Investment Performance - As of March 31, 2025, Maiden Holdings has invested $254.2 million into alternative investments, including equity securities and other asset classes, aiming to exceed the benchmark cost of capital [219]. - The alternative investments portfolio increased by 1.1% during the three months ended March 31, 2025, primarily due to net purchases of private equity funds, but produced a lower positive net return of 0.3% compared to 3.4% for the same period in 2024 [230]. - The investment portfolio generated net unrealized gains of $0.7 million during the three months ended March 31, 2025, increasing the book value per common share by $0.01 [336]. - The company’s investment performance is subject to various risks, including market volatility and interest rate fluctuations, which could impact the value of its investment portfolio [327]. - Total investment return, including other comprehensive income, was $4,369,000 in Q1 2025, compared to $18,074,000 in Q1 2024 [358]. - The internal rate of return for the alternative investment portfolio was 4.9% as of March 31, 2025, with a multiple on invested capital of 1.12 [364]. - Private equity investments produced a total investment return of $2.4 million in Q1 2025, with an internal rate of return of 10.5% and a multiple on invested capital of 1.36 [366]. - The company realized total gains of $4.8 million from the sale of its stake in Betterview Marketplace, Inc., achieving an IRR of 25.8% and a MOIC of 1.74 [369]. Financial Performance - Net loss for the three months ended March 31, 2025, was $(8,645) thousand, compared to net income of $1,459 thousand for the same period in 2024, representing a change of $(10,104) thousand [237]. - The company's book value per common share decreased by 17.4% to $0.38 as of March 31, 2025, while non-GAAP book value decreased by 6.6% to $1.42 [237]. - Non-GAAP operating loss for the three months ended March 31, 2025, was $(2,807) thousand, an improvement from $(4,950) thousand in 2024 [237]. - The company's total capital resources decreased by $7.6 million to $299.9 million, primarily due to a net loss of $8.6 million [379]. - The ratio of debt to total capital resources increased to 87.5% as of March 31, 2025, compared to 85.3% at December 31, 2024 [237]. Underwriting and Premiums - Underwriting income for the three months ended March 31, 2025, was $7.5 million, driven by favorable prior year reserve development of $12.4 million [233]. - Gross premiums written decreased by 51.1% to $4,074 thousand for the three months ended March 31, 2025, down from $8,323 thousand in 2024 [237]. - Net premiums earned decreased by 37.9% to $7,684 thousand for the three months ended March 31, 2025, compared to $12,408 thousand in 2024 [237]. - Non-GAAP underwriting income for the three months ended March 31, 2025, was $6.467 million, compared to a loss of $2.524 million in the same period of 2024 [396]. Strategic Initiatives - Maiden Holdings is undergoing a strategic transformation, including divesting its IIS business to enhance shareholder value, with transactions including Renewal Rights and Asset Purchase Agreements with AmTrust Nordic AB and a Stock Purchase Agreement for Maiden LF and Maiden GF [211]. - The company has suspended its common share repurchase program in connection with the combination agreement with Kestrel Group LLC, which was approved by shareholders on April 29, 2025 [222]. - The combination with Kestrel is expected to close in the second quarter of 2025, representing a transformative milestone for Maiden Holdings [228][229]. - The company has ceased new commitments to alternative investments in the foreseeable future as part of its strategic initiatives [325]. Loss Development and Liabilities - Maiden Holdings' total insurance-related liabilities at March 31, 2025, amounted to $24.5 million, consisting of total loss reserves of $18.2 million, an underwriting-related derivative liability of $4.0 million, and net deferred gains on retroactive reinsurance of $2.3 million [223]. - The company has experienced significant adverse loss development in its AmTrust Reinsurance segment, prompting a reassessment of its business strategy [224][225]. - Maiden Holdings aims to resolve AmTrust liabilities not covered by the LPT/ADC Agreement through finality solutions, which may involve significant costs [232]. Cash Flow and Assets - Cash flows used in operating activities for the three months ended March 31, 2025, were $21.1 million, compared to cash flows provided of $8.0 million for the same period in 2024 [314]. - The company's total assets decreased by 6.2% to $1,234,584 thousand as of March 31, 2025, down from $1,316,006 thousand at December 31, 2024 [237]. - Unrestricted cash, cash equivalents, and fixed maturity investments decreased to $42.5 million as of March 31, 2025, from $75.0 million at December 31, 2024 [312]. Investment Portfolio Composition - As of March 31, 2025, investable assets were $641.7 million, down from $699.4 million as of December 31, 2024, a decrease of $57.7 million [302]. - The company holds 44,750,678 common shares owned by Maiden Reinsurance, with a market value of $25.5 million at March 31, 2025 [332]. - As of March 31, 2025, 100% of the fixed maturity investments consisted of investment grade securities [342]. - The alternative investments portfolio increased to $254,249,000 as of March 31, 2025, representing 50.8% of total cash and investments, up from 48.5% at December 31, 2024 [348].

