Maiden Re unit sold to runoff firm
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Bermuda-based Enstar Group Ltd. on Friday agreed to buy and run off Maiden Reinsurance North America Inc., a Bermuda-based unit of Maiden Holdings Ltd.
The $307.5 million deal was announced two days after Transatlantic Holdings Inc. purchased the renewal rights to Maiden’s U.S. third-party treaty reinsurance book. Maiden, which is affiliated with New York-based AmTrust Financial Services Inc., also reinsures a significant portion of AmTrust’s book of business.
Enstar will assume about $1.3 billion of net loss and loss adjustment expense reserves and unearned premium upon closing the Maiden Re deal, Enstar said in a statement.
The transaction is expected to close in the fourth quarter.
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