Maiden Holdings, Ltd., a provider of insurance and reinsurance services, recently announced that it has reached an agreement to sell its Swedish subsidiaries, Maiden General Försäkrings and Maiden Life Försäkrings, to a growing network of international insurance and reinsurance companies based in London.
The transaction is contingent upon receiving customary regulatory approvals.
The sale will be an all-cash transaction, and under the terms of the agreement, all existing staff and independent directors at Maiden General and Maiden Life will transition to the new ownership group.
Patrick J. Haveron, Maiden’s Chief Executive Officer, added: “Today’s announcement of the sale of Maiden General and Maiden Life brings to a close these units’ chapter under Maiden ownership. Since the acquisition of the IIS platform in 2010, over the course of those years IIS has been a profitable contributor to Maiden and Max Reid and the IIS team have done an admirable job in re-positioning IIS for additional growth under new, more local sponsorship.
“As Maiden looks to re-allocate capital to other endeavours, particularly those that are less capital intensive and more fee-oriented, the opportunity to pair Maiden General and Maiden Life with a growth-oriented partner was attractive to all parties. When the sale of these entities is completed, Maiden’s operating expenses will be reduced by nearly 20%.”