Financial Performance - Net loss attributable to Maiden common shareholders was $8.6 million or $0.09 per diluted common share for Q1 2025[18] - Total revenues for Q1 2025 were $14,049,000, a decrease of 51.4% compared to $28,904,000 in Q1 2024[57] - The company reported a net loss of $8,645,000 in Q1 2025, compared to a net income of $1,459,000 in Q1 2024[57] - Basic and diluted loss per share attributable to common shareholders was $(0.09) in Q1 2025, compared to earnings of $0.01 in Q1 2024[57] - Non-GAAP operating loss was $2.8 million or $0.03 per diluted common share for Q1 2025, an improvement from a loss of $5.0 million or $0.05 per diluted common share in Q1 2024[31] - Non-GAAP operating loss for Q1 2025 was $(2,807,000), an improvement from $(4,950,000) in Q1 2024[60] - Annualized return on average common equity was (84.7)% in Q1 2025, compared to 2.4% in Q1 2024[57] Underwriting and Premiums - Underwriting income was $7.5 million for Q1 2025 compared to an underwriting loss of $7.5 million in the same period in 2024, driven by favorable prior year loss development of $12.4 million[18] - Net premiums written for Q1 2025 were $4.0 million compared to $8.3 million for the same period in 2024[22] - Net premiums written in the Diversified Reinsurance segment decreased by $3.8 million or 43.4% in Q1 2025 due to lower premiums from subsidiaries Maiden LF and Maiden GF, which are no longer writing new business[32] - Gross premiums written in Q1 2025 were $4,074,000, a decline of 51.0% from $8,323,000 in Q1 2024[57] - Net premiums earned in Q1 2025 were $7,684,000, down 38.1% from $12,408,000 in Q1 2024[57] Investment Results - Investment results decreased to $3.6 million for Q1 2025 compared to $17.1 million in Q1 2024, reflecting lower income from restricted cash and fixed income investments[18] - Net realized and unrealized investment gains for Q1 2025 were $3.3 million, a decrease from $8.8 million in Q1 2024, including alternative investments gains of $3.3 million compared to $9.0 million in the prior year[26] - The internal rate of return on completed investments was 12.3% with a capital multiple of 1.30x, above targeted returns[21] Expenses - Corporate general and administrative expenses increased to $7.5 million for Q1 2025 compared to $5.3 million in Q1 2024, primarily due to expenses related to strategic initiatives[22] - Total general and administrative expenses increased by $2.7 million, or 33.7%, in Q1 2025, primarily due to higher professional service fees related to strategic initiatives[29] Assets and Equity - Total assets were $1.2 billion at March 31, 2025, a decrease of $81.4 million compared to December 31, 2024, with shareholders' equity at $37.6 million, down from $45.2 million[41] - Total assets decreased to $1,234,584,000 as of March 31, 2025, from $1,316,006,000 as of December 31, 2024[55] - Total liabilities decreased to $1,197,011,000 as of March 31, 2025, from $1,270,813,000 as of December 31, 2024[55] - The company’s total equity fell to $37,573,000 as of March 31, 2025, down from $45,193,000 as of December 31, 2024[55] - Adjusted shareholders' equity was $141.5 million at March 31, 2025, including an unamortized deferred gain of $104.0 million under the LPT/ADC Agreement[42] - Adjusted shareholders' equity decreased from $150,148 million to $141,541 million, reflecting a decline of approximately 5.7%[62] - Total shareholders' equity fell from $45,193 million to $37,573 million, a decrease of about 16.9%[62] Strategic Initiatives - The company continues to focus on strategic transactions to enhance shareholder value, as indicated in their investor update presentation[74] - Management emphasizes the importance of non-GAAP operating