries have insurance related liabilities totaling $37.1
million which included total reserves of $29.2 million and deferred gains on
retroactive reinsurance of $7.9 million. GLS continues to write additional
retroactive reinsurance transactions consistent with its business plan. In
addition to producing returns that exceed the target cost of capital, we expect
the business produced through GLS should further enhance our ability to pursue
the asset and capital management pillars of our business strategy.

Our capital management strategy is significantly informed by the required
capital needed to operate our business in a prudent manner and our ongoing
analysis of our loss development trends. Recent trends continue to increase our
confidence in our recorded ultimate losses for our insurance liabilities in
run-off, however a prudent assessment dictates that the run-off portfolio still
requires additional maturity to fully emerge. While there is no guarantee that
these recent loss development trends will persist, as our confidence has
increased it has enabled us to pursue continued capital management initiatives,
primarily the repurchase of our preference shares, which we believe provide the
greatest risk-adjusted returns to our common shareholders. Our current
assessment is that losses have continued to stabilize sufficiently to continue
the capital management initiatives we initiated in 2020, although we have
approached these strategies in a deliberate fashion.

On March 3, 2021, the Company's Board of Directors approved the repurchase,
including the repurchase by Maiden Reinsurance in accordance with its investment
guidelines, of up to $100.0 million of the Company's preference shares from time
to time at market prices in open market purchases or as may be privately
negotiated. On May 6, 2021, the Company's Board of Directors approved the
additional repurchase, including the repurchase by Maiden Reinsurance in
accordance with its investment guidelines, of up to $50.0 million of the
Company's preference shares from time to time at market prices in open market
purchases or as may be privately negotiated. The authorizations approved on
March 3, 2021 and May 6, 2021 as described above are collectively referred to as
"2021 Preference Share Repurchase Program". The Company has a remaining
authorization of $10.7 million for preference share repurchases at March 31,
2022.

Please refer to "Notes to Condensed Consolidated Financial Statements - Note
6. Shareholders' Equity" under Item 8 "Financial Statements and Supplementary
Data" in Part I Item 1. "Financial Information" for recent repurchases and
further detail on our preference shares.

Our ability to execute our asset and capital management initiatives is dependent
on maintaining adequate levels of unrestricted liquidity and cash flows.
Further, there can be no assurance that our insurance liabilities will run-off
at levels that will permit further capital management activities, which we
continually review as part of our strategy. Please refer to the "Liquidity and
Capital Resources" section for further information on our asset and capital
management activities, in particular our various preference share repurchase
measures.

                                       34
--------------------------------------------------------------------------------

Three Months Ended March 31, 2022 and 2021 Financial Highlights

For the Three Months Ended March 31,                              2022                  2021              Change
Summary Consolidated Statement of Income Data
(unaudited):                                                        ($ in 

thousands except per share data)

Net (loss) income                                           $      (1,949)          $   9,286          $ (11,235)
Gain from repurchase of preference shares                           3,543              62,450            (58,907)
Net income attributable to Maiden common shareholders               1,594              71,736            (70,142)
Basic and diluted earnings per common share:
Net income attributable to common shareholders(2)                    0.02                0.83              (0.81)
Gain from repurchase of preference securities per
common share                                                         0.04                0.73              (0.69)
Gross premiums written                                            (10,170)             (2,390)            (7,780)
Net premiums earned                                                 1,122              11,764            (10,642)
Underwriting (loss) income(3)                                      (1,655)              1,555             (3,210)
Net investment income                                               6,567               9,841             (3,274)

Non-GAAP measures:
Non-GAAP operating (loss) earnings(1)                              (6,935)             47,301            (54,236)

Non-GAAP basic and diluted operating (loss) earnings
per common share(1)

                                                 (0.08)               0.55              (0.63)
Annualized non-GAAP operating return on average
common shareholders' equity(1)                                      (10.5)  %            81.4  %           (91.9)



                                                                                   December 31,
                                                            March 31, 2022             2021               Change
Consolidated Financial Condition                                    ($ in thousands except per share data)
Total investments and cash and cash equivalents(4)         $      793,526          $  888,699          $ (95,173)
Total assets                                                    2,215,972           2,322,610           (106,638)
Reserve for loss and LAE                                        1,386,023           1,489,373           (103,350)
Senior notes - principal amount                                   262,500             262,500                  -
Common shareholders' equity                                       215,327             225,047             (9,720)
Shareholders' equity                                              367,665             384,257            (16,592)
Total capital resources(5)                                        630,165             646,757            (16,592)
Ratio of debt to total capital resources(10)                         41.7  %             40.6  %             1.1
Book Value calculations:
Book value per common share(6)                             $         2.47          $     2.60          $   (0.13)
Accumulated dividends per common share(12)                           4.27                4.27                  -
Book value per common share plus accumulated
dividends                                                  $         6.74          $     6.87          $   (0.13)
Change in book value per common share plus
accumulated dividends                                                (1.9) %
Diluted book value per common share(7)                     $         2.46   

$ 2.59 $ (0.13)

Non-GAAP measures:
Adjusted book value per common share(8)                    $         2.99          $     3.18          $   (0.19)
Adjusted shareholders' equity(9)                                  412,525             434,200            (21,675)
Adjusted total capital resources(9)                               675,025             696,700            (21,675)
Ratio of debt to adjusted total capital
resources(11)                                                        38.9  %             37.7  %             1.2

(1)Non-GAAP operating earnings (loss), non-GAAP operating earnings (loss) per
common share, and annualized non-GAAP operating return on average common
shareholders' equity are non-GAAP financial measures. See "Key Financial
Measures" for additional information.

(2)Please refer to "Notes to Condensed Consolidated Financial Statements
(unaudited) Note 12. Earnings per Common Share" for the calculation of basic and
diluted income per common share.

(3)Underwriting income or loss is a non-GAAP measure and is calculated as net
premiums earned plus other insurance revenue less net loss and LAE, commission
and other acquisition expenses and general and administrative expenses directly
related to underwriting activities. See "Key Financial Measures" for additional
information.

                                       35
--------------------------------------------------------------------------------

(4)Total investments and cash and cash equivalents includes both restricted and
unrestricted.

(5)Total capital resources is the sum of the Company's principal amount of debt
and shareholders' equity. See "Key Financial Measures" for additional
information.

(6)Book value per common share is calculated using common shareholders' equity
(shareholders' equity excluding the aggregate liquidation value of our
preference shares) divided by the number of common shares outstanding. See "Key
Financial Measures" for additional information.

(7)Diluted book value per common share is calculated by dividing common
shareholders' equity, adjusted for assumed proceeds from the exercise of
dilutive options, by the number of outstanding common shares plus dilutive
options and restricted shares (assuming exercise of all dilutive share based
awards). See "Key Financial Measures" for additional information.

(8)Adjusted book value per common share is a non-GAAP measure that is calculated
using common shareholders' equity, adjusted by adding the following items to
shareholders' equity: 1) the unamortized deferred gain on retroactive
reinsurance arising from the LPT/ADC Agreement; and 2) an adjustment which
reflects the equity method accounting related to the fair value of certain
hedged liabilities within an equity method investment in a limited partnership
investment held by the Company wherein the ultimate realizable value of the
asset supporting the hedged liabilities cannot currently be recognized at fair
value, divided by the number of common shares outstanding. See "Key Financial
Measures" for additional information.

(9)Adjusted shareholders' equity and adjusted total capital resources are
calculated by adding the following items to shareholders' equity: 1) the
unamortized deferred gain on retroactive reinsurance arising from the LPT/ADC
Agreement; and 2) an adjustment which reflects the equity accounting related to
the fair value of certain hedged liabilities within an equity method investment
held by the Company wherein the ultimate realizable value of the asset
supporting the hedged liabilities cannot currently be recognized at fair value.
The deferred gain arises from the LPT/ADC Agreement with Cavello relating to
losses from the AmTrust Quota Share agreement. Under U.S. GAAP, the deferred
gain shall be amortized over the estimated remaining settlement period. See "Key
Financial Measures" for additional information.

(10)Ratio of debt to total capital resources is calculated using the total
principal amount of debt divided by the sum of total capital resources.

(11)Ratio of debt to adjusted total capital resources is calculated using the
total principal amount of debt divided by the sum of adjusted total capital
resources.

(12)Accumulated dividends per common share includes the cumulative sum of
dividends declared and paid in the past on the Company's issued common shares
since inception.

Key Financial Measures

In addition to our key financial measures presented in accordance with GAAP in
the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements
of Income and Comprehensive Income, management uses certain non-GAAP financial
measures to evaluate the Company's financial performance and the overall growth
in value generated for the Company's common shareholders. Management believes
that these measures, which may be defined differently by other companies,
explain the Company's results to investors in a manner that allows for a more
complete understanding of the underlying trends in the Company's business. The
non-GAAP measures should not be viewed as a substitute for those determined in
accordance with U.S. GAAP. The calculation of these key financial measures
including the reconciliation of non-GAAP measures to the nearest GAAP measure
and relevant discussions are found within Item 2 - "Management's Discussion and
Analysis of Financial Condition and Results of Operations". These non-GAAP
financial measures are:

Non-GAAP operating (loss) earnings and non-GAAP diluted operating (loss)
earnings per common share: Management believes that the use of non-GAAP
operating (loss) earnings and non-GAAP diluted operating (loss) earnings per
common share enables investors and other users of the Company's financial
information to analyze its performance in a manner similar to how management
analyzes performance. Management also believes that these measures generally
follow industry practice therefore allowing the users of financial information
to compare the Company's performance with its industry peer group, and that the
equity analysts and certain rating agencies which follow the Company, and the
insurance industry as a whole, generally exclude these items from their analyses
for the same reasons. Non-GAAP operating (loss) earnings should not be viewed as
a substitute for U.S. GAAP net income.

