Maiden Holdings Provides Update on Continuing Strategic Review
October 10 2018 - 9:03AM
Maiden Holdings, Ltd. (NASDAQ: MHLD) (“Maiden” or the “Company”)
announced today an agreement to sell the Company’s U.S. casualty
facultative reinsurance team to Sompo Group. Maiden’s
facultative reinsurance team consists of seven specialists who will
continue to provide customers with the full range of value added
services through the Company’s innovative internet-based
reinsurance platform.
“We are pleased to announce this agreement with
Sompo Group and to provide new opportunities for the specialists
within the Maiden facultative team,” said Lawrence F. Metz,
Maiden’s President and Chief Executive Officer. “This
agreement is another step in our continuing strategic review and
follows our previously announced renewal rights transaction with
Transatlantic Reinsurance Company and the sale of Maiden
Reinsurance North America, Inc. to Enstar Holdings (US) LLC.
“As part of the strategic review, the Company’s
Board of Directors continues to evaluate all options to enhance
value to our shareholders,” Metz continued. “The Board, assisted by
its financial and legal advisors, will execute its fiduciary
obligation to shareholders and carefully review any credible
proposal it receives.”
About Maiden Holdings,
Ltd.Maiden Holdings, Ltd. is a Bermuda-based holding
company formed in 2007. Through its subsidiaries, which are each A-
rated (excellent) by A.M. Best, the Company is focused on providing
non-catastrophic, customized reinsurance products and services to
small and mid-size insurance companies in the United States and
Europe. As of June 30, 2018, Maiden had $6.7 billion in assets and
shareholders' equity of $1.1 billion.
Forward Looking StatementsThis
release contains "forward-looking statements" which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The forward-looking statements are
based on the Company's current expectations and beliefs concerning
future developments and their potential effects on the Company.
There can be no assurance that actual developments will be those
anticipated by the Company. Actual results may differ materially
from those projected as a result of significant risks and
uncertainties, including non-receipt of the expected payments,
changes in interest rates, effect of the performance of financial
markets on investment income and fair values of investments,
developments of claims and the effect on loss reserves, accuracy in
projecting loss reserves, the impact of competition and pricing
environments, changes in the demand for the Company's products, the
effect of general economic conditions and unusual frequency of
storm activity, adverse state and federal legislation, regulations
and regulatory investigations into industry practices, developments
relating to existing agreements, heightened competition, changes in
pricing environments, and changes in asset valuations. Additional
information about these risks and uncertainties, as well as others
that may cause actual results to differ materially from those
projected is contained in Item 1A. Risk Factors in the Company's
Annual Report on Form 10-K for the year ended December 31,
2017 as updated in periodic filings with the SEC. However these
factors should not be construed as exhaustive. Forward-looking
statements speak only as of the date they are made and the Company
undertakes no obligation to update or revise any forward-looking
statement that may be made from time to time, whether as a result
of new information, future developments or otherwise, except as
required by law.
CONTACT:Bill Horning, Senior Vice President,
Investor RelationsMaiden Holdings, Ltd.Phone: 856.359.2532E-mail:
bhorning@maiden.bm
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