Profile: Maiden Holdings Ltd (MHLD.O)

MHLD.O on Nasdaq

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Maiden Holdings, Ltd. (Maiden), incorporated on May 31, 2007, is a Bermuda-based holding company, primarily focused on serving the needs of regional and specialty insurers in the United States and Europe by providing reinsurance solutions designed to support their capital needs. Maiden operates through three business segments: Diversified Reinsurance, AmTrust Quota Share Reinsurance and ACAC Quota Share. The Company provides customized reinsurance solutions internationally to clients in support of programs it designs and implements for original equipment automobile manufacturers (OEM’s). Its subsidiaries include Maiden Insurance Company Ltd. (Maiden Bermuda), Maiden Holdings North America, Ltd. (Maiden NA); Maiden Reinsurance Company (Maiden US), a direct wholly owned subsidiary of Maiden NA; Maiden Specialty Insurance Company (Maiden Specialty), a wholly owned subsidiary of Maiden US; Maiden Re Insurance Services, LLC (Maiden Re), a wholly owned subsidiary of Maiden NA; Maiden Global Holdings Ltd. (Maiden Global), a wholly owned subsidiary, operates as a reinsurance services and holding company, and Maiden Life Forsakrings AB (Maiden LF), a wholly owned subsidiary, is a life insurer.

Diversified Reinsurance

The Company’s Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located in the United States and Europe. It also includes the net premiums written of Maiden Specialty. The reinsurance written by Maiden US is primarily written through treaties with other insurers on a quota share or excess of loss basis, as well as on a facultative basis, all of which are marketed primarily through third-party intermediaries and also on a direct basis. Maiden Bermuda also provides quota share reinsurance support to Maiden US and Maiden LF.

The Company provides reinsurance through its wholly owned subsidiaries, Maiden US and Maiden Bermuda and has operations in the United States and Bermuda. On a more limited basis, Maiden Specialty, a wholly owned subsidiary of Maiden US, provides primary insurance on a surplus lines basis focusing on non-catastrophe property and inland marine. Internationally, it provides reinsurance-related services through Maiden Global and its subsidiaries. Maiden Global primarily focuses on providing branded auto and credit life insurance products through its insurer partners to retail customers in the European Union and other global markets, which also produce reinsurance programs which are underwritten by Maiden Bermuda. Certain international credit life business is also written directly by Maiden LF, a wholly owned subsidiary of Maiden Holdings, as part of Maiden Global’s service offerings.

AmTrust Quota Share Reinsurance

The Company’s AmTrust Quota Share Reinsurance segment consists of the business ceded to the Company pursuant to its Quota Share Reinsurance Agreement (the Master Agreement) with AmTrust and, commencing April 1, 2011, business ceded to the Company under a separate one-year 40% quota share agreement (the European Hospital Liability Quota Share) with AmTrust Europe Limited and AmTrust International Underwriters Limited to cover those entities medical liability business in Europe, substantially all of which is in Italy. AmTrust is a multinational specialty property and casualty insurance holding company with operations in the United States, Europe and Bermuda. AmTrust has three business segments: Small commercial business insurance, which includes workers’ compensation, commercial package and other commercial lines produced by retail agents and brokers in the United States; Specialty risk and extended warranty coverage for consumer and commercial goods and custom designed coverages, such as accidental damage plans and payment protection plans offered in connection with the sale of consumer and commercial goods, in the United States, United Kingdom and certain other European countries, and Specialty program property and casualty insurance for homogeneous. The Company reinsure 40% of AmTrust’s written premium (net of commissions, in the case of AmTrust’s United Kingdom subsidiary), net of reinsurance with unaffiliated reinsurers, on AmTrust’s existing lines of business as at December 31, 2011. In addition, it has the option to reinsure future lines of business added by AmTrust, and it has exercised that option from time to time. The Master Agreement had an initial term of three years which has been extended for three years through June 30, 2013, and automatically renews for further successive three year terms thereafter unless either party notifies the other of its election not to renew not less than nine months prior to the end of any such three year term. On April 1, 2011, the Company entered into the European Hospital Liability Quota Share with AmTrust Europe Limited and AmTrust International Underwriters Limited to cover those entities' medical liability business in Europe, substantially all of which is in Italy.

ACAC Quota Share

ACAC is an insurance holding company. The Company reinsures 25% of the net premiums of the GMAC personal lines business, pursuant to the 50% ACAC Quota Share with the thirteen GMAC personal lines insurance companies, as cedents, and the Company, American Capital Partners Re, Ltd., a Bermuda reinsurer which is a wholly owned indirect subsidiary of the Trust, and AmTrust, as reinsurers. It has a 50% participation in the ACAC Quota Share, by which it receives 25% of net premiums of the personal lines business. The ACAC Quota Share provides that the reinsurers, severally, in accordance with their participation percentages, shall receive 50% of the net premium of the GMAC Insurance Holdings, Inc. and Motors Insurance Corporation (Motors) (collectively, GMAC) personal lines insurance companies and assume 50% of the related net losses. The ACAC Quota Share has an initial term of three years and shall renew automatically for successive three year terms unless terminated by written notice not less than nine months prior to the expiration of the current term.

The Company competes with Swiss Reinsurance Company Ltd., Munich Reinsurance America, Inc., General Reinsurance Corporation, PartnerRe Ltd., Hannover Re Group, QBE Insurance Group, Transatlantic Holdings, Inc., Endurance Specialty Holdings, Ltd., Scor Reinsurance Company, Sirius International Group, Ltd., Odyssey Re Holdings Corp., W.R. Berkley Corp. and Everest Re Group, Ltd.

Company Address

Maiden Holdings Ltd

2nd Floor, 131 Front Street
HAMILTON     HM 12
P: +1441.2984900
F: +1441.2920471

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