Maiden Holdings Announces Amendment to Quota Share Agreement with AmTrust Financial Services, Inc.
January 03 2019 - 10:35AM
Maiden Holdings, Ltd. (NASDAQ: MHLD) (“Maiden” or “the Company”)
today announced that it mutually agreed with AmTrust Financial
Services, Inc. (“AmTrust”) to a partial termination amendment to
the Maiden Quota Share Agreement that is currently in-force and is
set to expire on June 30, 2019. The amendment provides,
effective January 1, 2019, for the cut-off of the ongoing and
unearned premium of AmTrust’s Small Commercial Business and US
Extended Warranty and Specialty Risk as of December 31, 2018, with
the remainder of the Maiden Quota Share Agreement remaining in
place. The amendment will result in Maiden returning
approximately $700 million in gross unearned premium to AmTrust,
which will net to approximately $480 million after consideration of
ceding commission and brokerage.
“This amendment to our quota share agreement
with AmTrust further strengthens Maiden’s capital position while
continuing to position Maiden for the future,” said Lawrence F.
Metz, Maiden’s President and Chief Executive Officer. “This
amendment partially terminates specific lines of business in our
AmTrust quota share agreement, including Small Commercial Business
and US Extended Warranty and Specialty Risk. The remainder of
our AmTrust quota share agreement remains in-force and we continue
to work with AmTrust towards a potential new, smaller
agreement.”
About Maiden Holdings, Ltd.Maiden Holdings,
Ltd. is a Bermuda-based holding company formed in 2007. The
Company is focused on serving the needs of regional and specialty
insurers in Europe and select other global markets by providing
innovative reinsurance solutions designed to support their capital
needs.
CONTACT:Bill Horning, Senior Vice President,
Investor RelationsMaiden Holdings, Ltd.Phone: 856.359.2532E-mail:
bhorning@maiden.bm
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