Non-GAAP operating (loss) earnings is an internal performance measure used by
management as these measures focus on the underlying fundamentals of the
Company's operations by excluding, on a recurring basis: (1) net realized gains
or losses on investment; (2) foreign exchange and other gains or losses; (3) the
portion of favorable or unfavorable prior year reserve development for which we
have ceded the risk under the LPT/ADC Agreement; and (4) interest in income of
equity method investments. We have excluded net realized gains on investment,
interest in income of equity method investments and foreign exchange and other
gains as we believe these are influenced by market opportunities and other
factors. We do not believe that ceded risks under the LPT/ADC Agreement are
representative of our ongoing and future business which are different to
retroactive reinsurance risks written by GLS that are representative of our
ongoing and future business. We believe all of these amounts are substantially
independent of our business and any potential future underwriting process, and
therefore including them would distort the analysis of underlying trends in our
operations.

Underwriting income (loss) is a non-GAAP measure and is calculated as net
premiums earned plus other insurance revenue less net loss and LAE, commission
and other acquisition expenses and general and administrative expenses directly
related to underwriting activities. For purposes of these non-GAAP operating
measures, the fee-generating business which is included in our Diversified
Reinsurance segment, is considered part of the underwriting operations of the
Company. Management believes that this measure is important in evaluating the
underwriting performance of the Company and its segments. This measure is also a
useful tool to measure the profitability of the Company separately from the
investment results and is also a widely used performance indicator in the
insurance industry. A reconciliation of the Company's underwriting results can
be found in the Condensed Consolidated Financial Statements in the "Notes to
Condensed Consolidated Financial Statements (unaudited) Note 3. Segment
Information" included under Item 1. "Financial Statements" of this Quarterly
Report on Form 10-Q.

The Company no longer presents certain non-GAAP measures such as combined ratio
and its related components in this Quarterly Report on Form 10-Q for the three
months ended March 31, 2022, as it believes that as the run-off of our
reinsurance portfolios progresses, such ratios are increasingly not meaningful
and of less value to readers as they evaluate the financial results of the
Company, particularly compared to historical data.

While an important metric of success, underwriting income (loss) does not
reflect all components of profitability, as it does not recognize the impact of
investment income earned on premiums between the time premiums are received and
the time loss payments are ultimately paid to clients. Because we do not manage
our cash and investments by segment, investment income

                                       36
--------------------------------------------------------------------------------

and interest expense are not allocated to the reportable segments. Certain
general and administrative expenses are generally allocated to segments based on
actual costs incurred.

Non-GAAP Operating Return on Average Adjusted Common Equity ("Non-GAAP Operating
ROACE"): Management uses non-GAAP operating return on average adjusted common
shareholders' equity as a measure of profitability that focuses on the return to
common shareholders. It is calculated using non-GAAP operating earnings (loss)
available to common shareholders (as defined above) divided by average adjusted
common shareholders' equity.

Book Value per Common Share and Diluted Book Value per Common Share: Book value
per common share and diluted book value per common share are non-GAAP measures.
Management uses growth in both of these metrics as a prime measure of the value
we are generating for our common shareholders, because management believes that
growth in each metric ultimately results in growth in the Company's common share
price. These metrics are impacted by the Company's net income and external
factors, such as interest rates, which can drive changes in unrealized gains or
losses on our fixed income investment portfolio, as well as common or preference
share repurchases.

Ratio of Debt to Total Capital Resources: Management uses this non-GAAP measure
to monitor the financial leverage of the Company. This measure is calculated
using the total principal amount of debt divided by the sum of total capital
resources.

Non-GAAP underwriting income (loss): Management has further adjusted
underwriting income (loss), as defined above, by excluding the portion of
favorable or unfavorable prior year reserve development for which we have ceded
the risk under retroactive reinsurance agreements such as the LPT/ADC Agreement.
These losses are estimated to be fully recoverable from Cavello and management
believes adjusting for this development shows the ultimate economic benefit of
the LPT/ADC Agreement on our underwriting results. We believe reflecting the
economic benefit of this retroactive reinsurance agreement is helpful for
understanding future trends in our operations.

Adjusted Total Shareholders' Equity, Adjusted Total Capital Resources, Ratio of
Debt to Adjusted Total Capital Resources and Adjusted Book Value per Common
Share: Management has adjusted GAAP shareholders' equity by adding the following
items to shareholders' equity: 1) unamortized deferred gain on ceded retroactive
reinsurance under the LPT/ADC Agreement; and 2) an adjustment which reflects the
equity accounting related to the fair value of certain hedged liabilities within
an equity method investment held by the Company wherein the ultimate realizable
value of the asset supporting the hedged liabilities cannot currently be
recognized at fair value ("LP Investment Adjustment").

The unamortized deferred gain on ceded retroactive reinsurance under the LPT/ADC
Agreement includes the aggregate impact of: 1) cumulative increases to losses
incurred prior to December 31, 2018 for which we have ceded the risk under the
LPT/ADC Agreement; and 2) changes in estimated ultimate losses for certain
workers' compensation reserves previously commuted by the Company to AmTrust
which are subject to specific terms and conditions pursuant to the LPT/ADC
Agreement. As a result, by virtue of this adjustment, management has also
adjusted Total Capital Resources and computed the Ratio of Debt to Adjusted
Capital Resources and Adjusted Book Value per Common Share. The deferred gain
liability on retroactive reinsurance under the LPT/ADC Agreement represents loss
reserves estimated to be fully recoverable from Cavello and management believes
adjusting for this shows the ultimate economic benefit of the LPT/ADC Agreement.
We believe reflecting the economic benefit of this non-recurring retroactive
reinsurance agreement is helpful to understand future trends in our operations,
which will improve the Company's shareholders' equity over the settlement or
contract periods, respectively.

Alternative investments is the total of the Company's holdings of equity
securities, other investments and equity method investments as reported on the
Company's Condensed Consolidated Balance Sheets.

Certain Operating Measures

Refer to "Management's Discussion and Analysis of Financial Condition and
Results of Operations" section included under Item 7 of our Annual Report on
Form 10-K for the year ended December 31, 2021, filed with the SEC on March 14,
2022, for a general discussion on "Certain Operating Measures" utilized by the
Company.

Critical Accounting Policies and Estimates

The Company's critical accounting policies and estimates are discussed in
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" section included under Item 7 of our Annual Report on Form 10-K for
the year ended December 31, 2021, filed with the SEC on March 14, 2022. The
critical accounting policies and estimates should be read in conjunction with
"Part I, Item 1 - Notes to Condensed Consolidated Financial Statements
(unaudited) Note 2. Significant Accounting Policies" included in this Form 10-Q
and "Notes to Consolidated Financial Statements Note 2. Significant Accounting
Policies" included within the audited Consolidated Financial Statements in our
Annual Report on Form 10-K for the year ended December 31, 2021, filed with the
SEC on March 14, 2022. There have been no material changes in the application of
our critical accounting estimates subsequent to that report.


                                       37
--------------------------------------------------------------------------------

Results of Operations

The following table sets forth our selected unaudited Condensed Consolidated
Statement of Income data for the three months ended March 31, 2022 and 2021:

                                                                      For the Three Months Ended March
                                                                                     31,
($ in thousands)                                                           2022                2021
Gross premiums written                                                $   (10,170)         $  (2,390)
Net premiums written                                                  $   (10,323)         $  (2,696)
Net premiums earned                                                   $     1,122          $  11,764
Other insurance revenue                                                        51                269
Net loss and LAE                                                            2,283             (2,359)
Commission and other acquisition expenses                                  (2,528)            (5,942)
General and administrative expenses(1)                                     (2,583)            (2,177)
Underwriting (loss) income (2)                                             (1,655)             1,555
Other general and administrative expenses(1)                               (8,303)           (11,820)
Net investment income                                                       6,567              9,841
Net realized and unrealized gains on investment                             2,309              8,101

Foreign exchange and other gains                                            3,949              3,542
Interest and amortization expenses                                         (4,832)            (4,831)
Income tax expense                                                         (1,255)               (49)
Interest in income of equity method investments                             1,271              2,947

Net (loss) income                                                          (1,949)             9,286
Gain from repurchase of preference shares                                   3,543             62,450
Net income available to Maiden common shareholders                    $     

1,594 $ 71,736

(1)Underwriting related general and administrative expenses is a non-GAAP
measure. Please refer to "General and Administrative Expenses" below for
additional information related to these corporate expenses and the
reconciliation to those presented in our unaudited Condensed Consolidated
Statements of Income.
(2)Underwriting income (loss) is a non-GAAP measure and is calculated as net
premiums earned plus other insurance revenue less net loss and LAE, commission
and other acquisition expenses and general and administrative expenses directly
related to underwriting activities.
(3)The Company no longer presents certain non-GAAP measures such as combined
ratio and its related components in its results of operation, as it believes
that as the run-off of its reinsurance portfolios progresses, such ratios are
increasingly not meaningful and of less value to readers as they evaluate our
financial results.

