LONDON (Bloomberg) — bBermuda-based Maiden Holdings Ltd., the reinsurer that provides coverage to AmTrust Financial Services Inc., agreed to buy GMAC International Insurance Services to add sales in Europe.

Maiden Holdings will get renewal rights on almost $100 million of business, mostly tied to the personal auto market, the Bermuda-based reinsurer said today in a statement. The deal is expected to add to earnings in 2011 and be completed by the end of September. The buyer will also assume more than $100 million in assets used to pay claims.

Maiden Holdings and New York-based AmTrust have been investing in insurance units previously affiliated with Ally Financial Inc., the auto and home lender formerly known as GMAC Inc. AmTrust said last year it would buy $42.5 million of American Capital Acquisition Corp. preferred securities in connection with its purchase of GMAC's US consumer property- casualty operation. Maiden Holdings agreed in 2008 to buy three GMAC units.

The latest deal allows Maiden Holdings to "strengthen and enhance its international platform and capabilities while further diversifying its underwriting portfolio," chief executive officer Art Raschbaum said in the statement.

Ally, which posted a loss of more than $10 billion last year, has been selling insurance-related assets as the company seeks to repay a government rescue. The Detroit-based lender has received three US bailouts.

Maiden Holdings chairman Barry Zyskind is the CEO of AmTrust.