Brit Global Specialty Acquires Renewal Rights and Underwriting Platform of Maiden Holdings' E&S Property Business
April 22 2013 - 8:30AM
Brit Insurance ("Brit") and Maiden Holdings, Ltd. (Nasdaq:MHLD)
("Maiden") today announced a temporary 100% quota share reinsurance
of Maiden's Excess and Surplus ("E&S") unit, Maiden Specialty,
with Brit Global Specialty. This arrangement will shortly evolve
into Brit assuming all renewal rights through Brit Global Specialty
USA ("BGSU"). BGSU is Brit's U.S. based service company, accessing
non-Lloyd's distribution channels. BGSU will ultimately be writing
the renewals of the assumed business into Brit Syndicates 2987.
As part of the arrangement, all Maiden Specialty staff will
transfer employment to BGSU with effect 1 May 2013. The transferred
employees will continue to underwrite on Maiden Specialty paper as
part of an agency agreement with BGSU, with Brit assuming all
liabilities for business effective 1 May 2013. Art
Raschbaum, CEO of Maiden, commented:
"This transaction fulfils Maiden's desire to reduce exposure to
natural catastrophes and focus on its core non-cat reinsurance
business. The transferring Maiden Specialty employees will enhance
Brit's growing E&S specialty presence in the U.S. The team
will be better positioned to grow their niche business with a
company whose goal is to successfully sustain and develop their
existing footprint."
Mark Cloutier, CEO of Brit Group,
commented:
"We are delighted to announce this further expansion of our U.S.
franchise and welcome the Maiden Specialty team led by Steve Brett
to BGSU. We are committed to ensuring the continuity of
underwriting expertise and service that Maiden's brokers and
clients expect. Our growing U.S. business provides a strong
platform for Steve and the team to build on their success at Maiden
with our strategic focus on the property E&S marketplace. This
opportunity provides a springboard for BGSU to grow into this space
in a coordinated, yet distinct manner, from our established London
business while at the same time furthering our commitment to
Lloyd's as our core trading
platform."
About Brit Insurance
Brit is a market leader in global specialty insurance and
reinsurance. We underwrite across all major classes of
commercial insurance with a strong focus on Property, Casualty and
Energy business. Brit is a reputable and influential name in
the Lloyd's market and we pride ourselves on our specialist
underwriting and claims expertise.
For more information about Brit:
www.britinsurance.com
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 December 31, 2012, Maiden had $4.1 billion
in assets and shareholders' equity of $1.0 billion.
For more information about Maiden:
www.maiden.bm
CONTACT: Brit:
James Olley / Edward Moore, Brunswick
+44 (0) 20 7404 5959
Maiden:
Noah Fields, Vice President, Investor Relations
Maiden Holdings, Ltd.
+ 1 441 298 4927
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