Net Income
Net income available to Maiden common shareholders for the three months ended
March 31, 2022 was $1.6 million compared to $71.7 million for the same period in
2021. The net decrease in results for the three months ended March 31, 2022
compared to the same period in 2021 was primarily due to the gain from
repurchase of our preference shares which was $3.5 million for the three months
ended March 31, 2022 compared to $62.5 million for the same period in 2021.

Excluding the gain on the repurchase of our preference shares, net loss for the
three months ended March 31, 2022 was $1.9 million compared to net income of
$9.3 million for the same period in 2021. The decrease in results as adjusted
during the first quarter of 2022 compared to the first quarter of 2021 was
primarily due to:

•underwriting loss of $1.7 million for the three months ended March 31, 2022
compared to underwriting income of $1.6 million in the same period in 2021
largely due to:

•significantly higher than expected negative premium adjustments in the AmTrust
Reinsurance segment related to adjustments for estimated surcharges on Workers'
Compensation policies and inuring AmTrust reinsurance for certain programs in
Specialty Risk and Extended Warranty cessions (collectively the "AmTrust Cession
Adjustments" which are discussed in greater detail in the AmTrust Reinsurance
segment), net of commission and loss adjustments, which contributed an
underwriting loss of $5.1 million to our reported results for the three months
ended March 31, 2022;

•excluding the AmTrust Cession Adjustments, the Company had underwriting income
of $3.4 million for the three months ended March 31, 2022 compared to
underwriting income of $1.6 million for the same period in 2021 which consisted
of the following:

•favorable prior year loss development of $2.2 million in the first quarter of
2022 (adjusted for the AmTrust Cession Adjustments) compared to favorable prior
year loss development of $5.6 million during the same period in 2021; and

•on a current accident year basis, underwriting income of $1.2 million for the
three months ended March 31, 2022 compared to an underwriting loss of $4.0
million for the same period in 2021.

                                       38
--------------------------------------------------------------------------------

•total income from investment activities were $10.1 million for the three months
ended March 31, 2022 compared to $20.9 million for the same period in 2021 which
was comprised of:

•net investment income decreased to $6.6 million for the three months ended
March 31, 2022 compared to $9.8 million for the same period in 2021 primarily
due to the decline in average fixed income assets of 29.6%;

•realized and unrealized gains on investment were $2.3 million for the three
months ended March 31, 2022 compared to net realized gains of $8.1 million for
the same period in 2021;

•interest in income of equity method investments was $1.3 million for the three
months ended March 31, 2022 compared to $2.9 million for the same period in
2021.

•corporate general and administrative expenses decreased to $8.3 million for the
three months ended March 31, 2022 compared to $11.8 million for the same period
in 2021 due to lower equity-based incentive compensation costs for employees;
and

•foreign exchange and other gains increased to $3.9 million for the three months
ended March 31, 2022, compared to $3.5 million for the same period in 2021.

Net Premiums Written

The table below compares net premiums written by our reportable segments,
reconciled to the total consolidated net premiums written for the three months
ended March 31, 2022 and 2021:

For the Three Months Ended March 31,         2022         2021            Change in
($ in thousands)                             Total               Total                   $
Diversified Reinsurance                   $   4,583                      $    (234)            $  4,817
AmTrust Reinsurance                         (14,906)                        (2,462)             (12,444)

Total                                     $ (10,323)                     $  (2,696)            $ (7,627)

Net premiums written for the three months ended March 31, 2022 decreased to
$(10.3) million compared to net premiums written of $(2.7) million for the same
period in 2021 due to:

•Premiums written in the Diversified Reinsurance segment increased by $4.8
million for the three months ended March 31, 2022 compared to the same period in
2021 largely due to the prior year return of unearned premiums after the
non-renewal of the German Auto Programs reinsurance contract in our IIS business
on January 1, 2021.

•The negative written premiums are primarily related to the AmTrust Cession
Adjustments in the AmTrust Reinsurance segment for the three months ended
March 31, 2022.

Please refer to the analysis below of our Diversified Reinsurance and AmTrust
Reinsurance segments for further details.

Net Premiums Earned

Net premiums earned decreased by $10.6 million or 90.5% for the three months
ended March 31, 2022 compared to the same period in 2021. The table below
compares net premiums earned by our reportable segments, reconciled to the total
consolidated net premiums earned, for the three months ended March 31, 2022 and
2021:

For the Three Months Ended March 31,          2022         2021              Change in
($ in thousands)                            Total                  Total                           $
Diversified Reinsurance                   $ 5,955                $  6,240                     $    (285)
AmTrust Quota Share Reinsurance            (4,833)                  5,524                       (10,357)

Total                                     $ 1,122                $ 11,764                     $ (10,642)

Net premiums earned in the AmTrust Reinsurance segment for the three months
ended March 31, 2022 decreased by $10.4 million compared to the same period in
2021 primarily due to the AmTrust Cession Adjustments. Please refer to the
analysis of our AmTrust Reinsurance segment for further discussion.

Net premiums earned in the Diversified Reinsurance segment for the three months
ended March 31, 2022 decreased by $0.3 million or 4.6% compared to the same
period in 2021 largely due to the German Auto programs quota share reinsurance
contract which went into run-off on January 1, 2021 in our IIS business. Please
refer to the analysis of our Diversified Reinsurance segment for further
discussion.

Other Insurance Revenue

All of our Other Insurance Revenue is produced by our Diversified Reinsurance
segment. Please refer to the analysis below of our Diversified Reinsurance
segment for further discussion.

                                       39
--------------------------------------------------------------------------------

Net Investment Income

Total net investment income decreased by $3.3 million or 33.3% for the three
months ended March 31, 2022 compared to the same period in 2021 primarily due to
the decline in average aggregate fixed income assets of 29.6%. The decline in
fixed income assets is driven by the cessation of active reinsurance
underwriting on prospective risks which has materially reduced our revenues,
resulting in significant negative operating cash flows as we run-off our
existing reinsurance liabilities.

Net investment income decreased partly due to the decline in annualized average
book yields to 1.7% for the three months ended March 31, 2022 compared to 2.0%
for the three months ended March 31, 2021, which was the result of both lower
interest rates and shorter duration of assets in our fixed income portfolios.
The following table details our average aggregate fixed income assets (at cost)
and annualized investment book yield for the three months ended March 31, 2022
and 2021:

                                                                       For the Three Months Ended March 31,
($ in thousands)                                                            2022                     2021
Average aggregate fixed income assets, at cost (1)                  $       1,416,353           $ 2,011,055
Annualized investment book yield                                                  1.7   %               2.0  %


(1)Fixed income assets include available-for-sale ("AFS") securities, cash and
restricted cash, funds held receivable, and loan to related party. These amounts
are an average of the amounts disclosed in our quarterly U.S. GAAP consolidated
financial statements.

Net Realized and Unrealized Gains on Investment

Net realized and unrealized gains on investment of $2.3 million were recognized
for the three months ended March 31, 2022, compared to net realized and
unrealized gains of $8.1 million for the same period in 2021.

Net realized and unrealized gains for the three months ended March 31, 2021
included the recognition of $4.5 million in unrealized gains related to an
investment in an insurtech start-up company that was acquired by a special
purpose acquisition company. In addition, realized gains for the three months
ended March 31, 2022 and 2021 primarily reflect sales of corporate bonds for the
settlement of claim payments to AmTrust.

Interest in Income of Equity Method Investments

The Company had interest in income of equity method investments of $1.3 million
for the three months ended March 31, 2022 compared to interest in income of
equity method investments of $2.9 million for the three months ended March 31,
2021. Equity method investments consist of hedge fund investments of $32.9
million, real estate investments of $52.2 million and other investments of $8.2
million as of March 31, 2022. The following table details our interest in the
income from equity method investments for the three months ended March 31, 2022
and 2021:

                                                                     For the Three Months Ended March
                                                                                    31,
($ in thousands)                                                          2022                2021

Hedge fund investments                                               $       (68)         $   1,690

Other investments                                                          1,339              1,257
Interest in income from equity method investments                    $     1,271          $   2,947


Net Loss and LAE

Net loss and LAE decreased by $4.6 million during the three months ended
March 31, 2022 compared to the same period in 2021 due to favorable prior year
loss development experienced in both of our reportable segments. The cessation
of active reinsurance underwriting on prospective risks included the termination
of the AmTrust Quota Share and European Hospital Liability Quota Share effective
January 1, 2019.

Net loss and LAE for the first quarter of 2022 was impacted by net favorable
prior year reserve development of $7.3 million compared to net favorable prior
year reserve development of $5.6 million for the same period in 2021. The
favorable loss development for the first quarter of 2022 and 2021 is discussed
in greater detail in the individual segment discussion and analysis and is
primarily associated with run-off of unearned premium for terminated reinsurance
contracts in the AmTrust Reinsurance and Diversified Reinsurance segments.

Commission and Other Acquisition Expenses

Commission and other acquisition expenses decreased by $3.4 million or 57.5% for
the three months ended March 31, 2022 compared to the same period in 2021
largely due to negative earned premiums in the AmTrust Reinsurance segment which
reduced commission costs due to the AmTrust Cession Adjustments. Please see
further discussion in the individual segment analysis below.

General and Administrative Expenses

General and administrative expenses include both segment and corporate expenses
segregated for analytical purposes as a component of underwriting income. Total
general and administrative expenses decreased by $3.1 million or 22.2% for the
three months ended March 31, 2022 compared to the same period in 2021 largely
due to lower equity-based incentive compensation paid to employees. Excluding
discretionary cash and equity-based incentive compensation expenses which are
typically recorded in the first quarter of the calendar year, operating expenses
were $6.5 million in the three months ended March 31, 2022 or 18.8% lower
compared to $8.0 million for the same period in 2021.

