Maiden Holdings Announces Sale of European Automotive Group to Allianz Partners
January 16 2019 - 4:15PM
Maiden Holdings, Ltd. (NASDAQ: MHLD) (“Maiden” or “the Company”)
today announced another step in its strategic review with the sale
of AVS Automotive VersicherungsService GmbH (“AVS”) and related
European subsidiaries to Allianz Partners (“Allianz”). Maiden’s
proceeds from the sale include an undisclosed cash payment at
closing and a three-year quota share reinsurance agreement with
Allianz. Maiden’s AVS and AVS subsidiaries work with German and
Austrian auto retailers, original equipment manufacturers and
related credit providers to design and distribute auto dealer and
consumer insurance products. All of Maiden’s AVS employees
have joined Allianz and the company name will remain
unchanged.
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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