earnings as a measure of performance, excluding certain investment gains and losses[67] - The company aims to leverage its expertise in the insurance and financial services industries to create shareholder value through active asset and capital management[76] Currency and Other Losses - Foreign exchange and other losses were $7.4 million for Q1 2025 compared to gains of $2.1 million in Q1 2024, driven by a significant weakening of the U.S. dollar[22] Other Financial Metrics - Book value per common share decreased 17.4% to $0.38 and adjusted book value per common share decreased 6.6% to $1.42 at March 31, 2025 compared to December 31, 2024[18] - Cash and cash equivalents increased from $25,651 million to $28,706 million, an increase of about 11.9%[62] - Loan to related party decreased from $167,975 million to $128,118 million, a decline of approximately 23.8%[62] - As of March 31, 2025, the annualized yield on fixed income assets decreased, with 49.4% of the fixed income portfolio invested in floating rate assets compared to 51.1% as of March 31, 2024[25] - Net interest income from the net loan receivable was impacted by a non-recurring adjustment of $1.2 million, resulting in a lower weighted average interest rate of 1.9% on a balance of $128.1 million for Q1 2025, down from 7.3% on $168.0 million in Q1 2024[25] Regulatory and Transaction Updates - The Kestrel Agreement remains subject to customary closing conditions, with completion targeted for Q2 2025[18] - The sale of Maiden's Swedish subsidiaries is proceeding through the necessary regulatory approval process, with completion also targeted for Q2 2025[18]

Core Viewpoint - Scottie Resources Corp. has announced a maiden Inferred Mineral Resource Estimate of 703,000 ounces of gold for its Scottie Gold Mine Project, indicating significant potential for both open pit and underground mining operations [1][4][7]. Group 1: Mineral Resource Estimate - The Inferred Mineral Resource Estimate consists of 703,000 ounces of gold at an average grade of 6.1 g/t, with 528,000 ounces from underground resources at 8.7 g/t and 174,000 ounces from shallow pit constrained resources at 3.2 g/t [1][4][7]. - The MRE is designed for a phased mining approach, starting with a shallow open pit to minimize initial capital costs and fund the development of higher-grade underground resources [4][10]. - The resource is based on a 2.5 g/t gold cutoff for underground resources and a 0.7 g/t cutoff for open pit resources, ensuring reasonable prospects for eventual economic extraction [8][10]. Group 2: Project Development and Infrastructure - The project benefits from existing infrastructure, including roads, proximity to a deep-water shipping port, and nearby power lines, which will support a high-margin, low operational risk model [4][19]. - The company plans to advance to a Preliminary Economic Assessment (PEA) by the end of 2025, leveraging the positive MRE to accelerate project development [4][5]. Group 3: Exploration Potential - Scottie Resources aims to convert inferred resources to indicated through infill drilling and expand resources through exploration of high-quality targets, particularly in the un-drilled pit-constrained envelope [4][5]. - The exploration campaign will focus on areas with significant upside potential, such as the newly discovered Wolf Zone [4][5]. Group 4: Discovery Performance - The resource at the Blueberry Contact Zone was established with a low discovery cost of 12.25 gold ounces per metre drilled, while the historical Scottie Gold Mine had a discovery cost of 3.56 gold ounces per metre drilled [4][11]. - The weighted average all-inclusive drill cost over the past six years is reported at $357.50 per metre [4][11].