                                       40
--------------------------------------------------------------------------------

General and administrative expenses for the three months ended March 31, 2022
and 2021 were comprised of:

For the Three Months Ended March

                                                                                          31,
($ in thousands)                                                                2022                2021
General and administrative expenses - segments                             $     2,583          $   2,177
General and administrative expenses - corporate                                  8,303             11,820
Total general and administrative expenses                                  

$ 10,886 $ 13,997

The Company incurred operating expenses of $0.4 million during the three months
ended March 31, 2022 that are not considered part of our ongoing business
operations, which are salary and related costs associated with headcount
reductions.

Interest and Amortization Expenses

The interest and amortization expenses related to the outstanding senior notes
issued by Maiden Holdings in 2016 and Maiden NA in 2013 ("Senior Notes") were
$4.8 million for the three months ended March 31, 2022 and 2021. Please refer to
"Notes to Condensed Consolidated Financial Statements (unaudited) Note 7. Long
Term Debt" for further details on the Senior Notes. The weighted average
effective interest rate for the Senior Notes was 7.6% for the three months ended
March 31, 2022 and 2021, respectively.

Foreign Exchange and Other Gains

Net foreign exchange and other gains amounted to $3.9 million during the three
months ended March 31, 2022 compared to net foreign exchange and other gains of
$3.5 million for the same respective period in 2021.

Net foreign exchange gains of $3.9 million for the three months ended March 31,
2022 were attributable to the strengthening of the U.S. dollar on the
re-measurement of net loss reserves and insurance related liabilities
denominated in British pound and euro. Net foreign exchange gains of $3.4
million during the three months ended March 31, 2021 were primarily due to the
strengthening of the U.S. dollar on the re-measurement of net loss reserves and
insurance related liabilities denominated in euro.

At March 31, 2022, net foreign exchange gains were primarily driven by exposures
to euro, British pound and other non-USD denominated net loss reserves and
insurance related liabilities in excess of foreign currency assets. Our non-USD
denominated liabilities at March 31, 2022 included net loss reserves of $382.6
million. There was no new business written in non-USD currencies during the
three months ended March 31, 2022. Our foreign currency asset exposures at
March 31, 2022 included $252.5 million of fixed maturity securities managed by
our investment managers who have the discretion to hold foreign currency
exposures as part of their total return strategy as well as equity method real
estate investments denominated in Canadian dollars. We also held $59.9 million
of non-USD denominated funds withheld receivable at March 31, 2022.

Underwriting Results by Reportable Segment

Diversified Reinsurance Segment

The underwriting results for our Diversified Reinsurance segment for the three
months ended March 31, 2022 and 2021 were as follows:

                                                                      For the Three Months Ended March
                                                                                     31,
($ in thousands)                                                           2022                2021
Gross premiums written                                                $     4,736          $      72
Net premiums written                                                  $     4,583          $    (234)
Net premiums earned                                                   $     5,955          $   6,240
Other insurance revenue                                                        51                269
Net loss and LAE                                                            1,360             (1,415)
Commission and other acquisition expenses                                  (3,771)            (3,755)
General and administrative expenses                                        (2,098)            (1,574)
Underwriting income (loss)                                            $     1,497          $    (235)


Premiums - Gross premiums written increased by $4.7 million for the three months
ended March 31, 2022 compared to the same period in 2021. This was primarily due
to the prior year return of unearned premiums written in a German Auto quota
share reinsurance contract in our IIS business which went into run-off on
January 1, 2021. Direct premiums written by Maiden LF and Maiden GF decreased by
$0.3 million or 5.3% during the three months ended March 31, 2022 compared to
the same period in 2021.

Net premiums written increased by $4.8 million during the three months
ended March 31, 2022 compared to the same period in 2021 due to the prior year
return of unearned premiums written in our German Auto quota share reinsurance
contract which went into run-off on January 1, 2021.


                                       41
--------------------------------------------------------------------------------

The table below shows net premiums written by line of business for the three
months ended March 31, 2022 and 2021:

    For the Three Months Ended March 31,        2022        2021            Change in
    ($ in thousands)                            Total              Total                    $
    Net Premiums Written

    International                             $ 4,583                      $     (244)            $ 4,827
    Other                                           -                              10                 (10)

    Total Diversified Reinsurance             $ 4,583                      $     (234)            $ 4,817


Net premiums earned decreased by $0.3 million or 4.6% during the three months
ended March 31, 2022 compared to the same period in 2021. The table below shows
net premiums earned by line of business for the three months ended March 31,
2022 and 2021:

 For the Three Months Ended March 31,        2022        2021                Change in
 ($ in thousands)                            Total              Total                    $        %
 Net Premiums Earned

 International                             $ 5,955                      $    6,230             $ (275)        (4.4) %
 Other                                           -                              10                (10)      (100.0) %

 Total Diversified Reinsurance             $ 5,955                      $    6,240             $ (285)        (4.6) %


Other Insurance Revenue - Other insurance revenue decreased by $0.2 million or
81.0% for the three months ended March 31, 2022 compared to the same period in
2021. Other insurance revenue includes $41.0 thousand of fee income earned from
our GLS business for the three months ended March 31, 2022 as well as fee income
derived from our IIS business that is not directly associated with premium
revenue assumed by the Company for the three months ended March 31, 2022 and
2021 as specified in the table below. The decline of $0.3 million in
International was primarily due to the loss of fee income from an auto customer
program that went into run-off on July 31, 2021.

The table below shows other insurance revenue by source for the three months
ended March 31, 2022 and 2021:

For the Three Months Ended March 31,       2022       2021             Change
                                                 ($ in thousands)               %
International                             $  10      $ 269      $ (259)      (96.3) %
Other income                                 41          -          41             NM
Total Diversified Reinsurance             $  51      $ 269      $ (218)      (81.0) %


NM - not meaningful

Net Loss and LAE - Net loss and LAE decreased by $2.8 million or 196.1% for the
three months ended March 31, 2022 compared to the same period in 2021 primarily
due to the run-off of reinsurance liabilities associated with our German Auto
programs.

The net loss and LAE was impacted by favorable prior year loss reserve
development which was $2.2 million for the three months ended March 31, 2022
compared to adverse development of $14.0 thousand for the same period in 2021.
The favorable loss development for the three months ended March 31, 2022 was
experienced in IIS and other run-off business while the adverse loss development
in 2021 was experienced in European Capital Solutions and other run-off
business.

Commission and Other Acquisition Expenses - Commission and other acquisition
expenses increased by $16.0 thousand or 0.4% for the three months ended
March 31, 2022 compared to the same period in 2021.

General and Administrative Expenses - General and administrative expenses
increased by $0.5 million or 33.3% for the three months ended March 31, 2022
compared to the same period in 2021.

                                       42
--------------------------------------------------------------------------------

AmTrust Reinsurance Segment

The AmTrust Reinsurance segment reported an underwriting loss of $3.2 million
during the three months ended March 31, 2022 compared to underwriting income of
$1.8 million for the same period in 2021. The AmTrust Cession Adjustments
contributed an underwriting loss of $5.1 million to the reported results during
the three months ended March 31, 2022; excluding these adjustments the AmTrust
Reinsurance segment had underwriting income of $1.9 million on the run-off of
unearned premium for terminated AmTrust reinsurance contracts. The underwriting
results for the AmTrust Reinsurance segment for the three months ended March 31,
2022 and 2021 were as follows:

                                                                      For the Three Months Ended March
                                                                                     31,
($ in thousands)                                                           2022                2021
Gross premiums written                                                $   (14,906)         $  (2,462)
Net premiums written                                                  $   (14,906)         $  (2,462)
Net premiums earned                                                   $    (4,833)         $   5,524
Net loss and LAE                                                              923               (944)
Commission and other acquisition expenses                                   1,243             (2,187)
General and administrative expenses                                          (485)              (603)
Underwriting (loss) income                                            $    (3,152)         $   1,790

Premiums - The table below shows net premiums written by category for the three
months ended March 31, 2022 and 2021, respectively:

For the Three Months Ended March 31,         2022         2021            Change in
($ in thousands)                             Total               Total                   $
Net Premiums Written
Small Commercial Business                 $ (11,722)                     $  (2,478)            $  (9,244)
Specialty Program                               837                            (25)                  862
Specialty Risk and Extended Warranty         (4,021)                            41                (4,062)
Total AmTrust Reinsurance                 $ (14,906)                     $  (2,462)            $ (12,444)

The negative gross and net premiums written for the three months ended March 31,
2022 reflect the AmTrust Cession Adjustments which consist of higher than
expected adjustments related to the following items:

•$11.0 million of premium reductions on Workers Compensation policy surcharges
in Small Commercial Business subsequent to the termination of the AmTrust Quota
Share; and

•$4.8 million of premium reductions to AmTrust's inuring reinsurance for certain
programs in Specialty Risk and Extended Warranty which reduced the amount of
premium ceded to Maiden.

There were also negative gross and net premiums written for the three months
ended March 31, 2021 reflecting premium adjustments on Small Commercial Business
policies in the AmTrust Quota Share. Furthermore, the termination of the AmTrust
Quota Share and the European Hospital Liability Quota Share as of January 1,
2019 resulted in no new business written under these contracts since 2018.

Net premiums earned decreased by $10.4 million for the three months ended
March 31, 2022 compared to the same period in 2021 primarily due to the AmTrust
Cession Adjustments as discussed above.

