Maiden Holdings, Ltd. MHLD reported operating income of 4 cents per share for the first quarter of 2020 against loss of 32 cents per share incurred in the year-ago quarter.Operating revenues were $50 million, down 76.9% year over year due to lower net premiums earned, other insurance revenues and net investment income.Though the quarter witnessed lower premiums and net investment income, loss experience continues to moderate and the company remaining focused on lowering operating expenses. This led the company to record profit after two years of loss.Maiden Holdings, Ltd. Price, Consensus and EPS Surprise Maiden Holdings, Ltd. price-consensus-eps-surprise-chart | Maiden Holdings, Ltd. QuoteQuarter in Detail Net premiums written were $10.4 million compared to net premiums written of ($561.5) million in the year-ago quarter.Net premiums earned decreased 83%, attributable to the combined impact of the terminated quota share contracts within AmTrust Reinsurance segment, non-renewals in Maiden Reinsurance's European Capital Solutions business and a reduction in the German Auto programs produced by the IIS unit within its Diversified Reinsurance segment.Net investment income decreased 43.9% to $18 million, attributable to 34.4% decline in average investable assets.Total expenses declined about 83% year over year to $41.7 million, driven by lower net loss and loss adjustment expenses, commission costs, and other acquisition costs as well as general and administrative expenses.Net loss and loss adjustment expenses were $131.6 million, flat year over year, largely attributable to the termination of the AmTrust Reinsurance quota share agreements effective Jan 1, 2019.The company incurred an underwriting loss of $3.7 million, narrower than year-ago quarterly net loss of $42.7 million.Segment ResultDiversified Reinsurance: Net premiums earned dropped 50.5% to $12.5 million. Underwriting loss of $0.7 million was narrower than loss of $0.6 million in the prior-year quarter.AmTrust Reinsurance: Net premiums earned decreased 88.2% to $18.7 million. Underwriting loss was $3 million, narrower than loss of $41.9 million in the year-ago quarter.Financial UpdateMaiden Holdings exited the first quarter with total investment of $1.5 billion, down from $1.7 billion at the end of 2019. Cash and cash equivalents, as of Mar 31, 2020, were $0.2 million, up from $0.1 billion from the end of 2019.The company’s net senior notes totaled $255 million, which remained almost flat compared with the 2019 level.Adjusted shareholders' equity was $597.9 million as of Mar 31, 2020, down from $620.7 million as of Dec 31, 2019, reflecting the unamortized deferred gain on retroactive reinsurance of $113.0 million.As of Mar 31, 2020, book value per share was $1.59, down 53% from 2019-end level.Operating return on equity was negative 267.6% versus negative 142.5% in the year-ago quarter.Performance of Other P&C InsurersBottom line of Cincinnati Financial CINF and Allstate Corporation ALL beat the Zacks Consensus Estimate while that of Travelers Companies TRV missed the same.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Today's Best Stocks from ZacksWould you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.This outperformance has not just been a recent phenomenon. From 2000 – 2019, wte hile the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.See their latest picks free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report The Allstate Corporation (ALL): Free Stock Analysis Report Cincinnati Financial Corporation (CINF): Free Stock Analysis Report Maiden Holdings, Ltd. (MHLD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research