TransRe has acquired the exclusive renewal quotation rights to all of Maiden Reinsurance North America’s U.S. treaty customers from their diversified business. TransRe has also hired the U.S. treaty team from Maiden Re.
TransRe said it will immediately offer renewal quotations on this treaty book of business, which is focused on regional property/ casualty, accident and health and personal auto insurers, which are markets TransRe already underwrites.
Maiden Reinsurance North America is a subsidiary of Maiden Holdings, a Bermuda-based holding company established in 2007.
The deal does not include any contractor component of Maiden’s portfolio, including the AmTrust business, which is said to be a significant part of Maiden’s current business and is said to be part of the Company, or the businesses of International Insurance Services and Capital Solutions in Europe. ongoing business.
Regarding their remaining business, Maiden Holdings announced that it was in “forward negotiations” with Maiden Reinsurance North America, a wholly-owned subsidiary, to sell to a third party. The transaction will cover approximately $ 1.1 billion of losses and LAE reserves as of June 30, 2018.
The company said that the sale of renewal rights was completed in TransRe and that “Maiden started the process of simplifying its operations” and that with the expected restructuring and related costs reduced, it would increase business performance and profitability and “significantly reduce the amount of capital”. It’s necessary for maiden operations. ”
“This announcement represents an important step in Maiden’s ongoing strategic oversight process and we believe it will enhance our financial flexibility, improve our operating efficiency and profitability, and expand our ability to allocate capital to future strategies. For our shareholders, “he said. Maiden’s president and CEO, Lawrence F. Metz.
TransRe, formerly former president of Maiden Reassurance North America, Tom Highet, and a number of insurers, actuaries and compensation team will join TransRe and Mt. Laurel, New Jersey.
Highet, who has been with Maiden Re (formerly GMAC Re) for 30 years, has been appointed as vice president and reports to TransRe North American president Ken Brandt.
TransRe, Transatlantic Holdings, Inc. and Transatlantik Reasürans A.Ş. is the brand name of affiliates, including TransRe belongs to Alleghany Corp.
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