Maiden Re plans move from Bermuda to US
Maiden Reinsurance Ltd plans to redomesticate from Bermuda to the US, and it is aiming to complete the move around the start of the new year.
The company has submitted filings to redomesticate to Vermont.
According to a statement issued by Bermudian-based holding company Maiden Holdings Ltd, it has been determined that redomesticating its principal operating subsidiary Maiden Re to Vermont “will enable the company to better align its operations, capital and resources with the company’s liabilities, which originate mostly in the United States, resulting in a more efficient structure”.
It said the proposed re-domestication, in combination with an extended series of actions previously taken and done in close consultation with the Bermuda Monetary Authority to de-risk the company’s balance sheet “will continue to strengthen the company’s capital position and solvency ratios”.
When asked if there would be any change to staffing levels in Bermuda as a result of the proposed redomestication, a spokesman said it would be premature to speculate on potential operational impacts until the process is complete.
In addition, the company has applied to transfer the listing of its shares from the Nasdaq Global Select Market to the Nasdaq Capital Market. The shares will continue to trade under the symbol MHLD.
In August, Maiden Holdings said it entered into a series of strategic transactions that had “materially improved its capital position”.
Maiden Holdings Ltd, which has offices on Pitts Bay Road, was formed as a Bermudian-based holding company in 2007. Maiden Holdings other operations include Maiden Reinsurance North America Inc, and Maiden Global Holdings.
The company has underwriting operations in Bermuda and the US, with production teams in other locations, including the UK and Germany.
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