Maiden Holdings Announces Amendment to Quota Share Agreement with AmTrust Financial Services, Inc.
HAMILTON, Bermuda, Jan. 03, 2019 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (NASDAQ: MHLD) (“Maiden” or “the Company”) today announced that it mutually agreed with AmTrust Financial Services, Inc. (“AmTrust”) to a partial termination amendment to the Maiden Quota Share Agreement that is currently in-force and is set to expire on June 30, 2019. The amendment provides, effective January 1, 2019, for the cut-off of the ongoing and unearned premium of AmTrust’s Small Commercial Business and US Extended Warranty and Specialty Risk as of December 31, 2018, with the remainder of the Maiden Quota Share Agreement remaining in place. The amendment will result in Maiden returning approximately $700 million in gross unearned premium to AmTrust, which will net to approximately $480 million after consideration of ceding commission and brokerage.
“This amendment to our quota share agreement with AmTrust further strengthens Maiden’s capital position while continuing to position Maiden for the future,” said Lawrence F. Metz, Maiden’s President and Chief Executive Officer. “This amendment partially terminates specific lines of business in our AmTrust quota share agreement, including Small Commercial Business and US Extended Warranty and Specialty Risk. The remainder of our AmTrust quota share agreement remains in-force and we continue to work with AmTrust towards a potential new, smaller agreement.”
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. The Company is focused on serving the needs of regional and specialty insurers in Europe and select other global markets by providing innovative reinsurance solutions designed to support their capital needs.
CONTACT:
Bill Horning, Senior Vice President, Investor Relations
Maiden Holdings, Ltd.
Phone: 856.359.2532
E-mail:
