Bermuda-based Brit Insurance and Maiden Holdings, Ltd. have announced a temporary 100 percent quota share reinsurance of Maiden’s Excess and Surplus (E&S) unit, Maiden Specialty, with Brit Global Specialty.
The bulletin said the “arrangement will shortly evolve into Brit assuming all renewal rights through Brit Global Specialty USA (BGSU). BGSU is Brit’s U.S. based service company, accessing non-Lloyd’s distribution channels. BGSU will ultimately be writing the renewals of the assumed business into Brit Syndicates 2987.
“As part of the arrangement, all Maiden Specialty staff will transfer employment to BGSU with effect 1 May 2013. The transferred employees will continue to underwrite on Maiden Specialty paper as part of an agency agreement with BGSU, with Brit assuming all liabilities for business effective 1 May 2013.”
Maiden’s CEO Art Raschbaum explained: “This transaction fulfills Maiden’s desire to reduce exposure to natural catastrophes and focus on its core non-cat reinsurance business. The transferring Maiden Specialty employees will enhance Brit’s growing E&S specialty presence in the U.S. The team will be better positioned to grow their niche business with a company whose goal is to successfully sustain and develop their existing footprint.”
Brit Group’s CEO Mark Cloutier commented: “We are delighted to announce this further expansion of our U.S. franchise and welcome the Maiden Specialty team led by Steve Brett to BGSU.
“We are committed to ensuring the continuity of underwriting expertise and service that Maiden’s brokers and clients expect. Our growing U.S. business provides a strong platform for Steve and the team to build on their success at Maiden with our strategic focus on the property E&S marketplace. This opportunity provides a springboard for BGSU to grow into this space in a coordinated, yet distinct manner, from our established London business while at the same time furthering our commitment to Lloyd’s as our core trading platform.”
Source: Brit Insurance
Topics Mergers & Acquisitions USA Excess Surplus Underwriting
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