SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ----------------

                                 SCHEDULE 13G/A
                                 (Rule 13d-102)

                               (Amendment No. 1)*
                                ----------------

              INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO
                   RULES 13d-1(b), (c) AND (d) AND AMENDMENTS
                    THERETO FILED PURSUANT TO 13d-2 UNDER THE
                         SECURITIES EXCHANGE ACT OF 1934

                              Maiden Holdings, Ltd.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    G5753U112

                                 (CUSIP Number)

                                December 31, 2009
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
     [X]  Rule 13d-1(b)
     [ ]  Rule 13d-1(c)
     [ ]  Rule 13d-1(d)

                               (Page 1 of 6 Pages)
- -----------

     * The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.


     The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).



Schedule 13G/A                                                      PAGE 2 of 6
CUSIP No. G5753U112


     (1)  NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               Cumberland Associates LLC
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     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
- ------------------------------------------------------------------------
     (3)  SEC USE ONLY

- ------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
               New York
- ------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    1,470,000
SHARES         _________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                    0
OWNED BY       _________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER
                    1,470,000
REPORTING      _________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    0
- ------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          1,470,000
- ------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
- ------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
            2.091%%
- ------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
            OO, IA
- ------------------------------------------------------------------------



Schedule 13G/A                                                      PAGE 3 of 6
CUSIP No. G5753U112

ITEM 1(a).  NAME OF ISSUER:
              Maiden Holdings, Ltd. (the "Issuer")

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
              131 Front Street, Hamilton HM12, Bermuda

ITEM 2(a).  NAME OF PERSON FILING:
              This statement is being filed by Cumberland Associates LLC
              (the "Reporting Person").

              Cumberland Associates LLC is engaged in the business of managing,
              on a discretionary basis, three securities accounts (the
              "Accounts"), the principal one of which is Cumberland Partners.
              Gary G. Tynes, Bruce G. Wilcox, Andrew M. Wallach, Barry A. Konig,
              Steven D. Morrow and Bradley H. Gendell are the members (the
              "Members") of Cumberland Associates LLC.


ITEM 2(b).   ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:
              The address of the principal business and office of Cumberland
              Associates LLC and each of the Members is 1114 Avenue of the
              Americas, New York, New York 10036.

ITEM 2(c).  CITIZENSHIP:
              Cumberland Associates LLC is a limited liability company organized
              under the laws of New York. Each of the Members is a citizen of
              the United States.

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:
              Common Stock

ITEM 2(e).  CUSIP NUMBER:
              G5753U112

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:

           (a) [ ] Broker or dealer registered under Section 15 of the Act

           (b) [ ] Bank as defined in Section 3(a)(6) of the Act

           (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act

           (d) [ ] Investment Company registered under Section 8 of the
                   Investment Company Act of 1940

           (e) [X] Investment Adviser registered under Section 203 of the
                   Investment Advisers Act of 1940: see Rule 13d-1(b)(1)(ii)(E)

           (f) [ ] Employee Benefit Plan, Pension Fund which is subject to
                   the provisions of the Employee Retirement Income Security
                   Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)


Schedule 13G/A                                                      PAGE 4 of 6
CUSIP No. G5753U112

           (g) [ ] Parent Holding Company, in accordance with Rule
                   13d-1(b)(ii)(G);

           (h) [ ] Savings Associations as defined in Section 3(b) of the
                   Federal Deposit Insurance Act;

           (i) [ ] Church Plan that is excluded from the definition of an
                   investment company under Section 3(c)(14) of the Investment
                   Company Act of 1940;

           (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

         IF THIS STATEMENT IS FILED PURSUANT TO Rule 13d-1(c),
         CHECK THIS BOX.                                           [ ]

ITEM 4.  OWNERSHIP.

         The percentages used herein and in the rest of this Schedule 13G are
calculated based upon the 70,287,664 shares of Common Stock outstanding as of
November 13, 2009 as reported in the Issuer's Quarterly Report on Form 10Q for
the fiscal quarter ending September 30, 2009.

          (a) Amount beneficially owned: 1,470,000
          (b) Percent of class: 2.091%
          (c)(i) Sole power to vote or direct the vote: 1,470,000
            (ii) Shared power to vote or direct the vote: 0
           (iii) Sole power to dispose or direct the disposition: 1,470,000
            (iv) Shared power to dispose or direct the disposition: 0

ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
          If this statement is being filed to report the fact
          that as of the date hereof the reporting person has ceased to
          be the beneficial owner of more than five percent of the class
          of securities, check the following. [X]

ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
          Not applicable.

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
          THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
          Not applicable.

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
          Not applicable.

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP.
          Not applicable.

ITEM 10.  CERTIFICATION.
            By signing below the Reporting Person certifies that, to the best of
            its knowledge and belief, the securities referred to above were
            acquired and are held in the ordinary course of business and were
            not acquired and are not held for the purpose of or with the effect
            of changing or influencing the




Schedule 13G/A                                                      PAGE 5 of 6
CUSIP No. G5753U112


            control of the issuer of the securities and were not acquired and
            are not held in connection with or as a participant in any
            transaction having that purpose or effect.






Schedule 13G/A                                                      PAGE 6 of 6
CUSIP No. G5753U112

                                    SIGNATURE

      After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.

DATED:  February 5, 2010


                                    /s/ Gary G. Tynes
                                    ---------------------------------------
                                    Name:   Gary G. Tynes
                                    Title:  Managing Member/Chief Operating
                                            Officer/Chief Financial Officer