A.M. Best Comments on Credit Ratings of Maiden Holdings Ltd. and Its Subsidiaries
March 01 2017 - 5:11PM
Business Wire
A.M. Best has commented that the Long-Term Issuer Credit
Rating of “bbb” of Maiden Holdings, Ltd. (Maiden) (Hamilton,
Bermuda) (NASDAQ:MHLD) and all other Credit Ratings (ratings)
assigned to Maiden’s subsidiaries and securities issued by Maiden
remain unchanged following the disclosure of a delay of up to 15
days in the filing of the company’s annual report for the fiscal
year ended Dec. 31, 2016 (10-K).
Maiden’s management has stated that it does not expect the
financial results that will be published in its 10-K to differ from
those published in its Feb. 27, 2017, news release. Additionally,
the company’s auditor has not identified any material weaknesses in
Maiden’s internal controls and management does not expect to
disclose any such weaknesses in the 10-K filing. In light of these
statements, A.M. Best will continue to monitor the situation and
will consider further action should the 10-K report differ
materially from what is anticipated or should the filing be delayed
further. A.M. Best also will review management’s action plan for
ensuring the timeliness of future filings as part of its assessment
of Maiden’s enterprise risk management framework and process.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20170301006588/en/
A.M. BestJennifer Marshall, CPCU, ARM,
+1-908-439-2200, ext.
5327Directorjennifer.marshall@ambest.comorMichael
J. Lagomarsino, CFA, FRM, +1-908-439-2200, ext. 5810Senior
Directormichael.lagomarsino@ambest.comorChristopher
Sharkey, +1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim
Peavy, +1-908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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