JOINT PRESS RELEASE
FOR IMMEDIATE RELEASE
BRIT GLOBAL SPECIALTY AND MAIDEN HOLDINGS, LTD.
22 APRIL 2013
Brit Global Specialty Acquires Renewal Rights and Underwriting Platform of Maiden Holdings’ E&S Property Business
Brit Insurance (“Brit”) and Maiden Holdings, Ltd. (NASDAQ:MHLD) (“Maiden”) today announced a temporary 100% quota share reinsurance of Maiden’s Excess and Surplus (“E&S”) unit, Maiden Specialty, with Brit Global Specialty. This 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.
Mark Cloutier, CEO of Brit Group, 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”.
For further information, please contact:
James Olley / Edward Moore, Brunswick +44 (0) 20 7404 5959
Noah Fields, Vice President, Investor Relations
Maiden Holdings, Ltd. + 1 441 298 4927
About Brit Insurance
Brit is a market leader in global specialty insurance and reinsurance. We underwrite across all major classes of commercial insurance with a strong focus on Property, Casualty and Energy business. Brit is a reputable and influential name in the Lloyd’s market and we pride ourselves on our specialist underwriting and claims expertise.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A- rated (excellent) by A.M. Best, the Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. As of December 31, 2012, Maiden had $4.1 billion in assets and shareholders' equity of $1.0 billion.
For more information about Maiden: www.maiden.bm