The tables below detail net premiums earned by category for the three months
ended March 31, 2022 and 2021:

    For the Three Months Ended March 31,           2022             2021          Change in
    ($ in thousands)                             Total               Total                           $
    Net Premiums Earned
    Small Commercial Business                 $ (11,710)           $ (2,351)                    $  (9,359)
    Specialty Program                               838                 (18)                          856
    Specialty Risk and Extended Warranty          6,039               7,893                        (1,854)
    Total AmTrust Reinsurance                 $  (4,833)           $  5,524                     $ (10,357)


Net Loss and LAE - Net loss and LAE decreased by $1.9 million for the three
months ended March 31, 2022 compared to the same period in 2021 primarily due to
favorable prior year loss development of $5.1 million during the three months
ended March 31, 2022 which included $5.3 million of favorable loss adjustments
on the AmTrust Cession Adjustments.

                                       43
--------------------------------------------------------------------------------

There was favorable prior year loss development of $5.1 million during the three
months ended March 31, 2022 compared to favorable prior year development of $5.6
million for the same period in 2021. Prior year favorable development during the
three months ended March 31, 2022 was primarily due to favorable development on
the runoff of Workers Compensation business as well as AmTrust Cession
Adjustments for Specialty Risk and Extended Warranty. The net favorable prior
year loss development for the three months ended March 31, 2021 was due to
favorable development in Workers Compensation partly offset by adverse
development in Hospital Liability.

Commission and Other Acquisition Expenses - Commission and other acquisition
expenses decreased by $3.4 million for the three months ended March 31, 2022
compared to the same period in 2021 due to the AmTrust Cession Adjustments
discussed above which resulted in negative earned premiums and a reduction to
brokerage fees.

General and Administrative Expenses - General and administrative expenses
decreased by $0.1 million or 19.6% for the three months ended March 31, 2022
compared to the same period in 2021 as a result of lower earned premiums due to
terminating both quota share agreements with AmTrust as of January 1, 2019.

Liquidity and Capital Resources

Liquidity

Maiden Holdings is a holding company and transacts no business of its own. We
therefore rely on cash flows in the form of dividends, advances, loans and other
permitted distributions from our subsidiary companies to pay expenses and make
dividend payments on our common and preference shares. The jurisdictions in
which our operating subsidiaries are licensed to write business impose
regulations requiring companies to maintain or meet statutory solvency and
liquidity requirements and also place restrictions on the declaration and
payment of dividends and other distributions.

As of March 31, 2022, the Company had investable assets of $1.6 billion compared
to $1.7 billion as of December 31, 2021. Investable assets are the combined
total of our investments, cash and cash equivalents (including restricted cash),
loan to a related party and funds withheld receivable. The decline in our
investable assets is primarily the result of our cessation of active reinsurance
underwriting of new prospective risks in 2018 and 2019 which subsequently
resulted in negative operating cash flows to settle claim payments from the
run-off of the liabilities from that reinsurance portfolio in 2022.

The regulatory and liquidity requirements of the Company's operating segments
are discussed in "Management's Discussion and Analysis of Financial Condition
and Results of Operations" section included under Item 7 of our Annual Report on
Form 10- K for the year ended December 31, 2021, that was filed with the SEC on
March 14, 2022.

As previously indicated, Maiden Reinsurance re-domesticated from Bermuda to
Vermont on March 16, 2020. We continue to be actively engaged with the Vermont
Department of Financial Regulation ("Vermont DFR") regarding the formulation of
Maiden Reinsurance's longer term business plan, including its investment policy,
changes to which require prior regulatory approval as stipulated by Vermont law
or the Vermont DFR for any active underwriting, capital management or other
strategic initiatives. Maiden Reinsurance has received all necessary approvals
required to date by the Vermont DFR, including its activities via GLS and its
investment policy which includes: 1) the expansion of approved asset classes for
investment reflecting not only Maiden Reinsurance's solvency position but the
material reduction in required capital necessary to operate its business as
discussed further in Item 7 - Management's Discussion and Analysis of Financial
Condition and Results of Operations - Liquidity & Capital Resources - Cash and
Investments; and 2) the purchase of affiliated securities as demonstrated in the
recent preference share tender offers. The Investment Policy, as approved and as
amended, maintains our established investment management and governance
practices.

We may experience continued volatility in our results of operations which could
negatively impact our financial condition and create a reduction in the amount
of available distribution or dividend capacity from our regulated reinsurance
subsidiaries, which would also reduce liquidity. Further, we and our insurance
subsidiaries may need additional capital to maintain compliance with regulatory
capital requirements and/or be required to post additional collateral under
existing reinsurance arrangements, which could reduce our liquidity.

Operating, investing and financing cash flows

Our sources of funds historically have consisted of premium receipts net of
commissions and brokerage, investment income, net proceeds from capital raising
activities, and proceeds from sales, maturities, pay downs and redemption of
investments. Cash is currently used primarily to pay loss and LAE, ceded
reinsurance premium, general and administrative expenses, and interest expense,
with the remainder in excess of our operating requirements made available to our
investment managers for investment in accordance with our investment policy as
well as for capital management such as repurchasing our shares.

Our business has undergone significant changes since 2018. We have entered into
a series of transactions that have materially reduced our balance sheet risk and
transformed our operations. As a result of these transactions, we are not
engaged in active underwriting of new prospective risks thus our net premiums
written will continue to be materially lower and investment income will become a
significantly larger portion of our total revenues. We are writing new
retroactive risks through GLS, however this will be smaller in relation to the
run-off of our prior reinsurance business. Despite the initial inflow of new
business from GLS, this has continued to cause significant negative operating
cash flows as we run off the AmTrust Reinsurance segment reserves as shown in
the cash flows table further below.

While the development of the GLS platform over time should further enhance our
ability to pursue the asset and capital management pillars of our business
strategy, we still expect the trend of negative overall cash flows to continue
to reduce our asset base going forward through the remainder of 2022 and beyond.

                                       44
--------------------------------------------------------------------------------

We expect to use funds from cash and investment portfolios, collected premiums
on reinsurance contracts in force or being run-off, investment income and
proceeds from investment sales and redemptions to meet our expected claims
payments and operational expenses. Claim payments will be principally from the
run-off of existing reserves for loss and LAE. A significant portion of those
liabilities are collateralized and claim payments will be funded by using this
collateral which should provide sufficient funding to fulfill those obligations.

The Company's management believes its current sources of liquidity are adequate
to meet its cash requirements for the next twelve months as we generally expect
negative operating cash flows to be sufficiently offset by positive investing
cash flows. While we continue to expect our cash flows to be sufficient to meet
our cash requirements and to operate our business, our ability to execute our
asset and capital management initiatives are dependent on maintaining adequate
levels of unrestricted liquidity and cash flows. At March 31, 2022 and
December 31, 2021, unrestricted cash and cash equivalents and unrestricted fixed
maturity investments were $74.6 million and $81.1 million, respectively.

The decrease of $6.5 million in unrestricted cash and fixed maturity investments
during 2022 was primarily the result of $3.1 million utilized for the 2021
Preference Share Repurchase Program, $14.1 million utilized for net purchases of
equity securities and other investments, $3.9 million utilized for net purchases
of equity method investments, and $4.8 million for interest payments on the
Senior Notes, partly offset by $15.0 million of excess collateral released by
AmTrust. Please see the related discussion on investing and financing cash flows
below.

The table below summarizes our operating, investing and financing cash flows for
the three months ended March 31, 2022 and 2021:

For the Three Months Ended March 31,                                    2022               2021
                                                                            ($ in thousands)
Operating activities                                                $ (76,078)         $ (102,818)
Investing activities                                                   86,125             199,170
Financing activities                                                   (3,893)            (99,918)
Effect of exchange rate changes on foreign currency cash                 (355)             (1,106)

Total increase (decrease) in cash, restricted cash and cash
equivalents

                                                         $   

5,799 $ (4,672)

Cash Flows used in Operating Activities

Cash flows used in operating activities for the three months ended March 31,
2022 were $76.1 million compared to cash flows used in operating activities of
$102.8 million for the three months ended March 31, 2021, a decrease of $26.7
million. The operating cash flows used in operations for the three months ended
March 31, 2022 and 2021 were primarily the result of claims payments for the
runoff of existing reserves for terminated AmTrust Quota Share and the European
Hospital Liability Quota Share contracts as well as return of premiums due to
AmTrust Cession Adjustments.

Cash Flows from Investing Activities

Cash flows from investing activities consist primarily of proceeds from the
sales and maturities of investments and payments for investments acquired. Net
cash provided by investing activities was $86.1 million for the three months
ended March 31, 2022 compared to $199.2 million for the same period in 2021 due
to proceeds from the sale of fixed maturity investments which were made
primarily to settle claim payments during the three months ended March 31, 2022
and 2021 as well as repurchase preference shares during the three months ended
March 31, 2022 and 2021.

For the three months ended March 31, 2022, the proceeds from the sales,
maturities and calls exceeded the purchases of fixed maturity securities by
$104.1 million compared to net proceeds of $205.1 million for the same period in
2021. This was partly offset by $14.1 million utilized for net purchases of
other investments and $3.9 million utilized for net purchases of equity method
investments during the three months ended March 31, 2022.

