Maiden Holdings North America, Ltd (MHNC)

NYSE: MHNC · Fire, Marine & Casualty Insurance · Hamilton, BM · filing with the SEC since 2007

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Grade1.8

◀ Past 1.5● Present 2.4▶ Future 1.4

2 est.

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The grade of Maiden Holdings North America, Ltd

Nine metrics read from its own filings, by tense

Headline grade

1.8/10

◀ Past1.540% of the headline

● Present2.435% of the headline

▶ Future1.425% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.9/10

Has it survived what it has been through?

9 warning events since 2017; the latest 2025-05-27.

weight 33% of this tense · 9th percentile among 60 sector filers · read for itself

From the record

Maiden Holdings North America, Ltd's filings since 2017 show 9 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, 5 times, the latest 2025-05-27); an auditor change (8-K item 4.01, 2 times, the latest 2020-05-22); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2019-03-04) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

0.6/10

What has it actually done, year after year?

-34.6% a year over 10 filed years; profitable in 4 of 10.

weight 22% of this tense · 6th percentile among 56 sector filers · read for its customers

From the record

Maiden Holdings North America, Ltd's 10 filed years say what it did: revenue went from $2.6 billion in fiscal 2015 to $56 million in fiscal 2024, down 34.6% a year; it rose in 3 of 9 years; the deepest fall was 98% from fiscal 2015 to fiscal 2024; net income was positive in 4 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span-34.6%bottom 4% of its family
the share of years revenue rosebottom 4% of its family
the share of filed years with a profitbottom 13% of its family
the deepest fall from a revenue peak97.8%bottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

2.3/10

How has it treated the people who own it?

SI estimate 2.3/10, confidence 35 of 100 (one part).

weight 45% of this tense · 23rd percentile among 60 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 23% of 60 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 60 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Maiden Holdings North America, Ltd's shareholder treatment is put at 2.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 23% of 60 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.4/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.5/10

Is it financially healthy right now?

ROE -445%: lost 445¢ per shareholder dollar. Leverage 97%: owes 97¢ per asset dollar.

weight 45% of this tense · 25th percentile among 60 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2024-12-31, Maiden Holdings North America, Ltd lost about 445 cents for every dollar of shareholders' money. Leverage: it owed about 97 cents per dollar of assets, and net share issuance: its share count shrank 1.5% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 2% of its family
return on equitybottom 2% of its family
the share count against the year beforetop 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

0.5/10

How strong is its position in its industry?

bottom 5% of 60 in its family; net margin -356.1%.

weight 33% of this tense · 5th percentile among 60 sector filers · read for its customers

From the record

Maiden Holdings North America, Ltd's standing among 60 graded names in its industry family: revenue of $56 million in fiscal 2024 ranks in the bottom 8% by size; a net margin of -356.1% ranks in the bottom 2%; revenue growth of -17% a year over the last 3 filed years ranks in the bottom 5% (its annual reports).

What it rests on

revenue against the family$56.4Mbottom 8% of its family
net margin-356.1%bottom 2% of its family
three-year revenue growth-17.0%bottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.2/10

What are the people in charge doing?

SI estimate 5.2/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 54 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: No officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 54 members with one.
What the record cannot read: No officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 54 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Maiden Holdings North America, Ltd's leadership is put at 5.2 of 10 with a confidence of 20 of 100, because no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 54 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

1.4/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

0.3/10

How much room does it have to grow?

bottom 3% of 60 in its family for room to expand.

weight 33% of this tense · 3rd percentile among 60 sector filers · read for itself

From the record

Maiden Holdings North America, Ltd's room to grow, from the newest filed statements (fiscal 2024): cash of $26 million against debt of $255 million leaves -17.4% of its assets as net cash, bottom 3% of its family; cash from operations less capital spending is -119.5% of revenue (bottom 3%) (its annual report).

What it rests on

cash less debt against assets-17.4%bottom 3% of its family
cash from operations less capital spending against revenue-119.5%bottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

3.6/10

What could actually drive growth from here?

bottom 36% of 56 in its family for growth drivers.

weight 33% of this tense · 36th percentile among 56 sector filers · read for its customers

From the record

Maiden Holdings North America, Ltd's growth drivers, from the filed years to fiscal 2024: revenue grew -17% a year over the last three filed years against -34.6% over all 10, speeding up (top 5% of its family); the newest year grew -36.7% (bottom 4%); capital spending grew -42% a year (bottom 10%) (its annual reports). Maiden Holdings North America, Ltd tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span+17.6 points a yeartop 5% of its family
the newest year's revenue growth-36.7%bottom 4% of its family
three-year growth of capital spending-42.0%bottom 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

0.2/10

Did its newest year beat what its own record pointed to?

bottom 2% of 56 in its family for expectations against reality.

weight 33% of this tense · 2nd percentile among 56 sector filers · read for its shareholders

From the record

Maiden Holdings North America, Ltd's newest year against its own record: revenue of $56 million in fiscal 2024 came in 33.5% below the $85 million its prior three years' pace pointed to (bottom 4% of its family); net income of $201 million against a prior three-year average of $24 million (bottom 2%); a net margin of a loss larger than its revenue against -39.8% before (bottom 2%) (its annual reports).

What it rests on

revenue against the prior three years' pace-33.5%bottom 4% of its family
net income against the prior three years' averagefive times below its prior average or morebottom 2% of its family
net margin against its prior averagedown more than 100 pointsbottom 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton MHNC · research, not advice