Maiden Holdings, Ltd. Announces Executive Management Changes
May 07 2014 - 4:12PM
- John Marshaleck, Chief Financial Officer, to retire at
year-end 2014
- Karen Schmitt promoted to Chief Financial
Officer
- Tom Highet promoted to President of Maiden Reinsurance
Company
Maiden Holdings, Ltd. (Nasdaq:MHLD) ("Maiden" or "the Company")
today announced that John Marshaleck, Chief Financial Officer, has
decided to retire at the end of 2014 and in the interim will serve
as Chief Operating Officer focusing his efforts on ensuring a
smooth transition of responsibilities. Karen Schmitt, President of
Maiden Reinsurance Company, the Company's U.S. subsidiary, has been
promoted to the role of Chief Financial Officer of Maiden Holdings,
Ltd. Tom Highet, Executive Vice President, U.S. Treaty has been
promoted to President of Maiden Reinsurance Company. These
management changes are effective May 13, 2014.
Commenting on the announcement, Art Raschbaum, President and
Chief Executive Officer of Maiden, said, "I would like to
congratulate John Marshaleck on his upcoming retirement and thank
him for his formidable efforts in helping to build Maiden
Holdings. For over 30 years John has played a vital leadership
role at Maiden and its predecessor companies. We are very
fortunate and pleased that he will remain with Maiden until the end
of 2014 to ensure a smooth transition for Karen Schmitt, who has
been promoted to the role of Chief Financial Officer. Karen
and I have worked together for 15 years and during that time she
has proven herself to be an outstanding insurance and finance
executive and during the last 6 years has provided outstanding
leadership to our U.S. subsidiary. I am also very pleased to
announce the appointment of Tom Highet who is replacing Karen as
President of Maiden Reinsurance Company. Tom is a highly
respected insurance professional with 29 years of reinsurance
experience with a proven track record of successfully and
profitably building the businesses that he has managed. These
changes are consistent with Maiden's succession plan and reflect
the depth of our management team."
About Karen Schmitt FCAS, MAAA, FCIA, CERA
With over 30 years of reinsurance experience, Ms. Schmitt joined
Maiden Re (formerly GMAC RE) in 1999 after holding positions as
Chief Actuary and Senior Vice President at TIG Holdings, Vice
President of American Reinsurance, and various positions at
Prudential Property and Casualty. Ms. Schmitt earned her MBA at the
Wharton School of the University of Pennsylvania and her Bachelor
of Science in Actuarial Science from Lebanon Valley College. She is
a Chartered Financial Consultant, a Member of the American Academy
of Actuaries, and a Fellow of both the Casualty Actuarial Society
and the Canadian Institute of Actuaries. In 2013, Ms. Schmitt
received the designation Chartered Enterprise Risk Analyst
(CERA).
About Tom Highet ACAS, MAAA
Mr. Highet, who joined Maiden Re (formerly GMAC RE) in 1988, has
29 years of reinsurance experience. He previously held positions
with PMA Re, Metropolitan Re and AFIA. Mr. Highet graduated from
Stevens Institute of Technology with a Bachelor of Science Degree.
He is an Associate of the Casualty Actuarial Society and a Member
of the American Academy of Actuaries.
About John Marshaleck
Mr. Marshaleck has served as Chief Financial Officer of Maiden
Holdings since August 2009, and previously served as Chief
Operating Officer and Secretary. From 1983-2008, Mr. Marshaleck
served in several capacities with GMAC RE and its predecessors,
including president, chief operating officer and chief financial
officer. Mr. Marshaleck holds a BBA from Temple University.
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 March 31, 2014, Maiden had $4.9 billion in
assets and shareholders' equity of $1.2 billion.
The Maiden Holdings, Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5006
Forward Looking Statements
This 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, 2013 as
updated in periodic filings with the SEC. The Company undertakes no
obligation to publicly update any forward-looking statements,
except as may be required by law.
CONTACT: Noah Fields, Vice President, Investor Relations
Maiden Holdings, Ltd.
Phone: 441.298.4927
E-mail: nfields@maiden.bm
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