Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  KARFUNKEL MICHAEL
 2. Date of Event Requiring Statement (Month/Day/Year)
11/14/2008		 3. Issuer Name and Ticker or Trading Symbol
Maiden Holdings, Ltd. [MHLD]
(Last)
(First)
(Middle)
C/O MAIDEN HOLDINGS LIMITED, 48 PAR-LA-VILLE RD., SUITE 1141		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HAMILTON, D0 HM11		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Shares 2,600,000
D
 
Common Shares 1,570,000
I
As Trustee of Grantor Retained Annuity Trust
Common Shares 1,292,130
I (1)
As Trustee of Charitable Foundation

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants (right to buy) 06/07/2007(2) 06/07/2017 Common Stock, par value $0.01 per share 1,350,000 $ 10 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
KARFUNKEL MICHAEL
C/O MAIDEN HOLDINGS LIMITED
48 PAR-LA-VILLE RD., SUITE 1141
HAMILTON, D0 HM11		     X    

Signatures

/s/ Michael Karfunkel 11/26/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The Reporting Person disclaims beneficial ownership of the shares held by a charitable foundation.
(2) The Warrants were granted in connection with the issuer's formation and capitalization on June 6, 2007 and are exercisable at the sole option of the Reporting Person in whole or in part during the period commencing June 7, 2007 and ending on the tenth anniversary thereof.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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