Core Viewpoint - Altamira Gold Corp. has announced a maiden mineral resource estimate for the Maria Bonita porphyry gold deposit, which significantly enhances the company's resource base and presents opportunities for further exploration and resource expansion [1][2]. Group 1: Resource Estimate Details - The maiden open-pit resource includes total Indicated Resources of 24.19 million tonnes (Mt) at 0.46 grams per tonne (g/t) gold, equating to 357,800 ounces (oz), and Total Inferred Resources of 25.64 Mt at 0.44 g/t gold, totaling 362,400 oz [5][13]. - Near-surface saprolite Indicated Resources are 2.02 Mt at 0.59 g/t gold (38,000 oz), while Inferred Resources are 0.68 Mt at 0.40 g/t gold (8,700 oz) [5][14]. - A higher grade near-surface resource at a 0.5 g/t gold cut-off comprises Indicated Resources of 7.56 Mt at 0.72 g/t gold (176,250 oz) and Inferred Resources of 5.18 Mt at 0.92 g/t gold (152,940 oz) [5][14]. Group 2: Project Location and Accessibility - The Cajueiro project is located approximately 75 km northwest of Alta Floresta in the state of Mato Grosso, Brazil, and is easily accessible by road, situated on open farmland with grid power and a local water supply [3]. Group 3: Future Exploration Plans - The company plans to mobilize a drill rig shortly to continue testing the extensions of the Maria Bonita mineralization and explore the other eight identified porphyry-related targets within the Cajueiro district [2][17]. - The Cajueiro project currently has a total of nine porphyry gold targets identified, indicating significant potential for further discoveries and resource expansion [5][17]. Group 4: Technical and Estimation Methodology - The maiden mineral resource estimate was completed by VMG Consultoria e Soluções Ltda, based on drilling conducted by Altamira between August 2022 and April 2024, involving 31 diamond drill holes totaling 4,710 meters [8][21]. - The resource estimations utilized a gold price of US$2,780 per ounce and were calculated using a block model interpolated by the Ordinary Kriging method [9][15].

Core Viewpoint - Rackla Metals Inc. has received a Type A Land Use Permit for its Grad Project, enabling the company to advance its exploration efforts in the Tombstone Gold Belt, with a focus on the promising BiTe Zone [1][2]. Company Developments - The Grad Project is now fully permitted and funded for the 2025 exploration season, with a five-year permit that can be extended for two additional years [1]. - The CEO of Rackla expressed gratitude for the support received during the permitting process and highlighted the compelling results from initial exploration activities [2]. - Early findings include a talus-fine sample line averaging 1.06 g/t Au over 550 meters, with a core zone averaging 3.68 g/t Au over 180 meters [2]. Exploration Details - The Phase 1 drilling program will commence at the BiTe Zone, with plans for Phase 2 to include step-out drilling based on mapping and sampling results [3]. - The Grad Property is located in the eastern portion of the Tombstone Gold Belt, with mineral claims staked in July 2024 after a decade of land use planning [6]. - The 2024 exploration program included prospecting, rock, stream sediment, and talus-fine sampling, along with airborne geophysical and photogrammetry surveys [7]. Geological Insights - The Grad Property is centered on the North Nahanni Pluton, a Cretaceous-age felsic intrusion, which has shown significant alteration and mineralization potential [7][8]. - Rock sampling has returned gold grades up to 92 g/t Au, confirming the presence of Reduced Intrusion-Related Gold Systems (RIRGS) in the area [8].

Core Insights - DLP Resources Inc. has filed a National Instrument 43-101 Technical Report on the Aurora Cu-Mo-Ag Property in Calca Province, Peru, which includes an Inferred Maiden Resource [2][3] Company Overview - DLP Resources Inc. is a mineral exploration company focused on Base Metals and Cobalt, operating in Southeastern British Columbia and Peru. The company is listed on the TSX-V under the symbol DLP and on the OTCQB under the symbol DLPRF [4] Technical Report Details - The Technical Report was prepared by independent AMC Consultants Pty Ltd, a global mining consultancy with extensive experience in the industry [2][5] - The results of the maiden Mineral Resources for the Aurora Project were previously released on February 27, 2025 [3]

Core Viewpoint - Blue Moon Metals Inc. has announced a maiden mineral resource estimate for the Sulitjelma VMS deposit in Norway, indicating significant potential for further exploration and development in a historically productive mining district [1][2][6]. Mineral Resource Estimate - The maiden mineral resource estimate includes 17 million tonnes grading 1.06% Cu and 0.21% Zn in the inferred category, excluding gold, silver, and sulfur which were historically recovered as by-products [2][11]. - The resource estimate is classified entirely as Inferred Mineral Resources, which are considered too speculative to have economic viability applied [11][12]. Project Development Plans - The company plans to focus on the Rupsi and Dypet deposits, with government approval to extend an existing mine tunnel by up to 1 km and conduct 10,000 meters of underground drilling, with a budget of approximately 37 million NOK (~US$3.4 million) [3][6]. - Exploration activities will target mineral potential, with current underground workings in good condition, ending approximately 200 meters from the resource estimate outline [3][23]. Historical Context and Infrastructure - The Sulitjelma Project is located in a significant mining district with historical production of 26 million tonnes of copper at a grade of 1.80% from 1891 to 1991 [1][6]. - Blue Moon holds exclusive options to purchase historical processing plant infrastructure for a nominal value of 1 NOK (~US$0.1) and has access to numerous historical mining tunnels for efficient exploration [6][30]. Exploration Strategy - The exploration program aims to expand known mineralized zones and enhance resource confidence through systematic drilling, geological mapping, and geophysical surveys [23][24]. - The company anticipates that results from the exploration program will significantly advance the understanding and potential of the Sulitjelma Project [24][30].

