Brit acquires Maiden unit’s renewal rights, underwriting platform
Brit Insurance has acquired the renewal rights and underwriting platform of Bermuda-based Maiden Holdings Ltd’s excess and specialty unit.
The terms of the deal have not yet been disclosed, but Amsterdam-based Brit’s global specialty unit will assume a temporary 100 percent quota share reinsurance of Maiden Specialty, Maiden’s specialty unit, and assume all liabilities for the business on May 1.
Brit will then assume renewal rights to the business through its US service company, Chicago-based Brit Global Specialty USA (BGSU).
Brit Global Specialty will write the renewals of the assumed business into Brit’s multiline Lloyd’s of London syndicate 2987.
“This transaction fulfills Maiden’s desire to reduce exposure to natural catastrophes and focus on its core non-cat reinsurance business,” said Maiden CEO Art Raschbaum. “The transferring Maiden Specialty employees will enhance Brit’s growing E&S specialty presence in the US 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.”
As part of the arrangement, all Maiden Specialty staff will transfer employment to Brit effective May 1.
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