Maiden Holdings 6.625% Senior Notes due 2046 (MHLA)
Senior notes issued by a fronting platform with legacy reinsurance run-off.
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Operates a U.S. insurance fronting platform that earns fees for carrier access, compliance and placement support, alongside a legacy reinsurance run-off. The security is unsecured senior debt issued by Maiden Holdings and guaranteed by Kestrel Group.
Provides fronting and related support to insurance program managers, managing general agents, reinsurers and brokers through its Program Services segment. Fees are tied to premium produced and cover access to licensed AmTrust carriers, compliance and regulatory reporting, administrative support, and placement of bound coverage across U.S. jurisdictions.
Manages the AmTrust Reinsurance and Diversified Reinsurance portfolios in a Legacy Reinsurance run-off segment. Remaining revenue reflects earned premium, investment returns, and changes in loss reserves and ceded recoverables rather than broad new underwriting.
Depends on exclusive management contracts with four AmTrust-owned carriers, the performance of reinsurers, and insurance regulation and capital limits affecting cash movement and debt-service capacity.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Mar 31, 2025Cash & short-term investments $44.3M · Total debt $254.8M · Total assets $1.23B · Shareholders' equity $37.6M
- Revenue
- $14.0M
- Operating income
- $3.3M
- Net income
- −$8.6M
HistoryDividendAnnual yield
| Institutions | ≥ 0.05% | 44.6K shares | |
|---|---|---|---|
| 1 holder · as of Jun 30, 2026 | |||
| Insiders | 23.45% | 20.32M shares | |
| 3 holders · as of Jun 6, 2022 | |||
| Strategic holders | 11.74% | 10.17M shares | |
| 2 holders · as of Nov 8, 2024 | |||
| Other | ≤ 64.76% | 56.10M shares | |
| remainder | |||
86.62M company shares as of Sep 11, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count is from the company's May 2025 quarterly report; nothing newer is on file here.
Institutional filings for MHLD (100% of the company) are not on file here, so the institutional figure is a floor.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Talkot Capital, LLCInstitution | 14.88% | 12.89M | filed Feb 12, 2025 |
Paul Richard Ray IIIInsider | 9.21% | 7.98M | filed Feb 14, 2022 |
Barry D. ZyskindInsider | 7.36% | 6.37M | filed Apr 8, 2019 |
Thomas Bruce AkinInsider | 6.88% | 5.96M | filed Jun 6, 2022 |
BlackRock, Inc.Strategic | 6.84% | 5.93M | filed Nov 8, 2024 |
Insider tradesForm 4
Nothing filed in the last 12 months.