Core Viewpoint - Thor Explorations Ltd. reported strong financial and operational results for FY 2024, achieving record revenues and profits, while also announcing its maiden dividend, reflecting confidence in the company's growth and sustainability [2][21][48]. Financial Highlights - FY 2024 gold sales reached 84,965 ounces, up from 73,356 ounces in FY 2023, with an average gold price of US$2,288 per ounce compared to US$1,907 in FY 2023 [6]. - Revenue for FY 2024 was US$193.1 million, a significant increase from US$141.2 million in FY 2023 [6]. - EBITDA for FY 2024 was US$133.3 million, compared to US$55.3 million in FY 2023 [6]. - Net profit for FY 2024 was US$91.1 million, up from US$10.8 million in FY 2023 [6]. - Cash and cash equivalents at year-end were US$12 million, an increase from US$7.8 million in FY 2023 [6]. Dividend Announcement - The company announced a maiden dividend payment of C$0.0125 per share per quarter, with the first payment scheduled for May 16, 2025 [6][53]. - The dividend policy aims to balance growth ambitions with returning value to shareholders and will be reviewed in two years [6][54]. Operational Highlights - The Segilola Gold Mine produced 85,057 ounces of gold in FY 2024, with a recovery rate of 90.75% [12]. - A total of 858,966 tonnes of ore were processed at an average grade of 3.14 g/t Au [12]. - Near-mine exploration confirmed mineralization below the current pit design, indicating potential for resource extensions [12]. - Regional exploration efforts identified a 10 by 5 km area of gold anomalism approximately 52 km south of Segilola [12]. Strategic Outlook - The company plans to focus on extending the Segilola mine life and advancing the Douta Project in Senegal in 2025 [22][43]. - Exploration expenditure is budgeted at US$7.5 million - US$10 million in Nigeria and US$5 million - US$7.5 million across West Africa for 2025 [28]. - The company aims to enhance shareholder value through its exploration activities and maintain strong ESG commitments [25][40].