Cash Flows from Financing Activities

Cash flows used in financing activities were $3.9 million for the three months
ended March 31, 2022 compared to $99.9 million during 2021 due mainly to the
repurchase of the Company's preference shares. During the three months ended
March 31, 2022, the Company paid $3.1 million for the repurchase of 274,861
preference shares pursuant to the 2021 Preference Share Repurchase Program as
part of its recent capital management strategy compared to 6,614,493 preference
shares repurchased by the Company during the first quarter of 2021 for aggregate
total consideration of $97.4 million.

No dividends on common or preference shares were paid during the three months
ended March 31, 2022 and 2021. Our Board of Directors have not declared any
common or preference share dividends since the third quarter of 2018.

Restrictions, Collateral and Specific Requirements

The Company's restrictions, collateral and specific requirements are discussed
in "Management's Discussion and Analysis of Financial Condition and Results of
Operations" section included under Item 7 of our Annual Report on Form 10-K for
the year ended December 31, 2021, that was filed with the SEC on March 14, 2022.

At March 31, 2022 and December 31, 2021, restricted cash and cash equivalents
and fixed maturity investments used as collateral were $468.5 million and $582.1
million, respectively. This collateral represents 86.3% and 87.8% of the fair
value of our respective total fixed maturity investments, cash, restricted cash
and cash equivalents at March 31, 2022 and December 31, 2021, respectively.

                                       45
--------------------------------------------------------------------------------

Cash and Investments
The investment of our funds has generally been designed to ensure safety of
principal while generating current income. Accordingly, the majority of our
funds have been invested in liquid, investment-grade fixed income securities
which are all designated as AFS at March 31, 2022. As of March 31, 2022 and
December 31, 2021, our cash and investments consisted of:

                                                                                                         December 31,
                                                                                 March 31, 2022              2021
                                                                                          ($ in thousands)
Fixed maturities, available-for-sale, at fair value                            $       471,230          $   597,145
Equity securities, at fair value                                                        48,932               44,062
Equity method investments                                                               93,317               83,742
Other investments                                                                      108,161               97,663
Total investments                                                                      721,640              822,612
Cash and cash equivalents                                                               36,975               26,668
Restricted cash and cash equivalents                                                    34,911               39,419
Total Investments and Cash and Cash Equivalents                             

$ 793,526 $ 888,699

In addition to the discussion on Cash and Cash Equivalents and Fixed Maturities
that follows herein, please see the "Notes to Condensed Consolidated Financial
Statements (unaudited) Note 4. Investments" included under Part I Item 1
"Financial Information" of this Form 10-Q for further discussion on our AFS
fixed income securities.

As our insurance liabilities continue to run-off and the required capital to
operate our business for regulatory purposes decreases, we have modified Maiden
Reinsurance's investment policy (which has been approved by the Vermont DFR as
noted) and have expanded the range of asset classes we invest in to enhance the
income and total returns our investment portfolio produces. We categorize these
investments as alternative investments which include "Other Investments",
"Equity Securities", and "Equity Method Investments" as captioned on our
condensed consolidated balance sheets.

Under this revised investment policy, we have increased the amount of
alternative investments during 2022 and 2021, and we expect to continue to
increase the amounts invested therein. Under our investment policy, alternative
investments could include, but are not limited to, privately held investments,
private equities, private credit lending funds, fixed-income funds, hedge funds,
equity funds, real estate (including joint ventures and limited partnerships)
and other non-fixed-income investments.

For further details on our alternative investments, in addition to the
discussion of the investments herein, please see "Notes to Condensed
Consolidated Financial Statements (unaudited) Note 4(b). Other Investments,
Equity Securities and Equity Method Investments" included under Part I Item 1
"Financial Information" of this Form 10-Q.

Our investment performance is subject to a variety of risks, including risks
related to general economic conditions, market volatility, interest rate
fluctuations, foreign exchange risk, liquidity risk and credit and default risk.
Interest rates are highly sensitive to many factors, including governmental
monetary policies, domestic and international economic and political conditions
and other factors beyond our control. An increase in interest rates could result
in significant losses, realized or unrealized, in the value of our investment
portfolio. A portion of our portfolio consists of alternative investments that
subject us to restrictions on redemption, which may limit our ability to
withdraw funds for some period of time after the initial investment. The values
of, and returns on, such investments may also be more volatile.

We believe our other investments, equity securities and equity method
investments portfolio provides diversification against our fixed-income
investments and an opportunity for improved risk-adjusted return, however, the
returns of these investments may be more volatile and we may experience
significant unrealized gains or losses in any particular quarter or year. While
we believe the returns produced by these investments will exceed our cost of
capital, in particular our cost of debt capital, it is too soon to determine if
the actual returns will achieve this objective and it may be an extended period
of time before that determination can be made.

We may utilize and pay fees to various companies to provide investment advisory
and/or management services related to these investments. These fees, which would
be predominantly based upon the amount of assets under management, would be
included in net investment income. In addition, costs associated with
evaluating, analyzing and monitoring these investments may require additional
expenditures than traditional marketable securities. During 2022, our investment
expenses associated with our alternative investments have decreased compared to
2021.

The substantial majority of our current and future investments are held by
Maiden Reinsurance, whose investment policy was approved by the Vermont DFR. We
may utilize a portion of Maiden Reinsurance's unrestricted assets to purchase
affiliated securities and, during the three months ended March 31, 2022, we
utilized $3.1 million in conjunction with the 2021 Preference Share Repurchase
Program. As of March 31, 2022, we have cumulatively invested $168.9 million in
the preference shares of Maiden Holdings.



                                       46
--------------------------------------------------------------------------------

Cash & Cash Equivalents

At March 31, 2022, we consider the levels of cash and cash equivalents held to
be within our targeted ranges. During periods when interest rates experience
greater volatility, we have periodically maintained more cash and cash
equivalents to better assess current market conditions and opportunities within
our defined risk appetite, and may do so in future periods.

Fixed Maturity Investments

The average yield and average duration of our fixed maturities, by asset class,
and our cash and cash equivalents (restricted and unrestricted) are as follows
at March 31, 2022 and December 31, 2021, respectively:

                                                                                                  Gross
                                                   Original or         Gross Unrealized         Unrealized                                Average
March 31, 2022                                    Amortized Cost            Gains                 Losses            Fair Value           yield(1)            Average duration(2)
                                                                                 ($ in thousands)
U.S. treasury bonds                               $    66,109          $           1          $      (380)         $   65,730                 0.3  %                  0.6
U.S. agency bonds - mortgage-backed                    85,607                     75               (2,293)             83,389                 2.8  %                  3.1
Collateralized mortgage-backed securities               7,199                      -                  (80)              7,119                 2.5  %                  3.6
Non-U.S. government bonds                               3,160                      -                 (151)              3,009                 0.3  %                  7.0
Collateralized loan obligations                       174,842                     22               (9,104)            165,760                 1.2  %                  0.3
Corporate bonds                                       155,214                  1,668              (10,659)            146,223                 1.8  %                  2.6

Total fixed maturities                                492,131                  1,766              (22,667)            471,230                 1.6  %                  1.6
Cash and cash equivalents                              71,886                      -                    -              71,886                 0.1  %                  0.0
Total                                             $   564,017          $       1,766          $   (22,667)         $  543,116                 1.4  %                  1.4


                                                                                 Gross                Gross
                                                        Original or           Unrealized            Unrealized                                Average
December 31, 2021                                      Amortized Cost            Gains                Losses            Fair Value           yield(1)  

Average duration(2)

                                                                                     ($ in thousands)
U.S. treasury bonds                                    $    59,989          $          -          $      (110)         $   59,879                 0.2  %                  0.9
U.S. agency bonds - mortgage-backed                         96,554                 2,429                 (193)             98,790                 2.7  %                  2.1
Collateralized mortgage-backed securities                   14,972                   565                    -              15,537                 3.2  %                  3.1
Non-U.S. government bonds                                    3,163                   113                    -               3,276                 0.3  %                  7.3
Collateralized loan obligations                            183,974                   140               (5,093)            179,021                 1.3  %                  0.3
Corporate bonds                                            236,692                10,094               (6,144)            240,642                 2.5  %                  2.7

Total fixed maturities                                     595,344                13,341              (11,540)            597,145                 1.9  %                  1.7
Cash and cash equivalents                                   66,087                     -                    -              66,087                   -  %                  0.0
Total                                                  $   661,431          $     13,341          $   (11,540)         $  663,232                 1.7  %                  1.5


(1)  Average yield is calculated by dividing annualized investment income for
each sub-component of fixed maturity securities and cash and cash equivalents
(including amortization of premium or discount) by amortized cost.
(2)  Average duration in years.

During the three months ended March 31, 2022, the yield on the 10-year U.S.
Treasury bond increased by 80 basis points to 2.32%. The 10-year U.S. Treasury
rate is the key risk-free determinant in the fair value of many of the fixed
maturity securities in our portfolio. The U.S. Treasury yield curve experienced
a material upward shift during the three months ended March 31, 2022, reflecting
concerns about ongoing inflation emanating from the combination of: 1) the
strength of the U.S. economy as the economic effects of the COVID-19 pandemic
continue to abate; 2) geopolitical instability in Eastern Europe which
threatened additional inflation and global economic stability; 3) the levels of
fiscal stimulus administered by the U.S. federal government to support the
economy; and 4) the anticipated monetary policy responses by central banks
globally in light of these other circumstances, which indicate measures which
may increase interest rates broadly .

