Maiden Reinsurance files to re-domesticate to state of Vermont

Bermuda-based Maiden Reinsurance, the principal operating subsidiary of Maiden Holdings, has submitted filings to re-domesticate from Bermuda to the US state of Vermont.

While the company is presently targeting a completion of the re-domestication process on or about January 1, 2020, the licensing in Vermont and the discontinuation process in Bermuda are both subject to approval by those respective regulators.

“The company has determined that re-domesticating the company to Vermont will enable it to better align its operations, capital and resources with the company’s liabilities, which originate mostly in the US, resulting in a more efficient structure,” the company said in a statement.

The reinsurer added that 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.

The company has applied to transfer the listing of its common shares from the NASDAQ Global Select Market to the NASDAQ Capital Market. The latter is a continuous trading market that operates in substantially the same manner as the NASDAQ Global Select Market and listed companies must meet certain financial requirements and comply with the NASDAQ Stock Market’s (NASDAQ’s) corporate governance requirements.

The company’s common shares will continue to trade under the symbol MHLD and will continue to trade on the NASDAQ Global Select Market during NASDAQ’s review of the application to transfer.

As reported on a current report on Form 8-K filed with the US Securities and Exchange Commission on April 19, 2019, the company received a letter from NASDAQ informing the company that it did not meet the requirement to maintain a minimum bid price of $1 per share for 30 consecutive business days.

After consultation with NASDAQ, the company has applied to transfer the listing of its common shares from the NASDAQ Global Select Market to the NASDAQ Capital Market.