HAMILTON, Bermuda, March 01, 2017 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (“Maiden” or “the Company”) (NASDAQ:MHLD) announced today that it has delayed the filing of its Annual Report on Form 10-K for the year ended December 31, 2016. The audit is substantially completed and is expected to be finalized shortly. The Company plans to file a Form 12b-25 with the Securities and Exchange Commission. This filing will give the Company an additional 15 day period in which to submit its Form 10-K and still be deemed a timely filer, but the Company anticipates filing its Form 10-K within a matter of days.
The independent auditor has not identified any material weaknesses in Maiden’s internal controls and the Company does not expect to disclose any such weaknesses in its Form 10-K when filed, and further the Company does not anticipate any changes from the results reported in its earnings release published on February 27, 2017.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A rated (excellent) by A.M. Best, the Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. As of December 31, 2016, Maiden had $6.3 billion in assets and shareholders' equity of $1.4 billion.
Forward Looking Statements
This release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those projected as a result of significant risks and uncertainties, including non-receipt of the expected payments, changes in interest rates, effect of the performance of financial markets on investment income and fair values of investments, developments of claims and the effect on loss reserves, accuracy in projecting loss reserves, the impact of competition and pricing environments, changes in the demand for the Company's products, the effect of general economic conditions and unusual frequency of storm activity, adverse state and federal legislation, regulations and regulatory investigations into industry practices, developments relating to existing agreements, heightened competition, changes in pricing environments, and changes in asset valuations. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected is contained in Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 as updated in periodic filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statements, except as may be required by law.