The movement in the market values of our fixed maturity portfolio during the
three months ended March 31, 2022 generated net unrealized losses of $22.7
million which reduced our book value per common share by $0.26 during that
period. Current outlooks for global monetary policy indicate that substantial
quantitative tightening by central banks in the U.S. and globally is underway
and appear likely to continue for at least the near term. Our investment
portfolios, in particular our fixed maturity portfolio, may be adversely
impacted by unfavorable market conditions caused by these measures, which could
cause continued volatility in our results of operations and negatively impact
our financial condition.

Interest rate risk is the price sensitivity of a security to changes in interest
rates. Credit spread risk is the price sensitivity of a security to changes in
credit spreads. As noted, the fair value of our fixed maturity investments will
fluctuate with changes in interest rates and credit spreads. We attempt to
maintain adequate liquidity in our fixed maturity investments portfolio with a
strategy designed to emphasize the preservation of our invested assets and
provide sufficient liquidity for the prompt payment of claims and contract
liabilities. Because we collateralize a significant portion of our insurance
liabilities, unanticipated or

                                       47
--------------------------------------------------------------------------------

large increases in interest rates could require us to utilize significant
amounts of unrestricted cash and fixed maturity securities to provide additional
collateral, which could impact our asset and capital management strategy
described herein.

We also monitor the duration and structure of our investment portfolio as
discussed below. As of March 31, 2022, the aggregate hypothetical change in fair
value from an immediate 100 basis points increase in interest rates, assuming
credit spreads remain constant, in our fixed maturity investments portfolio
would decrease the fair value of that portfolio by $15.7 million. Actual shifts
in interest rates may not change by the same magnitude across the maturity
spectrum or on an individual security and, as a result, the impact on the fair
value of our fixed maturity securities may be materially different from the
resulting change in value described above.

To limit our exposure to unexpected interest rate increases which would reduce
the value of our fixed income securities and reduce our shareholders' equity, we
attempt to maintain the duration of our fixed maturity investment portfolio
combined with our cash and cash equivalents, both restricted and unrestricted,
within a reasonable range of the duration of our loss reserves. At March 31,
2022 and December 31, 2021, these respective durations in years were as follows:

                                                                      March 31, 2022              December 31, 2021
Fixed maturities and cash and cash equivalents                                       1.4                           1.5

Reserve for loss and LAE - gross of LPT/ADC Agreement
reserves

                                                                             4.4                           4.4
Reserve for loss and LAE - net of LPT/ADC Agreement reserves                         1.4                           1.4


During the three months ended March 31, 2022, the weighted average duration of
our fixed maturity investment portfolio decreased 0.1 years to 1.4 years while
the duration for the reserve for loss and LAE remained at 4.4 years. The
differential in duration between these assets and liabilities may fluctuate over
time and in the case of fixed maturities, historically has been affected by
factors such as market conditions, changes in asset mix and prepayment speeds in
the case of both our agency mortgage-backed securities ("Agency MBS") and
commercial mortgage-backed securities. At March 31, 2022, the duration of our
fixed maturity investment portfolio decreased compared to December 31, 2021 due
to sales of fixed maturity investments primarily made to settle claim payments
with AmTrust. At March 31, 2022, the duration of our loss reserves net of the
LPT/ADC Agreement was consistent with the duration of our fixed maturity
investment portfolio.

To limit our exposure to unexpected interest rate increases that could reduce
the value of our fixed maturity securities and reduce our shareholders' equity,
the Company holds floating rate securities whose fair values are less sensitive
to interest rates. At March 31, 2022 and December 31, 2021, 25.3% and 23.6%,
respectively, of the Company's fixed income investments are floating-rate
securities. The floating rate investment holdings at March 31, 2022 and December
31, 2021 were as follows:

                                                                 March 31, 2022                                     December 31, 2021
($ in thousands)                                     Fair Value                % of Total                 Fair Value                 % of Total
Floating rate securities
Collateralized loan obligations                   $      165,760                       12.3  %       $         174,873                       11.9  %
Collateralized mortgage-backed securities                  4,951                        0.4  %                   3,007                        0.2  %
Corporate bonds                                            1,111                        0.1  %                   1,145                        0.1  %
Total floating rate AFS fixed maturities at
fair value                                               171,822                       12.8  %                 179,025                       12.2  %
Loan to related party                                    167,975                       12.5  %                 167,975                       11.4  %
Total floating rate securities                    $      339,797                       25.3  %       $         347,000                       23.6  %

Total fixed income investments at fair
value (1)                                         $    1,345,989                                     $       1,467,619

(1) Total fixed income investments at fair value include AFS fixed maturities,
cash and restricted cash, funds withheld receivable, and loan to related party.

At March 31, 2022 and December 31, 2021, 100.0% of the Company's U.S. agency
bond holdings are mortgage-backed. Additional details on the Agency MBS holdings
at March 31, 2022 and December 31, 2021 were as follows:

                                        March 31, 2022                     December 31, 2021
     ($ in thousands)             Fair Value        % of Total         Fair Value         % of Total

     FNMA - fixed rate          $      40,043           48.0  %    $         47,419           48.0  %

     FHLMC - fixed rate                40,131           48.1  %              47,758           48.3  %
     GNMA - variable rate               3,215            3.9  %               3,613            3.7  %

     Total U.S. Agency MBS      $      83,389          100.0  %    $         98,790          100.0  %


Agency MBS bonds comprise 17.7% of our fixed maturity investments at March 31,
2022. Given their relative size to our total investments, if faster prepayment
patterns were to occur over an extended period of time, this could potentially
limit the growth in our investment income in certain circumstances or reduce the
total amount of investment income we earn.

                                       48
--------------------------------------------------------------------------------

At March 31, 2022 and December 31, 2021, 98.8% and 97.8%, respectively, of our
fixed maturity investments consisted of investment grade securities. We define a
security as being below investment grade if it has an S&P credit rating of BB+
or equivalent, or less. Please see "Part I, Item 1 - Notes to Condensed
Consolidated Financial Statements (unaudited) Note 4. Investments" for
additional information on the credit rating of our fixed income portfolio.

The security holdings by sector and financial strength rating of our corporate
bond holdings at March 31, 2022 and December 31, 2021 were as follows:

                                                                       Ratings(1)
                                                                                                  BBB+, BBB,                                                          % of Corporate

March 31, 2022                                   AAA                        A+, A, A-                BBB-            BB+ or lower             Fair Value             bonds portfolio
Corporate bonds                                                                                                                            ($ in thousands)
Basic Materials                                        -  %                        3.7  %                 -  %                -  %       $           5,439                      3.7  %
Communications                                         -  %                        3.8  %               3.6  %                -  %                  10,892                      7.4  %
Consumer                                               -  %                        0.4  %              38.4  %                -  %                  56,636                     38.8  %
Energy                                                 -  %                        4.0  %              14.5  %                -  %                  26,967                     18.5  %
Financial Institutions                               1.0  %                       15.8  %               9.5  %              3.8  %                  44,048                     30.1  %
Industrials                                            -  %                        1.5  %                 -  %                -  %                   2,241                      1.5  %

Total                                                1.0  %                       29.2  %              66.0  %              3.8  %       $         146,223                    100.0  %


                                                                     Ratings(1)
                                                                                                BBB+, BBB,                                                          % of Corporate
December 31, 2021                              AAA                        A+, A, A-                BBB-            BB+ or lower             Fair Value             bonds portfolio
Corporate bonds                                                                                                                          ($ in thousands)
Basic Materials                                      -  %                        2.4  %               1.7  %                -  %       $           9,995                      4.1  %
Communications                                       -  %                        2.4  %               3.2  %                -  %                  13,480                      5.6  %
Consumer                                             -  %                        2.4  %              31.3  %              2.8  %                  87,753                     36.5  %
Energy                                               -  %                        9.4  %               4.8  %                -  %                  34,068                     14.2  %
Financial Institutions                             0.6  %                       18.8  %              12.9  %              2.6  %                  84,025                     34.9  %
Industrials                                          -  %                        1.0  %                 -  %                -  %                   2,393                      1.0  %
Technology                                           -  %                        3.7  %                 -  %                -  %                   8,928                      3.7  %
Total                                              0.6  %                       40.1  %              53.9  %              5.4  %       $         240,642                    100.0  %

(1) Ratings as assigned by S&P, or equivalent

The table below includes the Company's ten largest corporate holdings at fair
value and as a percentage of all fixed income securities held as at March 31,
2022; of which 100.0% are euro denominated, with 43.9% in the Consumer Sector
and 22.8% in the Financial Institutions sector.