Financial Performance - Non-GAAP book value decreased by 52.4% to $1.52 per common share, while GAAP book value decreased by 81.5% to $0.46 per common share as of December 31, 2024[40]. - The alternative investment portfolio decreased by 18.6% during 2024, producing a positive net return of 3.5% compared to 8.0% in 2023[41][42]. - An underwriting loss of $197.4 million was reported for 2024, primarily due to adverse prior year reserve development of $154.4 million from the AmTrust Reinsurance segment[43]. - Net premiums earned for Diversified Reinsurance segment increased to $35.787 million (72.3% of total) in 2024 from $29.039 million (66.0% of total) in 2023[52]. - Net premiums written by the Diversified Reinsurance segment totaled $34.749 million in 2024, up from $27.104 million in 2023[53]. Shareholder Actions - Maiden Reinsurance repurchased 1,871,755 common shares during 2024, owning 31.1% of the total outstanding common shares as of December 31, 2024[44]. - The company has suspended its share repurchase program in connection with the pending transaction with Kestrel[44]. Regulatory and Compliance - The company is subject to regulatory oversight and must file detailed financial statements with the Vermont Department of Financial Regulation (DFR)[78]. - The company believes it is in compliance with all applicable laws and regulations that could materially affect its financial position[102]. - Regulatory scrutiny may increase due to potential federal initiatives impacting the insurance industry[98]. - The company is not actively underwriting reinsurance on new prospective risks, focusing on compliance with existing regulations[95]. Risk Management - The company’s Enterprise Risk Management framework includes a three lines of defense approach to manage risks effectively[62][63]. - The company must establish a risk governance structure with clearly defined roles and responsibilities to manage risks within its risk appetite[66]. - The loss reserves on the balance sheet represent management's best estimate of outstanding liabilities associated with earned premiums, with reserves established based on internal and external actuarial analyses[69]. - The company is required to establish loss reserves to cover estimated liabilities for loss and loss adjustment expenses (LAE) incurred with respect to premiums earned[69]. - The Audit Committee meets at least quarterly to assess whether management is addressing risk issues in a timely manner, receiving updates on capital and risk management[68]. Employment and Operations - The company has approximately 42 full-time and part-time employees across multiple countries, with a transition of 15 employees expected upon the sale of Swedish subsidiaries[76]. - The company entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF, awaiting regulatory approval[55]. - No new premium was written in the AmTrust Reinsurance segment during 2024, following the termination of active reinsurance contracts effective January 1, 2019[56]. Taxation and Financial Regulations - Maiden Holdings has received assurance from Bermuda's Minister of Finance that no new taxes will apply until March 31, 2035[109]. - The Corporate Income Tax Act 2023 in Bermuda imposes a 15% tax on multi-national groups with consolidated revenues of at least €750 million, effective from January 1, 2025[110]. - Maiden LF and Maiden GF are subject to a 20.6% tax rate on net profits in Sweden[111]. - Maiden Global, Maiden LF U.K. Branch, and Maiden GF U.K. Branch are subject to a U.K. corporation tax rate of 25% on their trading and taxable profits[112]. - The U.S. corporate tax rate was reduced to 21% under the Tax Cuts and Jobs Act, impacting the taxation of U.S. property/casualty insurance companies[113]. - The maximum effective federal tax rate for U.S. branches of foreign corporations can reach 44.7% on net income connected with a U.S. trade or business[114]. - Foreign corporations not engaged in a U.S. trade are subject to U.S. income tax through withholding on certain income, such as dividends and interest[115]. - An excise tax of 1% applies to reinsurance premiums paid to foreign insurers for risks associated with U.S. persons[115]. - Maiden Reinsurance is subject to U.S. taxation since its re-domestication, while other subsidiaries operate to avoid being treated as engaged in U.S. trade[114]. - The company anticipates no requirement to pay U.S. corporate income taxes, aside from withholding and excise taxes[114]. - The 2017 Act introduced provisions that could affect the economic feasibility of affiliate reinsurance between U.S. and non-U.S. members[113]. - The company is monitoring potential future legislation that could adversely impact its operations[113]. - The U.S. Treasury Department has issued regulations clarifying the classification of non-U.S. insurers as passive foreign investment companies (PFICs)[113]. Capital Management - Maiden Reinsurance's RBC levels exceed Vermont's RBC requirements, indicating adequate capital management[90]. - The company is able to take credit for all reinsurance purchased, enhancing its financial stability[91]. - Maiden Reinsurance's re-domestication to Vermont in 2020 may result in unusual NAIC ratios due to the lack of prior year statutory data[93]. Legislative Updates - The Terrorism Risk Insurance Program Reauthorization Act of 2019 extends the federal terrorism risk insurance program through December 31, 2027[107].

