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TransRe on Wednesday said it has acquired the exclusive renewal quotation rights to all of Pembroke, Bermuda-based Maiden Holdings Ltd.’s Maiden Re’s U.S. treaty customers from their diversified business and has hired the U.S. treaty team from Maiden Re.
TransRe, which is the brand name of Transatlantic Holdings Inc. and its subsidiaries, including Transatlantic Reinsurance Co., will immediately offer renewal quotations on this treaty book of business, the New York-based firm said in a statement. According to a June Maiden Holdings investor presentation, Maiden’s diversified reinsurance segment broke down as 33% personal automobile, 20% property, 19% “other casualty,” 14% international, 10% accident and health, and 4% commercial auto.
Maiden is affiliated with New York-based AmTrust Financial Services Inc.
Trans Re said that Tom Highet, previously president of Maiden Reinsurance North America, and a team of underwriters, actuaries and claims personnel will join TransRe and operate from new offices in Mt. Laurel, New Jersey. Mr. Highet has been appointed executive vice president and will report to Ken Brandt, president of TransRe North America.
In a separate announcement, Maiden Holdings noted that the transaction does not include any of the Bermuda underwriting elements of Maiden’s portfolio, including its AmTrust business or its international insurance services and capital solutions businesses in Europe.
Maiden also said that in relation to its previously announced strategic review, “it is in advanced discussions regarding the sale of its wholly owned subsidiary, Maiden Reinsurance North America Inc., to a third party. The transaction would cover approximately $1.1 billion of loss and (loss adjustment expenses) reserves as of June 30, 2018, the company said, adding that it “does not expect to disclose any further developments unless and until it determines that further disclosure is appropriate or required.”
“The completion of the sale of the renewal rights begins the process of simplifying Maiden’s operations, and along with anticipated restructuring and related expense reductions, are expected to improve its business performance and profitability, and significantly reduces the amount of capital required for Maiden’s operations,” said Maiden in its statement.
“The announcement of this transaction represents an important step in Maiden’s continuing strategic review process and we believe this transaction will increase our financial flexibility, improve our operating efficiency and profitability and broaden our ability to allocate capital to future strategies, which in turn will create value for our shareholders,” said Lawrence F. Metz, who will assume the role of Maiden’s president and CEO on Sept. 1.
Earlier this month, Maiden Re announced that President and CEO Art Raschbaum would retire effective Sept. 1 and be succeeded by Mr. Metz, the company’s executive vice president, general counsel and secretary. The announcement coincided with the release of Maiden’s second-quarter 2018 results.
For the second quarter of 2018, Maiden reported a loss of $5.9 million, compared with a loss of $22.4 million in the same period last year. Maiden’s gross premium written for the second quarter fell 7.2% compared with the 2017 period to $654.2 million, largely due to reduced premium from its AmTrust business. AmTrust, which is in the process of being taken private, has reduced its workers compensation business over the past year after reporting deteriorating underwriting results for business it wrote between 2010 and 2014.
Brit Insurance has acquired the renewal rights and underwriting platform of Maiden Holdings Ltd.’s excess and specialty unit, Brit announced Monday.