March 31, 2022                                                  Fair Value                 % of Holdings               Rating(1)
                                                             ($ in 

thousands)

Electricite de France, 4.625%, Due 9/11/2024               $          15,587                           3.3  %             BBB+
Anheuser-Busch INBEV NV, 2.875%, Due 9/25/2024                        11,718                           2.5  %             BBB+
Carlsberg Breweries A/S, 2.5%, Due 5/28/2024                          11,376                           2.4  %             BBB
Chubb Ina Holdings Inc., 1.55%, Due 3/15/2028                          7,123                           1.5  %              A
Kraft Heinz Food Co., 1.5%, Due 5/24/2024                              6,533                           1.4  %             BBB-
Utah Acquistion Sub, Inc., 2.25%, Due 11/22/2024                       5,617                           1.2  %             BBB-
America Movil SAB DE CV, 1.5%, Due 3/10/2024                           5,602                           1.2  %              A-
Glencore Finance (Europe) LTD, 1.875%, Due 9/13/2023                   5,599                           1.2  %             BBB+
FBD Insurance PLC, 5%, Due 10/9/2028                                   5,595                           1.2  %              NA
Santanger Consumer Finance SA, 1.125%, Due 10/9/2023                   5,590                           1.2  %              A
Total                                                      $          80,340                          17.1  %


(1)  Ratings as assigned by S&P, or equivalent



                                       49
--------------------------------------------------------------------------------

At March 31, 2022 and December 31, 2021, respectively, we held the following
non-U.S. dollar denominated securities:

                                                                March 31, 2022                                 December 31, 2021
($ in thousands)                                    Fair Value                % of Total             Fair Value              % of Total
Non-U.S. dollar denominated corporate
bonds                                            $      139,819                       55.4  %       $  147,740                       55.9  %
Non-U.S. dollar denominated collateralized
loan obligations                                        109,667                       43.4  %          113,399                       42.9  %
Non-U.S. government bonds                                 3,009                        1.2  %            3,275                        1.2  %
Total non-U.S. dollar denominated
securities                                       $      252,495                      100.0  %       $  264,414                      100.0  %


At March 31, 2022 and December 31, 2021, respectively, 100.0% of our non-U.S.
dollar denominated securities above were invested in euro. The net decrease in
non-U.S. denominated fixed maturities is due to the relative depreciation of
euro denominated corporate bonds during the three months ended March 31, 2022.
At March 31, 2022 and December 31, 2021, all of the Company's non-U.S.
government issuers have a rating of AA- or higher by S&P.

                                  March 31, 2022            December 31, 

2021

For our non-U.S. dollar denominated corporate bonds, the following table
summarizes the composition of the fair value of our fixed maturity investments
at the dates indicated by ratings at March 31, 2022 and December 31, 2021:

Ratings(1)                                                     March 31, 2022                                 December 31, 2021
($ in thousands)                                   Fair Value                % of Total             Fair Value              % of Total

A+, A, A-                                       $       37,838                       27.1  %       $   56,669                       38.4  %
BBB+, BBB, BBB-                                         96,386                       68.9  %           78,021                       52.8  %
BB+ or lower                                             5,595                        4.0  %           13,050                        8.8  %
Total non-U.S. dollar denominated
corporate bonds                                 $      139,819                      100.0  %       $  147,740                      100.0  %


(1)   Ratings as assigned by S&P, or equivalent

The Company does not employ any credit default protection against any of the
fixed maturities held in non-U.S. denominated currencies at March 31, 2022 and
December 31, 2021, respectively.

Other Investments, Equity Securities and Equity Method Investments
Our alternative investments are categorized as other investments, equity
securities, and equity method investments as reported on our consolidated
balance sheets. These include private equity funds, private credit funds and
hedge fund investments, investments in limited partnerships, as well as
investments in direct lending entities and investments in technology-oriented
insurance related businesses known as insurtechs. Private equity investments
consist of direct investments in privately held entities, investments in private
equity funds and private equity co-investments with sponsoring entities. Private
credit investments consist of loans and other debt securities of privately held
entities or investment sponsors.

Our allocation to alternative investments increased to 31.6% of our total cash
and investments as of March 31, 2022 compared to 25.4% as of December 31, 2021;
and increased to 68.1% of our total shareholders' equity as of March 31, 2022
compared to 58.7% as of December 31, 2021.

Our alternative investments as of March 31, 2022 and December 31, 2021 consist
of the following asset classes:

                                                                     March 31, 2022                               December 31, 2021
                                                                                                          Carrying
($ in thousands)                                        Carrying Value             % of Total               Value               % of Total
Real estate equity method investments                  $       52,210                     20.9  %       $   44,050                     19.5  %
Hedge fund equity method investments                           32,861                     13.1  %           32,929                     14.6  %
Investments in direct lending entities                         46,175                     18.4  %           42,976                     19.1  %
Private equity funds                                           27,608                     11.0  %           23,324                     10.3  %
Private credit funds                                           21,781                      8.7  %           20,863                      9.3  %
Privately held other investments                               12,597                      5.0  %           10,500                      4.7  %
Other equity method investments                                 8,246                      3.3  %            6,763                      3.0  %
Privately held equity securities                               48,224                     19.3  %           42,888                     19.0  %
Publicly traded equity securities                                 708                      0.3  %            1,174                      0.5  %
Total alternative investments                          $      250,410                    100.0  %       $  225,467                    100.0  %


                                       50

--------------------------------------------------------------------------------

For further details on these alternative investments, see "Notes to Condensed
Consolidated Financial Statements: Note 4(b) Other Investments, Equity
Securities and Equity Method Investments" included under Part I Item 1.
"Financial Information" of this Report on Form 10-Q.

Certain of the Company's investments in limited partnerships are related to real
estate joint ventures with interests in multi-property projects with varying
strategies ranging from the development of properties to the ownership of
income-producing properties. In certain of these joint ventures, the Company has
provided certain indemnities, guarantees and commitments to certain parties such
that it may be required to make payments now or in the future. For further
details on these financial guarantees, please see "Notes to Condensed
Consolidated Financial Statements: Note 11 - Commitments, Contingencies and
Guarantees" included under Part I Item 1. "Financial Information" of this Report
on Form 10-Q.

Investment Results
The following table summarizes our investment results for the three months ended
March 31, 2022 and 2021, respectively:

                                                                         For the Three Months Ended March 31,
($ in thousands)                                                              2022                     2021
Net investment income:
Fixed income assets(1)                                                $           6,157           $    10,056
Cash and restricted cash                                                             (7)                   19
Other investments, including equities                                               600                   110
Investment expenses                                                                (183)                 (344)
Total net investment income                                                       6,567                 9,841

Net realized gains:
Fixed income assets(1)                                                            1,143                 2,894
Other investments, including equities                                             1,658                   716
Total net realized gains                                                          2,801                 3,610

Net unrealized (losses) gains:
Other investments, including equities                                              (492)                4,491
Total net unrealized (losses) gains                                                (492)                4,491

Interest in income of equity method investments:
Interest in income of equity method investments                                   1,271                 2,947
Total interest in income of equity method investments                             1,271                 2,947

Total investment return included in earnings (A)                      $          10,147           $    20,889

Other comprehensive income (loss):
Unrealized losses on AFS and Equity Method Investments
excluding foreign exchange (B)

                                        $         (11,392)          $   (12,784)
Total investment return = (A) + (B)                                   $     

(1,245) $ 8,105

Annualized income from fixed income assets and cash(2)                $          24,600           $    40,300
Average aggregate fixed income assets and cash, at cost(2)                    1,416,353             2,011,055
Annualized investment book yield                                                    1.7   %               2.0  %

Average aggregate invested assets, at fair value(3)                   $       1,644,743           $ 2,162,060
Investment return included in net earnings                                          0.6   %               1.0  %
Total investment return                                                            (0.1)  %               0.4  %

1.Includes AFS securities as well as funds withheld receivable, and loan to
related party.

2.Average aggregate fixed income assets and cash include AFS securities, cash
and restricted cash, funds withheld receivable, and loan to related party and is
computed as an average of the amounts disclosed in our quarterly U.S. GAAP
consolidated financial statements.

3.Average aggregate invested assets include all investments (AFS and alternative
investments), cash and restricted cash, loan to related party and funds withheld
receivable and is computed as an average of the amounts disclosed in our
quarterly U.S. GAAP consolidated financial statements.

                                       51
--------------------------------------------------------------------------------

The following table details total investment returns for our fixed income
investments and alternative investments for the three months ended March 31,
2022 and 2021, respectively:

                                                     Fixed Income Investments(1)                    Alternative Investments(2)
                                                 For the Three Months Ended March 31,          For the Three Months Ended March 31,
($ in thousands)                                      2022                   2021                    2022                    2021
Gross investment income                         $       6,150           $    10,075          $          1,871            $   3,057
Net realized and unrealized gains                       1,143                 2,894                     1,166                5,207
Change in AOCI (3)                                    (15,806)              (11,772)                    4,414               (1,012)
Gross investment returns                        $      (8,513)          $     1,197          $          7,451            $   7,252

Average invested assets, at fair value
(4)                                             $   1,406,804           $ 2,048,654          $        237,939            $ 113,406

Gross Investment Returns                                 (0.6)  %               0.1  %                    3.1    %             6.4  %

Investment expenses                             $         126           $       271          $             57            $      73
Net investment returns                          $      (8,639)          $       926          $          7,394            $   7,179

Net Investment Returns                                   (0.6)  %                 -  %                    3.1    %             6.3  %

1.Fixed income investments includes AFS securities as well as cash, restricted
cash, funds withheld receivable, and loan to related party.

2.Alternative investments includes other investments, equity securities, and
equity method investments.

3.Change in AOCI excludes unrealized foreign exchange gains and losses.

4.Average invested assets is the average of the amounts disclosed in our
quarterly U.S. GAAP consolidated financial statements.

Total returns on fixed income investments were adversely impacted by the
increase in interest rates during the three months ended March 31, 2022 compared
to same period in 2021. Total returns on alternative investments were positive
for the three months ended March 31, 2022 partly due to the sale of an equity
method investment which produced gross returns of $5.8 million which contributed
2.4% to the gross investment returns during the current period. On a percentage
basis however, the investment returns in 2022 were lower compared to the same
period in 2021 due to higher average invested assets in 2022. For the three
months ended March 31, 2021, gross investment returns included unrealized gains
of $4.5 million from an investment in an insurtech start-up company that was
acquired by a special purpose acquisition company which contributed 4.0% to the
gross investment returns for the prior year period.