Financial Performance - Net loss attributable to Maiden common shareholders was $158.0 million or $1.59 per diluted common share for the fourth quarter of 2024 [18]. - Underwriting loss for the fourth quarter of 2024 was $161.3 million compared to an underwriting loss of $21.1 million in the same period in 2023, largely due to adverse prior year loss development of $129.4 million [18]. - Net loss and LAE increased by $115.9 million during Q4 2024 compared to Q4 2023, impacted by net adverse PPD of $129.4 million [29]. - Underwriting loss for the year ended December 31, 2024 was $197.4 million, compared to a loss of $49.5 million in 2023, largely due to adverse PPD of $154.4 million [35]. - Non-GAAP operating loss was $181.2 million or $1.81 per diluted common share for the year ended December 31, 2024, compared to a loss of $23.0 million or $0.23 per diluted common share in 2023 [51]. - The net loss for the year ended December 31, 2024, was $(200,969) million, compared to a net loss of $(38,569) million in 2023, indicating a significant increase in losses [73]. - The basic and diluted loss per share attributable to common shareholders for the year ended December 31, 2024, was $(2.01), compared to $(0.38) in 2023, indicating a worsening of loss per share [71]. - The net loss and loss adjustment expenses for the year ended December 31, 2024, totaled $186,127 million, significantly higher than $61,228 million in 2023, an increase of 204.5% [73]. Premiums and Underwriting - Net premiums written for the three months ended December 31, 2024 were $7.6 million, an increase from $6.9 million for the same period in 2023 [22]. - Net premiums written in the Diversified Reinsurance segment increased by $1.6 million or 22.4% for the three months ended December 31, 2024 compared to the same period in 2023 [22]. - Net premiums written for the year ended December 31, 2024 increased by $9.9 million or 42.7% to $33.1 million compared to $23.2 million in 2023 [34]. - Gross premiums written increased to $7,563,000 in Q4 2024 from $7,095,000 in Q4 2023, representing a growth of 6.6% [75]. - Net premiums earned rose to $11,586,000 in Q4 2024, up from $11,449,000 in Q4 2023, indicating a year-over-year increase of 1.2% [75]. Investment Performance - Investment results decreased to $4.1 million for the fourth quarter of 2024 compared to $14.6 million in the fourth quarter of 2023 [18]. - Net investment income decreased by $2.3 million or 27.2% for Q4 2024 compared to Q4 2023, primarily due to lower interest income from funds withheld receivable [25]. - Net investment income decreased by $11.8 million or 31.7% for the year ended December 31, 2024, due to lower interest income from funds withheld balance [40]. - Net realized and unrealized investment losses for Q4 2024 were $0.8 million, compared to net gains of $5.5 million in Q4 2023, largely due to a smaller alternative asset portfolio [28]. - Total investable assets decreased to $699,423,000 as of December 31, 2024, down from $914,278,000 in 2023, reflecting a decline of 23.5% [77]. Shareholder Equity - Book value per common share decreased 81.5% to $0.46 and adjusted book value per common share decreased 52.4% to $1.52 at December 31, 2024 compared to December 31, 2023 [18]. - Shareholders' equity dropped to $45.2 million at December 31, 2024, compared to $249.2 million at December 31, 2023 [56]. - Adjusted shareholders' equity was $150.1 million at December 31, 2024, down from $320.1 million at December 31, 2023 [57]. - Total shareholders' equity fell to $45,193,000 in 2024 from $249,160,000 in 2023, a decrease of 81.9% [77]. Corporate Actions and Strategic Initiatives - The Company entered into a combination agreement with the Kestrel Group to form a new publicly listed specialty program group [18]. - The Company targets completing the sale of its Swedish subsidiaries during the second quarter of 2025 [18]. - The company repurchased 383,355 common shares at an average price per share of $1.57 under its share repurchase plan prior to the announcement of the transaction with Kestrel [19]. - The company did not authorize any quarterly dividends on its common shares during the three and twelve months ended December 31, 2024 [61]. Other Financial Metrics - The annualized return on average common equity for the year ended December 31, 2024, was (136.5)%, compared to (14.5)% in 2023, showing a substantial decline in profitability [71]. - The total expenses for the year ended December 31, 2024, were $245,785 million, compared to $111,486 million in 2023, an increase of 120.2% [71]. - Approximately $42.0 million or 32.5% of the total adverse PPD for Q4 2024 is recoverable under the LPT/ADC Agreement, expected to be recognized as future GAAP income [31]. - The unamortized deferred gain on retroactive reinsurance under the LPT/ADC Agreement increased to $105.0 million as of December 31, 2024, from $70.9 million at December 31, 2023, reflecting a net increase of $34.0 million [52]. - The reinsurance recoverable on unpaid losses under the LPT/ADC Agreement increased to $532.9 million at December 31, 2024, from $515.5 million at December 31, 2023 [53].