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A.M. Best Co. Inc. has placed the financial strength rating of A- for Maiden Reinsurance Ltd. and its affiliate, Maiden Reinsurance North America Inc., under review with negative implications, the Oldwick, New Jersey-based rating agency announced Thursday.
The move came a day after Maiden Re announced that the renewal rights for its U.S. diversified business were being sold to Transatlantic Reinsurance Co.
A- is the lowest in Best’s “excellent” range and is often seen as the minimum requirement for many brokers’ lists of secure insurers or reinsurers.
“The under review with negative implications status reflects uncertainty regarding potential future transactions and their successful completion; the as yet-unresolved, previously disclosed, renewal of the reinsurance agreement with AmTrust Financial Services, Inc.; and the ultimate performance of the reserves related to business assumed from AmTrust,” said Best in its announcement. “The negative implications also reflect the potential impact that the sale of the U.S. diversified business will have on the group’s on-going business profile.”
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.