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Brit Insurance has acquired the renewal rights and underwriting platform of Maiden Holdings Ltd.’s excess and specialty unit, Brit announced Monday.
Terms of the deal were not disclosed, but Amsterdam-based Brit’s global specialty unit will assume a temporary 100% quota share reinsurance of Maiden Specialty, Hamilton, Bermuda-based Maiden’s specialty unit, and assume all liabilities for the business on May 1.
Brit then will assume renewal rights to the business through its U.S. service company, Chicago-based Brit Global Specialty U.S.A.
Brit Global Specialty ultimately will write the renewals of the assumed business into Brit’s multiline Lloyd’s of London syndicate 2987.
All Maiden Specialty staff will transfer to Brit effective May 1.
Bermuda underwriters Arch Capital Group Ltd. and Maiden Holdings Ltd. and reinsurer PartnerRe Ltd. have released estimates of losses related to Superstorm Sandy.