17 January 2019Insurance

Maiden sells auto group to Allianz, strikes reinsurance deal

Bermuda-based Maiden Holdings has sold its European automotive group AVS Automotive VersicherungsService to German insurer Allianz.

Maiden’s AVS and AVS subsidiaries work with German and Austrian auto retailers, original equipment manufacturers and related credit providers to design and distribute auto dealer and consumer insurance products.

The sale is part of Maiden’s strategic review process. The proceeds from the sale include an undisclosed cash payment at closing.

Maiden has also entered into a three-year quota share reinsurance agreement with Allianz.

Following the deal, all of Maiden’s AVS employees have joined Allianz and the company name will remain unchanged.

Get all the latest re/insurance industry news with our daily newsletter - sign up here.

More of today's news

US P/C insurers report jump in profits

Portalatin becomes vice chairman of Marsh & McLennan

AM Best warns of increased Brexit uncertainty for UK insurers

Beazley names new CFO replacing Bride

Acrisure raises $500m for acquisitions

Blue Capital Reinsurance revises Q4 cat losses upwards

Download our survey inforgraphic: 'The Impact of Automation on Commercial Lines'

Already registered?

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

Insurance

Maiden faces class action lawsuit over AmTrust reinsurance deal

12 February 2019 Bermuda reinsurer Maiden Holdings is faced with battling a class action lawsuit, which alleges that the company and some of its former officers misled investors over the nature of underwriting and risk management controls relating to reinsurance agreements with AmTrust.

News

AmTrust replaces Maiden Re with Swiss Re on US quota share deal

3 January 2019 AmTrust Financial Services has dropped Maiden Re as its quota share partner on its US small commercial business in favour of Swiss Re – though it said it will continue to work with the reinsurer on other business.

Insurance

AM Best downgrades Maiden Re following sale of US unit to Enstar

15 November 2018 The financial strength ratings of Maiden Re and its US operating subsidiary Maiden Reinsurance North America have been downgraded to B++ from A- by AM Best in response to strategic changes at the company.

Berkshire Hathaway hit by reserving, cat losses in Q3; Geico a bright spark

Property rate trend reversed Q4 as storms gave pause: Ryan Specialty

Kova begins underwriting PI business via Hadron capacity agreement

Marsh unveils carbon credit risk facility backed by Sompo, Brit, Talbot

Trium partners with CyberCube to enhance data & analytics

BHSI strengthens Italy operations with AXA XL, Swiss Re hires

Hurricane Milton may cost Chubb up to $300m

Professional indemnity market softens ‘at greater pace’ than expected

Maiden sells auto group to Allianz, strikes reinsurance deal

More on this story

Editor's picks

Editor's picks

More articles