-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 TK2xPW7IXgCHMQNhgqiSjXY1J3ia0xYzyQDP3cwq5aU3W4TmQcljF1uufe3uaf98
 6hDdNGERHYqJhEkoSxGdSQ==

<SEC-DOCUMENT>0001144204-09-015655.txt : 20090323
<SEC-HEADER>0001144204-09-015655.hdr.sgml : 20090323
<ACCEPTANCE-DATETIME>20090323165411
ACCESSION NUMBER:		0001144204-09-015655
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090319
FILED AS OF DATE:		20090323
DATE AS OF CHANGE:		20090323

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RASCHBAUM ARTURO MANUEL
		CENTRAL INDEX KEY:			0001450447

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34042
		FILM NUMBER:		09699254

	MAIL ADDRESS:	
		STREET 1:		VALLIS BUILDING 2ND FLOOR
		STREET 2:		58 PAR LA VILLE ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Maiden Holdings, Ltd.
		CENTRAL INDEX KEY:			0001412100
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		7 REID STREET
		CITY:			HAMILTON HM 12
		STATE:			D0
		ZIP:			-
		BUSINESS PHONE:		(441) 295-5225

	MAIL ADDRESS:	
		STREET 1:		7 REID STREET
		CITY:			HAMILTON HM 12
		STATE:			D0
		ZIP:			-
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v143644_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-03-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001412100</issuerCik>
        <issuerName>Maiden Holdings, Ltd.</issuerName>
        <issuerTradingSymbol>MHLD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001450447</rptOwnerCik>
            <rptOwnerName>RASCHBAUM ARTURO MANUEL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAIDEN HOLDINGS LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>48 PAR-LA-VILLE ROAD, SUITE 1141</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HM11</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>PRESIDENT AND CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2009-03-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>19000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.89</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.28</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2018-11-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>333334</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>333334</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Stock Options were granted pursuant to the 2007 share incentive plan on November 12, 2008 and will vest 25% on November
 12, 2009 and 6.25% each quarter thereafter.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Arturo M. Raschbaum</signatureName>
        <signatureDate>2009-03-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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